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All Journal Dynamic Management Journal
Putri Metta Suryani
Universitas Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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FACTORS BEHIND THE EARLY SIGNS OF FINANCIAL DISTRESS IN AN INDONESIAN MEDICAL DEVICE COMPANY DURING COVID- 19: A CASE STUDY OF PT CAKRA MEDIKA UTAMA Putri Metta Suryani; Eko Rizkianto
Dynamic Management Journal Vol 7, No 2 (2023): April
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/dmj.v7i2.8661

Abstract

The objective of this study is to investigate anomalous phenomena of declining financial performance as early signs of financial distress in an Indonesian medical device company, PT Cakra Medika Utama (“CMU”) for the period of 2020-2021, whereas the growth of nationwide medical device industry sector has been escalating aggregately. This explanatory study adopts mixed methods approach which analyzes quantitative and qualitative data collected through in-depth semi-structured interviews with the CEOs and its employee, observation, documentation, and literature studies. The results of this study discover that the declining financial performance were caused by mismanagement of payable and receivable, underutilizing the sales momentum, high dependency on foreign suppliers, and a weak business model. This research contributes to the company, the medical device industry, and the existing literature in understanding the causes and contributing factors behind the sinking financial performance of CMU, including some strategies to prevent the financial distress from truly happening.
Co-Authors Rizkianto, Eko