An Empirical Analysis of the Impact of Board Gender Diversity, Managerial Ownership, and Intellectual Capital on Financial Distress
Keywords:
Gender Diversity, Managerial Ownership, Intellectual Capital, Financial Distress
Abstract
This study aims to analyze the effect of board’s gender diversity, managerial ownership, and intellectual capital on financial distress in healthcare sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The sample consists of 31 companies selected using a saturated sampling method. This research is a quantitative study using secondary data obtained from annual reports and financial statements of the companies. The data analysis techniques used include descriptive statistics and multiple linear regression to test the hypotheses. The results of the study indicate that the board of commissioners and intellectual capital have a positive and significant effect on financial distress, suggesting that gender diversity on the board of commissioners and intellectual capital in these companies are already at an optimal level, thus helping them avoid financial distress. Meanwhile, gender diversity on the board of directors, gender diversity on the audit committee, and managerial ownership do not show a significant effect on financial distress. These findings imply that governance structure and intellectual assets should be managed wisely to minimize the risk of financial distress in healthcare sector companies.
References
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Prayogo, A. A., Agatha, D. A., Gunawan, N. B., Ramadhani, S., & Wiyanti, W. (2024). Analisis Financial Distress Perusahaan Sektor Kesehatan Dengan Menggunakan Metode Cox-Hazard. 7(1), 157–164.
Ramadanty, A. P., & Khomsiyah, K. (2022). Pengaruh Intellectual Capital dan Diversity Gender terhadap Financial Distress Dimoderasi oleh Firm Size. Owner, 6(4), 3743–3750. https://doi.org/10.33395/owner.v6i4.1132
Salim, S. N., & Dillak, V. J. (2021). Pengaruh Ukuran Perusahaan, Biaya Agensi Manajerial, Struktur Modal Dan Gender Diversity Terhadap Financial Distress. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 182–198. https://journal.stiemb.ac.id/index.php/mea/article/view/1416
Santoso, L., & Nugrahanti, Y. W. (2022). the Effect of Ownership Structure on Financial Distress: Evidence in Indonesian Manufacturing Companies. Jurnal Riset Akuntansi Kontemporer, 14(1), 55–64. https://doi.org/10.23969/jrak.v14i1.5178
Sapitri, R. E., Abbas, D. S., & Sriyanto. (2024). Pengaruh Intellectual Capital , Inventory Turnover dan Profitabilitas Terhadap Financial Distress. Jurnal Kendali Akuntansi, 2(1), 31–39.
Shan, Y. G., Troshani, I., Wang, J., & Zhang, L. (2024). Managerial Ownership and Financial Distress: Evidence from the Chinese Stock Market Yuan. International Journal of Managerial Finance, 20(1), 192–221.
Silaban, I. R., Harita, S. R., & Lilia, W. (2020). JURNAL IPTEKS TERAPAN Research of Applied Science and Education. Jurnal Ipteks Terapan, 14(4), 322–331.
Soedjatmiko, A., & Hartati, A. (2016). Pengaruh EPS, DER, PER, ROA, dan ROE terhadap Harga Saham pada Perusahaan Tambang yang Terdaftar di BEI periode 2011-2013. Dinamika Ekonomi Jurnal Ekonomi Dan Bisnis, 9(1).
Sudibya, D. C. N. A., & Restuti, M. M. D. (2014). 4 BENEFIT Jurnal Manajemen dan Bisnis PENGARUH MODAL INTELEKTUAL TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING. BENEFIT Jurnal Manajemen Dan Bisnis, 18(1), 14–29.
Sulistyanto, S. (2018). Manajemen Laba: Teori dan Model Empiris. Jakarta: PT. Grasindo.
Suprapto, Y., & Ng, I. (2023). Does Board Gender Diversity Affect Financial Distress. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 2020, 109. https://doi.org/10.24843/matrik:jmbk.2023.v17.i02.p01
Ulum, I. (2018). Intellectual Capital: Model Pengukuran, Framework Pengungkapan & Kinerja Organisasi. Yogyakarta: UMM Press.
Ali, S., Murtaza, G., Hedvicakova, M., Jiang, J., & Naeem, M. (2022). Intellectual capital and financial performance: A comparative study. Frontiers in Psychology, 13(August), 1–12. https://doi.org/10.3389/fpsyg.2022.967820
Ardi, S., & Windijarto. (2023). The Effect of Profitability and Managerial Ownership on Financial Distress with Capital Structure as Moderating Variable. 5(4), 146–158.
Ariska, R. T., Mohammad, A., & Prasetyono. (2021). THE EFFECT OF GENDER DIVERSITY AND FINANCIAL RATIOS ON FINANCIAL DISTRESS IN MANUFACTURING COMPANIES INDONESIA. 10(1), 6.
Chepkemoi, G., Rop, W., & Chepkwony, P. (2022). The Relationship between Gender Diversity and Employee Performance in the County Government of Bomet, Kenya. East African Journal of Business and Economics, 5(1), 90–98. https://doi.org/10.37284/eajbe.5.1.564
Difoasih, G. (2023). Analysis of The Effect of Financial Performance , Board Gender Diversity and CSR on Financial Distress in Tourism on the IDX. 8(12).
Endri, & Yerianto, D. (2019). Determinants of Bankruptcy Prediction and Implication on Stock Prices in Oil and Gas Mining Sectors in Indonesia Stock Exchange Period 2012-2016. International Journal of Management Sciences and Business Research, 8(4), 11–17.
Fahmi, I. (2017). Analisis Kinerja Keuangan Panduan bagi Akademisi, Manajer, dan Investor untuk Menilai dan Menganalisis Bisnis dari Aspek Keuangan. ALFABETA.
García, C. J., & Herrero, B. (2021). Female directors, capital structure, and financial distress. Journal of Business Research, 136(August), 592–601. https://doi.org/10.1016/j.jbusres.2021.07.061
Habib, A. M., & Dalwai, T. (2023). Does the Efficiency of a Firm’s Intellectual Capital and Working Capital Management Affect Its Performance? Journal of the Knowledge Economy, 3202–3238. https://doi.org/10.1007/s13132-023-01138-7
Hanafi, M. M., & Halim, A. (2018). Analisis Laporan Keuangan. Yogyakarta: UPP STIM YKPN.
Hatane, H., Chandra, N., & Tarigan, J. (2019). Board Structures and Managerial Ownership in Identifying the Financial Distress Likelihood. 92(Icame 2018), 419–434. https://doi.org/10.2991/icame-18.2019.46
Khan, M. T., Ahmad, W., Khan, S. N., Antohi, V. M., Fortea, C., & Zlati, M. L. (2024). Is the Nexus between Gender Diversity and Firm Financial Distress Moderated by CEO Duality? Economies, 12(9), 240. https://doi.org/10.3390/economies12090240
Maryam & Yuyetta, E. N. A. (2019). Analisis Pengaruh Mekanisme Corporate Governance Terhadap Probabilitas Terjadinya Financial Distress. Diponegoro Journal of Accounting, 8(3), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
Maulana, A., Hasnawati, S., & Huzaimah, R. A. F. (2023). Intellctual Capital , Leverage , Firm Size Dan Dampaknya Terhadap Financial Distress. Jurnal Gentiaras Manajemen Dan Akuntansi, 15(1), 75–89.
Minanari. (2022). THE INFLUENCE OF MANAGERIAL OWNERSHIP, PROFITABILITY AND LEVERAGE ON FINANCIAL DISTRESS (Empirical Study on Property and Real Estate Companies Listed on the Indonesia Stock Exchange (IDX) 2016-2019). International Journal of Environmental, Sustainability, and Social Sciences, 3, 351–358. https://journalkeberlanjutan.com/index.php/ijesss
Muthia, F., Putri, M., & Andaiyani, S. (2024). Gender Diversity and Financial Distress: Evidence From Non-Financial Companies in Indonesia. Jurnal Riset Bisnis Dan Manajemen, 17(1), 121–128. https://doi.org/10.23969/jrbm.v17i1.12082
Nasution, L. A., & Dinarjito, A. (2023). Analisis Pengaruh Intellectual Capital, Leverage dan Pertumbuhan Penjualan Terhadap Financial Distress. Journal of Law, Administration, and Social Science, 3(1), 47–62.
Nathania, V. (2022). Pengaruh Gender Diversity, Intellectual Capital, Sales Growth, Arus Kas Operasi Dan Kepemilikan Institusional Terhadap Financial Distress. Jurnal Ekonomi Trisakti, 2(2), 331–342. https://doi.org/10.25105/jet.v2i2.14318
Nuzul, A. I., & Diyanty, V. (2024). Does the gender diversity of the Board of Commissioners, Family Ownership, and Institutional Ownership Reduce the Likelihood of Financial Distress During COvid-19? EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 12(2), 2159–2172. https://doi.org/10.37676/ekombis.v12i2.5424
Pranita, K. R., & Kristanti, F. T. (2020). Analisis Financial Distress Menggunakan Analisis Survival. 9(2).
Prayogo, A. A., Agatha, D. A., Gunawan, N. B., Ramadhani, S., & Wiyanti, W. (2024). Analisis Financial Distress Perusahaan Sektor Kesehatan Dengan Menggunakan Metode Cox-Hazard. 7(1), 157–164.
Ramadanty, A. P., & Khomsiyah, K. (2022). Pengaruh Intellectual Capital dan Diversity Gender terhadap Financial Distress Dimoderasi oleh Firm Size. Owner, 6(4), 3743–3750. https://doi.org/10.33395/owner.v6i4.1132
Salim, S. N., & Dillak, V. J. (2021). Pengaruh Ukuran Perusahaan, Biaya Agensi Manajerial, Struktur Modal Dan Gender Diversity Terhadap Financial Distress. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 182–198. https://journal.stiemb.ac.id/index.php/mea/article/view/1416
Santoso, L., & Nugrahanti, Y. W. (2022). the Effect of Ownership Structure on Financial Distress: Evidence in Indonesian Manufacturing Companies. Jurnal Riset Akuntansi Kontemporer, 14(1), 55–64. https://doi.org/10.23969/jrak.v14i1.5178
Sapitri, R. E., Abbas, D. S., & Sriyanto. (2024). Pengaruh Intellectual Capital , Inventory Turnover dan Profitabilitas Terhadap Financial Distress. Jurnal Kendali Akuntansi, 2(1), 31–39.
Shan, Y. G., Troshani, I., Wang, J., & Zhang, L. (2024). Managerial Ownership and Financial Distress: Evidence from the Chinese Stock Market Yuan. International Journal of Managerial Finance, 20(1), 192–221.
Silaban, I. R., Harita, S. R., & Lilia, W. (2020). JURNAL IPTEKS TERAPAN Research of Applied Science and Education. Jurnal Ipteks Terapan, 14(4), 322–331.
Soedjatmiko, A., & Hartati, A. (2016). Pengaruh EPS, DER, PER, ROA, dan ROE terhadap Harga Saham pada Perusahaan Tambang yang Terdaftar di BEI periode 2011-2013. Dinamika Ekonomi Jurnal Ekonomi Dan Bisnis, 9(1).
Sudibya, D. C. N. A., & Restuti, M. M. D. (2014). 4 BENEFIT Jurnal Manajemen dan Bisnis PENGARUH MODAL INTELEKTUAL TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING. BENEFIT Jurnal Manajemen Dan Bisnis, 18(1), 14–29.
Sulistyanto, S. (2018). Manajemen Laba: Teori dan Model Empiris. Jakarta: PT. Grasindo.
Suprapto, Y., & Ng, I. (2023). Does Board Gender Diversity Affect Financial Distress. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 2020, 109. https://doi.org/10.24843/matrik:jmbk.2023.v17.i02.p01
Ulum, I. (2018). Intellectual Capital: Model Pengukuran, Framework Pengungkapan & Kinerja Organisasi. Yogyakarta: UMM Press.
Published
2025-06-24
How to Cite
Regina Chairani, Enggar Diah Puspa Arum, & Rico Wijaya. (2025). An Empirical Analysis of the Impact of Board Gender Diversity, Managerial Ownership, and Intellectual Capital on Financial Distress. International Journal of Economics, Business and Innovation Research, 4(04), 613-624. https://doi.org/10.63922/ijebir.v4i04.1987
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