THE EFFECT OF OWNERSHIP CONCENTRATION AND PROPORTION OF INDEPENDENT COMMISSIONERS ON FINANCIAL DISTRESS
Abstract
This study was conducted to test and present empirical evidence regarding the influence of ownership concentration and the proportion of independent commissioners on financial distress. The study was conducted on companies in the property and real estate sector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2025. A quantitative method was used in this study, with secondary data obtained from audited annual financial statements and company annual reports. The study population consisted of 96 companies, while the sample comprised 62 companies selected using purposive sampling. The data were analyzed using multiple linear regression with IBM SPSS version 26. The results of this study demonstrate that ownership concentration and the proportion of independent commissioners have an effect on financial distress.
Keywords: Ownership Concentration, Proportion of Independent Commissioners, Financial Distress
Full Text:
PDFReferences
Aisyah, & Afriyenti, M. (2022). Pengaruh Struktur Kepemilikan dan Komisaris Independen terhadap Prediksi Financial Distress (Studi Empiris Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar di BEI Tahun 2016-2020). Jurnal Eksplorasi Akuntansi (JEA), 4(3), 660–673.
Anam, H. (2023). Umur Ekonomi, Komite Audit, Komisaris Independen, Ukuran KAP, Opini, Pergantian Auditor Berpengaruh terhadap Audit Delay. Jurnal Geoekonomi, 14(01), 98–114. https://doi.org/10.36277/geoekonomi.V14i1.269
Farooque, O. Al, Buachoom, W., & Sun, L. (2020). Board, Audit Committee, Ownership and Financial Performance – Emerging Trends from Thailand. Pacific Accounting Review, 32(1), 54–81. https://doi.org/10.1108/PAR-10-2018-0079
Gerged, A. M., Yao, S., & Albitar, K. (2023). Board Composition, Ownership Structure and Financial Distress: Insights from UK FTSE 350. Corporate Governance: The International Journal of Business in Society, 23(3), 628–249. https://doi.org/10.1108/CG-02-2022-0069
Hamzah, R. S., & Annisa, M. L. (2022). Altman’s Z”-Scores for Financial Distress Predictions Among Food and Beverages Industry in Indonesia. Owner: Riset & Jurnal Akuntansi, 6(1), 1056–1068. https://doi.org/10.33395/owner.v6i1.696
Hendi, & Sitorus, R. (2023). An Empirical Research on Audit Report Timeliness. Jurnal Akuntansi dan Keuangan, 25(1), 39–53. https://doi.org/doi.org/10.9744/jak.25.1.
Humairoh, F., & Nurulita, S. (2022). The Effect of Corporate Governance on Financial Distress. JRAK: Jurnal Riset Akuntansi Kontemporer, 14(2), 237–242.
Indarti, M. G. K., Widiatmoko, J., & Pamungkas, I. D. (2021). Corporate Governance Structures and Probability of Financial Distress: Evidence from Indonesia Manufacturing Companies. International Journal of Financial Research, 12(1), 174–183. https://doi.org/10.5430/ijfr.v12n1p174
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Finance Economics, 3(4), 1–77.
Ma’dika, S., & Utomo, R. B. (2024). Pengaruh Kepemilikan Asing, Konsentrasi Kepemilikan, Kepemilikan Institusional terhadap Financial Distress pada Perusahaan Sektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2022. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 8(3), 2637–2651.
Malik, M. H. A. (2022). Pengaruh Good Corporate Governance terhadap Kinerja Keuangan Sektor Aneka Industri di Bursa Efek Indonesia. Owner: Riset & Jurnal Akuntansi, 6(3), 2693–2711. https://doi.org/10.33395/owner.v6i3.919
Mariano, Pratt, S. and, & Maurice. (2021). Can We Predict the Likelihood of Financial Distress in Companies from Their Corporate Governance and Borrowing? International Journal of Accounting and Information Management, 1–26. https://doi.org/10.1108/IJAIM-08-2020-0130
Maura, I. S., Fajri, M. B., & Hakim, A. L. (2025). Determinants of Financial Distress in Non-Financial State-Owned Enterprises in Indonesia. Management and Economic Journal, 9(3), 317–330.
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
Prakoso, S. T., Amalina, N., Perdana, T. A., & Danuri, A. (2023). Analisis Dampak Manager Overconfidance dengan Mekanisme Corporate Governance terhadap Kinerja pada Perusahaan Manufaktur. Jurnal Minfo Polgan, 12(2). https://doi.org/10.33395/jmp.v12i2.13133
Pratomo, D., & Nuraulia, A. N. (2021). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, dan Konsentrasi Kepemilikan terhadap Persistensi Laba. Jurnal Bisnis dan Akuntansi, 23(1), 13–22.
Rakhmawati, I., Indriasih, D., & Susetyo, B. (2026). Menilai Kesehatan Keuangan Perusahaan Properti Serta Memahami Faktor-Faktor Utama pada Perusahaan BEI (2020-2024). Jambura Economic Education Journal, 8(1), 132–149.
Sari, W. O. N., & Setiawan, D. (2024). Characteristics of the Board of Commissioners, Directors, and Financial Distress. Accounting Analysis Journal, 13(1), 56–64. https://doi.org/10.15294/aaj.v13i1.1896
Shah, N. S. B., Auni, N. Q., Zaidi, M., Zulkifli, S. A. M., Shekh Zain, R., Muhammad Yusuf, N. H., & Shafai, N. A. (2025). Does Ownership Concentration Affect Financial Performance? An Evidence of Malaysian Healthcare Sector. Jurnal Intelek, 20(1), 149–162. https://doi.org/10.24191/ji.v20i1.3809
Tantania, D., Ellis, & Rinaningsih. (2023). The Effect of Corporate Governance and Loans on Financial Distress in Manufacturing Industries. Jurnal Keuangan dan Perbankan, 6(3).
Wulandari, S., Ermaya, H. N. ., & Mashuri, A. A. . (2021). Pengaruh Mekanisme Corporate Governance, Financial Distress, dan Audit Tenure terhadap Integritas Laporan Keuangan. Jurnal Akunida, 7(1), 85–98.
Refbacks
- There are currently no refbacks.
Editorial Office:
Universitas PGRI Madiun
Kampus 3 Lantai 2
Fakultas Ekonomi dan Bisnis
Jl. Auri no. 14-16 Madiun
