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"Financial Distress is a common condition which can occur in small or large companies. Companies who have a significant amount of debt are usually easier to get financial distress than companies who have small amount of debt. Nevertheless, financial distress does not always impact a liquidation of a company. Companies experiencing with financial distress alter struggled with some altemative solution such as with debt restructuring and management rearrangement, finally can restore to the health condition.Limitation of financial distress related with insolvency. Edward Altman on his book: ?Corporate Financial Distress: A Complete Guide to Predicting, Avoiding and Dealing with Bankruptcy" said that there are two definitions of insolvency namely stock-based insolvency and flow based insolvency. Stock-based insolvency occurs when company?s equity reach negative balance, in other word, his assets value gets lower balance than his liability. Flow-based insolvency occurs when cash flow from operation is not enough to cover his current liabilities. Flow based insolvency tend to the inability of a company to pay his current liabilities in due course.The main topic of this final paper is for knowing how the investment retum phenomenon of companies who experiencing with financial distress in Indonesia with regards to the available risks inside. This final paper is a further analyst ofa research done by DR. Suroso which has been published at Usahawan Magazine in Febmary 2006 edition. ln his research, Soeroso analyzed how is the retum of investment in companies who have been troubled with his financial position in term 2000- 2004.By using available financial data and stock prices, author try to classily companies based on how long they have been experiencing negative equity compare with the ?buy-hold period? done by investors. Companies being observed are those who have been experiencing negative equity from 2000 to 2005. Meanwhile stock prices being observed are starting from 1999 until 2006. Assumption of buy-hold period done by investors are classified in terms of 3, 6, 12, I8 and 24 months.As a final result ofthis research, can be summarized that investment return will be higher inline with buy-hold period done by investors. Exceptions occur for specific years where the longer buy-hold period is not inline with the return. Besides, take into account that probability of loss from an investor will be higher inline with the investment period."

"ABSTRAKPenelitian ini bertujuan untuk memberikan bukti empiris bahwa komposisi dewan,struktur kepemilikan, dan karakteristik dewan berpengaruh terhadap kemungkinanperusahaan mengalami kesulitan keuangan. Ruang lingkup pada penelitian inimengambil Indonesia sebagai regional dan industri manufaktur sebagai sampelpada periode 2014. Untuk mengukur kesulitan keuangan digunakan persamaanAltman Z-Score. Hasil regresi logistik menunjukkan bahwa pada kelompokkomposisi dewan, hanya terdapat komite audit yang memiliki pengaruh signifikanterhadap kesulitan keuangan. Sedangkan struktur kepemilikan terbukti tidak dapatmemengaruhi kesulitan keuangan perusahaan. Temuan lainnya pada kelompokkarakteristik dewan menunjukkan bahwa kewarganegaraan presiden direkturmampu mengurangi risiko perusahaan mengalami kesulitan keuangan.

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ABSTRACTThis research aims to provide empirical evidence that the board?s composition,ownership structure and board?s characteristics has an effect to the company?sprobability of experiencing financial distress. This research uses manufacturingcompanies in Indonesia as a sample during 2014 reporting period. Altman Z-Scoreequation is used to measure the probability of financial distress. The results oflogistic regression showed that amongst the composition of the board category,audit committee is the only element that has significant influence over financialdistress. Meanwhile, the ownership structure is proved to have no influence on thecompany's financial distress. Other findings indicate that the citizenship ofpresident director can reduce the company?s risk of experiencing financialdistress"

"ABSTRAKPenelitian ini berfokus pada pengaruh siklus hidup dan keadaan kesulitan keuangan perusahaan terhadap pengambilan keputusan strategi perusahaan yang akan dilakukan. Strategi perusahaan yang dimaksud dalam penelitian adalah restrukturisasi pada bagian operasional, aset, atau finansial. Kemudian penelitian ini juga mengamati efektifitas dari strategi restrukturisasi yang dilakukan terhadap peningkatan performa perusahaan. Penelitian juga mempertimbangkan fase siklus hidup perusahaan dan melihat pengaruhnya terhadap keputusan pengambilan strategi restrukturisasi serta dampaknya bagi performa perusahaan.

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ABSTRACTThis research focuses on finding effect of corporate lifecycle and financial distress to firm decision of restructuring strategy. The restructuring strategy in this research are operational, asset, or financial restructuring. This research also observes effectiveness of the restructuring strategy to increase corporate performance. Besides, corporate lifecycle is included as part of consideration, this research tries to define effect of corporate lifecycle stage to restructuring decision and its effect to corporate performance."

"Penelitian ini bertujuan untuk memprediksi kesulitan keuangan pada perusahaan non keuangan yang telah terdaftar di Bursa Efek Indonesia selama periode 2008 hingga 2017. Penelitian dilakukan dengan melihat pengaruh dari variabel akuntansi, pasar, dan ekonomi makro sebagai variabel independennya terhadap kesulitan keuangan sebagai variabel dependennya. Penelitian dilakukan dengan mengadopsi model logit regresi untuk melihat nilai koefisien diantara dua kelompok sampel yaitu perusahaan yang mengalami kesulitan keuangan dan perusahaan yang tidak dengan model regresi logit (Yn, Xn). Penentu perusahaan yang mengalami financial distress didasarkan pada interest coverage ratio negatif selama dua tahun berturut-turut. Temuan dalam penelitian menunjukkan model regresi variabel akuntansi, pasar, dan ekonomi makro berpengaruh signifikan dalam memprediksi kesulitan keuangan. Dari ketiga model regresi yang dilakukan peneliti, ditemukan bahwa regresi akuntansi, pasar, dan ekonomi makro memiliki signifikansi yang paling tinggi yaitu 80%. Model kedua yang memiliki pengaruh signifikan adalah variabel pasar dengan ekonomi makro dengan persentase signifikan sebesar 78.2%. hasil regresi variabel akuntansi dengan ekonomi makro menunjukan hasil yang signifikan sebesar 76.1%.This research aims to predict financial problems in non-financial companies that have been listed on the Indonesia Stock Exchange during the period 2008 to 2017. The study was conducted by looking at the influence of accounting, market and macroeconomic variables as independent variables on financial difficulties as the dependent variable. The study was conducted using a logit regression model to see the coefficient values between two sample groups, namely companies that increase financial distress and companies that are not with logit regression models (Yn, Xn). The company's emphasis on increasing financial distress based on the ratio of negative interest coverage for two years was consecutive. The findings in the study show a significant regression model of accounting, market, and macroeconomic variables in predicting financial distress. Of the three regression models conducted by researchers, it was found that regression, markets, and macroeconomics had the highest significance of 80%. The second model that has a significant influence is the market and macroeconomic variables with a significant percentage of 78.2%. the results of regression of accounting and macroeconomic variables showed a significant result of 76.1%."

"Penelitian ini dilakukan untuk menganalisis pengaruh kepemilikan, karakteristik dewan serta variabel ekonomi dan finansial terhadap kesulitan keuangan pada perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia periode 2009-2018. Penelitian ini menggunakan pendekatan kuantitatif dengan tujuan penelitian eksplanatif. Instrumenyang digunakan dalam pengumpulan data kuantitatif penelitian ini adalah melalui Laporan Tahunan dan Laporan Keuangan yang diterbitkan oleh perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia periode 2009-2018. Teknik analisis yang digunakan adalah analisis regresi logistik. Variabel yang diteliti dalam penelitian ini adalah variabel kepemilikan (mencakup kepemilikan saham besar, kepemilikan saham besar institusional dan kepemilikan saham besar noninstitusional, kepemilikan dewan direksi), karakteristik dewan (mencakup proporsi dewan komisaris dan ukuran dewan komisaris) yang termasuk kedalam variabel tata kelola perusahaan. Variabel ekonomi dan finansial dalam penelitian ini adalah profitabilitas dan laba ditahan. Secara umum, hasil penelitian menunjukkan bahwa hanya satu variabel yang negatif signifikan terhadap kesulitan keuangan yaitu profitabilitas dan seluruh variabel tata kelola tidak memiliki pengaruh terhadap kesulitan keuangan perusahaan.characteristics of the board as well as economic and financial variables on financial difficulties in non-financial companies listed on the Indonesia Stock Exchange for the period 2009-2018. This study uses a quantitative approach with the aim of explanatory research. InstrumentThe quantitative data used in this research is through the Annual Reports and Financial Statements issued by non-financial companies listed on the Indonesia Stock Exchange for the period 2009-2018. The analytical technique used is logistic regression analysis. The variables studied in this study are ownership variables (covering large share ownership, large institutional share ownership and large non-institutional share ownership, board of directors ownership), board characteristics (including the proportion of the board of commissioners and the size of the board of commissioners) which are included in the corporate governance variable. Economic and financial variables in this study are profitability and retained earnings. In general, the results of the study indicate that only one variable that has a significant negative impact on financial difficulties is profitability and all governance variables have no effect on the company's financial difficulties."

"Penelitian ini menguji pengaruh manajemen laba (EM), strategi cost leadership (BSCL) dan diferensiasi (BSD), siklus hidup perusahaan dengan proksi laba ditahap terhadap total aset (FMA) dan terhadap total ekuitas (FME) pada kesulitan keuangan (FD) dengan menjadikan BUMN sebagai variabel moderasi. Model penelitian yang dipilih adalah fixed effect model. Hasil penelitian menunjukan bahwa EM, BSCL, dan FMA berpengaruh pada FD. Untuk BSCL dan FME tidak ditemukan adanya pengaruh terhadap FD. Uji regresi dengan variabel moderasi dummy memiliki pada EM dan BSCL terhadap FD dan tidak memiliki pengaruh terhadap pada BSD dan FME. Sedangkan FMA tidak memiliki dampak negatif terhadap FD untuk perusahaan BUMN

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This research analyzes the effect of earnings management (EM), business strategy cost leadership (BSCL) and differentiation (BSD), and firm’s life cycle with two proxy (FMA) and (FME) on financial distress by using state-owned enterprises as a moderating variable. Fixed effect model is used on this research. The results showed that EM, BSCL, and FMA have an effect on FD. However. BSCL and FME have no effect on FD. The regression result by including the dummy variable of BUMN show that have an effect on EM and BSCL. While, BUMN moderating variable has no effect on BSD and FME to FD. On the other hand, FMA has a negative impact on financial distress for BUMN companies."

"Studi ini bertujuan untuk meneliti pengaruh kinerja ESG terhadap risiko kesulitan keuangan perusahaan non-keuangan di Indonesia periode tahun 2017 hingga 2022. Sampel penelitian terdiri dari 32 perusahaan dari sektor non-keuangan yang terdaftar di Bursa Efek Indonesia. Dengan menggunakan random effect model (REM), penelitian ini menemukan bahwa kinerja ESG keseluruhan signifikan dalam mempengaruhi risiko kesulitan keuangan secara negatif. Hubungan korelasi yang sama juga ditemukan ketika kinerja ESG diteliti secara terpisah. Akan tetapi, risiko kesulitan keuangan tidak lagi dapat dipengaruhi oleh kinerja ESG secara keseluruhan ketika perusahaan beroperasi di periode krisis atau sudah mengalami kondisi kesehatan keuangan yang buruk.

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This study aims to examine the impact of ESG performance on financial distress risk of non-financial companies in Indonesia from 2017 to 2022. The research sample consisted of 32 companies from the non-financial sector listed on the Indonesia Stock Exchange. Using the random effect model (REM), this study finds that overall ESG performance is significant in negatively influencing financial distress risk. The same relationship was also found when ESG performance was examined separately. However, financial distress risk can no longer be influenced by overall ESG performance when the company is operating in a crisis period or already in poor financial health."

"Penelitian ini bertujuan untuk memprediksi kesulitan keuangan pada perusahaan non keuangan yang telah terdaftar di Bursa Efek Indonesia selama periode 2010 hingga 2019. Penelitian dilakukan dengan melihat pengaruh dari variabel financial ratio, pasar, dan ekonomi makro sebagai variabel independen terhadap kesulitan keuangan sebagai variabel dependen. Penelitian ini menggunakan model regresi logistic untuk melihat nilai koefisien diantara dua kelompok sampel yaitu perusahaan yang mengalami kesulitan keuangan dan perusahaan yang tidak dengan model regresi logit. Penentu perusahaan yang mengalami financial distress didasarkan pada Zmijewski X Score yang memiliki nilai positif. Temuan dalam penelitian menunjukkan model regresi variabel financial ratio, pasar, dan ekonomi makro berpengaruh signifikan dalam memprediksi kesulitan keuangan. Dari empat model regresi yang dilakukan, didapatkan hasil bahwa model yang menggunakan variabel financial ratio, market, dan macroeconomic, financial ratio dan macroeconomic serta financial ratio dan market yang memiliki nilai 90,6 %, sementara model yang menggunakan variabel market dan macroeconomic memiliki tingkat signifikansi 89,8 %.

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This study aims to predict financial difficulties in non-financial companies that have been listed on the Indonesia Stock Exchange during 2010 to 2019 period. The study was conducted by observing the influence of financial ratio, market and macroeconomic variables as independent variables and financial distress as the dependent variable. This study uses a logistic regression model to see the coefficient value between the two sample groups, namely companies experiencing financial distress and companies that are not by using a logit regression model. The determinants of companies experiencing financial distress are based on the Zmijewski X Score which has a positive value. The findings of this study indicate that the regression model of the financial ratio, market and macroeconomic variables has a significant effect in predicting financial distress. From the four regression models carried out, the results show that models that use financial ratio, market and macroeconomic, financial ratio and macroeconomic variables as well as financial ratios and markets variables have the highest level of significance with a value of 90.6%, while the model that uses market and macroeconomic variables has a significance level of 89.8%."

"Menggunakan sampel perusahaan yang terdaftar di Bursa Efek Indonesia periode 2011-2015, penelitian ini mencoba memberikan bukti bahwa financial distress berhubungan positif dengan corporate tax avoidance. Penelitian ini didorong oleh pandangan bahwa pajak merupakan salah satu beban yang cukup berat bagi perusahaan untuk dikeluarkan, sehingga perusahaan terdorong untuk menekan biaya pajak serendah mungkin sehingga keuangan perusahaan tidak terlalu terbebani, perilaku ini disebut penghindaran pajak. Penghindaran pajak memfasilitasi perusahaan untuk tetap bertahan pada kondisi keuangan yang sedang sulit, namun hal ini dapat berdampak pada penerimaan pajak pemerintah. Selain itu ingin dibuktikan juga bahwa terdapat variabel lain yang membuat perusahaan melakukan penghindaran pajak.

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Using a sample of companies listed in Indonesia Stock Exchange 2011 2015 period, the research provides evidence that financial distress is positively related to corporate tax avoidance. This research is driven by the view that the tax is one of a heavy burden for the company to be issued, so that companies are encouraged to keep costs as low as possible so that taxes finance companies are not overburdened, this behavior is called tax avoidance. Tax avoidance facilitated the company to stay afloat in the financial conditions that are difficult, but it can have an impact on government tax revenue. In addition to prove also that there are other variables that make the company 39 s tax evasion."