Peran Modal Intelektual dan Manajemen Risiko Perusahaan dalam Mengurangi Stres Keuangan dengan Profitabilitas sebagai Variabel Moderasi pada Perusahaan yang Terdaftar di Bursa Publik

Muhtar Sapiri (Universitas Bosowa)
Susanti Budiastuti (STIE Satria Purwokerto)
Pipin Sri Sudewi (STIE Satria Purwokerto)

Jurnal Manajemen dan Teknologi
Vol. 3 No. 2 (2026): November

The complexity of global business environments, economic uncertainty, and financial volatility have heightened the importance of organizational resilience and sustainability among publicly listed companies. Financial distress has become a critical concern for stakeholders, as deteriorating financial conditions can diminish investor confidence and threaten corporate survival. This study investigates the roles of intellectual capital and enterprise risk management in mitigating financial distress, with profitability as a moderating variable. A quantitative explanatory research design was employed, utilizing secondary data from annual reports and sustainability disclosures of companies listed on the Indonesia Stock Exchange during the 2019–2024 period, resulting in 186 firm-year observations. Data analysis was conducted using Structural Equation Modeling (SEM). Findings reveal that intellectual capital and enterprise risk management significantly reduce financial distress, while profitability strengthens the relationship between the two. Companies with stronger intellectual capital and effective risk management systems exhibit greater financial resilience and lower probabilities of financial distress. This study contributes theoretically by integrating Resource-Based Theory, Signaling Theory, and Risk Management Theory.