Dampak keputusan investasi pada perusahaan yang mengalami Financial Distress
Studi kasus pada perusahaan yang mengajukan PKPU Platform
Abstract
This study analyzes the impact of investment decisions on companies experiencing financial distress, with a case study of digital platform companies that filed for Postponement of Debt Payment Obligations (PKPU) in Indonesia. Using a case study approach and regression analysis, this study found that high-risk investment decisions without adequate analysis tend to increase the probability of financial distress. In addition, the sensitivity of investment to cash flows of firms experiencing financial distress shows a different pattern, where firms with operating losses tend to take greater investment risks as a recovery effort. The findings also suggest that good corporate governance can reduce the negative impact of investment decisions on financial distress, while managerial ownership strengthens the relationship. This study provides important insights for company management, investors, and regulators regarding the need for prudence in making investment decisions and the importance of good governance, especially in companies that are in the PKPU process. The practical and theoretical implications of this study are expected to be a reference in investment management and restructuring of companies facing financial distress.
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References
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