How to cite this paper
Handriani, E., Ghozali, I & Hersugodo, H. (2021). Corporate governance on financial distress: Evidence from Indonesia.Management Science Letters , 11(6), 1833-1844.
Refrences
Al‐Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Monzur Hasan, M. (2019). Corporate social responsibility perfor-mance, financial distress and firm life cycle: evidence from Australia. Accounting & Finance, 59(2), 961-989.
Altman, E. I., Iwanicz‐Drozdowska, M., Laitinen, E. K., & Suvas, A. (2017). Financial distress prediction in an interna-tional context: A review and empirical analysis of Altman's Z‐Score model. Journal of International Financial Man-agement & Accounting, 28(2), 131-171.
Apergis, N. (2015). Forecasting Credit Default Swaps (CDSs) spreads with newswire messages: Evidence from European countries under financial distress. Economics Letters, 136, 92-94.
Arampatzi, E., Burger, M. J., & Veenhoven, R. (2015). Financial distress and happiness of employees in times of econom-ic crisis. Applied Economics Letters, 22(3), 173-179.
Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial reporting in corporate gov-ernance and debt contracting. Journal of Accounting and Economics, 50(2-3), 179-234.
Arora, P. (2018). Financially linked independent directors and bankruptcy reemergence: The role of director ef-fort. Journal of Management, 44(7), 2665-2689.
Baselga-Pascual, L., Trujillo-Ponce, A., & Cardone-Riportella, C. (2015). Factors influencing bank risk in Europe: Evi-dence from the financial crisis. The North American Journal of Economics and Finance, 34, 138-166.
Bayar, O., Huseynov, F., & Sardarli, S. (2018). Corporate Governance, Tax Avoidance, and Financial Con-straints. Financial Management, 47(3), 651-677.
Beuselinck, C., Cao, L., Deloof, M., & Xia, X. (2017). The value of government ownership during the global financial cri-sis. Journal of corporate Finance, 42, 481-493.
Bhaskar, L. S., Krishnan, G. V., & Yu, W. (2017). Debt covenant violations, firm financial distress, and auditor ac-tions. Contemporary Accounting Research, 34(1), 186-215.
Boubaker, S., Hamza, T., & Vidal-García, J. (2018). Financial distress and equity returns: A leverage-augmented three-factor model. Research in International Business and Finance, 46, 1-15.
Bravo, F., & Reguera-Alvarado, N. (2018). Do independent director’s characteristics influence financial reporting quali-ty?. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad, 47(1), 25-43.
Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73-95.
Charalambakis, E. C., & Garrett, I. (2019). On corporate financial distress prediction: What can we learn from private firms in a developing economy? Evidence from Greece. Review of Quantitative Finance and Accounting, 52(2), 467-491.
Dalci, I. (2018). Impact of financial leverage on profitability of listed manufacturing firms in China. Pacific Accounting Review, 30(4), 410-432.
Darrat, A. F., Gray, S., Park, J. C., & Wu, Y. (2016). Corporate governance and bankruptcy risk. Journal of Accounting, Auditing & Finance, 31(2), 163-202.
Dary, S. K., & James Jr, H. S. (2019). Does investment in trade credit matter for profitability? Evidence from publicly listed agro-food firms. Research in International Business and Finance, 47, 237-250.
De Haan, J., & Vlahu, R. (2016). Corporate governance of banks: A survey. Journal of Economic Surveys, 30(2), 228-277.
Dewi, A., & Hadri, M. (2017). Financial distress prediction in Indonesia companies: finding an alternative model. Russian Journal of Agricultural and Socio-Economic Sciences, 61(1).
Du, X., & Lai, S. (2018). Financial distress, investment opportunity, and the contagion effect of low audit quality: Evi-dence from china. Journal of Business Ethics, 147(3), 565-593.
Faleye, O., & Krishnan, K. (2017). Risky lending: Does bank corporate governance matter?. Journal of Banking & Fi-nance, 83, 57-69.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327-349.
Fernandes, C., Farinha, J., Martins, F. V., & Mateus, C. (2016). Determinants of European banks’ bailouts following the 2007–2008 financial crisis. Journal of International Economic Law, 19(3), 707-742.
Gan, G. G., & Sahu, P. K. (2017). Prediction of Financial Distress for Electricity Sectors Using Data Mining. In Recent Trends in Information and Communication Technology: Proceedings of the 2nd International Conference of Reliable Information and Communication Technology (IRICT 2017)(Vol. 5, p. 3). Springer.
Gao, P., Parsons, C. A., & Shen, J. (2017). Global relation between financial distress and equity returns. The Review of Fi-nancial Studies, 31(1), 239-277.
García-Meca, E., López-Iturriaga, F., & Tejerina-Gaite, F. (2017). Institutional investors on boards: Does their behavior influence corporate finance? Journal of Business Ethics, 146(2), 365-382.
Geng, R., Bose, I., & Chen, X. (2015). Prediction of financial distress: An empirical study of listed Chinese companies us-ing data mining. European Journal of Operational Research, 241(1), 236-247.
Glover, B. (2016). The expected cost of default. Journal of Financial Economics, 119(2), 284-299.
Handriani, E., & Robiyanto, R. (2018). Investment opportunity and industrial growth in Indonesia. International Journal of Business & Society, 19(2).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership struc-ture. Journal of Financial Economics, 3(4), 305-360.
Kalyani, S., Mathur, N., & Gupta, P. (2019). Does Corporate Governance Affect the Financial Performance and Quality of Financial Reporting of Companies? A Study on Selected Indian Companies. In Business Governance and Society (pp. 105-125). Palgrave Macmillan, Cham.
Koh, S., Durand, R. B., Dai, L., & Chang, M. (2015). Financial distress: Lifecycle and corporate restructuring. Journal of Corporate Finance, 33, 19-33.
Kristanti, F. T., Rahayu, S., & Huda, A. N. (2016). The determinant of financial distress on Indonesian family firm. Procedia-Social and Behavioral Sciences, 219, 440-447.
Kuncoro, S., & Agustina, L. (2017). Factors to Predict the Financial Distress Condition of the Banking Listed in The Indo-nesia Stock Exchange. Accounting Analysis Journal, 6(1), 39-47.
Charalambakis, E. C., & Garrett, I. (2019). On corporate financial distress prediction: What can we learn from private firms in a developing economy? Evidence from Greece. Review of Quantitative Finance and Accounting, 52(2), 467-491.
Männasoo, K., Maripuu, P., & Hazak, A. (2018). Investments, credit, and corporate financial distress: Evidence from cen-tral and Eastern Europe. Emerging Markets Finance and Trade, 54(3), 677-689.
Manzaneque, M., Merino, E., & Priego, A. M. (2016). The role of institutional shareholders as owners and directors and the financial distress likelihood. Evidence from a concentrated ownership context. European Management Jour-nal, 34(4), 439-451.
Megginson, W. L., Meles, A., Sampagnaro, G., & Verdoliva, V. (2019). Financial distress risk in initial public offerings: how much do venture capitalists matter?. Journal of Corporate Finance, 59, 10-30.
Paramita, A., & Arifin, Z. (2017). The influence of corporate governance toward firm’s value and probability of financial distress: A case in Indonesia Stock Exchange. Journal of Economic Science, 1(1).
Powell, G. E. (2018). The financial determinants of corporate cash holdings for Indonesian firms. Academy of Accounting & Financial Studies Journal, 22(1).
Parkinson, M. M. (2016). Corporate governance during financial distress–an empirical analysis. International Journal of Law and Management, 58(5), 486-506.
Saidat, Z., Silva, M., & Seaman, C. (2019). The relationship between corporate governance and financial performance: Evidence from Jordanian family and nonfamily firms. Journal of Family Business Management, 9(1), 54-78.
Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), 641-662.
Silvia, D., & Sari, M. S. (2018). Effect of financial indicators and good corporate governance structure on stock price with financial distress as An intervening variable. International conference on Information Technology and Business (ICITB) (pp. 88-97).
Vieira, E. S. (2018). Board of directors characteristics and performance in family firms and under the crisis. Corporate Governance: The International Journal of Business in Society, 18(1), 119-142.
Wanke, P., Barros, C. P., & Faria, J. R. (2015). Financial distress drivers in Brazilian banks: A dynamic slacks ap-proach. European Journal of Operational Research, 240(1), 258-268.
Wei, C. C., Fang, W. X., Li, G. H., Kao, Y. W., Tsai, M. L., & Yang, C. Y. (2016). The relationship between ownership structure and the probability of a financial distress warning happening: Evidence of listed common stock companies in Taiwan. Applied Economics and Finance, 4(1), 34-42.
Witiastuti, R. S., & Suryandari, D. (2016). The influence of good corporate governance mechanism on the possibility of financial distress. Review of Integrative Business and Economics Research, 5(1), 118.
Altman, E. I., Iwanicz‐Drozdowska, M., Laitinen, E. K., & Suvas, A. (2017). Financial distress prediction in an interna-tional context: A review and empirical analysis of Altman's Z‐Score model. Journal of International Financial Man-agement & Accounting, 28(2), 131-171.
Apergis, N. (2015). Forecasting Credit Default Swaps (CDSs) spreads with newswire messages: Evidence from European countries under financial distress. Economics Letters, 136, 92-94.
Arampatzi, E., Burger, M. J., & Veenhoven, R. (2015). Financial distress and happiness of employees in times of econom-ic crisis. Applied Economics Letters, 22(3), 173-179.
Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial reporting in corporate gov-ernance and debt contracting. Journal of Accounting and Economics, 50(2-3), 179-234.
Arora, P. (2018). Financially linked independent directors and bankruptcy reemergence: The role of director ef-fort. Journal of Management, 44(7), 2665-2689.
Baselga-Pascual, L., Trujillo-Ponce, A., & Cardone-Riportella, C. (2015). Factors influencing bank risk in Europe: Evi-dence from the financial crisis. The North American Journal of Economics and Finance, 34, 138-166.
Bayar, O., Huseynov, F., & Sardarli, S. (2018). Corporate Governance, Tax Avoidance, and Financial Con-straints. Financial Management, 47(3), 651-677.
Beuselinck, C., Cao, L., Deloof, M., & Xia, X. (2017). The value of government ownership during the global financial cri-sis. Journal of corporate Finance, 42, 481-493.
Bhaskar, L. S., Krishnan, G. V., & Yu, W. (2017). Debt covenant violations, firm financial distress, and auditor ac-tions. Contemporary Accounting Research, 34(1), 186-215.
Boubaker, S., Hamza, T., & Vidal-García, J. (2018). Financial distress and equity returns: A leverage-augmented three-factor model. Research in International Business and Finance, 46, 1-15.
Bravo, F., & Reguera-Alvarado, N. (2018). Do independent director’s characteristics influence financial reporting quali-ty?. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad, 47(1), 25-43.
Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73-95.
Charalambakis, E. C., & Garrett, I. (2019). On corporate financial distress prediction: What can we learn from private firms in a developing economy? Evidence from Greece. Review of Quantitative Finance and Accounting, 52(2), 467-491.
Dalci, I. (2018). Impact of financial leverage on profitability of listed manufacturing firms in China. Pacific Accounting Review, 30(4), 410-432.
Darrat, A. F., Gray, S., Park, J. C., & Wu, Y. (2016). Corporate governance and bankruptcy risk. Journal of Accounting, Auditing & Finance, 31(2), 163-202.
Dary, S. K., & James Jr, H. S. (2019). Does investment in trade credit matter for profitability? Evidence from publicly listed agro-food firms. Research in International Business and Finance, 47, 237-250.
De Haan, J., & Vlahu, R. (2016). Corporate governance of banks: A survey. Journal of Economic Surveys, 30(2), 228-277.
Dewi, A., & Hadri, M. (2017). Financial distress prediction in Indonesia companies: finding an alternative model. Russian Journal of Agricultural and Socio-Economic Sciences, 61(1).
Du, X., & Lai, S. (2018). Financial distress, investment opportunity, and the contagion effect of low audit quality: Evi-dence from china. Journal of Business Ethics, 147(3), 565-593.
Faleye, O., & Krishnan, K. (2017). Risky lending: Does bank corporate governance matter?. Journal of Banking & Fi-nance, 83, 57-69.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327-349.
Fernandes, C., Farinha, J., Martins, F. V., & Mateus, C. (2016). Determinants of European banks’ bailouts following the 2007–2008 financial crisis. Journal of International Economic Law, 19(3), 707-742.
Gan, G. G., & Sahu, P. K. (2017). Prediction of Financial Distress for Electricity Sectors Using Data Mining. In Recent Trends in Information and Communication Technology: Proceedings of the 2nd International Conference of Reliable Information and Communication Technology (IRICT 2017)(Vol. 5, p. 3). Springer.
Gao, P., Parsons, C. A., & Shen, J. (2017). Global relation between financial distress and equity returns. The Review of Fi-nancial Studies, 31(1), 239-277.
García-Meca, E., López-Iturriaga, F., & Tejerina-Gaite, F. (2017). Institutional investors on boards: Does their behavior influence corporate finance? Journal of Business Ethics, 146(2), 365-382.
Geng, R., Bose, I., & Chen, X. (2015). Prediction of financial distress: An empirical study of listed Chinese companies us-ing data mining. European Journal of Operational Research, 241(1), 236-247.
Glover, B. (2016). The expected cost of default. Journal of Financial Economics, 119(2), 284-299.
Handriani, E., & Robiyanto, R. (2018). Investment opportunity and industrial growth in Indonesia. International Journal of Business & Society, 19(2).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership struc-ture. Journal of Financial Economics, 3(4), 305-360.
Kalyani, S., Mathur, N., & Gupta, P. (2019). Does Corporate Governance Affect the Financial Performance and Quality of Financial Reporting of Companies? A Study on Selected Indian Companies. In Business Governance and Society (pp. 105-125). Palgrave Macmillan, Cham.
Koh, S., Durand, R. B., Dai, L., & Chang, M. (2015). Financial distress: Lifecycle and corporate restructuring. Journal of Corporate Finance, 33, 19-33.
Kristanti, F. T., Rahayu, S., & Huda, A. N. (2016). The determinant of financial distress on Indonesian family firm. Procedia-Social and Behavioral Sciences, 219, 440-447.
Kuncoro, S., & Agustina, L. (2017). Factors to Predict the Financial Distress Condition of the Banking Listed in The Indo-nesia Stock Exchange. Accounting Analysis Journal, 6(1), 39-47.
Charalambakis, E. C., & Garrett, I. (2019). On corporate financial distress prediction: What can we learn from private firms in a developing economy? Evidence from Greece. Review of Quantitative Finance and Accounting, 52(2), 467-491.
Männasoo, K., Maripuu, P., & Hazak, A. (2018). Investments, credit, and corporate financial distress: Evidence from cen-tral and Eastern Europe. Emerging Markets Finance and Trade, 54(3), 677-689.
Manzaneque, M., Merino, E., & Priego, A. M. (2016). The role of institutional shareholders as owners and directors and the financial distress likelihood. Evidence from a concentrated ownership context. European Management Jour-nal, 34(4), 439-451.
Megginson, W. L., Meles, A., Sampagnaro, G., & Verdoliva, V. (2019). Financial distress risk in initial public offerings: how much do venture capitalists matter?. Journal of Corporate Finance, 59, 10-30.
Paramita, A., & Arifin, Z. (2017). The influence of corporate governance toward firm’s value and probability of financial distress: A case in Indonesia Stock Exchange. Journal of Economic Science, 1(1).
Powell, G. E. (2018). The financial determinants of corporate cash holdings for Indonesian firms. Academy of Accounting & Financial Studies Journal, 22(1).
Parkinson, M. M. (2016). Corporate governance during financial distress–an empirical analysis. International Journal of Law and Management, 58(5), 486-506.
Saidat, Z., Silva, M., & Seaman, C. (2019). The relationship between corporate governance and financial performance: Evidence from Jordanian family and nonfamily firms. Journal of Family Business Management, 9(1), 54-78.
Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), 641-662.
Silvia, D., & Sari, M. S. (2018). Effect of financial indicators and good corporate governance structure on stock price with financial distress as An intervening variable. International conference on Information Technology and Business (ICITB) (pp. 88-97).
Vieira, E. S. (2018). Board of directors characteristics and performance in family firms and under the crisis. Corporate Governance: The International Journal of Business in Society, 18(1), 119-142.
Wanke, P., Barros, C. P., & Faria, J. R. (2015). Financial distress drivers in Brazilian banks: A dynamic slacks ap-proach. European Journal of Operational Research, 240(1), 258-268.
Wei, C. C., Fang, W. X., Li, G. H., Kao, Y. W., Tsai, M. L., & Yang, C. Y. (2016). The relationship between ownership structure and the probability of a financial distress warning happening: Evidence of listed common stock companies in Taiwan. Applied Economics and Finance, 4(1), 34-42.
Witiastuti, R. S., & Suryandari, D. (2016). The influence of good corporate governance mechanism on the possibility of financial distress. Review of Integrative Business and Economics Research, 5(1), 118.