Pengaruh Intellectual capital dan Profitabilitas terhadap Financial Distress pada Perusahaan Subsektor Hotels, Resort & Cruise Lines dan Textile yang Terdaftar di Bursa Efek Indonesia Tahun 2022—2024

Lutfi Ariiqah Khairunnisa, Dina Natasari, S.E., M.Si., Ak.

2026 | Tugas Akhir | D4 Akuntansi Sektor Publik

Fenomena tingginya jumlah perusahaan sektor consumer cyclicals, khususnya pada subsektor hotels, resort & cruise lines dan textile, yang mengalami suspensi perdagangan saham di Bursa Efek Indonesia mencerminkan kerentanan kondisi keuangan perusahaan pada kedua subsektor tersebut. Hingga Desember 2025, tercatat 15 dari 70 perusahaan yang berpotensi mengalami delisting berasal dari sektor consumer cyclicals, dengan sejumlah perusahaan di antaranya bahkan telah tersuspensi lebih dari 50 bulan, seperti PT Hotel Mandarine Regency Tbk (HOME) dan PT Sri Rejeki Isman Tbk (SRIL). Penelitian ini bertujuan untuk menguji pengaruh intellectual capital dan profitabilitas (ROA) terhadap financial distress pada perusahaan subsektor hotels, resort & cruise lines dan textile yang terdaftar di Bursa Efek Indonesia periode 2022—2024. Penelitian ini menggunakan desain asosiatif korelasional dengan pendekatan kuantitatif. Sampel dipilih menggunakan teknik purposive sampling dan menghasilkan 35 perusahaan dengan total 105 observasi. Setelah eliminasi outlier menggunakan metode Interquartile Range (IQR), jumlah observasi akhir yang dianalisis menjadi 70. Intellectual capital diukur menggunakan Value Added Intellectual Coefficient (VAIC™), profitabilitas diproksikan oleh ROA, dan financial distress menggunakan Altman Z-Score. Analisis dilakukan menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa intellectual capital tidak berpengaruh signifikan terhadap financial distress, sedangkan profitabilitas berpengaruh signifikan terhadap financial distress. Temuan ini dijelaskan melalui perspektif Resource-Based View (RBV) dan signaling theory, mengingat perbedaan struktur sumber daya pada kedua subsektor (tekstil yang padat karya dan perhotelan yang padat modal fisik) serta variasi kinerja profitabilitas perusahaan menjadi faktor utama yang memengaruhi kondisi financial distress.

The high number of companies in the consumer cyclicals sector, particularly in the hotels, resort & cruise lines and textile subsectors, experiencing stock trading suspensions on the Indonesia Stock Exchange reflects the financial vulnerability of companies in both subsectors. As of December 2025, 15 out of 70 companies potentially facing delisting originated from the consumer cyclicals sector, with several companies having been suspended for more than 50 months, such as PT Hotel Mandarine Regency Tbk (HOME) and PT Sri Rejeki Isman Tbk (SRIL). This study aims to examine the effect of intellectual capital and profitability (ROA) on financial distress in companies within the hotels, resort & cruise lines and textile subsectors listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employs an associative-correlational design with a quantitative approach. The sample was selected using a purposive sampling technique, resulting in 35 companies with a total of 105 observations. After eliminating outliers using the Interquartile Range (IQR) method, the final number of observations analyzed was 70. Intellectual capital was measured using the Value Added Intellectual Coefficient (VAIC™), profitability was proxied by ROA, and financial distress was measured using the Altman Z-Score. The analysis was conducted using multiple linear regression. The results indicate that intellectual capital has no significant effect on financial distress, while profitability has a significant effect on financial distress. These findings are explained through the Resource-Based View (RBV) and signaling theory perspectives, given the differences in resource structure between the two subsectors (labor-intensive textiles and physically capital-intensive hospitality) as well as variations in corporate profitability performance as the main factors influencing financial distress conditions.

Kata Kunci : financial distress, intellectual capital, profitabilitas, resource-based view, VAIC™