Determinant of Financial Distress with Institutional Ownership as Moderation in Indonesian Manufacturing Companies
Abstract
ABSTRAK
Penelitian ini bertujuan menguji pengaruh sales growth, agresivitas pajak, dan operating capacity terhadap financial distress, serta peran moderasi kepemilikan institusional pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2018-2021. Populasi penelitian meliputi 201 perusahaan manufaktur yang selalu listing selama empat tahun. Sampel sebanyak 64 perusahaan dipilih menggunakan metode purposive sampling. Hasil penelitian menunjukkan bahwa sales growth dan agresivitas pajak berpengaruh signifikan terhadap financial distress. Namun, operating capacity tidak memiliki pengaruh signifikan terhadap financial distress. Lebih lanjut, kepemilikan institusional terbukti memoderasi hubungan antara sales growth dan agresivitas pajak terhadap financial distress. Sebaliknya, kepemilikan institusional tidak mampu memoderasi pengaruh operating capacity terhadap financial distress. Kesimpulan ini memberikan wawasan mengenai faktor-faktor yang berkontribusi terhadap financial distress dan peran tata kelola dalam konteks perusahaan manufaktur.
ABSTRACT
This study aims to examine the effect of sales growth, tax aggressiveness, and operating capacity on financial distress, as well as the moderating role of institutional ownership in manufacturing companies listed on the Indonesia Stock Exchange for the period 2018-2021. The research population includes 201 manufacturing companies that have always been listed for four years. A sample of 64 companies was selected using purposive sampling method. The results showed that sales growth and tax aggressiveness had a significant effect on financial distress. However, operating capacity has no significant effect on financial distress. Furthermore, institutional ownership is proven to moderate the relationship between sales growth and tax aggressiveness on financial distress. In contrast, institutional ownership is unable to moderate the effect of operating capacity on financial distress. These conclusions provide insights into the factors that contribute to financial distress and the role of governance in the context of manufacturing firms.
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