Peran CSR dalam Memitigasi Biaya Utang pada Perusahaan Manufaktur yang Mengalami Financial Distress
DOI:
https://doi.org/10.55606/jumia.v4i4.4594Keywords:
Corporate Social Responsibility Disclosure Index, Cost of Debt, Financial Distress, Interest Coverage Ratio, Moderating EffectAbstract
Financial distress is a critical condition that can compromise a firm’s operational continuity and increase default risks, ultimately influencing how external creditors price debt financing. This study aims to examine the empirical effect of financial distress on the cost of debt while evaluating the role of the Corporate Social Responsibility Disclosure Index (CSRDI) in moderating this relationship. Focusing on manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024, financial distress is proxied using the Interest Coverage Ratio (ICR). A quantitative approach was applied, utilizing panel data regression combined with Moderated Regression Analysis (MRA) to test the hypothesis. Through a purposive sampling technique, a total sample of 54 firm-year observations was gathered. The empirical findings reveal that financial distress does not have a direct significant impact on the cost of debt. Conversely, CSRDI demonstrates a positive and statistically significant effect on the cost of debt. Furthermore, CSRDI successfully moderates the relationship between financial distress and the cost of debt in a negative and significant direction. These results imply that transparent corporate social responsibility reporting serves as a critical signaling mechanism, helping to mitigate risk perceptions among lenders and lowering borrowing friction for firms operating under severe financial pressure.
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