Influence of Accounting Policies on Financial Distress: The Moderating Role of Corporate Governance
Abstract
This study investigates the impact of investment policy (IOS), funding policy (LEV), and operational policy (TATO) on financial distress, with good corporate governance (GCG) as a moderating variable. The research employs a quantitative approach, focusing on manufacturing firms listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. The sample includes 935 companies, with financial data represented by ratios such as CAPBVA, DAR, TATO, and GCG. Logistic regression analysis is used to evaluate the relationships. The findings reveal that both funding policy and operational policy significantly influence financial distress, whereas investment policy does not exhibit a significant effect. Furthermore, the study shows that GCG moderates the relationship between LEV and financial distress. However, GCG does not moderate the relationships between investment policy or operational policy and financial distress. These results underscore the nuanced role of corporate governance in mitigating financial distress, depending on the specific financial policies under consideration.
Keywords: Financial Distress; Investment Policy; Funding Policy; Operating Policy; Good Corporate Governance.
Downloads
Download data is not yet available.
References
Agustini, N. W., & Wirawati, N. G. P. (2019). Pengaruh Rasio Keuangan Pada Financial Distress Perusahaan Ritel Yang Terdaftar di Bursa Efek Indonesia (BEI). E-Jurnal Akuntansi, 251. https://doi.org/10.24843/eja.2019.v26.i01.p10
Al-Gamrh, B., Ku Ismail, K. N. I., Ahsan, T., & Alquhaif, A. (2020). Investment opportunities, corporate governance quality, and firm performance in the UAE. Journal of Accounting in Emerging Economies, 10(2), 261–276. https://doi.org/10.1108/JAEE-12-2018-0134
Anita Putri, A. S., Irawati, N., & Muda, I. (2022). Effect of Current Ratio, Debt to Equity Ratio, Total Assets Turnover Ratio, Return on Assets and Institutional Ownership of Financial Distress in the Property & Real Estate Sector Listed on the Indonesia Stock Exchange. International Journal of Research and Review, 9(7), 355–370. https://doi.org/10.52403/ijrr.20220740
Annisa, H. R., Rochmah, H. N., & Ekasari, W. F. (2022). Pengaruh tata kelola dan kinerja perusahaan terhadap financial distress pada perusahaan consumer goods industry. Jurnal Akuntansi Aktual, 9(2), 96. https://doi.org/10.17977/um004v9i22022p096
Begum, M. M., Sarker, N., & Nahar, S. (2023). The Impact of Corporate Governance Attributes on Financial Distress among the Listed Firms in Pharmaceuticals Industry of Bangladesh. International Journal of Economics and Financial Issues, 13(6), 155–167. https://doi.org/10.32479/ijefi.15096
Callen, J. L., & Chy, M. (2024). The Agency Costs of Investment Opportunities and Debt Contracting: Evidence from Exogenous Shocks to Government Spending. Journal of Business Finance and Accounting, 51(7–8), 2122–2152. https://doi.org/10.1111/jbfa.12769
Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, dan Kepemilikan Institusional Terhadap Financial Distress. SIMAK, 16(01), 45–62. https://doi.org/10.35129/simak.v16i01.11
Dirman, A., & Utami, S. W. (2023). Effect of Financial Performance on Financial Distress With Good Corporate Governance As Moderating Variable. International Journal of Business, Economics and Law, 28(3), 165–179.
Fakhar, S., Javed, Y., & Akhter, J. (2021). Financial Distress Models : 8(October), 180–185.
Gerged, A. M., Marie, M., & Elbendary, I. (2022). Estimating the Risk of Financial Distress Using a Multi-Layered Governance Criterion: Insights from Middle Eastern and North African Banks. Journal of Risk and Financial Management, 15(12), 0–22. https://doi.org/10.3390/jrfm15120588
Handriani, E., Ghozali, I., & Hersugodo, H. (2021). Corporate governance on financial distress: Evidence from Indonesia. Management Science Letters, 11, 1833–1844. https://doi.org/10.5267/j.msl.2021.1.020
Istiani, R., Sebrina, N., & Halmawati, H. (2020). Pengaruh Financial Distress Dan Leverage Terhadap Fleksibilitas Klasifikasi Arus Kas. JURNAL EKSPLORASI AKUNTANSI, 2(1), 2513–2525. https://doi.org/10.24036/jea.v2i1.226
Jariyah, A., & Budiarti, A. (2019). Pengaruh Rasio Likuiditas, Profitabilitas, dan Aktivitas terhadap Prediksi Financial Distress Perusahaan Tekstil dan Garmen. https://doi.org/http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/777
Jurnali, T., & Putri, W. A. (2024). The Influence of Corporate Governance on Company Financial Difficulties with Political Connections as Moderation. Conference on Management, 4(1), 890–902.
Maeyen, E. (2021). Working Paper Series Financial Distress as an Agency Problem : Evidence on Non-Monotonic.
Mahaningrum, A. A. I. A., & Merkusiwati, N. K. L. A. (2020). Pengaruh Rasio Keuangan pada Financial Distress. E-Jurnal Akuntansi, 30(8), 1969. https://doi.org/10.24843/eja.2020.v30.i08.p06
Manurung, J., & Munthe, K. (2019). Analisis Rasio Keuangan untuk Memprediksi Financial Distress pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. JURNAL MANAJEMEN DAN BISNIS (JMB), 2(34), 90–102. https://doi.org/10.54367/jmb.v19i2.94
Mariano, S. S. G., Izadi, J., & Pratt, M. (2020). Can we predict the likelihood of financial distress in companies from their corporate governance and borrowing? International Journal of Accounting and Information Management, 29(2), 305–323. https://doi.org/10.1108/IJAIM-08-2020-0130
Martini, A., Yunita, A., & Sumiyati, S. (2023). Pengaruh Laba, Arus Kas dan Leverage terhadap Financial Distress dengan Likuiditas sebagai Variabel Moderasi (Studi pada Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia). IJAB Indonesian Journal of Accounting and Business, 4(2), 22–37. https://doi.org/10.33019/ijab.v4i2.47
Nanda, S. T., Zenita, R., Anita, R., & Abdillah, M. R. (2018). The Role of Investment Opportunity Set on Financially Distressed Firm’s Value. International Journal of Engineering & Technology, 7(July 2019), 118–121. https://doi.org/10.14419/ijet.v7i3.35.29277
Oktariyani, A. (2019). Analisis Pengaruh Current Ratio, DER, TATO dan EBITDA Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Akuntansi Dan Manajemen, 14(1), 111–125. https://doi.org/10.30630/jam.v14i1.89
Opler, T. C., & Titman, S. (1994). Financial Distress and Corporate Performance. In The Journal of Finance (Vol. 49, Issue 3).
Pane, A. A., Dalimunthe, H., & Ananda, R. F. (2023). How sales growth and leverage affect financial distress. Ijafibs, 11(1), 35–41. www.ijafibs.pelnus.ac.id
Paryanti, & Mahardhika, A. S. (2020). Kebijakan Hutang Dengan Pendekatan Agency Theory Pada Perusahaan Property dan Real Estate. Inovasi, 16(2), 327–338.
Prasetyo, A. B., & Kristanti, F. T. (2021). Faktor Determinan Financial Distress untuk Perusahaan Pertambangan di Indonesia dan Malaysia. Nominal: Barometer Riset Akuntansi Dan Manajemen, 10(2). https://doi.org/https://doi.org/10.21831/nominal.v10i2.35763
Putri, A. R., & Wulandari, S. (2021). Pengaruh Penerapan Prinsip Good Corporate Governance Terhadap Kinerja Non Keuangan Pada Perum Bulog Sub Divre Semarang. Akuntansi Dan Manajemen, 16(1), 69–81. https://doi.org/10.30630/jam.v16i1.133
Rahardjo, A. P., & Wuryani, E. (2021). Pengaruh Good Corporate Governance, Kepemilikan Institusional, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan (Studi Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia (Bei) Tahun 2016-2018). Jurnal Akuntansi AKUNESA, 10(1), 103–113. https://doi.org/10.26740/akunesa.v10n1.p103-113
Revo, M. (2024). Manufaktur RI Hancur Lebur: Perusahaan Banyak Bangkrut, Banjir PHK. Https://Www.Cnbcindonesia.Com. https://www.cnbcindonesia.com/research/20240912122027-128-571301/manufaktur-ri-hancur-lebur-perusahaan-banyak-bangkrut-banjir-phk
Rissi, D. M., & Herman, L. A. (2021). Pengaruh Likuiditas, Profitabilitas, Financial Leverage, dan Arus Kas Operasi Dalam Memprediksi Kondisi Financial Distress. 16(2), 68–86. https://akuntansi.pnp.ac.id/jam
Safa, A. V., & Nuswandari, C. (2022). Identifikasi Potensi Financial Distress Menggunakan Rasio Keuangan Pada Perusahaan Sektor Industri Manufaktur. Jurnal Ilmiah Akuntansi Peradaban, 8(2), 399–415. https://doi.org/10.24252/jiap.v8i2.30619
Sakinah, F. (2018). Pengaruh Likuiditas Dan Leverage Terhadap Probabilitas Financial Distress Dengan Good Corporate Governance Sebagai Variabel Moderasi Pada Perusahaan Non Euangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2016. Jom Feb, 1(1), 1–13. https://jom.unri.ac.id/index.php/JOMFEKON/article/view/21804/21100
Saputri, E. R. (2023). Pengujian Rasio Keuangan Terhadap Financial Distress: Bukti Di Indonesia. Manajemen Dan Akuntansi, 26(1). https://doi.org/10.35591/wahana.v
Schwartz, A., Osborn, M., Yavorsky, N., & Vega, D. (2023). Trends in Large Corporate Bankruptcy and Financial Distress. Cornerstone Research. https://www.cornerstone.com/insights/press-releases/large-corporate-bankruptcy-filings-surged-in-first-half-of-2023/
Shen, F., Liu, Y., Wang, R., & Zhou, W. (2020). A Dynamic Financial Distress Forecast Model with Multiple Forecast Results Under Unbalanced Data Environment. Knowledge-Based Systems, 192, 105365. https://doi.org/10.1016/j.knosys.2019.105365
Sopiani, R., Mahsuni, A. W., & Junaidi. (2020). Faktor-Faktor Yang Mempengaruhi Melemahnya Good Corporate Governance Di Perusahaan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2017-2019. E-Jra, 09(08), 76–89.
Sumani, S. (2020). Prediksi Financial Distress : Rasio Keuangan dan Sensitivitas Makroekonomi Perusahaan Sektor Primer. EKUITAS (Jurnal Ekonomi Dan Keuangan), 3(3), 285–305. https://doi.org/10.24034/j25485024.y2019.v3.i2.4153
Syuhada, P., & Muda, I. (2020). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Financial Distress pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 319–336. https://doi.org/10.17509/jrak.v8i2.22684
Tron, A., Dallocchio, M., Ferri, S., & Colantoni, F. (2023). Corporate governance and financial distress: lessons learned from an unconventional approach. In Journal of Management and Governance (Vol. 27, Issue 2). https://doi.org/10.1007/s10997-022-09643-8
Truong, K. D. (2022). Corporate governance and financial distress: An endogenous switching regression model approach in vietnam. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2111812
Ugur, M., Solomon, E., & Zeynalov, A. (2022). Leverage, Competition and Financial Distress Hazard: Implications for Capital Structure in the Presence of Agency Costs. Economic Modelling, 108, 105740. https://doi.org/10.1016/j.econmod.2021.105740
Wahidahwati, W. (2012). the Influence of Financial Policies on Earnings Management, Moderated By Good Corporate Governance. EKUITAS (Jurnal Ekonomi Dan Keuangan), 16(4), 507. https://doi.org/10.24034/j25485024.y2012.v16.i4.2338
Widhiastuti, R., Nurkhin, A., & Susilowati, N. (2018). Peran Financial Performance dalam Memediasi Pengaruh Good Corporate Governance Terhadap Financial Distress. https://journal.uny.ac.id/index.php/economia
Widyaningsih, A. (2020). Financial Distress In Indonesia: Viewed From Governance Structure. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 205–220. https://doi.org/10.17509/jrak.v8i2.27796
Younas, N., UdDin, S., Awan, T., & Khan, M. Y. (2021). Corporate governance and financial distress: Asian emerging market perspective. Corporate Governance (Bingley), 21(4), 702–715. https://doi.org/10.1108/CG-04-2020-0119
Yuliani, R., & Rahmatiasari, A. (2021). Pengaruh Corporate Governance terhadap Financial Distress dengan Kinerja Keuangan sebagai Variabel Moderating (Perusahaan Manufaktur di BEI). Reviu Akuntansi Dan Bisnis Indonesia, 5(1), 38–54. https://doi.org/10.18196/rabin.v5i1.11333
Zhou, F., Fu, L., Li, Z., & Xu, J. (2022). The recurrence of financial distress: A survival analysis. International Journal of Forecasting, 38(3), 1100–1115. https://doi.org/10.1016/j.ijforecast.2021.12.005
Zhou, M., Li, K., & Chen, Z. (2021). Corporate governance quality and financial leverage: Evidence from China. International Review of Financial Analysis, 73(October 2020), 101652. https://doi.org/10.1016/j.irfa.2020.101652
Al-Gamrh, B., Ku Ismail, K. N. I., Ahsan, T., & Alquhaif, A. (2020). Investment opportunities, corporate governance quality, and firm performance in the UAE. Journal of Accounting in Emerging Economies, 10(2), 261–276. https://doi.org/10.1108/JAEE-12-2018-0134
Anita Putri, A. S., Irawati, N., & Muda, I. (2022). Effect of Current Ratio, Debt to Equity Ratio, Total Assets Turnover Ratio, Return on Assets and Institutional Ownership of Financial Distress in the Property & Real Estate Sector Listed on the Indonesia Stock Exchange. International Journal of Research and Review, 9(7), 355–370. https://doi.org/10.52403/ijrr.20220740
Annisa, H. R., Rochmah, H. N., & Ekasari, W. F. (2022). Pengaruh tata kelola dan kinerja perusahaan terhadap financial distress pada perusahaan consumer goods industry. Jurnal Akuntansi Aktual, 9(2), 96. https://doi.org/10.17977/um004v9i22022p096
Begum, M. M., Sarker, N., & Nahar, S. (2023). The Impact of Corporate Governance Attributes on Financial Distress among the Listed Firms in Pharmaceuticals Industry of Bangladesh. International Journal of Economics and Financial Issues, 13(6), 155–167. https://doi.org/10.32479/ijefi.15096
Callen, J. L., & Chy, M. (2024). The Agency Costs of Investment Opportunities and Debt Contracting: Evidence from Exogenous Shocks to Government Spending. Journal of Business Finance and Accounting, 51(7–8), 2122–2152. https://doi.org/10.1111/jbfa.12769
Chrissentia, T., & Syarief, J. (2018). Analisis Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, Firm Age, dan Kepemilikan Institusional Terhadap Financial Distress. SIMAK, 16(01), 45–62. https://doi.org/10.35129/simak.v16i01.11
Dirman, A., & Utami, S. W. (2023). Effect of Financial Performance on Financial Distress With Good Corporate Governance As Moderating Variable. International Journal of Business, Economics and Law, 28(3), 165–179.
Fakhar, S., Javed, Y., & Akhter, J. (2021). Financial Distress Models : 8(October), 180–185.
Gerged, A. M., Marie, M., & Elbendary, I. (2022). Estimating the Risk of Financial Distress Using a Multi-Layered Governance Criterion: Insights from Middle Eastern and North African Banks. Journal of Risk and Financial Management, 15(12), 0–22. https://doi.org/10.3390/jrfm15120588
Handriani, E., Ghozali, I., & Hersugodo, H. (2021). Corporate governance on financial distress: Evidence from Indonesia. Management Science Letters, 11, 1833–1844. https://doi.org/10.5267/j.msl.2021.1.020
Istiani, R., Sebrina, N., & Halmawati, H. (2020). Pengaruh Financial Distress Dan Leverage Terhadap Fleksibilitas Klasifikasi Arus Kas. JURNAL EKSPLORASI AKUNTANSI, 2(1), 2513–2525. https://doi.org/10.24036/jea.v2i1.226
Jariyah, A., & Budiarti, A. (2019). Pengaruh Rasio Likuiditas, Profitabilitas, dan Aktivitas terhadap Prediksi Financial Distress Perusahaan Tekstil dan Garmen. https://doi.org/http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/777
Jurnali, T., & Putri, W. A. (2024). The Influence of Corporate Governance on Company Financial Difficulties with Political Connections as Moderation. Conference on Management, 4(1), 890–902.
Maeyen, E. (2021). Working Paper Series Financial Distress as an Agency Problem : Evidence on Non-Monotonic.
Mahaningrum, A. A. I. A., & Merkusiwati, N. K. L. A. (2020). Pengaruh Rasio Keuangan pada Financial Distress. E-Jurnal Akuntansi, 30(8), 1969. https://doi.org/10.24843/eja.2020.v30.i08.p06
Manurung, J., & Munthe, K. (2019). Analisis Rasio Keuangan untuk Memprediksi Financial Distress pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. JURNAL MANAJEMEN DAN BISNIS (JMB), 2(34), 90–102. https://doi.org/10.54367/jmb.v19i2.94
Mariano, S. S. G., Izadi, J., & Pratt, M. (2020). Can we predict the likelihood of financial distress in companies from their corporate governance and borrowing? International Journal of Accounting and Information Management, 29(2), 305–323. https://doi.org/10.1108/IJAIM-08-2020-0130
Martini, A., Yunita, A., & Sumiyati, S. (2023). Pengaruh Laba, Arus Kas dan Leverage terhadap Financial Distress dengan Likuiditas sebagai Variabel Moderasi (Studi pada Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia). IJAB Indonesian Journal of Accounting and Business, 4(2), 22–37. https://doi.org/10.33019/ijab.v4i2.47
Nanda, S. T., Zenita, R., Anita, R., & Abdillah, M. R. (2018). The Role of Investment Opportunity Set on Financially Distressed Firm’s Value. International Journal of Engineering & Technology, 7(July 2019), 118–121. https://doi.org/10.14419/ijet.v7i3.35.29277
Oktariyani, A. (2019). Analisis Pengaruh Current Ratio, DER, TATO dan EBITDA Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Akuntansi Dan Manajemen, 14(1), 111–125. https://doi.org/10.30630/jam.v14i1.89
Opler, T. C., & Titman, S. (1994). Financial Distress and Corporate Performance. In The Journal of Finance (Vol. 49, Issue 3).
Pane, A. A., Dalimunthe, H., & Ananda, R. F. (2023). How sales growth and leverage affect financial distress. Ijafibs, 11(1), 35–41. www.ijafibs.pelnus.ac.id
Paryanti, & Mahardhika, A. S. (2020). Kebijakan Hutang Dengan Pendekatan Agency Theory Pada Perusahaan Property dan Real Estate. Inovasi, 16(2), 327–338.
Prasetyo, A. B., & Kristanti, F. T. (2021). Faktor Determinan Financial Distress untuk Perusahaan Pertambangan di Indonesia dan Malaysia. Nominal: Barometer Riset Akuntansi Dan Manajemen, 10(2). https://doi.org/https://doi.org/10.21831/nominal.v10i2.35763
Putri, A. R., & Wulandari, S. (2021). Pengaruh Penerapan Prinsip Good Corporate Governance Terhadap Kinerja Non Keuangan Pada Perum Bulog Sub Divre Semarang. Akuntansi Dan Manajemen, 16(1), 69–81. https://doi.org/10.30630/jam.v16i1.133
Rahardjo, A. P., & Wuryani, E. (2021). Pengaruh Good Corporate Governance, Kepemilikan Institusional, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan (Studi Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia (Bei) Tahun 2016-2018). Jurnal Akuntansi AKUNESA, 10(1), 103–113. https://doi.org/10.26740/akunesa.v10n1.p103-113
Revo, M. (2024). Manufaktur RI Hancur Lebur: Perusahaan Banyak Bangkrut, Banjir PHK. Https://Www.Cnbcindonesia.Com. https://www.cnbcindonesia.com/research/20240912122027-128-571301/manufaktur-ri-hancur-lebur-perusahaan-banyak-bangkrut-banjir-phk
Rissi, D. M., & Herman, L. A. (2021). Pengaruh Likuiditas, Profitabilitas, Financial Leverage, dan Arus Kas Operasi Dalam Memprediksi Kondisi Financial Distress. 16(2), 68–86. https://akuntansi.pnp.ac.id/jam
Safa, A. V., & Nuswandari, C. (2022). Identifikasi Potensi Financial Distress Menggunakan Rasio Keuangan Pada Perusahaan Sektor Industri Manufaktur. Jurnal Ilmiah Akuntansi Peradaban, 8(2), 399–415. https://doi.org/10.24252/jiap.v8i2.30619
Sakinah, F. (2018). Pengaruh Likuiditas Dan Leverage Terhadap Probabilitas Financial Distress Dengan Good Corporate Governance Sebagai Variabel Moderasi Pada Perusahaan Non Euangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2016. Jom Feb, 1(1), 1–13. https://jom.unri.ac.id/index.php/JOMFEKON/article/view/21804/21100
Saputri, E. R. (2023). Pengujian Rasio Keuangan Terhadap Financial Distress: Bukti Di Indonesia. Manajemen Dan Akuntansi, 26(1). https://doi.org/10.35591/wahana.v
Schwartz, A., Osborn, M., Yavorsky, N., & Vega, D. (2023). Trends in Large Corporate Bankruptcy and Financial Distress. Cornerstone Research. https://www.cornerstone.com/insights/press-releases/large-corporate-bankruptcy-filings-surged-in-first-half-of-2023/
Shen, F., Liu, Y., Wang, R., & Zhou, W. (2020). A Dynamic Financial Distress Forecast Model with Multiple Forecast Results Under Unbalanced Data Environment. Knowledge-Based Systems, 192, 105365. https://doi.org/10.1016/j.knosys.2019.105365
Sopiani, R., Mahsuni, A. W., & Junaidi. (2020). Faktor-Faktor Yang Mempengaruhi Melemahnya Good Corporate Governance Di Perusahaan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2017-2019. E-Jra, 09(08), 76–89.
Sumani, S. (2020). Prediksi Financial Distress : Rasio Keuangan dan Sensitivitas Makroekonomi Perusahaan Sektor Primer. EKUITAS (Jurnal Ekonomi Dan Keuangan), 3(3), 285–305. https://doi.org/10.24034/j25485024.y2019.v3.i2.4153
Syuhada, P., & Muda, I. (2020). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Financial Distress pada Perusahaan Property dan Real Estate di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 319–336. https://doi.org/10.17509/jrak.v8i2.22684
Tron, A., Dallocchio, M., Ferri, S., & Colantoni, F. (2023). Corporate governance and financial distress: lessons learned from an unconventional approach. In Journal of Management and Governance (Vol. 27, Issue 2). https://doi.org/10.1007/s10997-022-09643-8
Truong, K. D. (2022). Corporate governance and financial distress: An endogenous switching regression model approach in vietnam. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2111812
Ugur, M., Solomon, E., & Zeynalov, A. (2022). Leverage, Competition and Financial Distress Hazard: Implications for Capital Structure in the Presence of Agency Costs. Economic Modelling, 108, 105740. https://doi.org/10.1016/j.econmod.2021.105740
Wahidahwati, W. (2012). the Influence of Financial Policies on Earnings Management, Moderated By Good Corporate Governance. EKUITAS (Jurnal Ekonomi Dan Keuangan), 16(4), 507. https://doi.org/10.24034/j25485024.y2012.v16.i4.2338
Widhiastuti, R., Nurkhin, A., & Susilowati, N. (2018). Peran Financial Performance dalam Memediasi Pengaruh Good Corporate Governance Terhadap Financial Distress. https://journal.uny.ac.id/index.php/economia
Widyaningsih, A. (2020). Financial Distress In Indonesia: Viewed From Governance Structure. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 205–220. https://doi.org/10.17509/jrak.v8i2.27796
Younas, N., UdDin, S., Awan, T., & Khan, M. Y. (2021). Corporate governance and financial distress: Asian emerging market perspective. Corporate Governance (Bingley), 21(4), 702–715. https://doi.org/10.1108/CG-04-2020-0119
Yuliani, R., & Rahmatiasari, A. (2021). Pengaruh Corporate Governance terhadap Financial Distress dengan Kinerja Keuangan sebagai Variabel Moderating (Perusahaan Manufaktur di BEI). Reviu Akuntansi Dan Bisnis Indonesia, 5(1), 38–54. https://doi.org/10.18196/rabin.v5i1.11333
Zhou, F., Fu, L., Li, Z., & Xu, J. (2022). The recurrence of financial distress: A survival analysis. International Journal of Forecasting, 38(3), 1100–1115. https://doi.org/10.1016/j.ijforecast.2021.12.005
Zhou, M., Li, K., & Chen, Z. (2021). Corporate governance quality and financial leverage: Evidence from China. International Review of Financial Analysis, 73(October 2020), 101652. https://doi.org/10.1016/j.irfa.2020.101652
Published
2025-01-30
How to Cite
FANY, Aulia Rezy; WAHIDAHWATI, Wahidahwati; FIDIANA, Fidiana.
Influence of Accounting Policies on Financial Distress: The Moderating Role of Corporate Governance.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 1, jan. 2025.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/119963>. Date accessed: 04 feb. 2025.
doi: https://doi.org/10.24843/EJA.2025.v35.i01.p18.
Issue
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
