ABSTRAK
Tujuan dari penelitian ini adalah untuk mengevaluasi hubungan antara Corporate
Governance dan kemampuan manajemen dalam mengelola perusahaan, yang
meliputi pengelolaan intellectual capital dan arus kas operasi, terhadap financial
distress, yang diukur dengan Altman Z score. Sampel pada penelitian inisebanyak
57 observasi sektor konstruksi bangunan yang terdaftar di Bursa Efek Indonesia
pada periode tahun 2020 – 2022 yang dipilih dengan metode purposive sampling
sehingga menghasilkan 57 sampel. Penelitian ini merupakan penelitian kuantitatif
dengan analisis regresi linier berganda. Hasil penelitian ini menunjukan variabel
independen yaitu Corporate Governance yang diproyeksikan dengan kepemilikan
institusional, komisaris independen, dan gender diversity, serta Intellectual
Capital tidak memiliki pengaruh terhadap variabel dependen ketika diuji secara
parsial, sementara variabel Arus Kas Operasi memiliki pengaruh positif terhadap
financial distress, untuk pengujian secara simultan didapat pengaruh dari variabel
independen terhadap variabel dependen.
Kata Kunci: Financial distress, Corporate Governance, Intellectual Capital,
Arus Kas Operasi

ABSTRAK
The purpose of this study is to evaluate the relationship between corporate
governance and management's ability to manage the company, which includes
managing intellectual capital and operating cash flow, on financial distress, as
measured by the Altman Z score. The sample in this study was 57 observations of
the building construction sector listed on the Indonesia Stock Exchange in the
period 2020 - 2022 which were selected using purposive sampling method
resulting in 57 samples. This research is quantitative research with multiple
linear regression analysis. The results of this study indicate that the independent
variables, namely Corporate Governance which is projected by institutional
ownership, independent commissioners, and gender diversity, and Intellectual
Capital, have no influence on the dependent variable when tested partially, while
the Operating Cash Flow variable has a positive influence on financial distress,
for simultaneous testing, the influence of the independent variable on the
dependent variable is obtained.
Keywords: Financial distress, Corporate Governance, Intellectual Capital,
Operating Cash Flow