Pengaruh Likuiditas, Leverage, Firm Size, Ceo Duality, Political Connection terhadap Financial Distress dengan Profitabilitas Sebagai  Variabel Moderasi Pada Perusahaan Sektor Properties & Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2022

The Effect Of Liquidity, Leverage, Firm Size, Ceo Duality, Political Connection On Financial Distress With Profitability As A Moderating Variable In Properties & Real Estate Sector Companies Listed On The Indonesian Stock Exchange Period 2018-2022

Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas, leverage, firm size, Ceo duality, political connection terhadap financial distress dengan profitabilitas sebagai variabel moderasi pada perusahaan sektor properties & real estate yang terdaftar di Bursa Efek Indonesia periode 2018-2022. Jenis data yang digunakan adalah data kuantitatif yang bersumber dari data sekunder. Populasi dalam penelitian ini adalah perusahaan sektor properties & real estate yang terdaftar di Bursa Efek Indonesia periode 2018-2022. Teknik yang dilakukan dalam pengambilan sampel ini yaitu purposive sampling dan diperoleh 24 perusahaan sebagai sampel dalam penelitian ini. Data dianalisis menggunakan regresi logistik dan moderated regression analysis (MRA) menggunakan modprobe serta dihitung dengan software SPSS Versi 27. Hasil penelitian menunjukkan bahwa leverage yang diproksikan dengan debt to asset ratio dan political connection berpengaruh signifikan dan negatif terhadap financial distress. Sedangkan likuiditas (current ratio), firm size, CEO duality tidak berpengaruh signifikan terhadap financial distress dan profitabilitas yang diproksikan dengan return on asset juga tidak mampu memoderasi pengaruh likuiditas (current ratio), leverage (debt to asset ratio), firm size, CEO duality, political connection terhadap financial distress. Oleh karena itu, perusahaan sektor properties & real estate diharapkan dapat mengelola utang dengan efektif dan secara cermat menilai risiko dan keuangan. Perusahaan sektor properties & real estate juga harus memastikan bahwa keberlanjutan hubungan tersebut dapat dijaga dalam jangka panjang untuk menghindari risiko yang dapat timbul dari perubahan politik untuk menghindari terjadinya financial distress.

Kata Kunci: CEO duality; financial distress; firm size; leverage; likuiditas; political connection; profitabilitas. 

This study aims to determine the effect of liquidity, leverage, firm size, Ceo duality, political connection on financial distress with profitability as a moderating variable in properties & real estate sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. The type of data used is quantitative data sourced from secondary data. The population in this study are properties & real estate sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. The technique used in this sampling is purposive sampling and 24 companies were obtained as samples in this study. The data were analyzed using logistic regression and moderated regression analysis (MRA) using modprobe and calculated with SPSS Version 27 software. The results showed that leverage proxied by debt to asset ratio and political connection has a significant and negative effect on financial distress. While liquidity (current ratio), firm size, CEO duality has no significant effect on financial distress and profitability proxied by return on assets is also unable to moderate the effect of liquidity (current ratio), leverage (debt to asset ratio), firm size, CEO duality, political connection on financial distress. Therefore, properties & real estate sector companies are expected to manage debt effectively and carefully assess risks and finances. Properties & real estate sector companies must also ensure that the sustainability of the relationship can be maintained in the long term to avoid the risks that can arise from political changes to avoid financial distress.

Keywords: CEO duality; financial distress; firm size; leverage; liquidity; political connection; profitability.