BAKI (Berkala Akuntansi dan Keuangan Indonesia)
Vol. 11 No. 2 (2026): Berkala Akuntansi dan Keuangan Indonesia

ESG AND CG MECHANISMS INFLUENCE ON FINANCIAL DISTRESS RISK WITH CEO CHARACTERISTICS MODERATOR

Aaron Joshua (Universitas Katolik Widya Mandala Surabaya)
Jesica Handoko (Universitas Katolik Widya Mandala Surabaya)



Article Info

Publish Date
17 Sep 2026

Abstract

Companies aim to retain financial stability and avoid financial distress to protect investor trust and ensure business continuity. ESG practices and corporate governance (CG) mechanisms consists of Board of Commissioners, Board of Directors, Managerial Ownership, and Audit Committee, are expected to reduce financial distress risk. However, the effectiveness of these mechanisms may depend on CEO characteristics, such as age, tenure, and education. This study examines ESG and CG mechanisms effect on financial distress risk with CEO characteristics moderator. This research sample is manufacturing companies listed on IDX during 2020–2024. The sample consists of 364 observations selected using purposive sampling. Logistic regression analysis is applied dan the results show that ESG, corporate governance mechanisms, and CEO characteristics as a moderating variable do not have a significant effect on financial distress risk. Based on additional analysis, none significantly negative interaction show.. Only return on assets (ROA) has a negatively significant effect on financial distress risk

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Journal Info

Abbrev

BAKI

Publisher

Subject

Humanities Economics, Econometrics & Finance Education Social Sciences

Description

Berkala Akuntansi dan Keuangan Indonesia (BAKI) adalah jurnal ilmiah di bidang akuntansi dan keuangan yang diterbitkan oleh Universitas Airlangga bekerjasama dengan Ikatan Akuntan Indonesia Kompartemen Akuntansi Pendidik (IAI-KAPd). BAKI terbit setiap Maret dan September sebagai media untuk ...