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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.

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 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 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.

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.

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.

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.

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.

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.

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.

In the investment world, stock returns are the leading indicator of a company’s performance and the basis for investor decision-making in the capital market. Fluctuations in stock returns reflect market expectations of the company’s prospects. The retail sector in Indonesia is facing significant pressure from post-pandemic shifts in consumer behavior and increased competition. This study aims to analyze the effect of financial distress, company size, liquidity, operating cash flow, and accounting profit on stock returns in retail sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023. This type of research is causally associated with a quantitative approach. The data used is secondary, in the form of financial statements from retail companies. The sampling technique used was purposive, yielding a total of 39 data points from 13 retail companies. Data testing was carried out using SPSS version 24. The results showed that partially, the variables of financial distress, company size, liquidity, and accounting profit had no significant effect on stock returns. Meanwhile, operating cash flow positively impacts stock returns. These findings indicate that fundamental indicators are not always the main determinants of stock returns. Therefore, investors are advised also to consider external factors such as market sentiment, macroeconomic conditions, and government policies that may have a greater influence on stock performance in the capital market.

This study aims to evaluate the effects of profitability, leverage, liquidity, and cash-flow shocks on the financial distress of companies in the hotel, restaurant, and tourism subsector listed on the Indonesia Stock Exchange during the period 2021 to 2024. The research approach employed is quantitative, using logistic regression analysis. The data analyzed are secondary data obtained from the annual financial statements of the respective companies. The results of the study indicate that, simultaneously, the four independent variables significantly influence financial distress. However, based on partial testing, each variable, namely Return on Assets (ROA), Debt to Equity Ratio (DER), Current Ratio (CR), and cash flow shock, does not show a significant relationship with financial distress. These findings imply that the risk of financial distress in this industry cannot be explained solely through a single financial indicator; instead, a more holistic approach is required. This study provides essential contributions to both management and investors in assessing companies' financial condition and formulating appropriate strategic decisions.

This study aims to analyze the financial distress condition of PT Indofarma Tbk during the period of 2022-2024 using the Modified Altman Z-Score Model. The research employs a quantitative approach and utilizes secondary data obtained from the company's annual financial reports published by the Indonesia Stock Exchange. Four key ratios in the Modified Altman Z-Score Model are used to assess the level of financial distress risk, namely: working capital to total assets (X1), retained earnings to total assets (X2), earnings before interest and taxes to total assets (X3), and book value of equity to total debt (X4). The results show that PT Indofarma Tbk's Z-Score value has been well below the threshold of 1.1 for three consecutive years, at -4.97 in 2022, -21.40 in 2023, and -27.19 in 2024. These values indicate that the company is in a serious financial distress condition, with a high risk of bankruptcy. Contributing factors include negative working capital, continuous operational losses, increasing debt levels, and a decline in the company's equity.

This study aims to see whether financial distress, leverage, and profitability affect accounting conservatism in manufacturing companies in the food and beverage subsector listed on the IDX for the 2021–2024 period. The independent variables used are financial distress, leverage, and profitability, while the bound variables are accounting conservatism. Data processing was carried out using the SPSS version 26 program with multiple linear regression methods. Sampling used purposive sampling techniques with certain criteria so that 63 companies were obtained as a sample for four years of observation (2021–2024). Of the total 252 financial statement data, after the deletion of outlier data, the number of data used became 183. The results of the study show that simultaneously financial distress, leverage, and profitability affect accounting conservatism. Partially, these three variables also have a positive effect on accounting conservatism. In addition, these findings indicate that companies with financial pressures and certain levels of financial management tend to apply higher prudential principles in the preparation of their financial statements.

This study aims to determine the relationship between leverage, profitability, and company size on the possibility of financial distress of companies in the textile and garment industry listed on the Indonesia Stock Exchange (IDX) for the period 2022-2024. Several companies were selected using purposive sampling, based on categories determined by the author, such as the availability of data on each company and other relevant factors. The calculations used to analyze the financial difficulties of companies include the Altman Z-score and Zmijewski models, which will then serve as proxies for the dependent variable of financial distress. The results show that the relationship between the independent variables and the dependent variable differs between the models applied. The Altman Z-score model showed results that were more consistent with theoretical expectations, indicating a more robust measure of financial distress in this context. These findings highlight the importance of choosing appropriate models for analyzing financial distress in the textile and garment sector.

The purposes of this study analyze financial distress of non-food retail companies registered on the Indonesia Stock Exchange (IDX) between 2021 to 2024, as impacted by profitability, liquidity, leverage, and firm size. The sample criteria were as follows: (1) companies operating in the non-food retail sector and listed on the IDX during the specified period; (2) companies that consistently presented complete annual financial statements for each year; and (3) companies whose financial statements indicated that they reported a profit in the current year. Purposive sampling was employed to select the sample, resulting in 25 companies with a total of 100 observations. This research employed a quantitative approach using secondary data. The data were analyzed using multiple linear regression in SPSS version 25. The results of the partial test (t-test) revealed that profitability (ROA) and liquidity (CR) had a significant positive effect on financial distress. This suggests that higher profitability and liquidity increase the Altman Z-Score, thereby reducing the risk of a company experiencing financial distress. In contrast, leverage (DAR) and firm size (LN) were found to have no significant effect. These results emphasize the dominant role of internal factors, particularly profitability and liquidity, in shaping the financial condition of non-food retail companies in Indonesia.

Green accounting procedures have been adopted by numerous companies in response to the growing global focus on environmental responsibility. Nonetheless, monetary instability is still a major obstacle that can reduce productivity in Indonesia's manufacturing sector. The purpose of this research is to analyze industrial businesses listed on the Indonesia Stock Exchange from 2019 to 2023 and see how green accounting, financial crisis, and earnings management affect financial performance. The population in this study consists of 68 industrial sector companies, with a sample of 7 companies selected through purposive sampling based on 4 criteria. We used EViews software and Moderated Regression Analysis (MRA) for a quantitative approach. First, financial distress has a significant impact on financial performance. Second, green accounting has a significant positive effect on financial performance. Third, earnings management does not moderate the relationship between financial distress and financial performance. Fourth, earnings management does not moderate the relationship between green accounting and financial performance. With an Adjusted R-Square value of 79.73%, the study model has a high level of explanatory power. It may be used to explain the majority of the variation in financial performance. This shows that the constructed model is applicable and fits the empirical data well. Transparent reporting and real sustainability initiatives are still vital for improving company results, according to these results, as profits management methods do not change the impact of environmental and financial variables, which are important drivers of performance.

Taxes are a primary source of government revenue and play a crucial role in economic development. However, tax avoidance practices are still widely practiced by companies, including in the mining sector, which has significant potential to generate state revenue. This study aims to examine the influence of financial distress, corporate governance (independent commissioners and audit committees), and institutional ownership on tax avoidance in mining companies listed on the Indonesia Stock Exchange for the 2020–2023 period. The study population consisted of 83 companies, and through purposive sampling, 61 companies were selected, with a total of 244 observations. The analysis used panel data regression with the help of Eviews 25. The results indicate that financial distress and institutional ownership have a positive effect on tax avoidance, while independent commissioners and audit committees have a negative effect on tax avoidance. These findings suggest that a company's financial condition and ownership structure play a significant role in determining tax avoidance policies.