This study aimed to determine financial and non-financial factors influencing future cash flow and their impacts on company's financial distress. This study uses earnings, cash flow from operations, accrual components, working capital (financial), inflation (nonfinancial) as independent variables that are thought to have an effect on future cash flow. In addition, this research also suspects that there is an impact of this influence on company financial distress. The sample used in this study was 30 food and beverage manufacturing companies listed on the Indonesia Stock Exchange from 2013 to 2015. Hypothesis testing, in this research, used Structural Equation Model (SEM) method with AMOS 24 statistic. The result showed that earnings, accrual component, and working capital had a significant positive effect on future cash flow. Furthermore, cash flow from operation had significant negative effect on future cash flow, but inflation did not affect company's future cash flow. These results indicate that financial variables have a significant effect, both positive and negative, on the company's future cash flow. Meanwhile, non-financial variables have no significant effect. Other test resulted that future cash flow had a significant negative effect on financial distress. Based on the results of this study, it can be seen that stakeholders, especially investors, really pay attention to the company's financial performance compared to non-finance. This is due to the significant influence of financial variables on the company's future cash flow and it can have an impact on financial distress. Therefore, future research is expected to explore other financial factors that affect the company's future cash flow, for example, the company's financial risk.

Purpose Diversity in the boardroom is a social factor that spurs public debate in academic and practical arenas. In a two-tier governance system, the question lingers on the impact of board of commissioners and board of directors’ diversity on a company’s performance. This study aims to investigate this issue based on a comprehensive set of diversity variables, namely, age, tenure, gender, education level, culture, functional expertise, industry experience, school of origin and “busyness.” Design/methodology/approach The authors constructed diversity indices for board of directors and board of commissioners and used multiple linear regressions to test the hypotheses using samples of companies listed on the Indonesian Stock Exchange from 2014 to 2018. Findings Board of director (commissioner) diversity has no significant (a positive) impact on corporate performance. However, the latter does not moderate the relationship between board of director diversity and company performance. Research limitations/implications Although the theories of human capital and upper echelons are applied here, the results more likely support a contingency argument, as the effect of diversity may vary by company and period, hence leading to offsetting effects. Thus, the impact of diversity on corporate performance might be better observed through in-depth case studies. Practical implications The positive impact of the board of commissioners’ diversity on firm performance might indicate the importance of close monitoring by this board. The results further suggest that appointment decisions of directors and commissioners from diverse backgrounds should be based on criteria other than financial performance. Originality/value No study has constructed comprehensive diversity indices of the board of commissioners and directors in a two-tier governance context. The study fills this gap.