scholarly journals On the Convergence of Financial Distress Propagation on Generic Networks

2021 ◽  
Author(s):  
Irene Unceta ◽  
Bernat Salbanya ◽  
Jordi Nin
Keyword(s):  
Steady State ◽  
Cash Flow ◽  
Financial Distress ◽  
Network Structures ◽  
Initial State ◽  
Collective Behaviors ◽  
The Core ◽  
Structure And Dynamics ◽  
Open Question ◽  
A Company

Financial networks represent the daily business interactions of customers and suppliers. Research in this domain has mainly focused on characterizing different network structures and studying dynamical processes over them. These two aspects, structure and dynamics, play a key role in understanding how emergent collective behaviors, such as those that arise during economic crises, propagate through networks. Business interactions between companies form a direct and weighted network, where the financial distress of a node depends on the ability of its customers to fulfill payments. In situations where there is no such inbound cash flow, a company may have to close down due to a lack of liquidity. Interconnection therefore seems to be at the core of systemic fragility. Whether the nature and form of this connection may have an impact on how distress is propagated is still an open question. In this paper, we study how disruptive events propagate through different network structures, under different scenarios. For this purpose, we use a liquidity model that describes how the economy of nodes evolves from a given initial state in terms of their interactions. From our experiments, we empirically conclude that most of the studied network dynamics reach a steady-state, even in the presence of large noise values.

scholarly journals PENGARUH RETURN ON ASSET DAN ARUS KAS UNTUK MEMPREDIKSI KONDISI FINANCIAL DISTRESS

2019 ◽  
Vol 4 (1) ◽  
pp. 21-37
Author(s):  
Fatahillah Fatahillah ◽  
Fitriya Sari
Keyword(s):  
Logistic Regression ◽  
Cash Flow ◽  
Chemical Industry ◽  
Financial Distress ◽  
Stock Exchange ◽  
Flat Glass ◽  
Secondary Data ◽  
Information Value ◽  
Publicly Traded Companies ◽  
A Company

This study aimed to examine the effect of the Return On Asset (ROA) and the cash flow for prediction of financial distress in the company go public manufacturing basic chemical industry sector. This study was a descriptive study with a quantitative approach. Samples are six publicly traded companies included in the basic chemical industry sub-sector with the study period 2009-2013. The six companies are PT. Asahimas Flat Glass Tbk, PT. Arwana Citra Mulia Tbk, PT. Ceramic core Alamasri Industry Tbk, PT. Assosiasi Keramika Indonesia Tbk, PT. Industrindo Mulia Tbk and PT. Surya Toto Indonesia Tbk. This study uses secondary data obtained from the annual financial statements published by the company on the Indonesian Stock Exchange website. Data analysis technique used by logistic regression. The results of this study prove that the ROA and cash flow have a significant effect in predicting the company'sfinancial distress. The information value of profit after tax (EAT) has the ability to predict financial distress in a company. This is demonstrated by the significant values are under 0.05. The information value of cash flow (CF) has no significant effect. It is seen from the logistic regression test value of 0.938 which means that cash flow information does not have the ability to predict financial distress of a company.

scholarly journals PENGARUH ARUS KAS OPERASI, LIKUIDITAS, LEVERAGE, DIVERSIFIKASI, DAN UKURAN PERUSAHAAN TERHADAP FINANCIAL DISTRESS (Studi empiris pada perusahaan sektor aneka industri yang terdaftar di BEI 2014-2016)

2019 ◽  
Vol 8 (1) ◽  
Author(s):  
Febriyan Febriyan, Ari Hadi Prasetyo
Keyword(s):  
Cash Flow ◽  
Financial Distress ◽  
Technology Development ◽  
Descriptive Analysis ◽  
Secondary Data ◽  
Wald Test ◽  
Positive Direction ◽  
Regression Test ◽  
A Company ◽  
Logistic Regression Test

Recent era technology development escalate competition among companies. Most companies that unable overcome competion will not maximaze their profit, even tend to experience operating loss and the other side put the firm into financial distress. This research aims examine whether cash flow from operation, liquidity, leverage, diversification, and size are predictors that can be use to analyze companies financial distress. The sample of this research are 22 company related to various industry sector listed on IDX for year 2014-2016, the sample obtained is 66 companies. Stattistical technic analysis used are descriptive analysis, pooling test, logistic regression test , Hosmer and Lemeshow’s Goodness, Wald Test, -2 Log Likelihood test, and Nagelkerke’s R Square test. The data collected from secondary data, downloaded from www.idx.co.id. The research results shows that there is not enough evidence that cash flow from operation, liquidity, diversification, and size give significant effect to financial distress of company. While leverage have enough evidence gives significant effect with positive direction to the possibilty of financial distress of a company. Keywords : Cash Flow From Operation, Liquidity, Leverage, Diversification, Size, and Financial Distress

scholarly journals Pengaruh Likuiditas, Profitabilitas, Financial Leverage, dan Arus Kas Operasi Dalam Memprediksi Kondisi Financial Distress

2021 ◽  
Vol 16 (2) ◽  
pp. 68-86
Author(s):  
Dita Maretha Rissi ◽  
Lisa Amelia Herman
Keyword(s):  
Cash Flow ◽  
Financial Distress ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Analysis Method ◽  
Financial Leverage ◽  
Operating Cash Flow ◽  
Profit Value ◽  
A Company

Financial distress occurs before the bankruptcy of a company. Thus the financial distress model needs to be developed, because by knowing the company's financial distress from an early age, it is hoped that actions can be taken to anticipate conditions that lead to bankruptcy. Financial distress can be measured through financial statements by analyzing financial statements. This study aims to determine and analyze the effect of liquidity, profitability, financial leverage, and operating cash flow in predicting financial distress conditions for manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. Data from the company's official website and completed from the IDX and ICMD websites. There are independent variables, namely liquidity, profitability, financial leverage, and operating cash flow, while the dependent variable in this study is financial distress. The data analysis method used in this research is logistic regression analysis method which aims to determine the role of each independent variable in influencing the dependent variable. The results of this study indicate that liquidity has no effect on financial distress, meaning that if the company is able to pay its debts well, then it is likely that the company will not experience financial distress. Profitability has no effect on financial distress, meaning that the size of the company's profit value has no effect on the company so that it avoids financial distress conditions. Financial leverage has a positive effect on financial distress, meaning that if the company has higher debt and is not followed by high sales results, it can allow failure to pay debts which causes the company to be in financial distress. Cash flow has no effect on financial distress, meaning that if the company has a good operating cash flow value, it will not experience financial distress.

Pengaruh Perubahan Laba, Arus Kas Operasi, DER dan DAR Terhadap Financial Distress pada Perusahaan Sub Sektor Semen, Keramik Porselin dan Kaca yang Terdaftar di BEI Tahun 2015 – 2019

2021 ◽  
Vol 11 (1) ◽  
pp. 1-14
Author(s):  
Ananda Rama Dhani ◽  
Nolla Puspita Dewi
Keyword(s):  
Cash Flow ◽  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Sample Selection ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Equity Ratio

This study aims to (1) determine the effect of Profit Changes on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (2) determine the effect of Operational Cash Flow on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (3) determine the effect of Debt To Equity Ratio (DER) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesian Stock Exchange (4) determine the effect of Debt To Asset Ratio (DAR) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (5) determine the effect of Profit Changes, Operational Cash Flow, Debt T Equity Ratio (DER), Debt To Asset Ratio (DAR) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange. The period used in this study is the period 2015-2019.The population in this study were Manufacturing companies in the sub-sector of cement, porcelain and glass which are listed on the Indonesia Stock Exchange. The sample selection used purposive sampling method.

scholarly journals PENGARUH FREE CASH FLOW, FINANCIAL DISTRESS, DAN INVESTMENT OPPORTUNITY SET TERHADAP MANAJEMEN LABA

2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Sally Irawan ◽  
Prima Apriwenni
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Financial Distress ◽  
Stock Exchange ◽  
Total Sample ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Purposive Sampling ◽  
Investment Opportunity Set ◽  
Positive Effect

<p><strong><em>ABSTRACT :  </em></strong><em>Stakeholders pay attention to the earnings report, thus encouraging company managers to plan strategies to produce reports expected by stakeholders. Earnings management is one way that can be done. Managers can intervene the earnings management by increasing or decreasing profit in order to achieve a certain level of profit which benefits himself or the company. This study aims to determine the influence of free cash flow, financial distress, and investment opportunity set on earnings management. </em><em>The research sample consisted of 11 infrastructure, utility, and transportation companies listed on the Indonesia Stock Exchange in 2014-2018 with the total sample of 55 data. This study used a purposive sampling method and was tested with SPSS 22.0 Software. The results show that the data have met the pooling test, classical assumptions and established criteria. The results of the F test show that the earnings management variable is affected simultaneously by free cash flow, financial distress, and investment opportunity set variables. The t test results show that the free cash flow and investment opportunity set have a significant positive effect on earnings management, whereas financial distress does not. In sum, there is enough evidence that free cash flow and investment opportunity set positively affect earnings management, but financial distress does not have enough evidence to influence earnings management.</em></p><p><strong><em>Keywords: </em></strong><em> Earnings Management, Free Cash Flow, Investment Opportunity Set, Financial Distress.</em></p><p><em> </em></p><p><strong>ABSTRAK:</strong> Laporan laba menjadi perhatian para <em>stakeholders</em> sehingga mendorong manajer perusahaan melakukan perencanaan strategi untuk menghasilkan laporan yang diharapkan <em>stakeholder</em>. Manajemen laba adalah salah satu cara yang dapat dilakukan. Intervensi manajer untuk melakukan manajemen laba dengan cara menaikkan atau menurunkan laba guna mencapai tingkat laba tertentu untuk menguntungkan dirinya sendiri atau perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh <em>free cash flow, financial distress, </em>dan <em>investment opportunity set </em>terhadap manajemen laba. Sampel penelitian ini adalah perusahaan infrastruktur, utilitas, dan transportasi yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Total sampel yang digunakan adalah 11 perusahaan dengan data observasi yang diperoleh sebanyak 55. Teknik pengambilan sampel yang digunakan adalah <em>non-probability sampling</em> dengan menggunakan metode <em>purposive sampling</em> dan pengujian yang dilakukan dengan bantuan <em>software</em> SPSS 22.0. Hasil penelitian dari data yang digunakan,  untuk uji pooling dan asumsi klasik telah lulus uji dan sudah memenuhi kriteria yang ditetapkan. Hasil uji F menunjukkan bahwa variable manajemen laba dipengaruhi secara simultan oleh variable <em>free cash flow, financial distress, </em>dan <em>investment opportunity set. </em>Dari hasil uji t memperlihatkan hasil bahwa <em>free cash flow </em>dan<em> investment opportunity set </em>mempunyai nilai signifikan positif terhadap manajemen laba, tapi untuk <em>financial distress </em>tidak mempunyai nilai signifikan terhadap manajemen laba. Kesimpulan dari penelitian ini adalah<em> free cash flow </em>dan <em>investment opportunity set </em>berpengaruh positif terhadap manajemen laba, sedangkan <em>financial distress </em>tidak berpengaruh terhadap manajemen laba.</p><p><strong>Kata Kunci:</strong> Manajemen Laba,<em> Free Cash Flow,  Investment Opportunity Set, Financial Distress</em></p><p> </p>

scholarly journals ARUS KAS, CASH HOLDING, KENDALA PENDANAAN DAN INVESTASI DI INDONESIA

AdBispreneur ◽  
2019 ◽  
Vol 3 (2) ◽  
pp. 169
Author(s):  
Risal Rinofah
Keyword(s):  
Cash Flow ◽  
Financial Constraints ◽  
Average Rate ◽  
Cash Flows ◽  
Cash Holding ◽  
Investment Level ◽  
Show Evidence ◽  
The Impact ◽  
A Company ◽  
Positive Effect

ABSTRACTThis study aims to detect Cash Flow, Cash Holding and Financial Constraints effect on investment decisions of companies in Indonesia. Some of the previous studies outside Indonesia show evidence of the impact of cash flows and financial constraints on it’s investment level.Using Multiple Regression and Logistic Regression model, on five years data observation shows that cash flow and cash holding have a positive effect on investment level. Interaction test shows the effect of cash flow on investment in financially constrained different from financially unconstrained companies. In other words, the average rate of investment changes caused by the level of cash flow is the same for both companies. While the effect of cash holding on investment, no different in the company that financially constraint and financially unconstraint company.The contribution of this research is to provide insight to the parties related to the importance of cash flow and cash holding to the investment of a company. Based on the results it can be concluded that companies that have cash flow and high cash holding have greater investment opportunities, especially in companies that have problems in finding sources of funding.   ABSTRAKPenelitian ini bertujuan untuk mendeteksi pengaruh Arus Kas, Cash Holding dan Kendala Finansial terhadap keputusan investasi perusahaan di Indonesia. Beberapa penelitian sebelumnya di luar Indonesia menunjukkan bukti ada pengaruh Arus Kas dan Kendala Keuangan pada tingkat investasi.Dengan menggunakan model Regresi Berganda dan Regresi Logistik, pada pengamatan data selama lima tahun menunjukkan bahwa Arus Kas dan Cash Holding berpengaruh positif terhadap tingkat investasi. Uji interaksi menunjukkan pengaruh Arus Kas terhadap investasi pada perusahaan yang mengalami kendala pendanaan berbeda dengan perusahaan yang tidak mengalami kendala pendanaan. Dengan kata lain, tingkat rata-rata perubahan investasi yang disebabkan oleh tingkat arus kas adalah sama untuk kedua perusahaan. Sedangkan pengaruh Cash Holding terhadap investasi, tidak berbeda pada perusahaan yang mengalami kendala pendanaan maupun tidak.Kontribusi dari penelitian ini adalah untuk memberikan wawasan kepada pihak-pihak yang terkait dengan pentingnya arus kas dan Cash Holding untuk investasi perusahaan. Berdasarkan hasil tersebut dapat disimpulkan bahwa perusahaan yang memiliki Arus Kas dan Cash Holding yang tinggi memiliki peluang investasi yang lebih besar, terutama pada perusahaan yang memiliki masalah dalam mencari sumber pendanaan. 

Study on the Steady State Thermal Circuit Model of 10kV Three-Core Cable Based on the Shape Factor Method

2014 ◽  
Vol 1008-1009 ◽  
pp. 593-597
Author(s):  
Wen Xiang Li ◽  
Rui Bo Su ◽  
Gang Liu ◽  
Peng Wang ◽  
Yi Xuan Chen
Keyword(s):  
Heat Transfer ◽  
Steady State ◽  
Shape Factor ◽  
Field Research ◽  
Circuit Model ◽  
The Finite Element Method ◽  
Heat Transfer Characteristics ◽  
Thermal Circuit ◽  
The Core ◽  
Conductor Temperature

The core of the 10kV three-core cable is in the shape of a trefoil. Not all the radial direction of the actual heat transfer characteristics are the same. The finite element method serve as the three core cable temperature field research method in this text, in order to analyze the internal temperature distribution of three core cable, establish a steady state thermal circuit model in accordance with the characteristics of heat transfer from the cable conductor to the surface in the three-core cable , give the calculation of conductor temperature algorithm, and calculate the various parameters in the model.

Numerical Experiments of Coolant Mixing in a Lower Plenum of PWR Under Asymmetric Thermal- Hydraulics Conditions

2006 ◽  
Author(s):  
Masanori Ohtani ◽  
Akito Kozuru ◽  
Yasuyuki Kashimoto ◽  
Mitsuto Montani ◽  
Koutaro Takeda ◽  
...  
Keyword(s):  
Steady State ◽  
Temperature Distribution ◽  
Turbulent Mixing ◽  
Numerical Experiments ◽  
Time Dependent ◽  
Inlet Temperature ◽  
Velocity Fluctuations ◽  
The Core ◽  
State Calculation ◽  
Lower Temperature

Asymmetric thermal-hydraulic conditions among primary loops during a postulated steam line break (SLB) induce a non-uniform temperature distribution at a core inlet. When coolant of lower temperature intrudes into a part of core, it leads to a reactivity insertion and a local power increase. Therefore, an appropriate model for the core inlet temperature distribution is required for a realistic SLB analysis. In this study, numerical experiments were conducted to examine the core inlet temperature distribution under the asymmetric thermal-hydraulic coolant conditions among primary loops. 3D steady-state calculations were carried out for Japanese standard Pressurized Water Reactor (PWR) such as 2, 3, 4 loop types and an advanced PWR. Since the flow in a reactor vessel involves time-dependent velocity fluctuations due to a high Reynolds number condition and a complicated geometry of flow path, the turbulent mixing might be enhanced. Hence, the turbulent thermal diffusivity for the steady-state calculation was examined based on experimental results and another transient calculation. As a result, it was confirmed that (1) the turbulent mixing in a downcomer and a lower plenum were enhanced due to time-dependent velocity fluctuations and therefore the turbulent thermal diffusivity for steady-state calculation was specified to be greater, (2) the core inlet temperature distribution predicted by a steady-state calculation reasonably agreed with a experimental data, (3) the patterns of core inlet temperature distribution were comprehended to be dependent on the plant type, i.e. the number of primary loop and (4) under a low flow rate condition, the coolant of lower temperature appeared on the opposite side of the affected loop due to the effect of a natural convection.

scholarly journals Effects of Sales, Receivables Turnover, and Cash Flow on Liquidity

2019 ◽  
Author(s):  
Rusdiyanto Rusdiyanto ◽  
Dian Agustia ◽  
Soegeng Soetedjo ◽  
Dina Fitrisia Septiarini ◽  
Susetyorini Susetyorini ◽  
...  
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Financial Statement ◽  
Sales Growth ◽  
Accounts Receivable ◽  
Operating Cash Flow ◽  
Google Search ◽  
A Company

In this study, the author proposes to evaluate the effect of sales growth, Receivable Turnover and operating cash flow on the liquidity of PT. Unilever Indonesia Plc. The research method used is descriptive method with a quantitative approach. In this statement, the population used in this study is the financial statement data from PT. Unilever Indonesia Plc. from 2010 to 2018, the technique of determining the sampling uses Purposive Sampling. This research data uses secondary data from PT. Unilever Indonesia Plc financial statements from 2010 to 2018. All data sources were obtained from the website of the Indonesia Stock Exchange at https://www.idx.co.id, the company's website and Google search. Our analysis reveals that sales growth and accounts receivable turnover from PT. Unilever Indonesia Plc. has no influence on the liquidity of PT. Unilever Indonesia Plc, while operating cash flow has an influence on the Liquidity of PT Unilever Indonesia Plc. This means the ups and downs of the value of sales and accounts receivable turnover of a company has no influence on the liquidity of PT. Unilever Indonesia Plc, while operating cash flow has increased or decreased has an influence on the liquidity of PT Unilever Indonesia Plc. The value of sales growth, accounts receivable turnover and operating cash flow can explain the liquidity of PT Unilever Indonesia Plc. by 78%, while 22% is explained by other factors which are not included in this study.

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