Financial Distress in Relation to Board Characteristics and Political Connections: An Empirical Study of Companies with Special Notations on the Indonesian Stock Exchange
Keywords:
Financial Distress, Proportion of Independent Commissioners, Size of the Board of Commissioners, Size of the Board of Directors: Women's Representation on the Board of Directors, Women's Representation on the Board of Commissioners, Political Connection, ProfitabilityAbstract
This study aims to prove the influence between board characteristics and political connections on financial distress conditions with profitability as a control variable. This study uses secondary data from the annual financial statements of companies with special notations in Indonesia listed on the IDX. The sampling technique used purposive sampling and obtained 77 companies. The data analysis technique used is panel data analysis technique with the help of the EViews 12 program. The results showed that there is an influence between women's representation on the board of commissioners with financial distress condition. However, the results do not support the influence between the proportion of independent commissioners, the size of the board of commissioners, the size of the board of directors, the representation of women on the board of directors and political connections . The limitation of this study is that the political connection variable in this study is only seen from directors, board of commissioners, secretaries, board members with military backgrounds and direct shareholders. This research was also only conducted on companies listed on the IDX in the 2022-2023 period that received special notations B, M, A, E, D, S, C, Q, Y, F, G, V, X. Companies that get other special notations besides those mentioned above are not included as samples. Therefore, further research can expand the criteria for political connections with major shareholders or company owners who may be politically connected. In addition, the scope of research can be expanded by increasing the sample used and can add other variables in order to show more effective results from related variables
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