Penelitian ini bertujuan untuk menganalisis pengaruh ukuran perusahaan, struktur modal, dan biaya agensi terhadap financial distress pada perusahaan infrastruktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019–2023. Financial distress merupakan kondisi menurunnya kesehatan keuangan perusahaan yang dapat mengarah pada kebangkrutan, dan menjadi perhatian serius mengingat sektor infrastruktur memiliki peran penting dalam pembangunan nasional. Namun demikian, perusahaan di sektor ini menunjukkan kerentanan terhadap tekanan eksternal seperti krisis ekonomi. Penelitian ini menggunakan pendekatan kuantitatif. Sampel yang digunakan adalah enam perusahaan infrastruktur yang terdaftar secara konsisten di BEI selama periode pengamatan, dipilih menggunakan teknik purposive sampling. Teknik pengumpulan data dilakukan melalui dokumentasi data sekunder berupa laporan keuangan tahunan perusahaan dari tahun 2019 hingga 2023. Pengukuran financial distress dilakukan dengan menggunakan model Altman Z- Score, yang memadukan lima rasio keuangan utama dan telah terbukti akurat dalam memprediksi risiko kebangkrutan. Analisis data dilakukan dengan menggunakan regresi logistik untuk mengetahui pengaruh parsial dan simultan variabel independen terhadap financial distress. Hasil penelitian menunjukkan bahwa ukuran perusahaan berpengaruh negatif terhadap financial distress, struktur modal berpengaruh positif dan signifikan, serta biaya agensi juga memiliki pengaruh positif terhadap kondisi distress keuangan. Ketiganya secara simultan menunjukkan pengaruh signifikan terhadap financial distress. Penelitian ini memberikan kontribusi teoretis dengan menguji kombinasi tiga variabel tersebut dalam konteks sektor infrastruktur, serta manfaat praktis bagi manajemen perusahaan, investor, dan peneliti dalam mengidentifikasi dan mengelola risiko keuangan secara lebih tepat.

This study aimed to examine the effect of company size, capital structure, and agency cost on financial distress among infrastructure companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Financial distress referred to a decline in a company’s financial health that could potentially lead to bankruptcy. This issue attracted attention, especially considering the vital role of the infrastructure sector in supporting national development. However, companies in this sector showed vulnerability to external pressures, such as economic crises. A quantitative approach was applied in this research. The sample consisted of six infrastructure firms that were consistently listed on the IDX throughout the observation period, selected through purposive sampling. Data collection relied on secondary data sourced from the companies’ annual financial reports from 2019 to 2023. Financial distress was measured using the Altman Z-Score model, which combined five key financial ratios and had been proven effective in forecasting bankruptcy risk. The data were analyzed using logistic regression to assess both the partial and simultaneous effects of the independent variables on financial distress. The findings indicated that firm size had a negative impact on financial distress, while capital structure and agency cost both had significant positive influences. Together, these three variables showed a combined significant effect on the likelihood of financial distress. This study contributed theoretically by integrating the three variables into one model within the context of the infrastructure industry. It also offered practical insights for company management, investors, and researchers in understanding and managing financial risk more effectively.