<![CDATA[ABSTRAKIsu financial distress menjadi semakin krusial dalam periode pasca-pandemi COVID-19, ketika sejumlah perusahaan menghadapi tekanan likuiditas yang tinggi, volatilitas pasar, serta ketidakpastian ekonomi yang berkepanjangan. Situasi tersebut menegaskan urgensi untuk menelaah faktor-faktor internal yang memengaruhi potensi kesulitan keuangan, khususnya terkait praktik earnings management dan efektivitas penerapan corporate governance. Penelitian ini bertujuan untuk menguji pengaruh Accrual Earnings Management (AEM), Real Earnings Management (REM), dan kepemilikan keluarga terhadap financial distress, dengan Corporate Governance Index (CGI) sebagai variabel moderasi. Sampel penelitian mencakup perusahaan publik non-keuangan yang terdaftar di Bursa Efek Indonesia selama periode 2019–2023 sebanyak 377 perusahaan, dengan pendekatan kuantitatif menggunakan model Altman Z-Score. Hasil penelitian menunjukkan bahwa AEM, REM, dan kepemilikan keluarga berpengaruh signifikan terhadap financial distress. Selain itu, CGI terbukti memperkuat hubungan antara praktik earnings management dan kesulitan keuangan, yang mengindikasikan bahwa implementasi tata kelola perusahaan di Indonesia belum sepenuhnya optimal dalam menekan risiko financial distress.ABSTRACTThe issue of financial distress has become increasingly crucial in the post-COVID-19 pandemic period, when a number of companies are facing high liquidity pressures, market volatility, and prolonged economic uncertainty. This situation highlights the urgency of examining internal factors that influence potential financial difficulties, particularly those related to earnings management practices and the effectiveness of corporate governance implementation. This study aims to examine the influence of Accrual Earnings Management (AEM), Real Earnings Management (REM), and family ownership on financial distress, with the Corporate Governance Index (CGI) as a moderating variable. The research sample included 377 non-financial public companies listed on the Indonesia Stock Exchange during the period 2019–2023, using a quantitative approach with the Altman Z-Score model. The results show that AEM, REM, and family ownership have a significant effect on financial distress. In addition, CGI is proven to strengthen the relationship between earnings management practices and financial difficulties, indicating that the implementation of corporate governance in Indonesia is not yet fully optimal in reducing the risk of financial distress.]]>
