Analisis Struktur Modal Dan Kinerja Operasi Dalam Prediksi Kondisi Financial Distress Sektor Tambang Batubara Go Public

Victor Agustinus Tampubolon

Abstract


This research aims to provide an overview of the growth of the coal mining sector in Indonesia. The background of the enormous potential for the Earth Indonesia owned and empowered as much as possible because it will contribute greatly to the private sector and economic growth in Indonesia. Many private companies that manage coal mining by leaving various problems both externally and internally. Externally many mining companies that do not perform reclamation and CSR (Corporate Social Responsibility). Internally liquidity obligations that can not be run and even lead to bankruptcy. This prompted the authors to examine the extent to which the management company - coal mining companies in managing the company’s financial and operating performance.


Keywords


Capital structure, operating performance financial distress

Full Text:

PDF

References


Apergis, N., and Payne, J. E., (2010). Coal consumption and economic growth: evidence from a panel of OECD countries. Energy Policy, Vol. 38 No. 3, pp. 1353–1359.

Baker, H. K. and Martin, G. S. Capital structure: An overview. In H. Kent Baker and Gerald S. Martin (Eds.). Capital structure and corporate financing decisions: Theory, evidence, and practice, (pp. 1–14). New Jersey: John Wiley & Sons, Inc.

Baños-Caballero, S., García-Teruel, P. J., and Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, Vol. 67 No. 3, pp. 332–338.

Barber, B. M. and Lyon, J. D. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, Vol. 41 No. 3, pp. 359–399.

Brigham, E. F. and Daves, P. R. (2007). Intermediate Financial Management. Mason, OH: Thomson/South-Western.

DeAngelo, H., DeAngelo, L., and Whited, T. M. (2011). Capital structure dynamics and transitory debt. Journal of Financial Economics, Vol. 99 No. 2, pp. 235–261.

Fatah, L. (2008). The impacts of coal mining on the economy and environment of South Kalimantan Province, Indonesia. ASEAN Economic Bulletin, Vol. 25 No. 1, pp. 85–98.

Garlappi, L., and Yan, H. (2011). Financial distress and the cross-section of equity returns. The Journal of Finance, Vol. LXVI No. 3, pp. 789-882.

Guenster, N., Bauer, R., Derwall, J., Koedijk, K. (2010). The economic value of corporate eco-efficiency. European Financial Management, Vol. 17 No. 4, pp. 679–704.

Harjoto, M. A., and Jo, H. (2011). Corporate governance and CSR Nexus. Journal of Business Ethics, Vol. 103 No. 3, pp. 45–67.

Kennerley, M., and Neely, A. (2002).A framework of the factors affecting the evolution of performance measurement systems. International Journal of Operations & Production Management, Vol. 22 No. 11, pp. 1222–1245.

Opler, T. C. and Titman, S. (1994). Financial distress and corporate performance. The Journal of Finance, Vol. XLIX No. 3, pp. 1015-1040.

Powella, R. G.,and Stark, A. W. (2005). Does operating performance increase post-takeover for UK takeovers? A comparison of performance measures and benchmarks. Journal of Corporate Finance, Vol. 11 No. 1-2), pp. 293–317.

Sheikh, N. A. and Wang, Z. (2011). Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, Vol. 37 No. 2, pp. 117–133.

Wruck, K. H. (1990). Financial distress, reorganization, and organizational efficiency. Journal of Financial Economics, Vol. 27 No. 2, pp. 419-444.




DOI: http://dx.doi.org/10.31479/m.v9i2.24

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Creative Commons License
Manajerial is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.