Analisis Pengaruh Struktur Modal, Good Corporate Governance, dan Kinerja Keuangan Terhadap Probabilitas Financial Distress Perusahaan Tekstil yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023

Abstract

This study aims to analyze the influence of capital structure, good corporate governance (GCG), and financial performance on the probability of financial distress in textile sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. This sector was chosen due to its strategic role in the national economy, which concurrently faces significant challenges that increase the risk of financial distress. This research employs a quantitative associative approach using secondary data. The sample was selected using a purposive sampling method, resulting in 17 companies with a total of 85 observations over five years. The independent variables in this study are the Debt-to-Equity Ratio (DER) as a proxy for capital structure; Institutional Ownership (IO), Managerial Ownership (MO), and the Audit Committee (AC) as proxies for GCG; and Net Profit Margin (NPM) and Return on Equity (ROE) as proxies for financial performance. Data analysis was conducted using panel data regression with the selected Fixed Effect Model (FEM). The results indicate that Institutional Ownership, Net Profit Margin, and Return on Equity have a significant negative effect on the probability of financial distress. Conversely, the Debt-to-Equity Ratio, Managerial Ownership, and the Audit Committee were found to have no significant effect. The F-test demonstrates that all independent variables simultaneously have a significant influence on financial distress, with an R-squared value of 57.32%. These findings imply that during the 2019-2023 crisis period, fundamental profitability and external monitoring by institutional investors were the crucial determinants for mitigating financial distress risk in the Indonesian textile sector, whereas the roles of capital structure and internal governance mechanisms were not statistically significant.