Main Article Content
Abstract
The aim of this research is to examine the effect of the current ratio, debt-to-asset ratio, and company size on financial distress, with managerial ownership as a moderating variable. The research population consists of infrastructure companies listed on the Indonesia Stock Exchange from 2019 to 2022, while the sample includes 28 companies, totaling 103 observation data points, selected using the purposive sampling method and casewise diagnostics. Data analysis is conducted using descriptive statistics and the moderated regression analysis method. Financial distress is measured using the modified Altman Z-Score. The analysis findings indicate that the current ratio has a negative effect on financial distress, while the debt-to-asset ratio has a positive effect. However, company size has no significant effect on financial distress. Furthermore, managerial ownership does not moderate the effects of the current ratio, debt-to-asset ratio, or company size on financial distress.
Keywords
Article Details

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
References
- Altman, E. I., Hotchkiss, E., & Wang, W. (2019). Corporate Financial Distress, Restructuring, and Bankruptcy (4th ed.). New Jersey:Wiley.
- Azalia, V., & Rahayu, Y. (2019). Pengaruh Leverage, Likuiditas, Profitabilitas, Dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Ilmu Dan RIset Akuntansi, 8(6), 1–16.
- Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, Dan Kepemilikan Institusional Terhadap Financial Distress. SiMAk, 16(1), 45–61. https://doi.org/10.35129/simak.v16i01.11
- Christine, D., Wijaya, J., Chandra, K., Pratiwi, M., Lubis, M. S., & Nasution, I. A. (2019). Pengaruh Profitabilitas, Leverage, Total Arus Kas dan Ukuran Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2017. Jurnal Ekonomi & Ekonomi Syariah, 2(2), 340–351. DOI: 10.36778/jesya.v2i2.102
- Dillak, V. J., & Salim, S. N. (2021). Pengaruh Ukuran Perusahaan, Biaya Agensi Manajeria, Struktur Modal Dan Gender Diversity Terhadap Financial Distress. Jurnal Ilmiah MEA, 5(3), 182–198. https://doi.org/10.31955/mea.v5i3.1416
- Leony, & Petronila, T. A. (2023). Kinerja Keuangan dan Shareholders Return Sebelum dan Sesudah Merger & Akuisisi (Perusahaan Non-Keuangan di BEI Periode 2017-2019). Prosiding Working Papers Series In Management, 15(1), 95–113. https://doi.org/10.25170/wpm.v15i1.4545
- Moderator Variable. (2025). https://www.sciencedirect.com/topics/computer-science/moderator-variable
- Pandegirot, S. C. G., Van Rate, P., & Tulung, J. E. (2019). Analisis Pengaruh Current Ratio, Institutional Ownership, Debt To Asset Ratio terhadap Kondisi Financial Distress Pada Perusahaan Property Dan Real Estate Di Bursa Efek Indonesia 2013-2017. Jurnal EMBA, 7(8), 3339–3348.
- Rachmawati, L., & Retnani, E. D. (2020). Pengaruh Kinerja Keuangan dan Kepemilikan Manajerial Terhadap Financial Distress. Jurnal Ilmu Dan Riset Akuntansi, 9(3), 1–17.
References
Altman, E. I., Hotchkiss, E., & Wang, W. (2019). Corporate Financial Distress, Restructuring, and Bankruptcy (4th ed.). New Jersey:Wiley.
Azalia, V., & Rahayu, Y. (2019). Pengaruh Leverage, Likuiditas, Profitabilitas, Dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Ilmu Dan RIset Akuntansi, 8(6), 1–16.
Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, Dan Kepemilikan Institusional Terhadap Financial Distress. SiMAk, 16(1), 45–61. https://doi.org/10.35129/simak.v16i01.11
Christine, D., Wijaya, J., Chandra, K., Pratiwi, M., Lubis, M. S., & Nasution, I. A. (2019). Pengaruh Profitabilitas, Leverage, Total Arus Kas dan Ukuran Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2017. Jurnal Ekonomi & Ekonomi Syariah, 2(2), 340–351. DOI: 10.36778/jesya.v2i2.102
Dillak, V. J., & Salim, S. N. (2021). Pengaruh Ukuran Perusahaan, Biaya Agensi Manajeria, Struktur Modal Dan Gender Diversity Terhadap Financial Distress. Jurnal Ilmiah MEA, 5(3), 182–198. https://doi.org/10.31955/mea.v5i3.1416
Leony, & Petronila, T. A. (2023). Kinerja Keuangan dan Shareholders Return Sebelum dan Sesudah Merger & Akuisisi (Perusahaan Non-Keuangan di BEI Periode 2017-2019). Prosiding Working Papers Series In Management, 15(1), 95–113. https://doi.org/10.25170/wpm.v15i1.4545
Moderator Variable. (2025). https://www.sciencedirect.com/topics/computer-science/moderator-variable
Pandegirot, S. C. G., Van Rate, P., & Tulung, J. E. (2019). Analisis Pengaruh Current Ratio, Institutional Ownership, Debt To Asset Ratio terhadap Kondisi Financial Distress Pada Perusahaan Property Dan Real Estate Di Bursa Efek Indonesia 2013-2017. Jurnal EMBA, 7(8), 3339–3348.
Rachmawati, L., & Retnani, E. D. (2020). Pengaruh Kinerja Keuangan dan Kepemilikan Manajerial Terhadap Financial Distress. Jurnal Ilmu Dan Riset Akuntansi, 9(3), 1–17.