Profitability, Liquidity, Board Size, and Gender Diversity: Their Impact on Financial Distress

https://doi.org/10.35912/jakman.v7i1.4714
Published: Dec 8, 2025

Abstract:

Purpose: This study intends how to examine profitability, liquidity, board size, and gender diversity affect to financial distress in consumer cyclicals companies listed on the Indonesia Stock Exchange between 2021 and 2023.

Methodology/approach: This study applied a quantitative method with purposive sampling, using 137 samples collected from annual reports and official websites then used a data from a company with indicators of potential bankruptcy. Data analysis was conducted using IBM SPSS 26, including descriptive statistics, classical assumption tests, multiple linear regression, and using hypothesis testing.

Results/findings: The study produce profitability has a positive and significant affect. Liquidity, board size, and gender diversity their not significantly affect to financial distress.

Conclutions: High profitability is lead to a lower risk of financial distress in company. Liquidity ratio, board size, and then gender diversity composition variables not directly influence distress risk.

Limitations: This study found that only one independent variable, namely profitability, has a positive significant influence on financial distress.

Contribution: The study contributes to corporate to financial management and can guide investors, policymakers, and company managers in identifying early signs of financial distress through internal financial indicators.

Keywords:
1. Board Size
2. Financial Distress
3. Gender Diversity
4. Liquidity
5. Profitability
Authors:
1 . Darojatuz Zakiyyah Maisarotus Sa'diyah
2 . Wikan Isthika
3 . Hermawan Triono
4 . Melati Oktafiyani
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How to Cite
Sa’diyah, D. Z. M., Isthika, W., Triono, H., & Oktafiyani, M. (2025). Profitability, Liquidity, Board Size, and Gender Diversity: Their Impact on Financial Distress. Jurnal Akuntansi, Keuangan, Dan Manajemen, 7(1), 51–64. https://doi.org/10.35912/jakman.v7i1.4714
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Issue & Section
Vol. 7 No. 1 (2025): Desember
Articles
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  1. Agustianti, R., Pandriadi, Nussifera, L. W., Angelianawati, L., Meliana, I., Sidik, E. A., Nurlaila, Q., Simarmata, N., IHimawan, I. S., Pawan, E., Ikhram, F., Andriani, A. D., Ratnadewi, & Hardika, I. R. (2022). Metode Penelitian Kuantitatif Dan Kualitatif (N. Mayasari & N. P. Gatriyani (eds.); 19th ed.). Tohar Media. https://www.google.co.id/books/edition/Metode_Penelitian_Kuantitatif_Dan_Kualit/giKkEAAAQBAJ?hl=id&gbpv=0
  2. Anistasya, V., & Setyawan, I. R. (2022). Pengaruh Profitabilitas , Likuiditas dan Leverage terhadap Financial Distress. Jurnal Manajerial Dan Kewirausahaan, 04(03), 786–795. https://doi.org/10.24912/jmk.v4i3.19773
  3. Arnu, A. P., & Nugraha. (2024). Analysis of Financial Ratios Against Financial Distress in Pharmaceutical Companies. ACCOUNTHINK?: Journal of Accounting and Finance, 9(01), 52–72. https://journal.unsika.ac.id/accounthink/article/view/10929
  4. Baghaskara, N., & Retnani, E. D. (2023). Pengaruh Profitabilitas , Likuiditas, Leverage , dan Size terhadap Financial Distress Perusahaan Manufaktur. Jurnal Ilmu Dan Riset Akuntansi, 12. https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5124
  5. Candrayani, N. P., Widhiastuti, N. L. P., & Novitasari, N. L. G. (2024). Pengaruh Struktur Kepemilikan, Leverage, Likuiditas, Operating Capacity dan Sales Growth Terhadap Financial Distress. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 11(2), 456–469. https://e-journal.unmas.ac.id/index.php/kharisma/article/view/9070
  6. Febriyanti, A., & Haryanto, L. (2024). Analisis Pengaruh Firm Size, Capital Adequacy, Leverage, dan Profitabilitas Terhadap Financial Distress. Jurnal Ilmiah Wahana Pendidikan, 5(September), 188–194. https://doi.org/10.5281/zenodo.10628369
  7. Husain, M. A., Pongoliu, Y. I., & Ishak, I. M. (2024). Pengaruh Gender Diversity dan Firm Size Terhadap Financial Distress pada Perusahaan Sektor Tekhnologi yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023. Al-Kharaj?: Jurnal Ekonomi , Keuangan & Bisnis Syariah, 6(2), 2547–2562. https://doi.org/10.47467/alkharaj.v6i10.2949
  8. Irawa, F., & Suyanto. (2023). Pengaruh Profitabilitas, Likuditas Dan Leverage Terhadap Financial Distress. Journal Geoekonomi, 2(1), 23–30. https://doi.org/10.36277/geoekonomi.v14i2.283
  9. Jannah, A. M., Dhiba, Z. F., & Safrida, E. (2021). Pengaruh Struktu Kepemilikan , Likuiditas dan Leverage terhadap Financial Distress pada Perusahaan Manufaktur di BEI. JAKP: Akuntansi, Keuangan Dan Perpajakan, 4(1), 14–23. https://doi.org/10.51510/jakp.v4i1.225
  10. Joshlyn, J., & Widjaja, I. (2024). Pengaruh Profitabilitas, Leverage, dan Likuiditas terhadap Financial Distress FMCG Non-Cyclicals di BEI. Jurnal Manajerial Dan Kewirausahaan, 6(1), 213–221. https://doi.org/10.24912/jmk.v6i1.28595
  11. Kalbuana, N., Taqi, M., Uzliawati, L., & Ramdhani, D. (2022). The Effect of Profitability , Board Size , Woman on Boards , and Political Connection on Financial Distress Conditions The Effect of Profitability , Board Size , Woman on Boards , and Political Connection on Financial Distress Conditions. Cogent Business & Management ISSN: https://doi.org/10.1080/23311975.2022.2142997
  12. Khoir, R. K. A., & Wafiroh, N. L. (2024). Profitability, Liquidity, Board Size, and Gender Diversity on Financial Distress. MEC-J (Management and Economics Journal), 8(2), 185–202. https://doi.org/10.18860/mec-j.v8i2.26558
  13. Kuntari, S. E., & Machmuddah, Z. (2021). Pengaruh Rasio Likuiditas Dan Leverage Terhadap Financial Distress Dengan Rasio Profitabilitas Sebagai Pemoderasi. Dinamika Akuntansi, Keuangan Dan Perbankan, 10(2), 145–155. https://doi.org/10.35315/dakp.v10i2.8880
  14. Lestari, P. I., & Fitranita, V. (2024). The effect of financial performance on financial distress at PT Garuda Indonesia (Persero) Tbk. Proceeding of International Conference on Accounting & Finance, 2(2014), 187–196. https://journal.uii.ac.id/inCAF/article/view/32615
  15. Manan, M. A., & Hasnawati, S. (2022). Pengaruh Good Corporate Governance terhadap Financial Distress yang di Kontrol oleh Ukuran Perusahaan pada Perusahaan Industri Sektor Manufaktur di Indonesia. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(4), 279–292. https://doi.org/https://doi.org/10.35912/jakman.v3i4.1197
  16. Minanari, M., Nurhasanah, N., Safira, S., Nugroho, L., & Nugraha, E. (2024). Financial distress determinants factors of retail companies with profitability as moderating ( Indonesia cases 2016-2021 ). Business, Economics and Management Research Journal, 7(1), 29–47. https://doi.org/10.58308/bemarej.1324931
  17. Natalia, I., & Rudiawarni, F. A. (2022). The Effect of Board Size, Institutional Ownership and Insolvency Risk on Financial Distress Before and During Covid-19. 14(2), 13–28.
  18. Noviyana, S., Koranti, K., Sriyanto, S., & Wijaya, A. N. (2024). Pengaruh Rasio Likuiditas, Leverage, Dan Profitabilitas Terhadap Financial Distress Pada Perusahaan Sub Sektor Transportasi. Jurnal Ekonomi & Ekonomi Syariah, 7(1), 853–862. https://doi.org/https://doi.org/10.36778/jesya.v7i1.1493
  19. Noviyani, N., & Yulianti, E. (2022). Faktor Penentu Financial Distress pada Perusahaan Sektor Pertanian yang Terdaftar di BEI Periode 2015-2019. Studi Ilmu Manajemen Dan Organisasi (SIMO), 3(2), 315–326. https://doi.org/https://doi.org/10.35912/simo.v3i2.852
  20. Nuswantara, D. A., Fachruzzaman, Prameswari, R. D., Suyanto, Rusdiyanto, R., & Hendrati, I. M. (2023). The role of political connection to moderate board size, woman on boards on financial distress. Cogent Business & Management, 10, null. https://doi.org/10.1080/23311975.2022.2156704
  21. Ohandi, J. F., & Puspitasari, W. (2024). Pengaruh Women on Board of Commisioner, Women on Board of Director, Sales Growth dan Board Size terhadap Financial Distress. BUDGETING?: Journal of Business, Management and Accounting, 5(2), 1095–1105. https://doi.org/https://doi.org/10.31539/budgeting.v5i2.9259
  22. Olivia P, L. M., Yunita, Yohana, Wangsih, I. C., & Kalbuana, N. (2023). The Effect Of Profitability And Board Size On Financial Distress In LQ 45 Companies. Management Studies and Entrepreneurship Journal, 4(4), 3748–3754. https://doi.org/https://doi.org/10.37385/msej.v4i4.1782
  23. Pertiwi, R. N., Hartono, A., & Ulfah, I. F. (2022). Pengaruh Rasio Likuiditas, Laverage, Operating Capacity terhadap Financial Distress pada Perusahaan Cosmetics and Household. Jurnal Ekonomi Syariah Darussalam, 3(I), 66–86. https://doi.org/https://doi.org/10.30739/jesdar.v3i1.1151
  24. Pramita, D. (2024). Resmi Menutup Pabrik di Purwakarta, Ini Rekam Jejak Kerugian Bata. Katadata.Co.Id. https://katadata.co.id/berita/industri/663688610fc75/resmi-menutup-pabrik-di-purwakarta-ini-rekam-jejak-kerugian-bata
  25. Prasetyo, I., Aliyyah, N., Endarti, E. W., Asyik, N., Rusdiyanto, R., Nuswantara, D. A., & Gazali, G. (2023). The role of leverage as mediator the effect of male CEO masculinity face on research & development. Cogent Business & Management, 10, null. https://doi.org/10.1080/23311975.2023.2167289
  26. Purba, D. P., Gozali, F., Angeline, J., & Rioni, Y. S. (2024). Pengaruh Struktur Modal, Likuiditas, Pertumbuhan Penjualan, Biaya Agensi, dan Nilai Tukar terhadap Financial Distress pada Perusahaan Consumers Goods yang Terdaftar di Bursa Efek Indonesia. COSTING:Journal of Economic, Business and Accounting, 7(3), 4816–4826.
  27. Purwanti, & Dewi, J. L. P. (2024). Pengaruh Profitabilitas, Likuiditas Dan Leverage Dalam Memprediksi Financial Distress Di Masa Mendatang. COSTING:Journal of Economic, Bussines and Accounting, 7(3), 4523–4535. https://doi.org/10.31539/costing.v7i3.9219
  28. Putri, S. L., & Hendrani, A. (2023). The Effect of Profitability, Leverage, and Liquidity on Financial Distress. COSTING:Journal of Economic, Business and Accounting, 7(3(101)), 53–64. https://doi.org/10.33146/2307-9878-2023-3(101)-53-64
  29. Ramadanty, A. P., & Khomsiyah. (2022). Pengaruh Intellectual Capital dan Diversity Gender terhadap Financial Distress Dimoderasi oleh Firm Size. Owner: Riset & Jurnal Akuntansi, 6(4), 3743–3750. https://doi.org/https://doi.org/10.33395/owner.v6i4.1132
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