PENGARUH CORPORATE SOCIAL RESPONSIBILITY, LEVERAGE, DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS DENGAN INFLASI SEBAGAI VARIABEL MODERASI

Authors

  • Kharisma Febriani Universitas Pancasakti Tegal
  • Dien Noviany Rahmatika Universitas Pancasakti Tegal
  • Yanti Puji Astutie Universitas Pancasakti Tegal

Keywords:

Corporate Social Responsibility (CSR); Leverage; Sales Growth; Financial Distress; Inflation

Abstract

Purpose - This study aims to examine the effect of Corporate Social Responsibility (CSR) disclosure, leverage, and sales growth on financial distress, with inflation as a moderating variable, in companies within the consumer cyclical sector that are vulnerable to economic fluctuations.

Design/Methodology/Approach - A quantitative approach was employed using secondary data from the annual reports of 61 consumer cyclical companies listed on the Indonesia Stock Exchange during the period 2020–2024, resulting in 305 observations. Inflation data was sourced from the Central Bureau of Statistics. The data were analyzed using ordinal logistic regression and moderated regression analysis, processed with SPSS version 26.

Findings - The results show that CSR disclosure has a significant negative effect on financial distress. Leverage has a significant positive effect, while sales growth has no significant effect. Inflation does not moderate the relationship between CSR or leverage and financial distress but significantly moderates the relationship between sales growth and financial distress.

Practical Implications - The findings suggest that companies should strengthen their CSR strategies and manage debt levels to reduce the risk of financial distress, especially in sectors exposed to macroeconomic volatility.

Originality/Value - This study contributes to the literature by providing empirical evidence on the role of inflation as a moderating variable in the relationship between company-specific factors and financial distress in a macroeconomically sensitive sector.

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Published

2026-03-30

How to Cite

Febriani, K. ., Rahmatika, D. N., & Astutie, Y. P. . (2026). PENGARUH CORPORATE SOCIAL RESPONSIBILITY, LEVERAGE, DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS DENGAN INFLASI SEBAGAI VARIABEL MODERASI. Jurnal Keuangan Dan Bisnis, 24(1). Retrieved from https://journal.ukmc.ac.id/index.php/jkb/article/view/1590

Issue

Vol. 24 No. 1 (2026): Jurnal Keuangan Dan Bisnis Volume 24, Number 1, Maret 2026

Section

Research Articles

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Copyright (c) 2026 Kharisma Febriani, Dien Noviany Rahmatika, Yanti Puji Astutie

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