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International Journal of Research in Vocational Studies (IJRVOCAS)
Published by Yayasan Ghalih Pelopor Pendidikan
ISSN : 27770168     EISSN : 27770141     DOI : https://doi.org/10.53893/ijrvocas.v1i1
Core Subject : Economy, Science, Education, Social, Engineering,
Aerospace Engineering Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Industrial & Manufacturing Engineering Materials Science & Nanotechnology Mechanical Engineering Social Sciences Other
The International Journal of Research in Vocational Studies (IJRVOCAS) is a double-blind peer-reviewed journal. This journal provides full open access to its content on the principle that making research freely and independently available to the science community and the public supports a greater global exchange of knowledge and the further development of expertise in the field of vocational education and training (VET). IJRVOCAS is since the beginning independent from any non-scientific third-party funding. The establishment of the journal was supported between 2015 and 2016 with grants from the Yayasan Ghalih Pelopor Pendidikan (Ghalih Foundation). All members of IJRVOCAS work on an honorary basis. The journal is hosted by Ghalih Publishing and the publishing house of the Ghalih Academic. Scope IJRVOCAS covers all topics of VET-related research from pre-vocational education (PVE), initial vocational education and training (IVET) and career and technical education (CTE) to workforce education (WE), human resource development (HRD), professional education and training (PET) and continuing vocational education and training (CVET).
Arjuna Subject : Teknik (semua kategori) - Teknik (Lain-Lain)
Articles 221 Documents
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Financial Distress Prediction in Indonesian Infrastructure Companies Using the Cox Proportional Hazard Model Mukhlisah, Nurul; Nikmah, Nailiya; Julkawait
International Journal of Research in Vocational Studies (IJRVOCAS) Vol. 5 No. 2 (2025): IJRVOCAS - August
Publisher : Yayasan Ghalih Pelopor Pendidikan (Ghalih Foundation)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53893/ijrvocas.v5i2.452

Abstract

This study investigates the determinants of financial distress in infrastructure companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024 using survival analysis with the Cox proportional hazard model. The analysis focuses on five firm-level indicators: leverage, profitability, firm size, free cash flow, and sales growth. Survival time until financial distress and event status were constructed to enable longitudinal modeling. Descriptive statistics, Kaplan–Meier estimation, and log-rank tests were employed to explore group differences in survival probabilities, followed by Cox regression to identify key predictors. The results demonstrate that leverage and free cash flow are the most significant determinants of financial distress. A one-standard-deviation increase in leverage raises the hazard by more than twenty-five times, while higher free cash flow reduces the hazard to about 39% of its baseline. Profitability, firm size, and sales growth do not exhibit statistically significant effects. These findings emphasize the dual role of debt burden and liquidity as critical drivers of financial resilience in capital-intensive infrastructure firms. The study provides practical implications for different stakeholders. For managers, it highlights the need to strengthen liquidity management and avoid excessive debt dependence. For investors, leverage and free cash flow indicators serve as reliable early warning signals of potential distress. For regulators, the results underline the importance of monitoring firm-level liquidity and leverage alongside traditional solvency measures to safeguard sectoral stability.

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