Electronic Theses and Dissertation

Penelitian ini bertujuan untuk menganalisis pengaruh financial flexibility terhadap financial distress dengan firm performance sebagai variabel moderasi pada perusahaan manufaktur yang tercatat di Bursa Efek Indonesia periode 2018-2023. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan. Sampel penelitian terdiri atas 245 perusahaan manufaktur yang dipilih menggunakan teknik purposive sampling sehingga diperoleh 1.470 observasi selama enam tahun pengamatan. Analisis data dilakukan menggunakan regresi logistik dengan bantuan perangkat lunak IBM SPSS Statistics 24, dengan financial distress sebagai variabel dependen, financial flexibility sebagai variabel independen, firm performance sebagai variabel moderasi, dan cash holding sebagai variabel kontrol. Hasil penelitian menunjukkan bahwa financial flexibility berpengaruh negatif dan signifikan terhadap financial distress, yang mengindikasikan bahwa perusahaan dengan tingkat financial flexibility yang lebih tinggi memiliki probabilitas lebih rendah mengalami financial distress. Firm performance juga berpengaruh negatif dan signifikan terhadap financial distress, sehingga perusahaan dengan kinerja yang lebih baik cenderung memiliki kondisi keuangan yang lebih stabil. Selain itu, firm performance terbukti memoderasi hubungan antara financial flexibility dan financial distress dengan memperlemah pengaruh negatif financial flexibility terhadap financial distress. Temuan ini menunjukkan bahwa peningkatan financial flexibility dan firm performance merupakan salah satu faktor penting dalam menekan risiko financial distress serta mendukung keberlanjutan perusahaan di tengah ketidakpastian ekonomi.

This study aims to analyze the effect of financial flexibility on financial distress, with firm performance serving as a moderating variable, among manufacturing companies listed on the Indonesia Stock Exchange during the 2018–2023 period. The study employs a quantitative approach using secondary data obtained from the companies' annual financial statements. The sample consists of 245 manufacturing companies selected through a purposive sampling technique, resulting in a total of 1,470 observations over a six-year observation period. Data were analyzed using logistic regression with the assistance of IBM SPSS Statistics 24, where financial distress serves as the dependent variable, financial flexibility as the independent variable, firm performance as the moderating variable, and cash holding as the control variable. The results indicate that financial flexibility has a negative and significant effect on financial distress, suggesting that companies with higher levels of financial flexibility are less likely to experience financial distress. Firm performance also has a negative and significant effect on financial distress, indicating that companies with better performance tend to maintain more stable financial conditions. Furthermore, firm performance is found to moderate the relationship between financial flexibility and financial distress by weakening the negative effect of financial flexibility on financial distress. These findings suggest that enhancing financial flexibility and firm performance is essential for reducing the risk of financial distress and supporting corporate sustainability amid economic uncertainty.