Moderasi Koneksi Politik pada Pengaruh Management Risk Appetite terhadap Financial Distress di Sektor Perbankan

The Moderating Role of Political Connections in The Effect of Management Risk Appetite on Financial Distress in The Banking Sector 

Financial distress pada sektor perbankan menjadi isu penting karena dapat memengaruhi stabilitas keuangan secara sistemik. Penelitian ini bertujuan menganalisis pengaruh management risk appetite dan koneksi politik terhadap financial distress serta menguji peran koneksi politik dewan sebagai variabel moderasi pada bank yang terdaftar di BEI periode 2019 – 2024. Sebanyak 252 observasi dari 42 bank dianalisis menggunakan regresi data panel dengan model random effect. Hasil penelitian menunjukkan bahwa management risk appetite tidak berpengaruh signifikan terhadap financial distress, sedangkan koneksi politik berpengaruh signifikan positif terhadap financial distress dengan memperburuk kesehatan bank. Namun, koneksi politik tidak terbukti memoderasi hubungan management risk appetite dan financial distress secara signifikan. Temuan ini menegaskan bahwa koneksi politik lebih berperan secara langsung dalam menurunkan kesehatan bank dibandingkan dengan management risk appetite yang hanya menjadi preferensi risiko manajemen.

Kata Kunci: financial distress, koneksi politik, management risk appetite  

Financial distress in the banking sector is a critical issue because it can affect systemic financial stability. This study aims to analyse the effects of management risk appetite and political connections on financial distress, also the role of political connections as a moderating variable among publicly listed banks in Indonesia during the 2019–2024 period. A total of 252 observations from 42 banks were analysed using panel data regression with a random-effects model. The results indicate that management risk appetite does not have a significant effect on financial distress, whereas political connections have a significant positive effect on financial distress, thereby worsening bank health. Political connections were not found to significantly moderate the relationship between management risk appetite and financial distress. These findings confirm that political connections play a more direct role in undermining bank health compared to management risk appetite, which serves as a measure of management’s risk preference.

Keyword: financial distress, political connection, management risk appetite