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Abstract:Model Altman is one of the models used to predict financial distress. Some of the results of research that conducted in Indonesia showed that Altman model is completely accurate in predicting financial distress but the other found the opposite results. This inconsistency indicates the need to adapt the model by checking whether variables affect Altman model in financial distress companies in Indonesia and the adjustment coefficients Altman to be able to better predict about financial distress. The results showed that the partial test working capital/total assets, retained earnings to total assets, and earning before interest and tax to total assets were able to classify the company's financial distress. However, the model that formed by five variables were able to classify financial distress well with an accuracy of 87.8%.

The availability of investment opportunity set at state-owned companies and the dividend policy taken by state-owned company management should be signals in the company's efforts to improve performance. Therefore, both the Investment Opportunity Set (IOS) and dividend policy can be factors driving corporate performance. Thus, state owned-companies can further enhance firm value. We examined the effect of the IOS and dividend policy on company performance and firm value. The sample used in this study was the state-owned company listed at the Indonesia Stock Exchange and observed for 5 years, from 2013 to 2017. Data were collected using a purposive sampling method. This study had 13 sample companies that were processed using the panel data regression method. We found the first result revealed that dividend policy had a positive effect on company performance, which had a positive effect on firm value. Besides, the IOS was observed to have a positive impact on firm value. The second result showed that the IOS did not affect the company's performance, and dividend policy did not influence the firm's value. Thus, those results proved that the company's performance could provide a signal to the firm's value.

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Efficiency for the banking industry as a whole is the most important aspect considered to realize healthy and sustainable financial performance. Therefore, to realize a healthy and sustainable financial performance, the government intervenes in the banking business to divide or categorize banks based on core capital. This study will measure the efficiency level of conventional commercial banks with input variables that are thought to affect the output variable using non-parametric methods with the Data Envelopment Analysis (DEA) model. Bank size (SIZE), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio (LDR) proved to have a significant positive effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. Meanwhile, non-performing loan (NPL) proved to have a significant negative effect on the efficiency of banks listed on the Indonesia Stock Exchange for the period 2013-2017. External factors such as the rupiah exchange rate (KURS), Bank Indonesia interest rates (SBI), and gross domestic product (GDP) have proven to have no significant positive effect on the efficiency of banks listed on the Indonesian Stock Exchange in the period 2013-2017.