THE INFLUENCE OF ESG, CAPITAL STRUCTURE, AND INTELLECTUAL CAPITAL ON FINANCIAL DISTRESS IN MINING COMPANIES
DOI:
https://doi.org/10.15575/aksy.v8i2.55901Keywords:
Capital Structure, ESG Disclosure, Financial Distress, Intellectual CapitalAbstract
The mining sector plays a crucial role in Indonesia’s economic growth, yet it is highly financially vulnerable due to global commodity price volatility and environmental management demands. This study aims to analyze the influence of ESG Disclosure, Capital Structure, and Intellectual Capital on Financial Distress in mining companies listed on the Indonesia Stock Exchange for the 2022-2024 period. Using a quantitative, associative approach and purposive sampling, a sample of 22 companies was obtained, yielding 66 observations. Data analysis was performed using the panel data method assisted by EViews 13 software. The results indicate that ESG Disclosure has no significant effect on the Altman Z-Score. Capital Structure has a significant negative effect on the Altman Z-Score, whereas Intellectual Capital has a significant positive effect. These findings imply that higher leverage increases the risk of financial distress, whereas stronger intellectual capital reduces it. This study contributes to the literature by providing empirical evidence on the combined effects of ESG disclosure, capital structure, and intellectual capital on financial distress in Indonesian mining companies during the post-pandemic recovery period. The findings also demonstrate that financial policies and intellectual capital play a more decisive role than ESG disclosure in explaining firms' financial health as measured by the Altman Z-Score.
References
Afridayani. (2023). Pengaruh Operating Capacity, Struktur Modal, dan Ukuran Perusahaan terhadap Financial Distress. Jurnal Aplikasi Akuntansi, 8(1), 274–283. https://doi.org/10.29303/jaa.v8i1.303
Ansari, Monica Juwanda, Sari Rusmita, and Angga Permadi Karpriana. 2025. “Pengaruh Profitabilitas Dan Sales Growth Terhadap Financial Distress Dengan Firm Size Sebagai Variabel Moderasi.” PERMANA: Jurnal Perpajakan, Manajemen, dan Akuntansi 17 (2): 427–41. doi:10.24905/permana.v17i2.807.
Erawati, T., & Widawat, N. (2023). Ukuran perusahaan memoderasi pengaruh struktur modal, kinerja, keuangan, dan good corporate governance terhadap distress keuangan. Jurnal Akuntansi Pajak Dewantara (JAPD), 5(2), 013–025. https://doi.org/https://doi.org/10.24964/japd.v5i2.2264
Gonçalves, Marisa Pessoa, Pedro Nogueira Reis, and António Pedro Soares Pinto. 2024. “Bank Market Power, Firm Performance, Financing Costs and Capital Structure.” International Journal of Financial Studies 12 (1). doi:10.3390/ijfs12010007.
Hema Yuliana & Rahmawati Wahyu T. (2024, June 29). Defisit Masih besar, Bumi Resources (BUMI) Absen Bagikan Dividen. Kontan.co.id.
Hermawan, Sigit, Sarwenda Biduri, Eny Maryati, Muslichah Erma Widiana, and Ardi Gunardi. 2025. “Enterprise Risk Management, Intellectual Capital, and Investment Opportunity Set on Firm Value through Financial Performance as an Intervening Variable.” Journal of Islamic Accounting and Business Research, May. doi:10.1108/JIABR-02-2024-0050.
Indonesia Stock Exchange. (2025, January 22). BEI: 94 persen emiten sudah menyampaikan laporan berkelanjutan. IDXChannel. https://www.idxchannel.com/market-news/bei-94-persen-emiten-sudah-sampaikan-laporan-berkelanjutan
Jatmiko, Wahyu, Houcem Eddine Smaoui, and Nur Dhani Hendranastiti. 2025. “Competing Institutional Logics in Corporate ESG: Evidence From Developing Countries.” Business Strategy and the Environment 34 (5): 6184–6209. doi:10.1002/bse.4283.
Jeryanto, A., Prihatni, R., & Handarini, D. (2025). Pengaruh Modal Intelektual, Efisiensi Operasional, dan Pengeluaran R&D terhadap Financial Distress dengan Usia Perusahaan sebagai Variabel Moderasi. Jurnal Akuntansi, Perpajakan Dan Auditing, 6(2), 404–421. https://doi.org/10.21009/japa.0602.15
Laus, Vittorio, Niccolò Nirino, Matilda Shini, and Antonio Salvi. 2025. “Are Deal Premiums Affected by ESG and Financial Distress?” International Review of Economics and Finance 102. doi:10.1016/j.iref.2025.104401.
Larasati, R. A., & Mawardi, W. (2024). Pengaruh Strategi Bisnis dan Kinerja ESG (Environmental, Social,and Governance) Terhadap Risiko Financial Distress (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2018-2022). Diponegoro Journal of Management, 13(4). http://ejournal-s1.undip.ac.id/index.php/dbr
Larizza, N. V., & Mulyaningtyas. (2025). Pengukuran Potensi Financial Distress Pada Perusahaan Pertambangan Sektor Batu Bara Tahun 2021 – 2023. Jurnal Akuntansi, Ekonomi, Dan Manajemen Bisnis, 5(3), 61–72. https://doi.org/ 10.55606/jaemb.v5i3.7774
Liwa, K. H., Daromes, F. E., & Asri, M. (2024). The Effect of ESG Disclosure on the Risk of Financial Distress: Role of Industry Sensitivity. Atma Jaya Accounting Research (AJAR), 7(2), 208–235. https://doi.org/https://doi.org/ 10.35129/ajar.v7i02.522
Luthan, E., Irfan, M., & Bahari, A. (2025). Pengaruh Strategi Bisnis dan Kinerja ESG terhadap Potensi Financial Distress pada Perusahaan di Negara-Negara ASEAN. Owner, 9(1), 085–099. https://doi.org/10.33395/ owner.v9i1.2488
Maji, Santi Gopal, and Reshma Kumari Tiwari. 2025. “Does Audit Quality Moderate the ESG–Corporate Financial Performance Relationship? Empirical Evidence from India.” Accounting Research Journal 38 (2): 263–82. doi:10.1108/ARJ-01-2024-0038.
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433–443.
Nurfauziah, Tiya Nurfauziah, and Sari Rusmita. 2024. “Pengaruh Financial Distress, Komite Audit Dan Pergantian Auditor.” Journal of Trends Economics and Accounting Research 5 (1): 44–51. doi:10.47065/jtear.v5i1.1503.
Oktarina, D., Herlina, E., Africa, L. A., Maulita, S. H., & Amalia, A. I. (2023). The Role of Company Performance in Determine Effect of ESGD on Risk of Financial Distress. Jurnal Riset Akuntansi Dan Keuangan, 12(1), 699–710. https://doi.org/https://doi.org/10.17509/jrak.v12i1.61918
Okon, Idorenyin J., Olabamiji Atanda, and Clement Ozele. 2026. “Quantile Effects of Intellectual Capital on Financial Distress: Panel Threshold Insights into Capital Structure Regimes.” International Journal of Productivity and Performance Management, 1–27. doi:10.1108/IJPPM-07-2025-0757.
Pradita, M. E., Mubarokah, N. N., & Suprianik. (2024). Strategi Pencegahan dan Pemulihan Financial Distress untuk Menyelamatkan Perusahaan. Gudang Jurnal Multidisiplin Ilmu, 2(6), 596–601. https://doi.org/https://doi.org/ 10.59435/gjmi.v2i6.617
Kementerian ESDM. (2021, November 25). Peningkatan Nilai Tambah Mineral Ditargetkan Gaet Investasi Hingga USD 21.28 Miliar. Kementerian ESDM.
Putra, J. R. A., & Yuyetta, E. N. A. (2026). Pengaruh Environmental, Social, and Governance (ESG) Terhadap Financial Distress Perusahaan dengan Nilai Perusahaan Sebagai Variabel Moderasi (Studi Empiris pada Perusahaan Sektor Infrastruktur dan Energi yang Terdaftar di Bursa Efek Indonesia Periode 2021-2023). Diponegoro Journal of Accounting, 15(1), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
Ramadanty, A. P., & Khomsiyah. (2022). Pengaruh Intellectual Capital dan Diversity Gender terhadap Financial Distress Dimoderasi oleh Firm Size. Owner: Riset Dan Jurnal Akuntansi, 6(4), 3743–3750. https://doi.org/ 10.33395/owner.v6i4.1132
Sari, Petty Aprilia, Tubagus Ismail, Muhamad Taqi, and Agus Solikhan Yulianto. 2026. “The Nexus Between Intellectual Capital, Corporate Governance, and Sustainability Reporting: Evidence from Indonesian Manufacturing Sector.” Quality - Access to Success 27 (211): 175–82. doi:10.47750/QAS/27.211.17.
Shinta, M. D., & Riharjo, I. B. (2025). Pengaruh Profitabilitas, Likuiditas, Struktur Modal, dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Ilmu Dan Riset Akuntansi, 14(2), 001–025.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/ 10.2307/1882010
Sun, Yanqi, Jingtong Wu, Tairan Kevin Huang, Howard Davey, and Yuzhong Lu. 2026. “Is ESG Transparency the Fruit of Corporate Digitalization: Strategic Pathways to Enhanced ESG Disclosure?” Business Strategy and the Environment 35 (3): 3923–51. doi:10.1002/bse.70304.
Tuswajati, N. N., & Atiningsih, S. (2025). Pengaruh Strategi Cost Leadership Terhadap Potensi Financial Distress Pada Sektor Manufaktur Dengan Kinerja ESG Sebagai Variabel Mediasi. In Balance: Jurnal Akuntansi dan Manajemen (Vol. 4, Number 2). https://doi.org/https://doi.org/10.59086/jam.v4i2
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Strategic Management Journal, 5(2), 171–180.
Yadav, Ashutosh, and Asongu Anutechia Simplice. 2025. “The Role of ESG Performance in Moderating the Impact of Financial Distress on Company Value: Evidence of Wavelet-Enhanced Quantile Regression With Indian Companies.” Business Strategy and the Environment 34 (3): 2782–98. doi:10.1002/bse.4118.
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Jurnal Ilmu Akuntansi dan Bisnis Syariah (AKSY)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Lisensi Creative Commons
Jurnal Ilmu Akuntansi dan Bisnis Syariah are licensed under Attribution-ShareAlike 4.0 International
