Financial distress analysis of agricultural product sector companies using capital structure and intellectual capital approaches
DOI:
https://doi.org/10.30871/jaba.10875Keywords:
Financial Distress, Capital Structure, Intellectual CapitalAbstract
Given the vital role of the agricultural product industry in supporting food security and domestic economic growth, this study examines the determinants of financial distress through the lenses of capital structure and intellectual capital. The research focuses on publicly listed agricultural product companies on the Indonesia Stock Exchange (IDX). Variables were measured using the Debt-to-Equity Ratio (DER) for capital structure, the VAIC method (comprising VACA, VAHU, and STVA components) for intellectual capital, and the Altman Z-Score model to identify financial distress. Partial analysis (t-test) indicates that DER and VAHU significantly influence financial distress vulnerability, whereas VACA and STVA do not have a significant impact. However, simultaneous testing (F-test) shows that these capital structure characteristics and intellectual capital elements jointly and significantly influence corporate financial distress.
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