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All Journal Jurnal Ilmiah Raflesia Akuntansi Proceeding National Conference Business, Management, and Accounting (NCBMA)
Nanda Putra Saragi
Universitas Pelita Harapan
Economics, Econometrics & Finance Social Sciences

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TESTING TRADE-OFF THEORY IN CORPORATE FINANCIAL DISTRESS: A RANDOM EFFECTS PANEL APPROACH Nanda Putra Saragi; Nardo Tedrick
Proceeding National Conference Business, Management, and Accounting (NCBMA) 9th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

Drawing on Trade-Off Theory, this study examines corporate financial distress in an emerging economy by examining how firms balance the tax benefits of debt against the costs of distress. It analyses the effects of leverage, liquidity, institutional ownership, while assessing whether operational efficiency moderates these relationships. The sample comprises 153 firms listed on the Indonesia Stock Exchange over 2023–2024, generating 306 firm-year observations from S&P Capital IQ. Panel regression analysis was conducted using Chow, Lagrange-Multiplier, Hausman tests, with the Random Effects model selected as the preferred estimator. The findings show that leverage and liquidity significantly influence financial distress, supporting the risk–return trade-off in capital structure decisions. However, institutional ownership has no significant direct effect, operational efficiency does not moderate relationships. Overall, the results highlight the importance of prudent capital structure and liquidity management and provide evidence of the relevance of Trade-Off Theory in an emerging market context.
Pengaruh Implementasi Green Accounting terhadap Kinerja Triple Bottom Line Pada UMKM di Kawasan Penyangga Ibu Kota Nusantara (Kabupaten Penajam Paser Utara) Mustari; Nanda Putra Saragi; Fatma Eka Sari
Jurnal Ilmiah Raflesia Akuntansi Vol 12 No 1 (2026): Jurnal Ilmiah Raflesia Akuntansi
Publisher : Politeknik Raflesia Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53494/jira.v12i1.1346

Abstract

Penelitian ini bertujuan menganalisis pengaruh penerapan green accounting terhadap kinerja triple bottom line pada UMKM di Kabupaten Penajam Paser Utara sebagai wilayah penyangga Ibu Kota Nusantara. Pendekatan yang digunakan adalah kuantitatif dengan desain kausalitas melalui metode survei terhadap 150 responden yang dipilih secara purposive. Analisis data dilakukan menggunakan regresi linier berganda dengan bantuan SPSS. Hasil penelitian menunjukkan bahwa implementasi green accounting, yang tercermin dalam pengelolaan biaya lingkungan dan efisiensi sumber daya, berpengaruh positif dan signifikan terhadap kinerja ekonomi (profit) dan kinerja lingkungan (planet). Namun, pengaruh terhadap kinerja sosial (people) tidak terbukti signifikan. Temuan ini mengindikasikan bahwa praktik akuntansi hijau pada UMKM masih berfokus pada efisiensi internal dan belum sepenuhnya mencakup aspek sosial. Kendala utama yang dihadapi adalah rendahnya pemahaman pelaku usaha serta belum tersedianya standar pelaporan yang sederhana. Penelitian ini memberikan implikasi praktis bagi pengembangan kebijakan ekonomi hijau di kawasan penyangga IKN.
Co-Authors Fatma Eka Sari Mustari Nardo Tedrick