Company’s financial health is one of the important factors that must be maintained by the company to maintain the sustainability of its business. The objective of the study is to examine the effect of financial performance and corporate governance on financial health. Financial performance is reflected by three indeps: leverage, liquidity, and profitability. While corporate governance is reflected by managerial ownership, institutional ownership, the proportion of independent commissioners, and the size of audit committee. This study used financial report of listed manufacturing companies in Indonesia Stock Exchange (IDX) during 2013-2017. The data was collected by purposive sampling. This study used logistic regression analysis to examine seven of independent variables on financial health. The result indicate leverage and institutional ownership were significant and negatively affected the company’s financial health. While liquidity and profitability were significant and positively affected the company’s financial health. Almilia, L. S., dan Kristijadi. 2003. Analisis Rasio Keuangan untuk Memprediksi Kondisi Financial Distress Perusahaan Manufaktur yang terdaftar di Bursa Efek Jakarta. JAAI, 7(2), 183–210. Bodroastuti, T. 2009. Pengaruh Struktur Corporate Governance terhadap Financial Distress. Retrieved from Pengaruh Corporate Governance Structure dan Management Agency Cost terhadap Financial Distress Cinantya, I., dan Merkusiwati, N. 2015. Pengaruh Corporate Governance , Financial Indicators , dan Ukuran Perusahaan pada Financial Distress. E, 10.3, 897–915. Diakses dari: https://ojs.unud.ac.id/index.php/Akuntansi/article/view/10418 Dewi, N. K. U. G., & Dana, M. 2017. Variabel Penentu Financial Distress pada Perusahaan Manufaktur di Bursa Efek Indonesia. E-Jurnal Manajemen Unud, 6(11), 5834–5858. Gottardo P., Moisello A.M. 2019. Family Influence, Leverage and Probability of Financial Distress. 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Pengaruh Corporate Governance terhadap Financial Distress ( Studi pada Perusahaan Transportasi yang terdaftar di Bursa Efek Indonesia Periode 2013-2016 ). Jurnal Administrasi Bisnis, 60(2), 143–152. Herdinata, C. 2016. Mekanisme Kontrol dan Konflik Keagenan. Diakses dari: http://repository.wima.ac.id/5363/1/ Jantadej, P. 2006. Using the Combinations of Cash Flow Components to Predict Financial Distress. Diakses dari: https://search.proquest.com/docview/305290668 Jumianti, R., Rambe, P. A., dan Ratih, A. E. 2015. Pengaruh Mekanisme Corporate Governance dan Kinerja Keuangan terhadap Financial Distress pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2011-2014. Mafiroh, A., dan Triyono. 2016. Pengaruh Kinerja Keuangan dan Mekanisme Corporate Governance terhadap Financial Distress ( Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014. Riset Akuntansi Dan Keuangan Indonesia 1(1): 46–53. Mashady, D., dan Husaini, A. 2014. 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Pengaruh Kapasitas Operasi, Pertumbuhan Penjualan, Komisaris Independen, dan Kepemilikan Publik terhadap Financial Distress. Jurnal Ilmu Manajemen Dan Akuntansi Terapan, 7(2), 132–145. Revina, Januarsi, Y., dan Muhtar. 2014. Mekanisme Internal dan Eksternal Corporate Governance dalam Memitigasi Financial Distress pad Industri Transportasi di Indonesia, 1–21. Rustam, B.2018. Manajemen Risiko: Prinsip, Penerapan, dan Penelitian. Jakarta: Salemba Empat. Sameera, T.K.G., Senaratne, S. 2015. Impact of Corporate Governance Practices on Probability and Resolution of Financial Distress of Listed Companies in Sri Lanka. Insight for Suistainable Development in Emerging Economics. Proceedings of the 4th International Conference on Management and Economics-ICME 2015 Santoso, S. I., Fala, D. Y. A. S., dan Khoirin, A. N. N. 2017. Pengaruh Laba , Arus Kas dan Corporate Governance terhadap Financial Distress. Jurnal Al-Buhuts, 1(1), 1–22. Sari, P. 2012. Analisis Pengaruh Rasio Keuangan terhadap Financial Distress pada Perusahaan Property dan Real Estate yang Terdaftar Di Bursa Efek Indonesia Tahun 2011, 43–53. Diakses dari: http://journal.umg.ac.id/index.php/manajerial/article/view/427/373 Sari, N. L. K. M., dan Putri, I. G. A. M. A. D. 2016. Kemampuan Profitabilitas Memoderasi Pengaruh Likuiditas dan Leverage terhadap Financial Distress. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5.10, 3419–3448. Sekaran, U. 2015. Research Methods for Business. Jakarta: Salemba Empat. Setiyowati, N. H. 2016. Analisis Pengaruh Struktur Corporate Governance, Likuiditas, Dan Leverage terhadap Financial Distress pada Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2013. Shahwan, Tamer Mohamed. 2015. The Effect of Corporate Governance on Financial Performance and Financial Distress: Evidence from Egypt. Corporate Governance. The International Journal of Bussiness in Society, 15 (5). Subramanyam, K.,dan Wild, J. 2013. Analisis Laporan Keuangan. Jakarta: Salemba Empat. Surya, I., dan Yustiavandana, I. 2006. Penerapan Good Corporate Governance: Mengesampingkan Hak-Hak Istimewa demi Kelangsungan Usaha. Jakarta: Kencana. Triwahyuningtias, M., dan Muharam, H. 2012. Analisis Pengaruh Struktur Kepemilikan, Ukuran Dewan, Komisaris Independen, Likuiditas dan Leverage terhadap Terjadinya Kondisi Finacial Distress. Diponegoro Journal of Management. Warastuti, Y.,& Sitinjak, E. 2014. Analysis of Model-Based Prediction of Bank Bankruptcy in The Banking Companies Listed in Indonesia Stock Exchange 2008-2012. South East Asia Journal of Contempory Bussiness, Economic and Law, 5(1), 71-81. Widyastuti, L. 2015. Analisis Pengaruh Mekanisme Corporate Governance , Financial Indicators dan Firm Size terhadap Financial Distress pada Perusahaan Manufaktur di BEI Periode Tahun 2010-2014, 1–10. Keputusan Menteri Badan Usaha Milik Negara Nomor KEP-117/M-MBU/2002. Diakses Dari: https://www.google.co.id/url?sa=t&source=web&rct=j&url=http:// Abstrak Kesehatan keuangan perusahaan merupakan salah satu faktor penting yang harus dijaga oleh perusahaan untuk mempertahankan keberlanjutan usahanya. Tujuan dari penelitian ini adalah untuk menganalisis pengaruh dari kinerja keuangan dan tata kelola perusahaan terhadap kondisi kesehatan perusahaan. Kinerja keuangan di cerminkan oleh tiga variabel: leverage, likuiditas, dan profitabilitas. Sedangkan tata kelola perusahaan dicerminkan oleh kepemilikan manajerial, kepemilikan institusional, proporsi dewan komisaris independen, dan ukuran komite audit. Penelitian ini menggunakan laporan keuangan perusahaan manufaktur yang terdaftar di BEI tahun 2013-2017. Data dikumpulkan menggunakan metode purposive sampling. Penelitian ini menggunakan analisis regresi logistik dan hasil penelitian menemukan bahwa leverage dan kepemilikan institusional berpengaruh secara signifikan dan negatif terhadap kondisi kesehatan keuangan perusahaan yang berarti perusahaan dengan leverage dan kepemilikan institusional tinggi cenderung berada pada kondisi financial distress, sedangkan likuiditas dan profitabilitas berpengaruh signifikan dan positif terhadap kondisi kesehatan keuangan perusahaan yang berarti bahwa perusahaan dengan likuiditas dan profitabilitas tinggi akan cenderung pada kondisi finansial sehat.

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The problem in this study is whether the Indonesian Capital Market is coupled with the ASEAN Capital Market and East Asia Capital Market. And the interest rate of the US Federal Reserve (Fed Rate) and Central Bank of Indonesia's Interest Rates (BI Rate) against the decision of domestic investors and foreign sellingbuying of shares. The research model using EViews-9 for stationary testing (ADF-Test), cointegration (Johansen-Test), and t-test and f-test automatically calculated by EViews-9. The study found their cointegration between Capital Markets in ASEAN (JCI, STI, KLSE, SET, PSE), cointegration in Capital Markets in EAST ASIA (NIKKEI, HSI, KOSPI, SHCOMP, TWSE), and cointegration Interest Rates (The Federal Fund Rate, Bank Indonesia Rate). The results of this study also showed that domestic investors in the Central Bank of Indonesia (BI Rate) are deciding to buy shares with the movement. Meanwhile, local investors in the decision to sell stocks saw the index movement of the KLSE and STI index (ASEAN Capital Markets), as well as the TWSE index (East ASIA Capital Market). Foreign Investors buy stocks to decide on the movement of the US Federal Reserve (the Fed) and the Bank Indonesia interest rate (BI Rate).

The increasingly fierce level of competition has prompted companies to seek new ways to attract capital market investors. Market players are increasingly aware of the impact of company activities on the environment and sustainability reporting. Capital market authorities are also increasingly concerned about investors' attention to environmental damage caused by uncontrolled exploitation of natural resources. In cooperation with the Biodiversity Foundation (KEHATI), Indonesia Stock Exchange formed a new index called the SRI-KEHATI in 2008. Firms included in the SRI-KEHATI index category are firms that pay serious attention to environmental, social and good corporate governance issues. This study examines the differences in financial performance and market performance of companies that are included in the SRI-KEHATI index group and those of non-SRI-KEHATI index companies. Financial performance is measured by the ratio of net profit margin, return on assets, and return on equity. Meanwhile, market performance is measured by the price earnings ratio. The results show that the ratios of NPM, ROA, ROE, and PER of firms included in SRI-KEHATI index are higher than non-SRI-KEHATI index.