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All Journal Signifikan : Jurnal Ilmu Ekonomi INOTEKS : Jurnal Inovasi Ilmu Pengetahuan, Teknologi, dan Seni JDM (Jurnal Dinamika Manajemen) JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Penelitian Ekonomi dan Bisnis Journal of Indonesian Economy and Business Jurnal Ekonomi & Studi Pembangunan Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan Jurnal Ilmu Ekonomi dan Pembangunan Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Agrisocionomics: Jurnal Sosial Ekonomi Pertanian Martabe : Jurnal Pengabdian Kepada Masyarakat Ecces: Economics, Social, and Development Studies Convergence : The Journal of Economic Development Jurnal Keuangan dan Akuntansi Terapan (KUAT) Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Efficient: Indonesian Journal of Development Economics
Malik Cahyadin
Faculty of Economics and Business, Universitas Sebelas Maret Surakarta Jalan Ir. Sutami No. 36A Surakarta, Central Java, Indonesia, Phone+62-271 647481
Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Social Sciences Other

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Journal : JDM (Jurnal Dinamika Manajemen)

 1 
Corporate Debt, Institutional Differences and Firms’ Financial Distress in Emerging Economies under Uncertainty Mulyaningsih, Tri; Sarmidi, Tamat; Cahyadin, Malik
JDM (Jurnal Dinamika Manajemen) Vol 14, No 2 (2023): September 2023
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v14i2.46197

Abstract

Firms with high leverage are more vulnerable, particularly during uncertainty due to the COVID-19 pandemic. This study aims to examine the impact of leverage on firms’ financial distress by capturing two countries, Indonesia and Malaysia, which have different levels of leverage and financial development that affect access to external funding. The Altman Z-score—for a rich dataset comprising quarterly data of publicly traded companies between 2015 and 2020—is calculated to measure firms’ financial distress. Furthermore, the Difference-in-Differences (DiD) technique is employed to test the hypothesis that highly leveraged firms have a higher bankruptcy risk that leads to financial distress during the COVID-19 pandemic. This study finds that firms’ financial distress during the pandemic is higher than prior the pandemic. Indonesian firms’ financial distress was higher than Malaysian firms. Finally, highly leveraged firms are exposed to higher bankruptcy risk than firms with lower debt.
Co-Authors Aria Ganna Henryanto Arief Iman Santoso, Arief Iman Ariyani, Tia Putri Asri Laksmi Riani Ayuninggar, Lintang Banoon Sasmitasiwi Budhi Haryanto Dewi Ismoyowati, Dewi Dina Lusyana, Dina Dwiningtyas Padmaningrum, Dwiningtyas Emi Widiyanti Emi Widiyanti Ertimi, Basem Evi Gravitiani, Evi Hanifah, Autiya Za’im Mar’atu Hanifah, Haniruzila Hardjono, Retno Kusumastuti Harini Harini Hasana, Nurul Hermansyah Muttaqin, Hermansyah Heru Irianto Hunik Sri Runing S. Hunik Sri Runing Sawitri Intan Novela Q. A. Karunia, Nurul Yuniataqwa Khalid, Norlin Kirana, Leony Candra Law, Siong Hook Lely Ratwianingsih, Lely Lukman Hakim M. Ichsandimas W., M. Ichsandimas Mafruhah, Izza Muharromy, Ratih Evy Mulyadi Mulyadi Nurrachma, Elsa Adelia Nurul Istiqomah Pambayun, Osama Wara Pandhit, Tunjung Sekar Laksmi Qudsi, Rizal Muhaimin Rarastyasa, Rahma Anggana Rosdaliva, Mehilda Santoso, Ratna Endah Sari, Vita Kartika Sarmidi, Tamat Siti Aisyah Tri Rahayu, Siti Aisyah Tri Subekti, Ningam Suminah Suminah, Suminah Sutardi, Binar Satrio Thomas Stefanus Kaihatu Tri Mulyaningsih Tulus Tambunan Utari, Prahastiwi Wei, Yong Sze Wendra Hartono Widyamurti, Nidyah Yunastiti Purwaningsih, Yunastiti ’Aini, Qurrota