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Journal articles on the topic 'Distress debt financing'

Author: Grafiati

Published: 7 June 2025

Last updated: 2 August 2025

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1

Ruma, Khatun1 Md. Monirujjaman2 Md. Shanur Rahman3 Uttam Golder4*. "Analyzing Distress debt Funding Flows and Distress debt Deals Globally." UAI Journal of Economics, Business and Management (UAIJEBM) 1, no. 3 (2025): 9–18. https://doi.org/10.5281/zenodo.15378744.

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<em>This research investigates the types and trends of funding and arrangements for distressed debt on a worldwide and regional scale. This study applies descriptive analysis and the independent group t-test to examine the flow of distressed debt financing and agreements across various income brackets and global regions. The data, which spans five continents (Asia, Europe, North America, Oceania and Rest of the world) and dates from 2006 to 2023, is used to make these findings. This research also investigates the fact that the majority of contributions to distressed debt financing and agreemen

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2

Nkansah, Emmanuel. "Effects of Debt Financing Decisions on Profitability: A Comparison of USA and Europe Biopharmaceutical Industry." International Journal of Financial Studies 13, no. 3 (2025): 130. https://doi.org/10.3390/ijfs13030130.

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Debt financing is important for financing major investments in the biopharmaceutical industry. Debt financing allows companies to raise funds without giving up ownership or control through indenture and covenants of the company. In this study, I analyze the effects of debt financing decisions on profitability in the biopharmaceutical industry. I find that short-term debt, long-term debt, and total debt negatively impact the return on assets (ROA) as a firm’s profitability measure. A comparison is made between American and European biopharmaceutical firms, and the result shows the negative effe

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3

Ir, Por, Bart Jacobs, Augustine D. Asante, et al. "Exploring the determinants of distress health financing in Cambodia." Health Policy and Planning 34, Supplement_1 (2019): i26—i37. http://dx.doi.org/10.1093/heapol/czz006.

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Abstract Borrowing is a common coping strategy for households to meet healthcare costs in countries where social health protection is limited or non-existent. Borrowing with interest, hereinafter termed distress health financing or distress financing, can push households into heavy indebtedness and exacerbate the financial consequences of healthcare costs. We investigated distress health financing practices and associated factors among Cambodian households, using primary data from a nationally representative household survey of 5000 households. Multivariate logistic regression was used to dete

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PAKISTAN, ISLAMICUS (An International Journal of Islamic &. Social Sciences). "PROPOSED ISLAMIC TAXATION TO AVOID EXCESSIVE DEBT AND FINANCIAL CRISES: CAN ISLAMIC MODEL BE A SOLUTION?" PAKISTAN ISLAMICUS (An International Journal of Islamic & Social Sciences) 4, no. 4 (2024): 44–55. https://doi.org/10.5281/zenodo.14659914.

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As, excessive conventional debt, causes financial crisis and financial instability. Many researchers pointed out that we should avoid Riba based financing that is prohibited in Islam. We have proposed to abolish Riba based financing, and promote Sukuk financing. In this study we will compare the performance of conventional debt vs Islamic debt in proposed Islamic taxation policy of leveraged firms. In order to analyze the data, the study has employed simulation tools and designed many experiments to examine how leveraged enterprises perform and how much they are worth in relation to both tradi

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Muhammad Onto Kusumo. "ESG and Financial Distress: The Role of Moderation by the Cost of Debt." International Journal of Economics and Management Sciences 2, no. 3 (2025): 185–200. https://doi.org/10.61132/ijems.v2i3.907.

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This study examines the impact of Environmental, Social, and Governance (ESG) performance on financial distress, with a particular focus on the moderating effect of the cost of debt. Financial distress is proxied by the Interest Coverage Ratio (ICR), which reflects a firm’s ability to meet its interest obligations. The sample consists of 655 firm-year observations from non-financial companies listed on the Indonesia Stock Exchange (IDX) during the period 2014–2023. The analysis is conducted using panel data regression with fixed effects and heteroskedasticity-consistent estimation, specificall

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M.B., Raghupathy. "Amtek Auto – financing under distress." Emerald Emerging Markets Case Studies 11, no. 4 (2021): 1–42. http://dx.doi.org/10.1108/eemcs-03-2021-0071.

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Learning outcomes The primary teaching objective is to discuss the capital raising efforts of a firm under financial distress. It also provides supporting data to calculate cost of capital, DuPont/modified DuPont values and Altman’s Z-Score that can appropriately be incorporated into the discussion. Case-B provides information and data of the company’s recent performance and to changes in bankruptcy law in India. Overall, this case study provides ample scope to discuss, understand and provide the solution to the following key corporate finance themes as follows: 1. Analyzing accounting stateme

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Whinston, Michael D. "Exclusivity and Tying in U.S. v. Microsoft: What We Know, and Don't Know." Journal of Economic Perspectives 15, no. 2 (2001): 63–80. http://dx.doi.org/10.1257/jep.15.2.63.

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Research on capital structure attempts to explain how corporations finance real investment, with particular emphasis on the proportions of debt vs. equity financing. There is no universal theory of the debt-equity choice, and no reason to expect one. But three useful conditional theories are reviewed in this paper. The tradeoff theory says that firms seek debt levels that balance the tax advantages of additional debt against the costs of possible financial distress. The pecking order theory says that the firm will borrow, rather than issuing equity, when internal cash flow is not sufficient to

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Hurley1, John, Scott Morris2, and Gailyn Portelance3. "Examining the debt implications of the Belt and Road Initiative from a policy perspective." Journal of Infrastructure, Policy and Development 3, no. 1 (2019): 139. http://dx.doi.org/10.24294/jipd.v3i1.1123.

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China’s Belt and Road Initiative (BRI) hopes to deliver trillions of dollars in infrastructure financing to Asia, Europe, and Africa. If the initiative follows Chinese practices to date for infrastructure financing, which often entail lending to sovereign borrowers, then BRI raises the risk of debt distress in some borrower countries. This paper assesses the likelihood of debt problems in the 68 countries identified as potential BRI borrowers. We conclude that eight countries are at particular risk of debt distress based on an identified pipeline of project lending associated with BRI.Because

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Kasozi, Jason, and Sam Ngwenya. "The capital structure practices of listed firms in South Africa." Corporate Ownership and Control 8, no. 1 (2010): 624–36. http://dx.doi.org/10.22495/cocv8i1c6p4.

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This study investigates whether financial theory is aligned with financial practice by testing two conventionally recognised theories of capital structure choice, the trade-off theory and the pecking-order theory against the financing practices of listed firms on the Johannesburg Stock Exchange (JSE) during the period 1995-2005. Data were obtained from the McGregor database. The results indicated a unique, but significantly positive, correlation between debt financing and financial distress, and a significant negative correlation between debt financing and the collateral value of assets. These

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Naomi, Immaculate Wayua. "Debt Financing and Financial Performance of Manufacturing Firms in Kenya." African Journal of Commercial Studies 3, no. 2 (2023): 86–95. http://dx.doi.org/10.59413/ajocs/v3.i2.1.

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This study examines the conditions associated with long-term debt financing, including the obligation to repay borrowed funds on predetermined dates, the interest rate, loan duration, leverage level, and interest coverage ratio. Debt financing, being a crucial element in the growth and sustainability of businesses, has the potential to influence the outcome of financial performance in a variety of ways. The research commences by carefully analyzing the circumstances that are typically linked with long-term debt financing, which emphasizes the duty to repay any borrowed funds on predetermined f

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OHIO, Akhimie Evans, and Sunday Nosa UGBOGBO. "Capital Structure and Corporate Financial Distress of Quoted Non-Financial Firms in Nigeria." International Journal of Research and Innovation in Social Science VII, no. VI (2023): 1302–14. http://dx.doi.org/10.47772/ijriss.2023.7712.

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The research examined the impact of capital structure on corporate financial distress in Nigerian publicly traded companies. It looked precisely at how financial leverage, debt maturity, equity structure, and asset structure effect company financial crisis. The longitudinal or panel research design was used in the study. The sample comprised of 89 non-financial enterprises listed on the Nigerian Exchange Group (NXG) between six financial years (2014-2019). The secondary data was derived from the selected firms’ published annual reports and accounts. Descriptive statistics, correlation analyses

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Silwal, Prem Prasad. "Macro-economic variables and financing decisions of Nepalese non-financial firms." International Research Journal of Management Science 7, no. 1 (2022): 85–100. http://dx.doi.org/10.3126/irjms.v7i1.50630.

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Purpose - The purpose of this paper is to examine the macro-economic indicators and firm characteristics that impact the financing decision of the Nepalese enterprises. Methodology - To evaluate the fundamental issues related to firm-specific variables on financing decision of Nepalese enterprises, the study used descriptive, and causal comparative research designs. The study used secondary data from 19 enterprises from 2001 to 2019 listed in NEPSE. Findings - The findings show that liquidity, inflation, profitability, growth opportunity, and gross domestic product are the major indicators for

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Bui, Tung Duy, Huan Huu Nguyen, and Vu Minh Ngo. "Financial leverage and performance of SMEs in Vietnam: Evidence from the post-crisis period." Economics and Business Letters 10, no. 3 (2021): 229–39. http://dx.doi.org/10.17811/ebl.10.3.2021.229-239.

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This study examines the link between capital structure and firm performance (measured by ROA and ROE), focusing on a large sample of SMEs in Vietnam during the postcrisis period (2008-2016). Empirical results from various panel data models confirm the nonlinear relationship between debt financing and firm profitability. This relationship takes the form of an inverted-U shape. Firm profitability only increases to a certain level of leverage. When the debt ratio becomes too high, firm performance starts to decrease. These results highlight the role of financial distress costs in debt financing f

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Lukman, Lucky, Rosmegawati Rosmegawati, Arni Kurniati, Suhikmat Suhikmat Suhikmat, and Sumihar M. L. Tobing. "Analisis Prediksi Financial Distress Atas Kinerja Keuangan PT. Wijaya Karya (Persero) Tbk Periode 2014 - 2023." Journal of Economic, Bussines and Accounting (COSTING) 7, no. 4 (2024): 8394–410. http://dx.doi.org/10.31539/costing.v7i4.10589.

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The problem of accumulating debt burdens that entangle a number of state-owned enterprises in the construction sector or BUMN Karya is suspected to arise due to internal problems in governance. This situation is exacerbated by the burden of project assignments from the government that are not based on careful planning. This increase in debt occurred because the government provided assignments without participating in providing capital, so that each BUMN Karya sought other sources of funding, one of which was by increasing debt. The liabilities that burden PT Wijaya Karya (Persero) Tbk (WIKA) t

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Rasyid, Abdul. "Debt/Equity, Effisiensi Operasi, Financial Distress dan Firm Size terhadap Price/Book Value Saham." Prosiding Seminar Nasional Forum Manajemen Indonesia - e-ISSN 3026-4499 1 (November 20, 2023): 453–60. http://dx.doi.org/10.47747/snfmi.v1i.1520.

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Much research has been conducted on the financial leverage. The research result generally reveals that the financial leverage is positively correlated with firm value. Cross-sectional data and path analysis method was used for this research. The path analysis was a method for studying pattern of causation among a set of fundamental variables. Based the research method, this study was finding several important result. First: The sample of research was meet only one of three basic assumptions MM. Second: the Average of the stock price for 30 calendar days after announcement financial report coul

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Pertiwi, Elva Dian, and Aftoni Sutanto. "PENGARUH KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN HUTANG PERUSAHAAN DALAM PERSPEKTIF AGENCY THEORY." Jurnal Fokus Manajemen Bisnis 4, no. 2 (2014): 142. http://dx.doi.org/10.12928/fokus.v4i2.1360.

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This study aimed to determine the effect of managerial ownership and institusional ownership as well as the control variabel is profitability, firm size, asset structure, against debt policy. The population in this is a property and real estate company listing on the Stock Exchange in 2010-2013. Purposive sampling with sampling to obtain a sample of 10 property and real estate using purposive sampling to obtain a sample of 10 companies and real estate properties companies. Data collection is done by the method of documentation. The analytical method used is multiple linear regression analysis.

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17

Trejo-Pech, Carlos Omar, Susan White, and Magdy Noguera. "Financial distress at Comercial Mexicana, 2008-2011." CASE Journal 11, no. 3 (2015): 287–305. http://dx.doi.org/10.1108/tcj-04-2014-0028.

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Synopsis Controladora Comercial Mexicana, a Mexican retailer, had successfully managed the bankruptcy process and was ready to emerge from its problems, primarily caused by speculation and excessive debt, and begin operations anew. Was the restructured Comerci capable of regaining its position as a premier retailer, and more importantly, was the firm capable of repaying the high level of debt that it carried following bankruptcy reorganization? How strong was the reorganized firm? Had Comerci truly left its problems behind in bankruptcy court, or would history repeat itself? How could Comerci

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Theo, Fourentina Septianingsih. "PROFITABILITY, SOLVENCY, AND FINANCIAL DISTRESS OF TRANSPORTATION SECTOR COMPANIES LISTED ON THE IDX 2018-2021." Jurakunman (Jurnal Akuntansi dan Manajemen) 17, no. 2 (2024): 257. http://dx.doi.org/10.48042/jurakunman.v17i2.313.

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This study aims to examine the influence of Profitability and Solvency on Financial Distress in Transportation Sector Companies Listed on the IDX in 2018-2021. This research replicates the research of Dwiantari et al. (2021). This research is different from previous studies because it focuses on the transportation sector, which is the industry most affected by the Covid-19 pandemic due to the availability of large-scale social policies (PSBB) which caused a decrease in transportation use which led to a decline in financial performance. This research uses Return on Assets to measure the level o

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19

Izaz, Abid, Waheed Akhter, and Qamar Uz Zaman. "Interest Tax Shield, vs Rental Tax Shield and Financial Crises: A Model for Sustainable Finance." Global Management Sciences Review 9, no. IV (2025): 169–81. https://doi.org/10.31703/gmsr.2024(ix-iv).14.

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Economists and legal experts say, Interest Tax Shield (ITS) available to debt, causes over-indebtedness that ultimately causes financial crisis and financial instability. Many researchers pointed out the necessity to re-frame these subsidizing corporate tax regulations available to debt. We have proposed to abolish (ITS) and introduce, an Islamic corporate tax policy, Rental Tax Shield (RTS) available to Sukuk-al-Ijarah instead of ITS. For data analysis, the study used a simulation technique and drew different experiments to investigate the performance of leveraged and zero-leverage firms and

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20

Wang, Runjie. "Optimal Financing Strategy Based on Tax Shield Effects: A Case Study of Tesla." Advances in Economics, Management and Political Sciences 184, no. 1 (2025): 77–82. https://doi.org/10.54254/2754-1169/2025.bl23229.

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Traditional capital structure theories mostly focus on the idealized model of the tax shield effect, ignoring the financial distress costs and agency costs that may be caused by high debt ratios, resulting in significant differences between theory and practice. Therefore, combining actual enterprise data to explore how to balance the tax shield effect and implicit costs in the dynamic adjustment of capital structure has become an important topic in both theory and practice. This paper takes Tesla as a case to study the debt financing strategy based on the tax shield effect and its optimization

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Madiha Jabeen, Dr. Naveed, and Aisha Jabeen. "Impact of Corporate Life Cycle Stages on Financial Restructuring: The Moderating Effect of Financial Distress." Physical Education, Health and Social Sciences 3, no. 3 (2025): 14–32. https://doi.org/10.63163/jpehss.v3i3.528.

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In the current era of uncertainty, the importance of restructuring an organization has increased even more. Among several ways of reorganizing a firm, financial restructuring stands out as one of the key strategies that organizations adopt to improve their performance. The current study aims to find the impact of corporate life cycle stages on financial restructuring. The independent variable in the study is the stages of the corporate life cycle, classified using the methodology developed by Dickinson (2011). The stages include Birth, Growth, Maturity, Shakeout, and Decline. Financial restruc

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Gallagher, Kevin P., Luma Ramos, Anzetse Were, and Marina Zucker Marques. "Debt Distress and Climate-Resilient Development in Sub-Saharan Africa." Journal of African Economies 33, Supplement_2 (2024): ii8—ii25. https://doi.org/10.1093/jae/ejae028.

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Abstract Due to multiple external shocks since the outbreak of COVID-19 in the world economy, SSA is facing acute debt distress and new highs in the cost of foreign capital at exactly the time it needs to mobilise a stepwise level of financing to invest in human, physical and natural capital to meet the region's development and climate goals for the 21st Century. This paper outlines the relative levels of sovereign external debt and service payments between now and 2030 for SSA countries. We calculate the fiscal space level left to meet climate and development financing needs during the same p

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Mirakhor, Abbas, Noureddine Krichene, and Mughees Shaukat. "Unsustainability of the Regime of Interest-Based Debt Financing." ISRA International Journal of Islamic Finance 4, no. 2 (2012): 25–52. http://dx.doi.org/10.55188/ijif.v4i2.145.

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Evidence has been mounting that the interest-based debt financing regime is under increasing distress. Evidence also suggests that financial crises—despite the various labels assigned to them: exchange rate crisis or banking crisis—have been debt crises in essence. At present, data suggest that the debt-to-GDP ratio of the richest members of the G-20 is expected to reach the 120% mark by 2014. There is also evidence that, out of securities worth US$ 200 trillion in the global economy, no less than three-fourths represent interest-based debt. It is difficult to see how this massive debt volume

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M.H., Nur Syabihah, Yahya M.H., and Meishan Chua. "Does Corporate Debt influence the Firms’ Growth after Global Financial Crisis? Evidence from Malaysian Public Listed Companies." Journal of International Business, Economics and Entrepreneurship 6, no. 1 (2021): 94. http://dx.doi.org/10.24191/jibe.v6i1.14444.

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This paper aims to investigate the impact of corporate debt on firm growth in Malaysia post Global Financial Crisis 2007-2008. Using a sample of 334 non-financial public listed companies in Bursa Malaysia from 2009 to 2018, this study finds that corporate debt is positively associated with firm growth. The possible reasons for this are; 1) the underdeveloped equity market in Malaysia that forced the firms to take up more debt as a financing resource and 2) the highly associated cost of issuing shares caused the firms to choose debt over equity, to finance the firms’ growth. The result is robus

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Tufano, Peter. "Business Failure, Judicial Intervention, and Financial Innovation: Restructuring U.S. Railroads in the Nineteenth Century." Business History Review 71, no. 1 (1997): 1–40. http://dx.doi.org/10.2307/3116328.

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This article describes the problems faced by reorganizers of distressed railroads in the late nineteenth century and how they were addressed by a combination of judicial intervention and financial innovations. In particular, the judicial innovations of supersenior financing, the equity receivership process, and the setting of upset values permitted firms to raise funds. The private financial innovations of deferred coupon debt, contingent charge securities, and voting trusts made subsequent default less likely. The private innovations can be interpreted as responses to both the distress of the

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Ur Rehman, Hamood, Resul Sapar, and Muzafar Shah. "Impact of Capital Structure, Corporate Governance, Macroeconomic Factor on Financial Distress of Shariah Compliant Firms in Pakistan." Pakistan Business Review 26, no. 3 (2025): 360–82. https://doi.org/10.22555/pbr.v26i3.1290.

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Abstract Purpose: Capital structure choice, corporate governance practices and the economic condition of the country are some of those factors that may influence the firm’s financial health. This study evaluates the effect of capital structure, corporate governance, and macroeconomic factors on firm financial distress of Shariah compliant firms in Pakistan. Design: This empirical analysis contains 238 listed Shariah non-financial firms of Pakistan during the period of 2015 to 2022. Findings: The study finds a negative linkage between capital structure, macroeconomic factor and firm financial d

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Shah, S. M. Amir. "Corporate Debt Policy—Pre- and Post-financial Market Reforms: The Case of the Textile Industry of Pakistan." Pakistan Development Review 46, no. 4II (2007): 465–78. http://dx.doi.org/10.30541/v46i4iipp.465-478.

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The literature provides evidence that the capital structure of a firm is often a combination of several securities; it can arrange (1) Bank loan (2) issue debentures/bonds, (3) issue shares (4) lease financing, or (5) utilise its retained earnings. Eventually number of ideas and theories has been developed to discuss the optimal capital structure. Optimum is the trade-off between the benefit of tax and costs of financial distress; a firm faces due to the borrowed money. Although extensive research work has been done on the capital structure but still it remains one of the unsettled topics in f

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Farah Arzu, Faisal Iqbal, Muhammad Haseeb, Muhammad Abubakar Ali Syed, Shagufta Shaheen, and Muhammad Faizan Afridi. "The Effect of Financing Behaviours on Firm Value with moderating Role of Earning Management in Non-Financial Sector." Social Science Review Archives 3, no. 1 (2025): 543–54. https://doi.org/10.70670/sra.v3i1.334.

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The study investigates the relationship between financing behavior, earnings management, and firm value, focusing on a sample of non-financial firms over the period 2014-2023. A sample of stratified sampling techniques, 202 firms were selected from the population. In the fixed-effects model, the study explores the impact of debt usage (leverage) on firm value, considering earnings management as a moderating variable. The findings reveal a positive and significant relationship between financing behavior and firm value, which is consistent with the Trade-Off Theory, Modigliani & Miller Theor

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Ikwuo, Ama Kalu, Isaiah Michael Nwite, Gilbert Ogechukwu Nworie, and Fidelia Nkechi Nworie. "Shareholder value diminution through long-term debts: Evidence from the Nigerian oil industry." Annals of Management and Organization Research 6, no. 3 (2025): 271–85. https://doi.org/10.35912/amor.v6i3.2628.

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Purpose: Failure to maintain an optimal balance between the benefits of long-term debts and the risks associated with financial distress often results in the erosion of shareholder value. In view of the above problem, this study examined whether long-term debts affect shareholder value diminution among listed oil and gas firms in Nigeria. Research Methodology: The ex-post facto research design was deployed on a sample of five firms purposively selected from a population of nine listed oil and gas firms in Nigeria. Secondary data were sourced from the firms’ annual reports between 2014-2023. Th

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Männasoo, Kadri, Peeter Maripuu, and Aaro Hazak. "Investments, Credit, and Corporate Financial Distress: Evidence from Central and Eastern Europe." Emerging Markets Finance and Trade 54, no. 3 (2018): 677–89. https://doi.org/10.1080/1540496X.2017.1300092.

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Although they are instrumental for economic development, productivity-enhancing corporate investments may increase the financial vulnerability of companies, especially in an economic and financial crisis. We employ an instrumental probit model with the aim of finding evidence for the investment and credit patterns that led companies into financial distress during the global financial crisis 2009–2010. The company-level micro-data for our study on three Central and East European countries—Hungary, Bulgaria, Romania and two Baltic countries, Latvia and Lithuania—originates from

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Arief, Harefan, Chairiel Oktaviar, Eko Tama Putra Saratian, Mochamad Soelton, and Tine Yuliantini. "The Effect of Profitability and Liquidity on Firm Value with Financial Distress as a Mediating Variable." Jurnal Ilmiah Manajemen dan Bisnis 10, no. 3 (2024): 337. https://doi.org/10.22441/jimb.v10i3.26841.

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Financial distress is a phase that precedes the state in which a business faces incapacity or failure, which can even lead to bankruptcy. If a company experiences a lack of funds for internal financing, a solution can be found by utilising debt as a source of external funding from other parties. Business failure and the risk of bankruptcy are often fears in a competitive business environment. Financial distress arises when a company is unable to fulfil its payment obligations or repay its debts. For internal companies, bankruptcy analysis is useful as an early warning against potential bankrup

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Wu, Yueze. "How Did Local Debt Burden Impact Governors’ Financing Decisions in Meeting Development Goals?" Journal of Economics and Public Finance 9, no. 2 (2023): p107. http://dx.doi.org/10.22158/jepf.v9n2p107.

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Since the commencement of the New Budget Law in 2015, China provincial governments was given the legal rights to issue Local Government Bonds, which has played a significant role in revealing local indebtedness that was built up over the years. The rapid infrastructure developments have brought up respective debt levels in various levels of governments, and there exist strong concerns on whether provinces with poor development levels are on the edge of financial distress. In addition, it is also unclear on the relationship between local economic development and high debt levels. This research

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Tiwary, Daitri, and Samit Paul. "Role of Bank Credit and External Commercial Borrowings in Working Capital Financing: Evidence from Indian Manufacturing Firms." Journal of Risk and Financial Management 16, no. 11 (2023): 468. http://dx.doi.org/10.3390/jrfm16110468.

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Determinants and levels of working capital financing (WCF) in the manufacturing sector have been empirically proven to impact firm profitability across emerging as well as developed nations. With time, firms adjust toward financing their working capital requirement (WCR), although the speed of adjustment, financing constraints, and bargaining power are subject to variations. In this study, we estimate the effect of bank credit and firm foreign currency borrowing on working capital financing with three distinct models for manufacturing firms in India. We examine the relationship between short-t

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Sazly, Syukron, Harun Al Rasyid, and Agus Tri Indah K. "DIGITAL BUSINESS TRANFORMATION: THE ULTIMATE STRATEGY OF PT. PLN (PERSERO) IN BOOSTING BUSINESS PERFORMANCE AND AVOIDING FINANCIAL DISTRESS." Dynamic Management Journal 8, no. 4 (2024): 988. https://doi.org/10.31000/dmj.v8i4.12584.

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This study investigates the financial distress of PT PLN (Persero), Indonesia's state-owned electricity provider, from 2019 to 2023 using the Springate S-Score method. Despite implementing digital business transformation and human resource development initiatives to enhance operational efficiency and service quality, PLN faces ongoing financial challenges. These challenges stem from high debt levels incurred due to the company's ambitious 35,000 MW power expansion project, as well as persistent cash flow difficulties. The study analyzes key financial indicators such as the debt-to-equity ratio

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Abubakar, Ahmad Omar, and Stacey Ayiecha Anyonje. "Financial Leverage and Corporate Financial Performance: A Comprehensive Review." East African Finance Journal 4, no. 2 (2025): 34–54. https://doi.org/10.59413/eafj/v4.i2.3.

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This paper examines the relationship between financial leverage and firm performance across various industries and economic contexts. The research analyzes how debt financing influences corporate profitability, stability, and overall financial health. Through a systematic review of recent literature, the study investigates different leverage metrics and their effects on financial performance indicators such as Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS). The findings reveal that while moderate levels of financial leverage can enhance firm value and shareholder

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Suryani, Ani Wilujeng, and Mitha Icha Sari. "Dampak Non-Debt Tax Shield dan Resiko Bisnis Terhadap Struktur Modal Perusahaan Manufaktur Indonesia." Ekonomi Bisnis 25, no. 2 (2020): 108. http://dx.doi.org/10.17977/um042v25i2p108-119.

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Capital structure decision is an important act made by company’s financial manager as mismanagement causes financial distress. This study aims to determine the effect of non-debt tax shield and business risk on capital structure. The data in this study were collected from the financial reports of 137 manufacturing companies in Indonesia from 2014 to 2019. Hypothesis testing was carried out using a fixed effect panel regression model. The results showed that the non-debt tax shield had a significant negative effect on capital structure, while business risk had a positive effect. Thus, companies

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Nattabi, Patricia Kirumira. "Sustainable Development and Sovereign Debt: A Legal Perspective on Debt Sustainability for Africa." East African Journal of Law and Ethics 8, no. 1 (2025): 41–62. https://doi.org/10.37284/eajle.8.1.2666.

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The World Bank’s 2023 Debt Sustainability Analysis (DSA) puts twelve low-income countries (LICs) in Africa at a high risk of debt distress while six are in debt distress. The recurring unsustainable debt in Sub-Saharan Africa has had a long-standing effect on the pace of development, as measures taken to accommodate debt resolution have often had a counter-effect on economic performance, as investment in development priorities and the social welfare of citizens have often taken a back seat to debt servicing. The United Nations 2030 Sustainable Development Agenda and its implementation Action p

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Kivisi, Felister Saliku. "AFRICA’S SOVEREIGN BOND DEBTS: ALTERNATIVE TO DEAD AID AND CATALYST FOR DEVELOPMENT." American Journal of International Relations 4, no. 1 (2019): 1–16. http://dx.doi.org/10.47672/ajir.377.

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Purpose: The study sought to examine viability of sovereign bond debts, the alternative to foreign aid, which Dambisa Moyo calls ‘Dead Aid’, for financing economic development in Africa.Methodology: The research is a desk research via the qualitative methodology where information was derived from published scholarly works of various authors on the issue of aid, debt and development of African countries.Findings: The study shows that several African countries, such as Angola, Kenya, Zambia, Côte d’Ivoire, Senegal and Gabon have ventured into international capital markets and accessed the sovere

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Odhiambo, John Davies, Christine Kanana Murori, and Catherine Elsa Aringo. "Financial Leverage and Firm Performance: An Empirical Review and Analysis." East African Finance Journal 4, no. 1 (2025): 25–35. https://doi.org/10.59413/eafj/v4.i1.2.

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This study examines the impact of financial leverage on firm performance and value, focusing on the trade-offs between debt and equity financing. Financial leverage, the use of borrowed capital to finance business operations, can enhance profitability and growth, but also introduces significant risks, especially in developing economies. By analyzing various models and empirical studies, the paper discusses the role of leverage in determining financial performance, highlighting both its potential advantages and the dangers of excessive debt. The research draws on theoretical frameworks, such as

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Sim, Geum-Ok, and Hyun-Ah Lee. "Characteristics of firms that issue redeemable convertible preferred stock: Evidence from South Korea." GLOBAL BUSINESS FINANCE REVIEW 27, no. 6 (2022): 40–51. http://dx.doi.org/10.17549/gbfr.2022.27.6.40.

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Purpose: The issuance of redeemable convertible preferred stock (RCPS) has been steadily increasing in Korea since the revision of the Commercial Act, which allows firms to issue various types of stocks, in 2010. This study aims to verify equity financing behavior by examining the characteristics of firms that issue RCPS. Design/methodology/approach: Using a sample of 12,768 firm-year observations of Korean listed companies from 2011 to 2018, this study conducts univariate and multivariate analyses to examine the factors that affect firms' decisions regarding RCPS issuance. For multivari

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Uyar, Ali, and Mustafa Kemal Guzelyurt. "Impact of firm characteristics on capital structure choice of Turkish SMEs." Managerial Finance 41, no. 3 (2015): 286–300. http://dx.doi.org/10.1108/mf-01-2014-0016.

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Purpose – The purpose of this paper is to investigate whether SMEs have a target debt ratio or not; who makes financing decisions for investments; the financing preferences; and which factors play a role in external financing policy of the firms. Design/methodology/approach – The authors adopted questionnaire survey methodology in the study. The questionnaire was administered to SMEs operating in Istanbul through e-mail, telephone, and fax in July 2011. For the analysis, the authors have adopted the non-parametric test of the Kruskal-Wallis. Findings – The study produced several important find

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Gajdosikova, Dominika, and Katarina Valaskova. "Bankruptcy Prediction Model Development and its Implications on Financial Performance in Slovakia." Economics and Culture 20, no. 1 (2023): 30–42. http://dx.doi.org/10.2478/jec-2023-0003.

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Abstract Research purpose. Financial distress being a global phenomenon makes it impact firms in all sectors of the economy and predicting corporate bankruptcy has become a crucial issue in economics. At the beginning of the last century, the first studies aimed to predict corporate bankruptcy were published. In Slovakia, however, several prediction models were developed with a significant delay. The main aim of this paper is to develop a model for predicting bankruptcy based on the financial information of 3,783 Slovak enterprises operating in the manufacturing and construction sectors in 202

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Prana, Indra, Dirgahayu Erri, Diana Tambunan, and Intan Kusuma Dewi. "EXPLORING THE INTERSECTION OF FINANCIAL DISTRESS, MARKET DIVERSIFICATION FAILURES, AND RISKY FINANCING: A CASE STUDY OF PT SRITEX’S DECLINE." Dynamic Management Journal 9, no. 2 (2025): 434. https://doi.org/10.31000/dmj.v9i2.13823.

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This study analyzed financial distress prevention efforts at PT Sritex using three prediction models: Springate S-Score, Zeta Score, and Discriminant Analysis. The results show the company is in a high-risk condition based on all three models. The Springate S-Score (0.78 < 1.0) indicates operational inefficiencies, the Zeta Score (1.5 < 1.81) indicates a risk of short-term bankruptcy, and the Discriminant Score (0.45 < 1.0) reflects financial instability. The analysis concluded that this condition could be prevented through strategic measures, including cost efficiency, debt restructu

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Risty, Ilyona, and Ordelia Elizabeth Monica. "CAPITAL STRUCTURE AND FIRM VALUE : A CROSS-COUNTRY ANALYSIS OF INDUSTRIAL COMPANIES." Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) 9, no. 1 (2025): 2927–38. https://doi.org/10.31955/mea.v9i1.5537.

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Capital structure and firm value are the variables tested in this study by analyzing cross-country samples from Indonesia, China, and Thailand. This study uses data from the S&P Capital IQ database for 2022, consisting of companies from various industrial sectors. This study uses STATA software for data processing and regression analysis to test the effect between the two variables. The results of the study that have been empirically tested find a positive relationship between capital structure and firm value of companies in all three countries. In China, Indonesia, and Thailand, where cor

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Adams, L. M. F., and B. E. A. Jayasekara. "Corporate Governance and Capital Structure Decision: A Conceptual Review." Journal of Business Studies 11, no. 1 (2024): 85–100. https://doi.org/10.4038/jbs.v11i1.104.

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Corporate governance and capital structure decisions are critical determinants of a firm’s financial performance, risk management, and long-term sustainability. This conceptual review synthesizes existing literature to examine the interplay between governance mechanisms and financing choices. Drawing upon theories such as agency theory, trade-off theory, and stakeholder theory, this paper explores how governance structures—board composition, ownership concentration, and regulatory frameworks—shape capital structure decisions. Strong governance mechanisms enhance financial discipline, optimize

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Atingi-Ego, Michael, Sayed Timuno, and Tiviniton Makuve. "Public Debt Accumulation in SSA: A Looming Debt Crisis." Journal of African Economies 30, Supplement_1 (2021): i103—i139. http://dx.doi.org/10.1093/jae/ejab023.

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Abstract This paper discusses recent debt trends and evaluates performance of debt sustainability analysis (DSA) conducted in a sample of Sub-Saharan African (SSA) countries over the period 2008–16. Based on qualitative and quantitative analyses, the findings suggest the existence of systematic optimism bias in past DSA vintages resulting from optimistic macro-economic projections that underpin the DSAs. As a result, the DSAs for the sample countries analysed projected higher debt carrying capacities, which in most cases led to a faster pace of debt accumulation during this period. Moreover, t

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Shaheen, Sania. "Cash Flow Volatility and Debt Maturity Structure: Role of Macroeconomic Factors." Business & Economic Review 13, no. 3 (2021): 85–116. http://dx.doi.org/10.22547/ber/13.3.4.

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This study investigated the moderating role of macroeconomic factors in the relationship among CFV and DMS by considering a sample of 380 listed non-financial firms of Pakistan over a period from (1999-2018). Ordered probit regression and executed some standard econometric techniques such as two-way fixed effect, generalized method of moments (GMM), to explain the robustness of main findings. The study findings endeavor that role of macroeconomic factors weakens the CFV relationship with DMS. In addition, carried out a conditional analysis to analyze the effect of cash flow volatility on debt

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Salinger, Rober Miller. "First-Order Determinants of Capital Structure among Listed Manufacturing Companies in the United States of America." Journal of Finance and Accounting 6, no. 4 (2022): 1–14. http://dx.doi.org/10.53819/81018102t4072.

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Capital structure plays a critical role which enables manufacturing firms address the dilemma of whether or not an optimal capital structure can be achieved. The total capital of a firm is composed of both debt and equity which makes up firm’s capital structure. The capital structure of manufacturing firms is made up of a combination of internal financing and external financing of the firm. Internal financing composed of equity, preference share capital and shareholder's funds and external financing composed of long term debt and short term debt of the firm. Internal financing using profits as

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Sazly, Syukron, Dirgahayu Erri, Indra Prana, and Intan Kusuma Dewi. "PT.GARUDA INDONESIA AIRWAYS (TBK) REVIVAL: A STRATEGIC DEBT RESTRUCTURING AND BUSINESS TRANSFORMATION AGAINST BANKRUPTCY." Dynamic Management Journal 8, no. 4 (2024): 1065. https://doi.org/10.31000/dmj.v8i4.12727.

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This study aims to examine the financial challenges faced by PT Garuda Indonesia (Tbk) between 2021 and 2023, focusing on its efforts in debt restructuring and business transformation, as well as the impact of these initiatives on its financial recovery. Using a descriptive research approach, the study analyzes quantitative data, including the Springate S-Score model, which assesses bankruptcy risk by evaluating key financial ratios. The findings show that Garuda experienced severe financial distress in 2021, reflected in a significantly low Springate S-Score, indicating a high likelihood of b

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Rijanto, Arief. "Political connection status decisions and benefits for firms experiencing financial difficulties in emerging markets." Problems and Perspectives in Management 20, no. 3 (2022): 164–77. http://dx.doi.org/10.21511/ppm.20(3).2022.14.

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There is relatively little research exploring the benefits of political connection status decisions for firms experiencing financial difficulties in emerging markets. This paper investigates financially distressed firms that benefit from their political connection status in Indonesia. This study uses three measurements of financial distress as the dependent variables: Altman Z-score, negative working capital, and interest coverage ratio. Firm size, profitability, liquidity, leverage, and operating cash flow are independent variables. Quarterly data for the period from 2012 to 2018 from 327 non

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