Pengaruh Paparan Perusahaan Superstar dan Kinerja Keuangan Terhadap Kesulitan Keuangan Perusahaan Manufaktur

This study aims to examine the effect of exposure to superstar firms and financial performance on financial distress among manufacturing companies listed on the Indonesia Stock Exchange (IDX). Using a quantitative causal approach, this study analyzes 362 manufacturing firms. Exposure to superstar firms is measured using the industry concentration ratio (CR4), financial performance is proxied by Tobin’s Q, and financial distress is measured using the Altman Z-Score. Multiple linear regression analysis indicates that exposure to superstar firms does not have a significant partial effect on financial distress, while financial performance has a significant effect. However, both variables jointly explain variations in financial distress. These findings highlight that internal financial conditions play a more dominant role in determining financial distress than external industry pressure.