<![CDATA[ABSTRAKTujuan penelitian ini adalah untuk menguji pengaruh mekanisme corporate governance terhadap financial distress dengan manajemen laba sebagai variabel moderasi. Populasi yang digunakan terdiri dari perusahaan di sektor infrastruktur, utilitas, dan transportasi yang terdaftar di Bursa Efek Indonesia tahun 2018–2020. Penelitian ini menggunakan studi kausalitas dengan purposive sampling dan dianalisis dengan regresi logistik. Hasil penelitian ini menunjukkan bahwa kepemilikan institusional berpengaruh negatif signifikan terhadap financial distress, sementara komite audit tidak perpengaruh terhadap financial distress. Manajemen laba sebagai variabel moderasi memperlemah hubungan kepemilikan institusional terhadap financial distress namun tidak signifkan. Sementara, manajemen laba memperkuat hubungan komite audit terhadap financial distress namun tidak signifikan. Implikasi atas penelitian ini adalah perusahaan perlu meningkatkan peran dan fungsi pengawasan dan komite audit untuk meminimalisir risiko terjadinya financial distress. Walaupun manajemen laba tidak mampu memoderasi kepemilikan institusional dan komite audit, perusahaan tetap perlu meningkatkan pengawasan terutama terhadap proses pelaporan keuangan agar terhindar dari risiko terjadinya financial distress.ABSTRACTThe purpose of this study was to examine the effect of corporate governance mechanisms on financial distress with earnings management as a moderating variable. The population used consists of companies in the infrastructure, utility, and transportation sectors listed on the Indonesia Stock Exchange in 2018 – 2020. This study uses a causality study with purposive sampling and analyzed by logistic regression. The results of this study indicate that institutional ownership has a significant negative effect on financial distress, while the audit committee has no effect on financial distress. Earnings management as a moderating variable weakens the relationship between institutional ownership and financial distress but is not significant. Meanwhile, earnings management strengthens the relationship of the audit committee to financial distress but is not significant. The implication of this research is that companies need to increase the role and function of supervision and audit committees to minimize the risk of financial distress. Although earnings management is not able to moderate institutional ownership and audit committees, companies still need to improve supervision, especially on the financial reporting process to avoid the risk of financial distress.]]>
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