The Effect of Earnings Management, Solvency, and Firm Size on Financial Distress
Keywords:
earnings management, solvency, firm size, financial distress
Abstract
This study was designed to investigate the impact of earnings management, solvency, and firm size on financial distress among manufacturing firms listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The study employs a quantitative methodology based on an associative design. The data consist of secondary data obtained from companies’ financial statements and annual reports. Purposive sampling was used as the sampling technique, resulting in a sample of 131 firms with a total of 393 observations over the three-year period. The analytical method used in this study is binary logistic regression analysis. The empirical results reveal that, when analyzed individually, earnings management has no significant effect on financial distress, solvency exhibits a significant positive effect on financial distress, and firm size demonstrates a significant negative effect on financial distress. Collectively, earnings management, solvency, and firm size have a significant simultaneous effect on financial distress.
References
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Baghaskara, N., & Retnani, E. D. (2023). The Effects of Profitability, Liquidity, Leverage, and Firm Size on Financial Distress in Manufacturing Companies. Journal of Accounting Science and Research (JIRA), 12 (2). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5124
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Cahyaningrum, D., & Budiyanti, E. (2025). Strategies for Protecting the Manufacturing Industry in the Face of U.S. Import Tariff Policies. (2).
List of Factory Closures and Mass Layoffs in 2025: Latest Update on PT Asia Pacific Fibers. (n.d.). Retrieved December 9, 2025, from https://ekonomi.bisnis.com/read/20250805/257/1899362/daftar-pabrik-tutup-dan-phk-massal-2025-terbaru-pt-asia-pacific-fibers#goog_rewarded
A Series of Financial Scandals in the Indonesian Stock Market: Indofarma and Hanson! (n.d.). Retrieved June 17, 2023, from https://www.cnbcindonesia.com/market/20210726191301-17-263827/deretan-skandal-lapkeu-di-pasar-saham-ri-indofarma-hanson
Dewi, J. A. C., & Efendi, D. (2023). The Effects of Inflation, Financial Performance, and Earnings Management on Financial Distress in the Property and Real Estate Sector. Journal of Accounting Science and Research (JIRA), 12 (8). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5458
Hermanto Tanoko’s Company (CLEO) Posts Rp470 Billion in Profit for 2024, Up 46%. (n.d.). Retrieved December 9, 2025, from https://market.bisnis.com/read/20250326/192/1864951/emiten-hermanto-tanoko-cleo-raup-laba-rp470-miliar-per-2024-naik-46#goog_rewarded
Fauzan, M., Buchdadi, A. D., & Musyaffi, A. M. (2024). The Effect of Liquidity, Profitability, and Solvency Ratios on Financial Distress: A Study of Real Estate Companies on the Indonesia Stock Exchange (BEI) from 2019 to 2022. International Journal of Current Economics & Business Ventures, 4 (1). https://scholarsnetwork.org/journal/index.php/ijeb/article/view/45
Fauzan, M. J. N., & Situngkir, T. L. (2023). The Effect of Liquidity, Solvency, and Profitability Ratios on Financial Distress in Companies in the Retail Trade Subsector (Indonesia Stock Exchange, 2016–2020). El-Mal: Journal of Islamic Economics & Business Studies, 4 (4), Article 4. https://doi.org/10.47467/elmal.v4i4.2311
Febriyanti, A., & Haryanto, L. (2024). Analysis of the Effects of Firm Size, Capital Adequacy, Leverage, and Profitability on Financial Distress. Wahana Pendidikan Scientific Journal, 10 (6), 20–34. https://doi.org/10.5281/zenodo.10628369
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Ginanjar, Y., & Rahmayani, M. W. (2021). The Effect of Liquidity, Solvency, and Profitability on Financial Distress in Manufacturing Companies in the Consumer Goods Sector Listed on the Indonesia Stock Exchange (IDX) for the Period 2015–2019. J-AKSI: Journal of Accounting and Information Systems, 2 (1), Article 1. https://doi.org/10.31949/j-aksi.v2i1.1010
Haris, A., & Ghozali, I. (2023). The Role of Profit Management as an Intervening Variable.
Indonesia, B. P. S. (n.d.). Development of the Manufacturing Industry Production Index 2024. Retrieved December 9, 2025, from https://www.bps.go.id/id/publication/2025/08/29/005f8f69b5b8216e792bacd9/perkembangan-indeks-produksi-industri-manufaktur-2024.html
Indrati, M., & Azizah, I. (2022). The Effect of Leverage, Liquidity, and Profitability on Financial Distress. Fair Value: Scientific Journal of Accounting and Finance, 5 (3), Article 3. https://doi.org/10.32670/fairvalue.v5i3.2468
Iskak, M. (May 20, 2024). Unpaid Employee Salaries: How Indofarma Cunningly Manipulated Its Financial Statements | BPK RI Representative Office for East Kalimantan Province. https://kaltim.bpk.go.id/gaji-karyawan-tak-dibayar-begini-liciknya-indofarma-manipulasi-laporan-keuangan/
Kamau, C., Banafa, A., & Kariuki, S. (2022). Correlation between Earnings Management and Financial Distress among Selected Firms in Kenya. Under Review. https://doi.org/10.21203/rs.3.rs-1643310/v3
The Story of PT Sritex: Bankrupt and Burdened by Debt After 58 Years of Success | tempo.co. (n.d.). Retrieved December 9, 2025, from https://www.tempo.co/ekonomi/kisah-pt-sritex-yang-pailit-dililit-utang-setelah-58-tahun-berjaya-1214544
Kristanti, F. T. (2020). Financial Distress: Theory and Its Development in the Indonesian Context. Intelegensia Media. https://openlibrary.telkomuniversity.ac.id/home/catalog/id/156551/slug/financial-distress-teori-dan-perkembangannya-dalam-konteks-indonesia.html
Kusmawati, K. E., Sukadana, I. W., & Suarjana, I. W. (2022). The Influence of Liquidity Ratios, Solvency Ratios, Profitability Ratios, Activity Ratios, and Company Size on Financial Distress in Manufacturing Companies Listed on the Indonesia Stock Exchange from 2018 to 2020. EMAS, 3 (4), Article 4.
Luu Thu, Q. (2023). Impact of Earnings Management and Business Strategy on Financial Distress Risk of Vietnamese Companies. Cogent Economics & Finance, 11 (1), 2183657. https://doi.org/10.1080/23322039.2023.2183657
M, R. (n.d.). Indonesia’s Manufacturing Sector Grows Only 4%—Can the Economy Take Off? CNBC Indonesia. Retrieved December 9, 2025, from https://www.cnbcindonesia.com/research/20250206143806-128-608527/manufaktur-ri-hanya-tumbuh-4-yakin-ekonomi-bisa-terbang
Mahfullah, I., & Handayani, N. (2022). The Influence of Profitability, Solvency, Liquidity, and Company Size on Financial Distress. Journal of Accounting Science and Research (JIRA), 11 (4). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4415
Indonesia’s Manufacturing Sector Is Bleeding; Factories Will Collapse Again in 2025. (n.d.). Retrieved December 9, 2025, from https://www.cnbcindonesia.com/news/20250225161755-4-613539/manufaktur-ri-berdarah-darah-tahun-2025-pabrik-bertumbangan-lagi
Mardianto, M., Christian, N., & Kartikasari, C. (2025). The Effect of Earnings Management and Family Ownership on Financial Distress: The Moderating Role of the Corporate Governance Index. Journal of Development Economics, STIE Muhammadiyah Palopo, 11 (2), 364–382. https://doi.org/10.35906/jep.v11i2.2627
Maula, M. M., Firdausi, M. I., & Badarudin, B. (2023). The Effects of Return on Equity, Current Ratio, and Firm Size on Financial Distress in Non-State-Owned Islamic Banks Listed on the Indonesia Stock Exchange (BEI) for the Period 2015–2021. JIEF Journal of Islamic Economics and Finance, 3 (2), 134–147. https://doi.org/10.28918/jief.v3i2.1764
Meryana, & Setiany, E. (2021). The Effect of Investment, Free Cash Flow, Earnings Management, and Interest Coverage Ratio on Financial Distress. Journal of Social Science, 2 (1), 64–69. https://doi.org/10.46799/jss.v2i1.86
Novelia, R., & Febyansyah, A. (2024). The Effect of Earnings Management, Total Asset Turnover Ratio, Government Subsidies, and Firm Size on Financial Distress. The Effect of Earnings Management, Total Asset Turnover Ratio, Government Subsidies, and Firm Size on Financial Distress, 0 (0). https://digilib.esaunggul.ac.id/UEU-Journal-11_4758/33612
Nuzurrahma, A., & Fahmi, I. (2022). The Effects of Liquidity, Solvency, Efficiency, and Profitability on Financial Distress in Manufacturing Companies Listed on the Indonesia Stock Exchange., 7 (2), Article 2. https://doi.org/10.24815/jimen.v7i3.19744
Growth and contribution of the manufacturing sector (%). (n.d.). Retrieved December 9, 2025, from https://datawrapper.dwcdn.net/IIEFl/1/
Purwohedi, U. (2024). Research Methods:
Ramadani, A., & Ratmono, D. (2023). Financial Distress Prediction: The Role of Financial Ratios and Firm Size. JRAK, 15 (1), 19–26. https://doi.org/10.23969/jrak.v15i1.6428
Rinjani, S. A., & Indrati, M. (2024). The Effects of Earnings Management, Marketing Productivity, and Leverage on Financial Distress. Jurnal Ilmiah Wahana Pendidikan, 10 (5), Article 5. https://doi.org/10.5281/zenodo.10545167
Rohmadini, A., Saifi, M., & Darmawan, A. (2018). The Effect of Profitability, Liquidity, and Leverage on Financial Distress (A Study of Food & Beverage Companies Listed on the Indonesia Stock Exchange, 2013–2016). Journal of Business Administration, 61 (2), Article 2.
Sandi, F. (n.d.). Lapkeu Indofarma Audit Finds Fraud & Losses of Rp 371 M. CNBC Indonesia. Retrieved December 9, 2025, from https://www.cnbcindonesia.com/market/20240525104850-17-541028/audit-kap-lapkeu-indofarma-temukan-fraud-kerugian-rp-371-m
Sayidah, N., Assagaf, A., & Faiz, Z. (2020). Does earnings management affect financial distress? Evidence from state-owned enterprises in Indonesia. Cogent Business & Management, 7 (1), 1832826. https://doi.org/10.1080/23311975.2020.1832826
2 Million Manufacturing Workers Laid Off; Government Blames Flood of Imported Goods. (n.d.). Retrieved December 9, 2025, from https://nu.or.id/nasional/sebanyak-2-juta-buruh-manufaktur-terkena-phk-pemerintah-sebut-karena-derasnya-barang-impor-pY7cA
SECURITIES, P. I. P. (2024a, May 27). Early Signs of the Indofarma Case: Profits Plunge 99.65%, but Audit Findings Are Unqualified. IPOTNEWS. https://www.indopremier.com/ipotnews/newsDetail.php?jdl=Tanda_Awal_Kasus_Indofarma__Laba_Jeblok_99_65%__Tapi_Hasil_Audit_Wajar&news_id=444731&group_news=RESEARCHNEWS&news_date=&taging_subtype=PG002&name=&search=y_general&q=,&page=1
SECURITIES, P. I. P. (October 21, 2024b). ALTO Halts Tirtamas Lestari Operations Due to Continued Losses. IPOTNEWS. https://www.indopremier.com/ipotnews/newsDetail.php?jdl=ALTO_Stop_Operasional_Tirtamas_Lestari_karena_Terus_Merugi&news_id=453367&group_news=RESEARCHNEWS&news_date=&taging_subtype=PG002&name=&search=y_general&q=,&page=1
Setiawati, S. (n.d.). The Origin of Sritex’s Mounting Debt ‘Disaster’ That Led to Bankruptcy. CNBC Indonesia. Retrieved December 9, 2025, from https://www.cnbcindonesia.com/research/20250523181239-128-635797/ini-asal-muasal-petaka-utang-sritex-yang-menggunung-bikin-bangkrut
Subari, D. (2024). The Effect of Financial Ratios and Firm Size on Financial Distress in Transportation Sector Companies Listed on the IDX. Journal of Financial Innovation and Management, 5 (4). https://ijurnal.com/1/index.php/jikm/article/view/287
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Ananada, O. N. O. N., & Wahidahwati, W. (2024). The Effects of Free Cash Flow, Financial Distress, Dividend Policy, and Firm Size on Earnings Management. Journal of Accounting Science and Research (JIRA), 13 (10). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/6160
Baghaskara, N., & Retnani, E. D. (2023). The Effects of Profitability, Liquidity, Leverage, and Firm Size on Financial Distress in Manufacturing Companies. Journal of Accounting Science and Research (JIRA), 12 (2). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5124
caecilia.mediana@kompas.com, C. M.-. (14:23:6). 80,000 People Have Been Laid Off This Year. Kompas.id. https://www.kompas.id/artikel/sepanjang-januari-desember-2024-jumlah-pekerja-terkena-phk-secara-nasional-tembus-80000-orang
Cahyaningrum, D., & Budiyanti, E. (2025). Strategies for Protecting the Manufacturing Industry in the Face of U.S. Import Tariff Policies. (2).
List of Factory Closures and Mass Layoffs in 2025: Latest Update on PT Asia Pacific Fibers. (n.d.). Retrieved December 9, 2025, from https://ekonomi.bisnis.com/read/20250805/257/1899362/daftar-pabrik-tutup-dan-phk-massal-2025-terbaru-pt-asia-pacific-fibers#goog_rewarded
A Series of Financial Scandals in the Indonesian Stock Market: Indofarma and Hanson! (n.d.). Retrieved June 17, 2023, from https://www.cnbcindonesia.com/market/20210726191301-17-263827/deretan-skandal-lapkeu-di-pasar-saham-ri-indofarma-hanson
Dewi, J. A. C., & Efendi, D. (2023). The Effects of Inflation, Financial Performance, and Earnings Management on Financial Distress in the Property and Real Estate Sector. Journal of Accounting Science and Research (JIRA), 12 (8). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5458
Hermanto Tanoko’s Company (CLEO) Posts Rp470 Billion in Profit for 2024, Up 46%. (n.d.). Retrieved December 9, 2025, from https://market.bisnis.com/read/20250326/192/1864951/emiten-hermanto-tanoko-cleo-raup-laba-rp470-miliar-per-2024-naik-46#goog_rewarded
Fauzan, M., Buchdadi, A. D., & Musyaffi, A. M. (2024). The Effect of Liquidity, Profitability, and Solvency Ratios on Financial Distress: A Study of Real Estate Companies on the Indonesia Stock Exchange (BEI) from 2019 to 2022. International Journal of Current Economics & Business Ventures, 4 (1). https://scholarsnetwork.org/journal/index.php/ijeb/article/view/45
Fauzan, M. J. N., & Situngkir, T. L. (2023). The Effect of Liquidity, Solvency, and Profitability Ratios on Financial Distress in Companies in the Retail Trade Subsector (Indonesia Stock Exchange, 2016–2020). El-Mal: Journal of Islamic Economics & Business Studies, 4 (4), Article 4. https://doi.org/10.47467/elmal.v4i4.2311
Febriyanti, A., & Haryanto, L. (2024). Analysis of the Effects of Firm Size, Capital Adequacy, Leverage, and Profitability on Financial Distress. Wahana Pendidikan Scientific Journal, 10 (6), 20–34. https://doi.org/10.5281/zenodo.10628369
Fitriana, A. (2024). Textbook on Financial Statement Analysis. CV. Malik Rizki Amanah. //library.unipol.ac.id%2Findex.php%3Fp%3Dshow_detail%26id%3D1956%26keywords%3D
Ghozali, I. (2021). Applications of Multivariate Analysis Using IBM SPSS 26, 10th Edition.
Ginanjar, Y., & Rahmayani, M. W. (2021). The Effect of Liquidity, Solvency, and Profitability on Financial Distress in Manufacturing Companies in the Consumer Goods Sector Listed on the Indonesia Stock Exchange (IDX) for the Period 2015–2019. J-AKSI: Journal of Accounting and Information Systems, 2 (1), Article 1. https://doi.org/10.31949/j-aksi.v2i1.1010
Haris, A., & Ghozali, I. (2023). The Role of Profit Management as an Intervening Variable.
Indonesia, B. P. S. (n.d.). Development of the Manufacturing Industry Production Index 2024. Retrieved December 9, 2025, from https://www.bps.go.id/id/publication/2025/08/29/005f8f69b5b8216e792bacd9/perkembangan-indeks-produksi-industri-manufaktur-2024.html
Indrati, M., & Azizah, I. (2022). The Effect of Leverage, Liquidity, and Profitability on Financial Distress. Fair Value: Scientific Journal of Accounting and Finance, 5 (3), Article 3. https://doi.org/10.32670/fairvalue.v5i3.2468
Iskak, M. (May 20, 2024). Unpaid Employee Salaries: How Indofarma Cunningly Manipulated Its Financial Statements | BPK RI Representative Office for East Kalimantan Province. https://kaltim.bpk.go.id/gaji-karyawan-tak-dibayar-begini-liciknya-indofarma-manipulasi-laporan-keuangan/
Kamau, C., Banafa, A., & Kariuki, S. (2022). Correlation between Earnings Management and Financial Distress among Selected Firms in Kenya. Under Review. https://doi.org/10.21203/rs.3.rs-1643310/v3
The Story of PT Sritex: Bankrupt and Burdened by Debt After 58 Years of Success | tempo.co. (n.d.). Retrieved December 9, 2025, from https://www.tempo.co/ekonomi/kisah-pt-sritex-yang-pailit-dililit-utang-setelah-58-tahun-berjaya-1214544
Kristanti, F. T. (2020). Financial Distress: Theory and Its Development in the Indonesian Context. Intelegensia Media. https://openlibrary.telkomuniversity.ac.id/home/catalog/id/156551/slug/financial-distress-teori-dan-perkembangannya-dalam-konteks-indonesia.html
Kusmawati, K. E., Sukadana, I. W., & Suarjana, I. W. (2022). The Influence of Liquidity Ratios, Solvency Ratios, Profitability Ratios, Activity Ratios, and Company Size on Financial Distress in Manufacturing Companies Listed on the Indonesia Stock Exchange from 2018 to 2020. EMAS, 3 (4), Article 4.
Luu Thu, Q. (2023). Impact of Earnings Management and Business Strategy on Financial Distress Risk of Vietnamese Companies. Cogent Economics & Finance, 11 (1), 2183657. https://doi.org/10.1080/23322039.2023.2183657
M, R. (n.d.). Indonesia’s Manufacturing Sector Grows Only 4%—Can the Economy Take Off? CNBC Indonesia. Retrieved December 9, 2025, from https://www.cnbcindonesia.com/research/20250206143806-128-608527/manufaktur-ri-hanya-tumbuh-4-yakin-ekonomi-bisa-terbang
Mahfullah, I., & Handayani, N. (2022). The Influence of Profitability, Solvency, Liquidity, and Company Size on Financial Distress. Journal of Accounting Science and Research (JIRA), 11 (4). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4415
Indonesia’s Manufacturing Sector Is Bleeding; Factories Will Collapse Again in 2025. (n.d.). Retrieved December 9, 2025, from https://www.cnbcindonesia.com/news/20250225161755-4-613539/manufaktur-ri-berdarah-darah-tahun-2025-pabrik-bertumbangan-lagi
Mardianto, M., Christian, N., & Kartikasari, C. (2025). The Effect of Earnings Management and Family Ownership on Financial Distress: The Moderating Role of the Corporate Governance Index. Journal of Development Economics, STIE Muhammadiyah Palopo, 11 (2), 364–382. https://doi.org/10.35906/jep.v11i2.2627
Maula, M. M., Firdausi, M. I., & Badarudin, B. (2023). The Effects of Return on Equity, Current Ratio, and Firm Size on Financial Distress in Non-State-Owned Islamic Banks Listed on the Indonesia Stock Exchange (BEI) for the Period 2015–2021. JIEF Journal of Islamic Economics and Finance, 3 (2), 134–147. https://doi.org/10.28918/jief.v3i2.1764
Meryana, & Setiany, E. (2021). The Effect of Investment, Free Cash Flow, Earnings Management, and Interest Coverage Ratio on Financial Distress. Journal of Social Science, 2 (1), 64–69. https://doi.org/10.46799/jss.v2i1.86
Novelia, R., & Febyansyah, A. (2024). The Effect of Earnings Management, Total Asset Turnover Ratio, Government Subsidies, and Firm Size on Financial Distress. The Effect of Earnings Management, Total Asset Turnover Ratio, Government Subsidies, and Firm Size on Financial Distress, 0 (0). https://digilib.esaunggul.ac.id/UEU-Journal-11_4758/33612
Nuzurrahma, A., & Fahmi, I. (2022). The Effects of Liquidity, Solvency, Efficiency, and Profitability on Financial Distress in Manufacturing Companies Listed on the Indonesia Stock Exchange., 7 (2), Article 2. https://doi.org/10.24815/jimen.v7i3.19744
Growth and contribution of the manufacturing sector (%). (n.d.). Retrieved December 9, 2025, from https://datawrapper.dwcdn.net/IIEFl/1/
Purwohedi, U. (2024). Research Methods:
Ramadani, A., & Ratmono, D. (2023). Financial Distress Prediction: The Role of Financial Ratios and Firm Size. JRAK, 15 (1), 19–26. https://doi.org/10.23969/jrak.v15i1.6428
Rinjani, S. A., & Indrati, M. (2024). The Effects of Earnings Management, Marketing Productivity, and Leverage on Financial Distress. Jurnal Ilmiah Wahana Pendidikan, 10 (5), Article 5. https://doi.org/10.5281/zenodo.10545167
Rohmadini, A., Saifi, M., & Darmawan, A. (2018). The Effect of Profitability, Liquidity, and Leverage on Financial Distress (A Study of Food & Beverage Companies Listed on the Indonesia Stock Exchange, 2013–2016). Journal of Business Administration, 61 (2), Article 2.
Sandi, F. (n.d.). Lapkeu Indofarma Audit Finds Fraud & Losses of Rp 371 M. CNBC Indonesia. Retrieved December 9, 2025, from https://www.cnbcindonesia.com/market/20240525104850-17-541028/audit-kap-lapkeu-indofarma-temukan-fraud-kerugian-rp-371-m
Sayidah, N., Assagaf, A., & Faiz, Z. (2020). Does earnings management affect financial distress? Evidence from state-owned enterprises in Indonesia. Cogent Business & Management, 7 (1), 1832826. https://doi.org/10.1080/23311975.2020.1832826
2 Million Manufacturing Workers Laid Off; Government Blames Flood of Imported Goods. (n.d.). Retrieved December 9, 2025, from https://nu.or.id/nasional/sebanyak-2-juta-buruh-manufaktur-terkena-phk-pemerintah-sebut-karena-derasnya-barang-impor-pY7cA
SECURITIES, P. I. P. (2024a, May 27). Early Signs of the Indofarma Case: Profits Plunge 99.65%, but Audit Findings Are Unqualified. IPOTNEWS. https://www.indopremier.com/ipotnews/newsDetail.php?jdl=Tanda_Awal_Kasus_Indofarma__Laba_Jeblok_99_65%__Tapi_Hasil_Audit_Wajar&news_id=444731&group_news=RESEARCHNEWS&news_date=&taging_subtype=PG002&name=&search=y_general&q=,&page=1
SECURITIES, P. I. P. (October 21, 2024b). ALTO Halts Tirtamas Lestari Operations Due to Continued Losses. IPOTNEWS. https://www.indopremier.com/ipotnews/newsDetail.php?jdl=ALTO_Stop_Operasional_Tirtamas_Lestari_karena_Terus_Merugi&news_id=453367&group_news=RESEARCHNEWS&news_date=&taging_subtype=PG002&name=&search=y_general&q=,&page=1
Setiawati, S. (n.d.). The Origin of Sritex’s Mounting Debt ‘Disaster’ That Led to Bankruptcy. CNBC Indonesia. Retrieved December 9, 2025, from https://www.cnbcindonesia.com/research/20250523181239-128-635797/ini-asal-muasal-petaka-utang-sritex-yang-menggunung-bikin-bangkrut
Subari, D. (2024). The Effect of Financial Ratios and Firm Size on Financial Distress in Transportation Sector Companies Listed on the IDX. Journal of Financial Innovation and Management, 5 (4). https://ijurnal.com/1/index.php/jikm/article/view/287
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Published
2026-07-08
How to Cite
Febriyanti Putri, Ati Sumiati, & Aji Ahmadi Sasmi. (2026). The Effect of Earnings Management, Solvency, and Firm Size on Financial Distress. International Journal of Economics, Business and Innovation Research, 5(04), 3452-3480. https://doi.org/10.63922/ijebir.v5i04.5019
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