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All Journal The Indonesian Accounting Review EKUITAS (Jurnal Ekonomi dan Keuangan)
Puspita Sari
Universitas Airlangga
Economics, Econometrics & Finance

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Firm life cycle and financial distress: working capital strategy as moderation Puspita Sari; Iffah Zatil Ismah
The Indonesian Accounting Review Vol 13, No 1 (2023): January - June 2023
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v13i1.2992

Abstract

This study empirically examines the working capital strategy (WCF) as moderation on the probability of companies experiencing financial distress when viewed from the firm life cycle (FLC). This study uses logistic regression and moderated regression analysis (MRA) to analyze the data and SPSS 24 software to process the data. The study used the sample taken from non-financial sector companies listed on the Indonesia Stock Exchange (IDX) for the period of 2010-2020. The results indicate that the working capital strategy does not moderate the probability of companies experiencing financial distress when viewed from the firm life cycle (FLC). The probability of experiencing financial distress tends to be low in companies that are in the growth and mature phases. Thus, the results of this study confirm the firm life cycle theory.
MEDIASI AKSESIBILITAS MODAL UTANG PADA PENGARUH KINERJA LINGKUNGAN TERHADAP FINANCIAL DISTRESS Puspita Sari; Dian Agustia; Isnalita Isnalita; Mienati Somnya Lasmana
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 7 No 4 (2023): December
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2023.v7.i4.5439

Abstract

This study proves empirically that the accessibility of debt capital mediates the effect of environmental performance on financial distress. This study uses simple mediation analysis to analyze the data and SPSS 24 software to process the data. This study used a purposive sampling method with a total sample of 219 companies in the basic industrial and chemical, mining and agricultural sectors which were listed on the Indonesia Stock Exchange and PROPER Indonesia during 2013-2018. Based on the results of empirical tests, this study found that the accessibility of debt capital does not mediate the effect of corporate environmental performance on financial distress. This is because environmental performance is an indicator that is still relatively new to the Indonesian financial market. Thus, creditors as corporate stakeholders have not considered environmental performance as a guarantee for the company's performance in fulfilling its obligations. However, contrary to these results, the company's environmental performance was found to have an effect on financial distress. Where, companies with good environmental performance tend to have adequate capabilities in managing their resources, especially the company's economic resources. Thus, the results of this study have confirmed the resource-based view theory and the trade-off theory.
Co-Authors Dian Agustia Iffah Zatil Ismah Isnalita Mienati Somnya Lasmana