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All Journal Akuisisi : Jurnal Akuntansi Journal of Economic, Bussines and Accounting (COSTING) Scientific Journal of Reflection : Economic, Accounting, Management and Business J-MAS (Jurnal Manajemen dan Sains) JURNAL LENTERA BISNIS JIIP (Jurnal Ilmiah Ilmu Pendidikan) Enrichment : Journal of Management RESLAJ: RELIGION EDUCATION SOCIAL LAA ROIBA JOURNAL EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) SENTRI: Jurnal Riset Ilmiah Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
M. Hendri Yan Nyale
Universitas Esa Unggul, Jakarta
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Journal : SENTRI: Jurnal Riset Ilmiah

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Pengaruh Profitabilitas, Ukuran Dewan Komisaris, Keterlibatan Perempuan dalam Dewan Direksi dan Koneksi Politik terhadap Kesulitan Keuangan Ramerlin, Ramerlin; Nyale, M. Hendri Yan
SENTRI: Jurnal Riset Ilmiah Vol. 4 No. 9 (2025): SENTRI : Jurnal Riset Ilmiah, September 2025
Publisher : LPPM Institut Pendidikan Nusantara Global

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/sentri.v4i9.4603

Abstract

Financial resilience extends beyond mere profit figures, encompassing the influence of leadership composition and external networks on corporate decision-making. This study investigates how profitability, board size, female representation in management, and political connections affect financial distress in infrastructure companies listed on the Indonesia Stock Exchange during 2021–2023. Using the Altman Z-Score as the primary measure of financial stability, data were collected from 51 companies, resulting in 153 observations through purposive sampling. The analysis uncovers a nuanced relationship between governance and financial health. Profitability emerges as a strong protective factor against financial distress, suggesting that firms generating higher profits are better positioned to withstand economic pressures. Conversely, larger boards of directors, the inclusion of women in managerial roles, and political connections appear to increase the likelihood of financial vulnerability, indicating that more complex governance structures and external affiliations may introduce risks or inefficiencies. Notably, the presence of women on commissioner boards shows no statistically significant impact, highlighting that effects may vary depending on the level of leadership. These findings emphasize that financial resilience is not solely determined by numerical performance but is intricately linked to leadership composition, diversity in decision-making, and political networks, underlining the multifaceted nature of corporate stability and the importance of strategic governance choices.
Co-Authors Aline Zelika Atrianingsih, Shela Farah Difa Aulia Fransisca Amalia Sari Manurung Henni Rolita Gultom Iriyanti Iriyanti Jeany Berty Tylova Keisha Alvera Herwina Sadie Liana Anjelina Muhamad Rifki Fadillah Naziah, Rida Nur Cahyani pamela, yovani melin camelita Ramerlin, Ramerlin Rezza Anggraini Yohana Yohana Yudha Aditya