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This study aims to systematically analyze the implementation of severance pay policy as a manifestation of post-employment compensation and its profound impact on the harmony of industrial relations within the regulatory framework of the Omnibus Law in Indonesia. Utilizing a Systematic Literature Review (SLR) methodology aligned with the PRISMA framework, this research comprehensively synthesizes data from 25 selected academic articles encompassing human resource management, employment law, and organizational behavior. The findings reveal that the paradigm shift from the previous labor regulations to the Omnibus Law framework has fundamentally altered the calculation mechanisms and statutory floors for severance pay. While these legislative adjustments are strategically designed to enhance organizational agility and mitigate financial distress for corporations, they have engendered substantial apprehension among the workforce regarding the degradation of normative rights. Consequently, this policy transformation presents a critical challenge to sustaining industrial harmony, frequently precipitating labor disputes, diminishing employee morale, and intensifying bipartite conflicts. This study recommends that human resource practitioners proactively develop transparent communication strategies and design complementary post-employment benefit architectures to restore distributive justice. Furthermore, policymakers are urged to institute robust oversight mechanisms to ensure equitable implementation and safeguard worker welfare without compromising long-term business sustainability.

Financial distress has become a critical issue for companies operating in highly competitive and capital-intensive industries, making effective corporate governance and the efficient utilization of intangible resources increasingly important for ensuring long-term financial sustainability. This study aims to examine the effect of Good Corporate Governance on Financial Distress and to investigate the mediating role of Intellectual Capital in this relationship. The research employs a quantitative explanatory approach using panel data from 23 energy and mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period, resulting in 92 firm-year observations. Secondary data obtained from annual reports and financial statements were analyzed using descriptive statistics, classical assumption tests, panel regression analysis, and mediation analysis. The findings indicate that Good Corporate Governance has a significant negative effect on Financial Distress, suggesting that stronger governance practices improve financial stability and reduce the likelihood of financial difficulties. Intellectual Capital also demonstrates a significant negative effect on Financial Distress and partially mediates the relationship between Good Corporate Governance and Financial Distress. These findings imply that effective governance combined with the strategic management of intellectual resources enhances organizational resilience and supports sustainable corporate performance. The study contributes to the literature by integrating governance quality and intellectual capital into a single framework for explaining financial distress and provides practical insights for managers, investors, and policymakers in strengthening corporate sustainability.

The purpose of this study is to analyze the influence of Corporate Social Responsibility (CSR), Financial Distress, and Altman Z-Score on Dividend Decisions in automotive sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2025 period. This study is motivated by fluctuations in the Dividend Payout Ratio (DPR) in the automotive sector, which indicates changes in company dividend policy due to economic conditions, financial performance, and non-financial factors that influence management decision-making. The research method used is a quantitative approach with a causal associative research type to examine the relationship between the independent and dependent variables. The study population consists of automotive sector companies listed on the IDX, while the sample was determined using a purposive sampling technique based on certain criteria. Research data were obtained from annual reports and company financial statements for the 2020–2025 period. Data analysis was carried out using the Dividend Payout Ratio (DPR) as a proxy for dividend decisions and statistical testing to determine the effect of CSR, Financial Distress, and Altman Z-Score on company dividend, the data were processed using SPSS.

The purpose of this study is to examine the impact of financial constraints on workforce management practices in agricultural companies listed on the Indonesia Stock Exchange between 2022 and 2025. Earnings management was measured using the DeAngelo Discretionary Accrual model, while financial distress was measured using the Altman Z-Score. A purposive sample yielded 32 observations, and the data were analyzed quantitatively using simple linear regression in SPSS. The analysis results showed that Financial Distress had no significant effect on Earnings Management, with a significance value of 0.718 (>0.05). The coefficient of determination (R²) of 0.004 indicates that only 0.4% of the variation in earnings management practices can be explained by financial distress, while the remaining 99.6% is influenced by factors outside this model. This finding suggests that the adoption of earnings management strategies in pharmaceutical companies is not primarily driven by financial distress. Therefore, it is recommended that future research include additional variables that could potentially influence earnings management.

This study aims to analyze the comparison of financial distress levels measured using the Current Ratio (CR) and the Altman Z-Score model and their relationship with stock returns in PT Charoen Pokphand Indonesia Tbk and PT Japfa Comfeed Indonesia Tbk during the period 2020–2025. The research method used is a quantitative approach with a comparative design, and the sampling technique applied is purposive sampling. Data analysis was conducted using descriptive statistics and multiple linear regression.The results indicate that there is no statistically significant difference between the two companies in terms of hal Likuidity (Current Ratio) dan Financial Distress (Altman Z-Score). Descriptively, CPIN has an average Current Ratio of 1.959 and a Z-Score of 3.700, while JPFA shows slightly lower values but remains within the safe zone. Furthermore, regression results reveal that liquidity and financial distress do not have a significant effect on stock returns. Both companies are classified in the safe zone, indicating a healthy financial condition and low risk of financial distress, while stock returns tend to be volatile and influenced by external factors.The study recommends that companies maintain a balance between liquidity, profitability, and capital structure to sustain financial stability. Investors are advised to consider not only financial ratios but also external factors in decision-making. Future researchers are encouraged to expand the sample size and include additional variables to obtain more comprehensive results.

This study aims to analyze the influence of profitability and capital structure on firm value, taking into account the role of financial condition as a mediating variable and corporate governance as a moderating variable. The main variables used include profitability (ROA), capital structure (DER), financial condition (Altman Z-score), firm value (Tobin’s Q/PBV), and independent commissioners as a moderating variable. This study employs a quantitative approach using secondary data analyzed via regression models, moderation tests, and the Sobel mediation test. The study was conducted on 45 companies from the property and real estate sectors that met the sample criteria, covering the period from 2019 to 2024. The results indicate that profitability does not significantly affect financial condition or firm value. Conversely, capital structure has a significant negative effect on financial condition but a significant positive effect on firm value. Furthermore, independent commissioners were found to mitigate the negative impact of capital structure on financial health. This study contributes by integrating mediation and moderation roles into a single model, and demonstrates that the relationship between financial variables and firm value is complex and contextual. These findings have implications for management and investors in understanding the importance of managing capital structure and financial health, and reinforce the role of corporate governance in risk management.

This research aims to obtain empirical evidence about the influence of company growth, financial distress, opinion shopping, and political costs on going concern audit opinion with earnings management as a moderating variable. This research uses a quantitative type of research. The sample in this study was 33 banking sub-sector companies listed on the Indonesia Stock Exchange in 2014-2023. The analysis technique used to test the hypothesis is multiple regression analysis using Eviews 9 software. The results of this study found that Company Growth has a negative and statistically significant effect on Going Concern Audit Opinion, as well as Financial Distress has a negative and statistically significant effect on Going Concern. Audit Opinion, while Opinion Shopping has a positive and statistically insignificant effect on Going Concern Audit Opinion, Political Cost has a positive and statistically significant effect on Going Concern Audit Opinion, and Earnings Management has a negative and statistically significant effect on Going Concern Audit Opinion. Then, Earnings Management strengthens the influence of Company Growth on Going Concern Audit Opinion, likewise Earnings Management does not strengthen the influence of Financial Distress on Going Concern Audit Opinion, besides that, Earnings Management strengthens the influence of Opinion Shopping on Going Concern Audit Opinion, and Earnings Management does not strengthen the influence of Company Growth towards Going Concern Audit Opinion

This research investigates how profitability, leverage, activity levels, and company scale impact financial distress in property and real estate firms traded on the Indonesia Stock Exchange. The selection of this sector stems from its high exposure to economic ups and downs, leaving its businesses particularly prone to financial troubles. Independent factors in the analysis include profitability, leverage, activity, and firm size, with financial distress serving as the outcome variable. Samples were drawn via purposive sampling from property and real estate entities listed on the Indonesia Stock Exchange over the 2022–2024 timeframe. Adopting a quantitative design, the study applies multiple linear regression as its core analytical tool. STATA version 17 handled the data analysis. Results show that, taken together, the independent variables exert a significant impact on financial distress. Ultimately, firms should optimize their financial metrics and pursue business growth to mitigate financial distress risks.

The integration of Artificial Intelligence (AI) in 2025 has become one of the main pillars in improving operational efficiency in transportation service companies. This study aims to comparatively analyze the potential financial distress of PT GoTo Gojek Tokopedia Tbk as a digital company and PT Blue Bird Tbk as a conventional transportation company. The research employed a quantitative descriptive method using the Operating Cash Flow Ratio (AKO) analysis approach. The data were obtained from consolidated financial statements for the third quarter period from 2023 to 2025. The results indicate that GOTO consistently remained in the financial distress zone with negative ratio values of -0.34, -0.11, and -0.01. However, the implementation of AI technology helped improve operational efficiency, resulting in significant annual ratio improvements. On the other hand, BIRD demonstrated relatively stable and positive cash flow conditions, although in 2025 the company experienced a decline in liquidity with a ratio value of 0.69, which was below the ideal standard of 1.0. This study concludes that the AI trend in 2025 contributed to reducing operational inefficiencies in transportation companies, but it has not fundamentally eliminated the risk of financial distress in digital companies.

The study aims to analyze the influence of financial distress, leverage, and macroeconomic fundamentals on financial reporting fraud in state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. A quantitative approach coupled with multiple linear regression analysis was employed. A saturated sampling technique was used to select 23 companies with 115 observation units. The data used were secondary data from published financial reports on the IDX. The results indicate that financial distress and macroeconomic fundamentals have no effect on financial reporting fraud, while leverage has a positive effect on financial reporting fraud. The model in this study is able to explain 6.9% of the variation in financial reporting fraud, while the remaining amount is influenced by factors outside the model. These findings indicate that companies with high debt levels are more likely to commit financial reporting fraud, while companies with financial problems and high interest rates are less likely to commit financial reporting fraud.

Construction firms listed on the Indonesia Stock Exchange from 2022 to 2024 serve as the focus for investigating how financial distress and firm size impact audit delay, utilizing a quantitative framework anchored in multiple linear regression analysis. Secondary data sourced from the companies' financial statements underpin this examination, where financial distress receives measurement via the Zmijewski model and firm size finds proxy through the natural logarithm of total assets. The timeliness of financial reporting directly tied to audit delay holds paramount importance, as delays compromise information quality available to stakeholders. Partial tests reveal no significant effects from either financial distress or firm size on audit delay, a pattern echoed in simultaneous assessments showing joint insignificance of these variables. Such outcomes point to external influences outside the modeled scope, notably operational complexity, auditor quality, and procedural technicalities in auditing, as primary drivers of delays. For practitioners, these insights underscore the necessity of bolstering internal operational efficiencies alongside enhanced auditor collaborations to expedite financial disclosures. Subsequent investigations ought to incorporate further pertinent variables, fostering deeper and more holistic insights into the phenomenon.

This study aims to analyze the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the period 2015–2024 using the Springate and Grover models. The research employs a quantitative descriptive approach with secondary data obtained from the company’s annual financial statements. Financial distress analysis is conducted by calculating financial ratios included in each model to describe the company’s financial condition over the observation period. The results indicate that PT Garuda Indonesia (Persero) Tbk experienced financial distress during several periods, particularly before and during the COVID-19 pandemic, which was reflected in weakened liquidity, declining profitability, and reduced efficiency in asset utilization. However, following the financial restructuring process after 2021, both the Springate and Grover models show an improvement in the company’s financial condition, indicating a transition toward a more stable non-distress status. Although the Springate and Grover models use different financial indicators and classification approaches, both are able to descriptively capture the dynamics of financial distress experienced by the company. The differences in classification results reflect the distinct focus of each model, where the Springate model is more sensitive to liquidity and operational performance, while the Grover model emphasizes asset profitability. Therefore, the combined use of both models provides a more comprehensive overview of the financial distress condition of PT Garuda Indonesia (Persero) Tbk during the research period.

This study aims to examine and analyze the role of interest rates in strengthening or weakening the effect of Tax Planning and Financial Distress on Firm Value. This research employs a quantitative approach. The population of this study consists of consumer non-cyclical sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020-2024, totaling 128 companies. The research sample was selected using purposive sampling, resulting in 42 companies that met the specified criteria, with a total of 210 observations. Panel Data Linear Regression Analysis and Moderated Regression Analysis (MRA) were conducted using Microsoft Excel and E-Views version 12. The results indicate that Tax Planning has no significant effect on Firm Value, while Financial Distress has a significant effect on Firm Value. Regarding the moderating variable, the interest rate is unable to strengthen or weaken the effect of Tax Planning on Firm Value; however, Interest Rates are able to moderate (weaken) the effect of Financial Distress on Firm Value.

This study aims to analyze the determinants of policy lapse behavior among policyholders of PT Prudential Life Assurance in Medan. The research employs a descriptive qualitative approach involving 10 policyholders selected purposively based on their experience of policy lapse. Data were collected through in-depth interviews, observations, and documentation, and analyzed using data reduction, data presentation, and conclusion drawing techniques. The findings indicate that policy lapse is a multidimensional phenomenon influenced by interconnected economic, cognitive, and service-related factors. Household financial pressures, declining income, and increasing living expenses encourage policyholders to prioritize essential needs over insurance premium payments. In addition, limited financial literacy leads many policyholders to perceive insurance primarily as a financial burden rather than a long-term risk management instrument. Dissatisfaction with agent services, including inadequate communication, insufficient policy education, and weak after-sales assistance, further reduces policyholders’ commitment to maintaining active coverage. The study also finds that policyholders frequently regard insurance as a last-resort liquidity source, supporting the Emergency Fund Hypothesis, whereby policies are surrendered or allowed to lapse during periods of financial distress to meet urgent household needs. This research concludes that policy lapse is often a pragmatic response to economic uncertainty rather than merely a consequence of unwillingness to pay premiums. Therefore, improving product transparency, strengthening financial literacy, and enhancing the role of insurance agents as proactive, solution-oriented financial advisors are essential strategies for increasing long-term policy persistence and customer retention.

Financial distress is a condition of declining financial health of a company that can develop gradually and lead to business failure if not detected early. With the increasing complexity of the business environment and the limitations of conventional statistical methods, Artificial Intelligence/AI is increasingly being adopted in the development of early warning systems (EWS) to predict financial distress. This study aims to examine the development of AI-based EWS research, identify the most widely used algorithms, and evaluate the effectiveness of AI models compared to conventional methods in predicting financial distress. The method used is a comprehensive systematic literature review of 15 relevant scientific articles. The results show that the paradigm has shifted from statistical models to machine learning and deep learning. Random Forest and Artificial Neural Network are the most widely used algorithms and have better predictive performance. This study offers a conceptual synthesis of the progress, effectiveness, and challenges of applying AI in predicting financial distress and opens opportunities for further research on the development of contextual and interpretative EWS.

The increasing intensity of business competition requires companies to maintain strong financial conditions to avoid financial distress that may disrupt business continuity. This study aims to assess the financial stability and predict the potential bankruptcy of PT Sido Muncul Tbk for the 2022–2024 period using the Altman Z-Score model. A descriptive quantitative approach was applied, utilizing secondary data obtained from annual reports published by the Indonesia Stock Exchange and the company’s official website. Five key ratios in the Altman model were used as indicators to evaluate the company’s financial position and resilience. The results show Z-Score values of 4.74 in 2022, decreasing slightly to 4.66 in 2023, and rising again to 4.79 in 2024. These scores are significantly above the safe threshold of 2.675, indicating that the company is in a healthy financial state with a very low risk of bankruptcy. Overall, PT Sido Muncul Tbk demonstrates stable financial performance, supported by a strong capital structure and consistent operational results. The Altman Z-Score model also proves to be an effective early-warning tool for identifying potential financial problems.

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate financial distress, with board gender diversity examined as a moderating variable. Using 96 firm-year observations from manufacturing companies listed on the Indonesia Stock Exchange (2022–2024), the analysis employs variance-based Structural Equation Modelling (SEM). The findings reveal that ESG performance does not exert a statistically significant effect on financial distress, and gender diversity does not moderate this relationship. These non-significant results constitute the central empirical contribution of the study, highlighting that ESG engagement and gender diversity have yet to translate into financial resilience in the Indonesian manufacturing context. The study underscores the importance of contextual factors—such as implementation costs, authenticity of ESG disclosures, and limited female representation on boards—in shaping the effectiveness of sustainability practices. The results provide theoretical implications for Stakeholder and Agency Theory and offer practical insights for managers, regulators, and investors in emerging markets.

Financial statement integrity refers to financial statements that accurately reflect the true condition of a company, without anything being concealed or hidden. The importance of financial statement integrity has become an increasingly pressing requirement that companies must fulfill in order to avoid misleading financial statement users, which could result in erroneous decision-making. This study aims to analyze the influence of managerial ownership, institutional ownership, company size, financial distress, and leverage on financial statement integrity in banking sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021-2023. The research population consists of banking sector companies listed on the IDX during the 2021-2023 period. This study involves 20 companies selected as samples using purposive sampling. The analysis technique used to test the hypotheses is multiple linear regression analysis. The results of this study indicate that managerial ownership, institutional ownership, company size, and leverage do not affect financial statement integrity, while financial distress has a negative effect on financial statement integrity. This study is expected to provide general input to managers or strategists at companies listed on the Indonesia Stock Exchange to always align all interests involved in company management.

The development of digital banks and the operational losses still experienced by PT Bank Aladin Syariah Tbk necessitate a financial health analysis to assess the potential for financial distress. This study aims to assess the potential bankruptcy level of Bank Aladin for the period 2021–2024 using the Modified Altman Z-Score model. The research method is descriptive quantitative with secondary data from annual financial reports and OJK publications, which are analyzed through four main ratios, namely working capital, retained earnings, earnings before taxes, and equity value to total debt. The results show that the Z-Score values are well above the safety threshold, with the highest value of 17.764 in 2021 and the lowest of 9.422 in 2022, mainly driven by high liquidity and equity strength. Thus, it can be concluded that PT Bank Aladin Syariah Tbk is in the Safe Zone category and does not show any potential for bankruptcy during the research period, although an increase in profitability is still needed.

The COVID-19 pandemic significantly affected the financial performance of PT Kereta Api Indonesia (Persero), as reflected in the shift from profit in 2020 to a substantial pre-tax loss in 2021. This change had direct implications for the company’s tax components, particularly current tax and deferred tax, in accordance with PSAK 46 on Income Taxes. This study aims to analyze the changes in current tax and deferred tax between the two reporting periods and to examine the role of deferred tax benefits in reducing the company’s net loss. The research employs a quantitative descriptive approach with a comparative analysis method using secondary data from the company’s interim consolidated financial statements. The findings indicate that in 2021 the company recognized a deferred tax benefit that converted total income tax into a net tax benefit, thereby reducing the company’s net loss by approximately 15.8 percent. These results demonstrate that deferred tax does not merely arise from temporary differences but can function as an instrument of loss mitigation during periods of financial distress. The implications of this study highlight the importance of accurate application of PSAK 46, especially in times of economic downturn, and emphasize the need for realistic assessments of future taxable profits to ensure the reliability of deferred tax asset recognition.