Pengaruh Profitabilitas, Leverage, dan Capital Intensity Terhadap Financial Distress: Institutional Ownership Sebagai Variabel Moderasi
- Ivana Adalia Chandra Universitas Widya Dharma Pontianak, Pontianak, Indonesia
-
Ridiana Ridiana
*
Universitas Widya Dharma Pontianak, Pontianak,
Indonesia
(*) Corresponding Author
Abstract
Financial distress is a deteriorating financial condition that, if left unaddressed, may lead to bankruptcy. This study examines the effect of profitability, leverage, and capital intensity on financial distress, and tests the moderating role of institutional ownership on these relationships. A quantitative causal-associative approach was applied to a population of 132 consumer non-cyclicals companies listed on the Indonesia Stock Exchange. Purposive sampling yielded 73 companies observed over 2021–2025, producing 365 panel observations. Profitability was measured by ROA, leverage by DAR, capital intensity by the fixed-asset-to-total-asset ratio, institutional ownership by institutional shareholding percentage, and financial distress by the Altman Z"-Score (1993). Data were analyzed using multiple regression and Moderated Regression Analysis (MRA) with robust standard errors to address heteroskedasticity. All data were processed using the Python programming language version 3.14.7 through multiple linear regression and Moderated Regression Analysis (MRA). Initially non-normal data were treated through winsorization at the 2nd and 98th percentiles and outlier elimination based on studentized residuals, yielding 237 final observations that satisfied all classical assumptions. Results show profitability has a significant negative effect, while leverage and capital intensity have significant positive effects, on financial distress, with all three jointly significant (Adjusted R²=86.0%). In the moderation model, institutional ownership significantly moderates the effect of leverage on financial distress, but does not significantly moderate the effects of profitability or capital intensity (Adjusted R² rises to 86.2%). This study provides empirical evidence that institutional ownership functions as an effective monitoring mechanism in mitigating financial risk arising from high leverage, although its role is not uniform across all independent variables.
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References
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