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Determinants of Financial Distress in Construction State-Owned Enterprises Listed on the Indonesian Stock Exchange for the Period 2015-2024 Based on Altman Z-Score Susilo, Bambang; Asyari
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.814

Abstract

State-owned construction companies face structural financial pressures due to massive debt burdens to finance national infrastructure projects, exacerbated by the COVID-19 pandemic, which caused a 5.67% contraction in the construction sector in 2020, resulting in the suspension of trading of PT Waskita Karya and PT Wijaya Karya shares, which could potentially be delisted from the Indonesia Stock Exchange. This condition confirms that state-owned company status does not provide immunity from bankruptcy, as evidenced by PT Merpati Nusantara Airlines and PT Istaka Karya, which have been declared bankrupt. This study analyzes financial distress conditions based on the Altman Z-Score and identifies the influence of Operating Cash Flow, Company Size, Asset Growth, and Company Age on financial distress for the period 2015–2024, based on Agency Theory and Signaling Theory. Secondary data from four state-owned construction companies listed on the IDX were analyzed using multiple linear regression with SPSS version 31. PT Waskita Karya recorded the lowest Z-Score of −1.96, placing it in the distress zone. Partially: Operating Cash Flow had no significant effect (p = 0.457 > 0.05); Company Size had a significant negative effect (p < 0.001 < 0.05); Asset Growth had a significant positive effect (p = 0.030 < 0.05); Company Age had no significant effect (p = 0.494 > 0.05). Simultaneously, the four variables have a significant effect (p < 0.001 < 0.05) with an Adjusted R² of 47.7%, confirming that the financial distress of state-owned construction companies is multidimensional and requires holistic improvement interventions.
Creating Employee Performance Based on HR Competency, Information Technology, and Education and Training at PT. Kereta Api Indonesia Pallawagau, Andi; Asyari; Riomattajang; Ramli, Muhammad
International Journal of Economics, Management, Business, and Social Science (IJEMBIS) Vol. 6 No. 1 (2026): January, 2026
Publisher : CV ODIS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59889/cn08nk12

Abstract

The aim of this research is to analyze HR competency, information technology and mentoring and training on employee performance at PT. Indonesian Railways. The research sample was carried out by random sampling with a total of 100 respondents. Data analysis test using multiple linear regression with hypothesis testing. The sample was carried out by purposive sampling with a liker scale of 100 employees. The analysis carried out includes validity tests, reliability tests, with classical assumption tests including normality test, multicollinearity test, heteroscedasticity test, T test (partial test), The results of the research found that human resource competency has a significant effect on employee performance. Information technology has a significant positive effect on employee performance, the implementation of education and training has a significant effect on employee performance.