SALES GROWTH MODERATES THE EFFECT OF CAPITAL INTENSITY AND EARNINGS MANAGEMENT ON FINANCIAL DISTRESS

Endang Ruhiyat; Napisah Napisah; Indawati Indawati

Endang Ruhiyat Universitas Pamulang
Napisah Napisah Universitas Pamulang
Indawati Indawati Universitas Pamulang

Keywords: Financial Distress, Capital Intencity, Earnings Management, Sales Growth

Abstract

This study examines the effect of Capital Intensity and Earnings Management on Financial Distress with Sales Growth as a moderating variable in industrial sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. This is interesting because, in the midst of business competition and economic uncertainty, corporate bankruptcy can be measured very well through the level of financial stress. Many companies experience financial distress despite having good levels of fixed asset investment and sales growth. Similar research with moderation models in this industry is very limited, so the findings of this study may provide a new perspective on enterprise risk management. This study uses quantitative methods with secondary data from the financial statements of industrial sector companies listed on the IDX during the 2019-2023 period. The data analysis technique uses moderation regression analysis with purposive sampling method sampling with certain criteria. The results showed that Capital Intensity has no significant effect on Financial Distress, while Earnings Management has a significant positive effect on Financial Distress. Sales Growth cannot moderate the relationship between Capital Intensity and Earnings Management on Financial Distress. the size of investment in fixed assets does not affect the risk of corporate financial distress, while earnings management practices actually increase the risk of financial distress. This emphasizes the importance of transparent and effective financial management rather than focusing only on increasing sales or asset investment.

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