Moderasi Intellectual Capital terhadap Kesehatan Keuangan Berbasis Faktor Keuangan dan Non Keuangan
DOI:
https://doi.org/10.32534/jv.v21i2.8592Keywords:
Faktor keuangan, Faktor non keuangan, Altman Z-Score, Modal intelektual, Kesulitan KeuanganAbstract
Sektor transportasi dan logistik menghadapi tekanan keuangan yang tinggi selama periode 2020–2024 akibat perubahan aktivitas ekonomi, mobilitas masyarakat, biaya operasional dan proses pemulihan pascapandemi. Kondisi ini menjadikan kesehatan keuangan perusahaan sebagai isu penting untuk dikaji terutama karena keberlangsungan perusahaan tidak hanya dipengaruhi oleh faktor keuangan, tetapi juga faktor non keuangan. Penelitian ini bertujuan untuk menganalisis pengaruh faktor keuangan dan non keuangan terhadap kesehatan keuangan perusahaan sektor transportasi dan logistik dengan menggunakan model Altman Z-Score, serta menguji peran intellectual capital sebagai variabel moderasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder dari laporan keuangan tahunan yang telah diaudit melalui situs Bursa Efek Indonesia dan website perusahaan. Dari populasi sebanyak 39 perusahaan, diperoleh 23 perusahaan sampel melalui teknik purposive sampling dengan 115 observasi perusahaan-tahun. Setelah 12 observasi yang teridentifikasi sebagai outlier dikeluarkan, data akhir yang dianalisis berjumlah 103 observasi. Analisis data dilakukan menggunakan RStudio melalui statistik deskriptif, uji asumsi klasik dan Moderated Regression Analysis. Hasil penelitian menunjukkan bahwa pertumbuhan pendapatan dan arus kas operasi tidak berpengaruh langsung terhadap kesehatan keuangan. Gender diversity berpengaruh positif, sedangkan jumlah direksi berpengaruh negatif. Intellectual capital memperkuat pengaruh arus kas operasi, melemahkan pengaruh gender diversity, serta mengurangi dampak negatif jumlah direksi terhadap kesehatan keuangan.
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