The Role of Firm Size in Moderating the Determinants of Financial Distress: Evidence from Indonesia’s Technology Sector

Nusaibah Mirza Fawwaz(1*), Nurcahyono Nurcahyono(2)


(1) Universitas Muhammadiyah Semarang
(2) Universitas Muhammadiyah Semarang
(*) Corresponding Author

Abstract


This study examines the effects of leverage, liquidity, operating cash flow, and audit committee characteristics on financial distress, with firm size as a moderating variable. The analysis covers 17 technology sector firms listed on the Indonesia Stock Exchange (IDX) during the period 2018–2023, selected through purposive sampling. Using multiple linear regression and processed with EViews 12, the results reveal that leverage has a significant positive effect on financial distress, indicating that firms with higher debt exposure face greater financial vulnerability. In contrast, liquidity, operating cash flow, and audit committee variables show no significant effects. Moreover, firm size does not moderate any of the relationships examined. These findings highlight the pivotal role of leverage in predicting financial instability, particularly in capital-intensive industries, and underscore the need for prudent debt management. The study contributes to the literature by integrating a moderating perspective and offers practical insights for enhancing early financial risk detection mechanisms in the technology sector.

Keywords


financial distress; leverage; liquidity; operating cash flow; audit committee; firm size; technology sector

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References


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