PENGARUH KEPEMILIKAN MANAJERIAL DAN INSTITUSIONAL TERHADAP FINANCIAL DISTRESS DENGAN PENDIDIKAN CEO SEBAGAI VARIABEL MODERASI
Abstract
Abstract
The purpose of this study is to investigate how institutional ownership and managerial ownership affect financial distress that has been moderated by CEO education. A sample of 146 companies was selected through the use of purposive sampling from the infrastructure, real estate, and property companies listed on the Indonesia Stock Exchange for the 2019–2021. The result findings show that management and institutional ownership has positive effect on Altman Z-score. CEO education can moderate institutional and managerial ownership. This research contributes especially to companies experiencing financial distress regarding the moderating role of CEO education.
Keywords: Institutional Ownership, Managerial Ownership, CEO education, Financial Distress
Abstrak
Tujuan dari penelitian ini adalah untuk mengetahui bagaimana kepemilikan institusional dan manajerial mempengaruhi financial distress yang dimoderasi oleh pendidikan CEO. Sampel sebanyak 146 perusahaan dipilih melalui metoda purposive sampling dari perusahaan infrastruktur, real estate, dan properti yang terdaftar di Bursa Efek Indonesia periode 2019–2021. Hasil temuan menunjukkan bahwa kepemilikan institusional dan manajemen berpengaruh positif terhadap Altman Z-score. Pendidikan CEO dapat memoderasi kepemilikan institusional dan manajerial. Penelitian ini memberikan kontribusi terutama pada perusahaan yang mengalami kesulitan keuangan mengenai peran moderasi pendidikan CEO.
Kata Kunci: Kepemilikan Institusional, Kepemilikan Manajerial, Pendidikan CEO, Financial Distress
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