INFLASI SEBAGAI PEMODERASI HUBUNGAN CSR, LEVERAGE, DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS DI SEKTOR CONSUMER CYCLICAL

Authors

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

DOI:

https://doi.org/10.32524/jkb.v24i1.1590

Keywords:

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

Abstract

Purpose: This study investigates the influence of Corporate Social Responsibility (CSR)
disclosure, leverage, and sales growth on financial distress, with inflation as a moderating
variable, focusing on consumer cyclical companies that are highly sensitive to economic
fluctuations.
Design/Methodology/Approach: A quantitative approach was applied using secondary data
from the annual reports of 61 consumer cyclical companies listed on the Indonesia Stock
Exchange during 2020–2024, yielding 305 firm-year observations. Inflation data were obtained
from the Central Bureau of Statistics. Data analysis employed ordinal logistic regression and
moderated regression analysis (MRA) using SPSS version 26.
Findings: CSR disclosure significantly reduces the likelihood of financial distress, while leverage
significantly increases it. Sales growth shows no significant direct effect. Inflation does not
moderate the relationship between CSR or leverage and financial distress; however, it
significantly moderates the relationship between sales growth and financial distress.
Practical Implications: Strengthening CSR initiatives and managing debt levels are crucial
strategies for mitigating financial distress risk, particularly in sectors exposed to macroeconomic
volatility.
Originality/Value: This study extends prior research by providing empirical evidence on
inflation’s moderating role in the nexus between firm-specific factors and financial distress in a
macroeconomically sensitive industry, an area that has received limited attention in emerging
market contexts.

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Published

2026-03-30

How to Cite

Febriani, K. ., Rahmatika, D. N., & Astutie, Y. P. . (2026). INFLASI SEBAGAI PEMODERASI HUBUNGAN CSR, LEVERAGE, DAN SALES GROWTH TERHADAP FINANCIAL DISTRESS DI SEKTOR CONSUMER CYCLICAL . Jurnal Keuangan Dan Bisnis, 24(1), 1-21. https://doi.org/10.32524/jkb.v24i1.1590

Issue

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

Section

Research Articles

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