<![CDATA[Tujuan Penelitian: Studi ini dilakukan guna menguji bagaimana strategi bisnis memengaruhi financial distress dalam perusahaan subsektor konstruksi yang terdaftar di Bursa Efek Indonesia pada kurun waktu 2021–2024 dengan leverage bertindak sebagai variabel kontrol.Metode Penelitian: Studi ini mengadopsi metode kuantitatif yang memanfaatkan sumber data sekunder yang bersumber annual report dan suitainability report perusahaan. Mekanisme pemilihan sampel dilakukan secara purposive, sehingga terpilih 15 perusahaanyang berjumlah 60 data pengamatan. pengolahan data dianalisis melalui regresi data panel melalui aplikasi EViews 13.Originalitas/Novelty: Kebaruan studi ini terletak pada pengujian pengaruh strategi bisnis atas financial distress bagi perusahaan subsektor konstruksi di Indonesia yang masih relatif terbatas diteliti, khususnya pada periode 2021-2024, ketika industri menghadapi tekanan finansial dan restrukturisasi utang, dengan menambahkan leverage sebagai variabel kontrol guna menghasilkan estimasi yang lebih komprehensif.Hasil Penelitian: Hasil studi mengindikasikan adanya peran strategi bisnis yang diproksikan melalui low-cost strategy (β= -0,307217; p= 0,0029) dan differentiation strategy (β= -0,475960; p= 0,0012) berpengaruh negatif signifikan dengan financial distress.Implikasi: Studi ini memberikan implikasi teoritis dengan mendukung agency theory dan signaling theory. Secara praktis, temuan studi diharapkan mampu memberikan masukan untuk perusahaan dalam mengembangkan strategi bisnis untuk menjaga stabilitas finansial dan meminimalkan risiko financial distress. Research Objectives: This study investigates the impact of business strategy on financial distress among construction subsector firms listed on the Indonesia Stock Exchange during 2021–2024, with leverage as a control variable.Research Method: This study adopts a quantitative research design, utilizing secondary data extracted from firms' annual and sustainability disclosures. Sample selection was used to select 15 companies, yielding a final dataset 60 observations. Empirical estimation was executed via panel data regression analysis, utilizing the computing capabilities of EViews 13Originality/Novelty: The novelty of this study lies in examining the effect of business strategy on financial distress in Indonesian construction subsector companies, an area that has received relatively limited attention in prior research, particularly during the 2021–2024 period when the industry faced financial pressures and debt restructuring. In addition, this study incorporates leverage as a control variable to provide a more comprehensive estimation of the relationship.Research Results: the findings indicate that business strategy, proxied by low-cost strategy (β= -0,307217; p= 0,0029) and differentiation strategy (β= -0,475960; p= 0,0012), has a significant negative effect on financial distress.Implications: the findings of this study contribute to the theoretical development of agency theory and signaling theory. Practically, the results may provide valuable insights for corporations when designing optimal business strategies to optimize financial stability and reduce the probability of financial distress.]]>
