Pengaruh Corporate Governance dan Leverage terhadap Financial Distress dengan Profitabilitas sebagai Variabel Moderasi

Ruth Ansella Thalita Hulu; Kornel Munthe; Donalson Silalahi; Kembang Nauli; Irma Suriyani Sinaga

doi:10.31004/riggs.v4i3.2043

Authors

Ruth Ansella Thalita Hulu Universitas Katolik Santo Thomas Medan
Kornel Munthe Universitas Katolik Santo Thomas Medan
Donalson Silalahi Universitas Katolik Santo Thomas Medan
Kembang Nauli Universitas Katolik Santo Thomas Medan
Irma Suriyani Sinaga Universitas Katolik Santo Thomas Medan

DOI:

https://doi.org/10.31004/riggs.v4i3.2043

Keywords:

Corporate Governance, Leverage, Financial Distress, Profitabilitas, Literatur Review

Abstract

Financial distress merupakan ancaman serius terhadap kelangsungan hidup perusahaan, terutama dalam lingkungan bisnis yang penuh ketidakpastian. Penelitian ini bertujuan untuk menelaah pengaruh corporate governance dan leverage terhadap financial distress dengan mempertimbangkan profitabilitas sebagai variabel moderasi. Pendekatan yang digunakan adalah studi literatur review, dengan menyeleksi artikel-artikel ilmiah dari database bereputasi. Hasil kajian menunjukkan bahwa mekanisme corporate governance yang efektif, terutama peran dewan komisaris dan komite audit mampu menurunkan kemungkinan financial distress. Sementara itu, leverage yang tinggi secara konsisten meningkatkan risiko distress, terutama pada perusahaan dengan tingkat profitabilitas rendah. Profitabilitas ditemukan memperkuat hubungan negatif antara tata kelola perusahaan dan financial distress, serta melemahkan dampak negatif leverage terhadap kesehatan keuangan perusahaan. Studi ini menyimpulkan bahwa keseimbangan antara kualitas tata kelola, struktur modal yang sehat, dan profitabilitas yang kuat merupakan kunci dalam menurunkan risiko financial distress secara berkelanjutan.

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