ANALISIS DETERMINAN FINANCIAL DISTRESS PADA AKTIVITAS PERUSAHAAN PERTAMBANGAN DI INDONESIA DENGAN KETERGANTUNGAN EKSPOR SEBAGAI VARIABEL MODERASI

ANDRIE WIYOGO, . (2026) ANALISIS DETERMINAN FINANCIAL DISTRESS PADA AKTIVITAS PERUSAHAAN PERTAMBANGAN DI INDONESIA DENGAN KETERGANTUNGAN EKSPOR SEBAGAI VARIABEL MODERASI. Magister thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk menganalisis dan memperoleh bukti empiris mengenai pengaruh faktor-faktor keuangan internal (likuiditas, leverage, profitabilitas, dan pertumbuhan perusahaan) terhadap financial distress pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021–2024, serta menguji peran ketergantungan ekspor ke Cina sebagai variabel moderasi dan ukuran perusahaan sebagai variabel kontrol. Metode pengumpulan data menggunakan teknik purposive sampling yang menghasilkan sampel sebanyak 22 perusahaan (88 observasi panel balanced). Analisis data dilakukan menggunakan regresi data panel dengan model terpilih Common Effect Model (CEM) berdasarkan hasil pengujian spesifikasi model (Uji Chow, Uji Hausman, dan Uji Lagrange Multiplier). Hasil penelitian menunjukkan bahwa likuiditas berpengaruh positif dan signifikan terhadap kesehatan keuangan (financial distress). Sementara itu, leverage, profitabilitas, pertumbuhan perusahaan, serta variabel kontrol ukuran perusahaan tidak berpengaruh signifikan terhadap financial distress. Namun demikian, ketergantungan ekspor terbukti secara signifikan memoderasi dan memperkuat pengaruh profitabilitas terhadap financial distress. Temuan ini menegaskan pentingnya ketersediaan pemutakhiran likuiditas serta kepastian pasar ekspor utama dalam menjaga stabilitas keuangan perusahaan pertambangan dari ancaman kebangkrutan. Temuan ini menegaskan pentingnya ketersediaan bantalan likuiditas (liquidity buffer) serta kepastian pasar ekspor utama dalam menjaga stabilitas keuangan perusahaan pertambangan dari ancaman kebangkrutan. Kata Kunci: Financial Distress, Altman Z-Score, Likuiditas, Leverage, Profitabilitas, Ketergantungan Ekspor, Perusahaan Pertambangan. ***** This study aims to analyze and obtain empirical evidence regarding the effects of internal financial factors (liquidity, leverage, profitability, and firm growth) on financial distress, as well as testing the moderating role of export dependence to China and firm size as a control variable. The unit of analysis in this study comprises mining companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. The data collection method used a purposive sampling technique, resulting in a sample of 22 companies (88 panel data observations). The data analysis technique applied was panel data regression, with the Common Effect Model (CEM) selected based on model specification tests. The results show that liquidity has a significant positive effect on financial health (financial distress). Meanwhile, leverage, profitability, firm growth, and the control variable firm size do not have a significant effect on financial distress. However, export dependence is proven to significantly moderate and strengthen the effect of profitability on financial distress. The implication of this study highlights the importance for corporate management to maintain an adequate liquidity buffer and optimize core export market security to safeguard mining companies' financial stability against bankruptcy. Keywords: Financial Distress, Altman Z-Score, Liquidity, Leverage, Profitability, Export Dependence, Mining Companies.

Item Type:	Thesis (Magister)
Additional Information:	1). Dr. Choirul Anwar, SE., MBA., MAFIS., MCIS., Ak., CA, CPA, CSRS, CSRA ; 2). Dr. Etty Gurendrawati, M.Si., Ak.
Subjects:	Ilmu Sosial > Perdagangan, e-commerce > Akuntansi Ilmu Sosial > Keuangan
Divisions:	FE > S2 Akuntansi
Depositing User:	Andrie Wiyogo .
Date Deposited:	13 Aug 2026 09:22
Last Modified:	13 Aug 2026 09:22
URI:	http://repository.unj.ac.id/id/eprint/70485

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