Analisis Faktor-Faktor yang Mempengaruhi Keberhasilan Proses Turnaround Pada Perusahaan yang Mengalami Financial Distress
Abstract
Financial distress is a situation in which a company experiences a decline in financial performance before bankruptcy or liquidation. This financial distress condition requires the company's management to make efforts in achieving performance improvements (turnaround). Some of the factors that are suspected to have an effect in the success of the turnaround process include the tendency of the company's financial performance level (∆severity), firm size, free assets and assets retrenchement. This study aims to find out what factors influence the success of a turnaround process. The analysis used is a logistic regression analysis and the sample that used is a non-financial company registered on the IDX in 2008-2013. Turnaround dependent variable assessments are classified with dummy 0 for non-recovery and 1 for successful recovery companies. While the assessment for independent variables is measured by the variable ratio of the company's health level (∆severity), firm size, free assets and assets retrenchement. The results showed that the tendency of the level of health of the company (∆severity), firm size, and free assets has a significant influence while assets retrenchment does not have a significant influence on the success of the turnaround process.
Keywords: Altman Z-score, Financial Distress, Recovery, Turnaround
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