Pengaruh Karakteristik Dewan Direksi Dan Dewan Komisaris Serta Koneksi Politik Terhadap Kondisi Financial Distress
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Abstract
Kondisi financial distress menjadi salah satu isu penting yang sering dihadapi oleh perusahaan, khususnya dalam lingkungan bisnis yang semakin kompetitif dan terus berubah. Penelitian ini bertujuan untuk menelaah pengaruh profitabilitas, karakteristik dewan direksi, serta proporsi komisaris independen terhadap potensi terjadinya financial distress. Ketiga variabel tersebut dianggap memiliki peranan penting dalam menjaga kesehatan dan stabilitas keuangan perusahaan. Temuan penelitian memperlihatkan bahwa karakteristik dewan, seperti ukuran dewan dan keberadaan perempuan di dalamnya, turut memengaruhi kinerja keuangan perusahaan. Keterwakilan perempuan pada dewan direksi menunjukkan pengaruh negatif terhadap struktur modal dan peningkatan risiko kebangkrutan. Penelitian ini diharapkan dapat memberikan kontribusi teoretis bagi pengembangan literatur mengenai financial distress sekaligus implikasi praktis bagi perusahaan dalam meningkatkan efektivitas tata kelola untuk meminimalkan risiko kesulitan keuangan. Adapun sampel penelitian mencakup 33 perusahaan sektor healthcare yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2021–2023. Metode analisis yang digunakan adalah regresi linear berganda, yang diawali dengan uji deskriptif dan uji asumsi klasik seperti uji normalitas, multikolinearitas, heteroskedastisitas, serta autokorelasi. Selanjutnya, dilakukan uji hipotesis berupa uji t dan uji F, yang menunjukkan bahwa ukuran dewan dan proporsi perempuan di dewan direksi berpengaruh signifikan terhadap financial distress, sedangkan variabel lainnya tidak menunjukkan pengaruh yang berarti.
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