Assessing Variables Affecting the Financial Distress of State-Owned Enterprises in Indonesia (Empirical Study in Non-Financial Sector)

Sayidah, Nur; Assagaf, Aminullah

doi:10.3846/btp.2020.11947

Cited by 5 publications

(4 citation statements)

References 40 publications

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“…Sebaliknya perusahaan dengan rasio leverage yang rendah akan kehilangan kesempatan untuk mendapat hasil pengembalian yang lebih tinggi ketika perekonomian sedang membaik (Adipratama, 2012). Tingkat leverage yang lebih tinggi dapat menurunkan risiko kesulitan keuangan (financial distress) jika manajemen menggunakan utang untuk membiayai kegiatan yang menghasilkan pendapatan marginal melebihi beban dan biayanya (Sayidah & Assagaf, 2020).…”

Section: Kinerja Keuanganunclassified

“…Maka dari itu perlu upaya dari pemerintah untuk meningkatkan kemampuan dan kapasitas BUMN sehingga dapat meningkatkan produksinya dan memenuhi kebutuhan migas yang terus mengalami peningkatan setiap tahunnya. Selain itu pemerintah juga perlu untuk menyusun strategi dalam menyelesaikan permasalahan krusial pada BUMN, salah satunya kesulitan keuangan (financial distress) dalam memenuhi kebutuhan operasional (Sayidah & Assagaf, 2020).…”

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“…Dalam rangka meningkatkan produktivitas perusahaan, pengetahuan terhadap kesehatan suatu perusahaan adalah hal yang diperlukan (Nainggolan, 2017). Selain itu pengukuran yang tepat atas kesulitan keuangan perusahaan yang menggabungkan berbagai variabel juga sangat penting (Sayidah & Assagaf, 2020) mengingat kondisi keuangan perusahaan yang telah menjadi holding memburuk dalam beberapa tahun terakhir, terutama dari segi tingkat pengembalian aktiva (Sumarna & Solikin, 2018).…”

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Mengukur Kinerja dan Risiko Keuangan BUMN Sub-Klaster Minyak dan Gas

Ulum

Yudanto

2022

inobis

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Pembentukan holding BUMN merupakan salah satu upaya restrukturisasi dalam rangka meningkatkan kinerja perusahaan. Penelitian ini bertujuan untuk menganalisis kinerja dan risiko keuangan BUMN sub-klaster migas sebelum dan sesudah holding diukur menggunakan rasio likuiditas, leverage, profitabilitas, dan Altman Z Score. Objek penelitian adalah PT Pertamina (Persero) dan PT Perusahaan Gas Negara (PGN) Tbk. Periode penelitian yaitu tahun 2015-2020. Penelitian ini menggunakan pendekatan kuantitatif dengan metode deskriptif. Dengan menggunakan Paired Sample t Test dan Wilcoxon Signed Rank Test, penulis mendapatkan hasil bahwa setelah pembentukan holding BUMN migas, likuiditas perusahaan mengalami penurunan namun tidak signifikan, sedangkan leverage dan profitabilitas mengalami penurunan signifikan. Altman Z Score mengalami penurunan tidak signifikan setelah pembentukan holding.

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Section: Kinerja Keuanganunclassified

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Mengukur Kinerja dan Risiko Keuangan BUMN Sub-Klaster Minyak dan Gas

Ulum

Yudanto

2022

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“…Competitors of the firm can use working capital management to identify their areas of weakness in order to gain a competitive edge. Working capital management ensures a company has sufficient cash flow in order to meet its short-term debt obligations and expenses (Sayidah & Assagaf, 2020).…”

Section: Introductionmentioning

confidence: 99%

A Critical Review on Working Capital Management and Financial Distress in Chartered Public Universities in Kenya

Minyoso

Otuya

2023

AJERNET

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Working capital management is a matter of concern in public universities in Kenya, with the main challenge being how to prudently manage assets in order to achieve financial self-sufficiency. Working capital management impacts the financial health of an organisation. Both public and private sector entities are prone to mismanagement of some kind, not only in Kenya but also regionally and globally. The PRISMA guidelines were adopted in the systematic review process, where 55 articles were narrowed down to the final 11 articles. From the reviewed papers, poor management of the components of working capital management was concluded to have caused financial distress. Other aspects, like funding and government policy, are other contributing factors. The reviewed literature on working capital management is the major one. The reviewed literature was anchored on several theories, which include financial distress theory, working capital management theory, free cash flow theory, cash conversion cycle theory, and Altman's Z score model. The study topics were tested using the initial inclusion criteria by analysing the key words used in the studies. The key words sought were working capital, working capital management, and financial distress. Most of the data used in the reviewed studies was secondary. The reviewed literature was for a period of ten years, ranging from 2013 to 2022, as published in journals and full papers. The data was organised by panel data technique, and financial ratios were computed using the three-statement model, which is basically an integrated financial statement model that comprises a balance sheet, income statement, and cash flow statement linked together. Content analysis has been used for the analysis. The results revealed that few studies have been conducted in public universities, while the majority were done in Kenya’s manufacturing sector. The studies reported mixed results on the relationship between financial distress and working capital management. The outcome becomes more confounded when more than two measures are used to conceptualise working capital management. Therefore, further studies ought to be conducted in public universities in Kenya by blending both secondary and primary data and also considering other research designs with the inclusion of a moderating variable such as government policies.

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