THE EFFECT OF ASSET TANGIBILITY, COMPANY AGE, COMPANY SIZE, AND BOARD GENDER DIVERSITY ON FINANCIAL DISTRESS IN PROPERTY SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN THE PERIOD 2022-2024
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Jul 4, 2026
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Asset Tangibility, Firm Age, Firm Size, Board Gender Diversity, Financial Distress
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Abstract
This study was conducted to determine the effect of Asset Tangibility, Company Age, Company Size, and Board Gender Diversity on Financial Distress in companies in the Property and Real Estate sector listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. Using purposive sampling, a total of 64 company samples were obtained for this study. Eviews 12 was used to process and analyze the data for panel data regression. The results showed that asset tangibility had no effect on financial distress. Meanwhile, company age, company size, and board gender diversity had an effect on financial distress. The contribution of the independent variables in explaining their effect on financial distress was 99,2%, while the rest was influenced by other variables outside the scope of this study.
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References
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To, U. D. (2025). Analysis of Factors Affecting Financial Distress in Vietnam - an Emerging Economy in East Asia. Investment Management and Financial Innovations, 22(1), 68-81. https://doi.org/10.21511/imfi.22(1).2025.06
Tong, Y., & Serrasqueiro, Z. (2021). Predictions of failure and financial distress: A study on portuguese high and medium-high technology small and midsized enterprises. Journal of International Studies, 14(2), 9-25. https://doi.org/10.14254/2071-8330.2021/14-2/1
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Yazdanfar, D., & Öhman, P. (2020). Financial distress determinants among SMEs: empirical evidence from Sweden. Journal of Economic Studies, 47(3), 547-560. https://doi.org/10.1108/JES-01-2019-0030
Yousaf, U. Bin, Jebran, K., & Wang, M. (2020). Can board diversity predict the risk of financial distress? Corporate Governance (Bingley), 21(4), 663-684. https://doi.org/10.1108/CG-06-2020-0252
Afrizal, H. (2018). Teori Akuntansi. Salim Media Indonesia.
Balasubramanian, S. A., Radhakrishna, G. S., Sridevi, P., & Natarajan, T. (2019). Modeling corporate financial distress using financial and non-financial variables: The case of Indian listed companies. International Journal of Law and Management, 61(3-4), 457-484. https://doi.org/10.1108/IJLMA-04-2018-0078
Basuki, A. tri, & Prawoto, N. (2021). Analisis Regresi Dalam Penelitian Ekonomi dan Bisnis. Raja Gravindo Persada.
Brahmana, R., Ung, L. J., & Kiu, J. S. (2019). Does board capital affect the corporate financial distress level? A study from Malaysia. Kasetsart Journal of Social Sciences, 40(3), 695-702. https://doi.org/10.34044/j.kjss.2019.40.3.04
Chen, C. C., Chen, C. Da, & Lien, D. (2020). Financial distress prediction model: The effects of corporate governance indicators. Journal of Forecasting, 39(8), 1238-1252. https://doi.org/10.1002/for.2684
Farooq, M., Qureshi, S. F., & Bhutta, Z. M. (2021). Indirect financial distress costs in non-financial firms: evidence from an emerging market. Pacific Accounting Review, 33(4), 417-434. https://doi.org/10.1108/PAR-09-2020-0127
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan program IBM SPSS 25 edisi 9 (A. Tejokusumo (ed.)).
Ghozali, I. (2023). Smart PLS 4.0. Yoga Pratama.
Guizani, M., & Abdalkrim, G. (2023). Does gender diversity on boards reduce the likelihood of financial distress? Evidence from Malaysia. Asia-Pacific Journal of Business Administration, 15(2), 287-306. https://doi.org/10.1108/APJBA-06-2021-0277
He, Y., Xu, L., & McIver, R. P. (2019). How does political connection affect firm financial distress and resolution in China? Applied Economics, 51(26), 2770-2792. https://doi.org/10.1080/00036846.2018.1558358
IDX. (2024). Laporan Keuangan PT PP Properti Tbk. https://www.idx.co.id/StaticData/NewsAndAnnouncement/ANNOUNCEMENTSTOCK/From_EREP/202504/9da8d9fa2c_69703b0578.pdf
Ikpesu, F., & Eboiyehi, O. C. (2018). Capital structure and corporate financial distress of manufacturing firms in Nigeria. Journal of Accounting and Taxation, 10(7), 78-84. https://doi.org/10.5897/jat2018.0309
Indartini, M., & Mutmainah. (2024). Analisis Data Kuantitatif (Hartirini).
Isayas, Y. N. (2021). Financial distress and its determinants: Evidence from insurance companies in Ethiopia. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1951110
Kebede, T. N., Tesfaye, G. D., & Erana, O. T. (2024). Determinants of financial distress: evidence from insurance companies in Ethiopia. Journal of Innovation and Entrepreneurship, 13(1). https://doi.org/10.1186/s13731-024-00369-5
Kusumaningtyas, E., Sugianto, & Subagio, E. (2022). Konsep dan Praktik Ekonometrika Menggunakan Eviews (M. Surur (ed.)). Academia Publication.
Murniati, S. (2022). Akuntansi Keuangan Menengah 1 (S. Bahri (ed.)). Media Sains Indonesia dan Penulis.
Purba, R. B. (2023). Teori Akuntansi. CV. Merdeka Kreasi Group.
Saima, F. N., & Arefin, K. A. (2022). Board Gender Diversity and Financial Distress Risk: Evidence from Bangladesh. Journal of Innovation in Business Studies, 02(01), 31-54. https://www.researchgate.net/publication/362707183
Sehgal, S., Kumar, R., & Mishra. (2021). On the Determinants and Prediction of Corporate Financial Distress in India. Managerial Finance. https://doi.org/10.1108/MF-06-2020-0332
Siahaan, M., Gursida, H., & Sasongko, H. (2025). Determinan Nilai Perusahaan (Y. F. Dewi (ed.)). PT. Pena Persada Kerta Utama.
Subroto, V. kumalasari, & Endaryanti, E. (2024). Kumpulan teori Akuntansi (Irdha Yuni). Yayasan Prima Agus Teknik Bekerja Sama dengan Universitas Sains & Teknologi Komputer.
Sugiyono. (2023). Metode Penelitian Kuantitatif Kualitatif dan R&D (S. Dr. Ir (ed.)). ALFABETA.
Sujono, Salma, S., & Natalia, ade rahayu. (2023). The Influence of Board Size, CEO Duality and Bank Specific on Financial Distress. Transportation Research Part C: Emerging Technologies, 2(August), 105306. https://doi.org/10.1016/j.trc.2025.105306
Syahrullah, M., Elsye, M. A. wahdi, & Lisman, M. (2020). Model Prediksi Kebangkrutan Perusahaan. Cahaya Firdaus Publishing and Printing.
To, U. D. (2025). Analysis of Factors Affecting Financial Distress in Vietnam - an Emerging Economy in East Asia. Investment Management and Financial Innovations, 22(1), 68-81. https://doi.org/10.21511/imfi.22(1).2025.06
Tong, Y., & Serrasqueiro, Z. (2021). Predictions of failure and financial distress: A study on portuguese high and medium-high technology small and midsized enterprises. Journal of International Studies, 14(2), 9-25. https://doi.org/10.14254/2071-8330.2021/14-2/1
Tran, N. M. (2025). Corporate governance and financial distress: Moderating role of firm complexity in an emerging economy. Investment Management and Financial Innovations, 22(1), 288-298. https://doi.org/10.21511/imfi.22(1).2025.22
Yazdanfar, D., & Öhman, P. (2020). Financial distress determinants among SMEs: empirical evidence from Sweden. Journal of Economic Studies, 47(3), 547-560. https://doi.org/10.1108/JES-01-2019-0030
Yousaf, U. Bin, Jebran, K., & Wang, M. (2020). Can board diversity predict the risk of financial distress? Corporate Governance (Bingley), 21(4), 663-684. https://doi.org/10.1108/CG-06-2020-0252
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