A PENGARUH KINERJA KEUANGAN, DAN GOOD CORPORATE GOVERNANCE TERHADAP FINANCIAL DISTRESS DENGAN CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE SEBAGAI VARIABEL MODERASI (Studi Empiris Pada Perusahaan yang Terdaftar Pada Jakarta Islamic Index Periode 2018-2022)
Kata Kunci:
Kinerja Keuangan, Good Corporate Governance, Corporate Social Responsibility Disclosure, Financial DistressAbstrak
ABSTRACT
This research aims to determine the influence of Financial Performance and Good Corporate Governance on Financial Distress with Disclosure of Corporate Social Responsibility as a Moderating Variable in Companies listed on the BEI in the Jakarta Islamic Index for the 2018-2022 period. In this study, the financial performance variable is proxied by the return on assets (ROA), return on equity (ROE), current ratio (CR) and debt to equity ratio (DER), while the good corporate governance variable is proxied by managerial ownership, ownership institutional, foreign ownership, size of the board of dependent commissioners, and size of the audit committee. The population in this research are companies listed on the BEI in the Jakarta Islamic Index for the 2018-2022 period. The sample in this research consisted of 4 companies and was taken purposively using certain sample selection criteria. The data analysis technique in this research is quantitative analysis expressed by numbers and calculations using the SmartPLS program.
The research results showed that financial performance as proxied by return on assets (ROA), return on equity (ROE), current ratio (CR) had a significant negative effect on financial distress, while debt to equity ratio (DER) had a significant positive effect on financial distress. The results on the good corporate governance variable with proxies for managerial ownership, institutional ownership, the size of the independent board of commissioners have a significant negative effect on financial distress, while the size of the audit committee does not have a significant negative effect on financial distress. The moderating variable corporate social responsibility disclosure can strengthen the negative influence of the relationship between financial performance as proxied by return on assets (ROA), return on equity (ROE), current ratio (CR), debt equity ratio (DER) on financial distress. Furthermore, the moderating variable corporate social responsibility disclosure is able to moderate (strengthen) the negative influence of managerial ownership, institutional ownership, foreign ownership, size of the independent board of commissioners, on financial distress. Meanwhile, corporate social responsibility disclosure is unable to moderate (weaken) the negative influence of audit committee size on financial distress. The results of this research suggest that Jakarta Islamic Index companies should focus on financial performance and GCG, especially on debt to equity ratio and audit committee size, to overcome the problem of financial distress,
Keywords: Financial Performance, Good Corporate Governance, Corporate Social Responsibility Disclosure and Financial Distress
ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh Kinerja Keuangan dan Good Corporate Governance Terhadap Financial Distress dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Moderasi Pada Perusahaan yang terdaftar di BEI pada Jakarta Islamic Index periode 2018-2022. Pada penelitian ini variabel kinerja keuangan diproksikan dengan rasio return on asset (ROA), rasio return on equity (ROE), current ratio (CR) dan debt to equity ratio (DER), sedangkan untuk variabel good corporate governance diproksikan dengan kepemilikan manajerial, kepemilikan institusional, kepemilikan asing, ukuran dewan komisaris dependen, dan ukuran komite audit. Populasi dalam penelitian ini adalah perusahaan yang terdaftar di BEI pada Jakarta Islamic Index periode 2018-2022. Sampel dalam penelitian ini berjumlah 4 perusahaan dan diambil secara purposive dengan menggunakan kriteria pemilihan sampel tertentu. Teknik analisis data dalam penelitian ini adalah analisis kuantitatif yang dinyatakan dengan angka-angka dan perhitungannya menggunakan program SmartPLS. Hasil penelitian diperoleh bahwa kinerja keuangan yang diproksikan dengan return on asset (ROA), return on equity (ROE),current ratio (CR) berpengaruh signifikan negatif terhadap financial distress, sementara debt to equity ratio (DER) berpengaruh signifikan positif terhadap financial distress. Hasil pada variabel good corporate governance dengan proksi kepemilikan manajerial, kepemilikan institusional, ukuran dewan komisaris independen berpengaruh signifikan negatif terhadap financial distress, sementara ukuran komite audit tidak berpengaruh signifikan negatif terhadap financial distress. Variabel moderasi corporate social responsibility disclosure dapat memperkuat pengaruh negatif hubungan kinerja keuangan yang diproksikan dengan return on asset (ROA), return on equity (ROE), current ratio (CR), debt equity ratio (DER) terhadap financial distress. Selanjutnya variabel moderasi corporate social responsibility disclosure mampu memoderasi (memperkuat) pengaruh negatif kepemilikan manajerial, kepemilikan institusional, kepemilikan asing, ukuran dewan komisaris independent, terhadap financial distress. Sementara corporate social responsibility disclosure tidak mampu memoderasi (memperlemah) pengaruh negatif ukuran komite audit terhadap financial distress. Hasil penelitian ini menyarankan perusahaan Jakarta Islamic Index harus fokus pada kinerja keuangan dan GCG, terutama pada debt to equity ratio dan ukuran komite audit, untuk mengatasi masalah financial distress,
Kata Kunci: Kinerja Keuangan, Good Corporate Governance, Corporate Social Responsibility Disclosure dan Financial Distress
