Financial Conditions Research Articles

Green Credit Policy and asset-debt maturity mismatch in highly polluting enterprises: Evidence from China

China’s Green Credit Policy (GCP) promotes environmentally sustainable practices, which are crucial for ecological responsibility. Despite its importance, the policy’s impact on asset-debt maturity mismatches—a key determinant of financial stability—has not been systematically examined. This research scrutinizes the consequences of the Green Credit Guidelines on asset-debt maturity mismatches in China’s heavily polluting enterprises, employing a difference-in-differences (DID) methodology. An analysis of data from Chinese-listed companies from 2009 to 2017 reveals that the implementation of the guidelines has precipitated a marked shift towards short-term debt as a financing mechanism for long-term assets, particularly noticeable in state-owned and large-scale enterprises. The effects intensify in regions with stringent environmental regulations and companies possessing significant collateral. Moreover, the guidelines amplify financial constraints and decrease long-term debts, prompting firms to strategically embrace greater asset-debt maturity mismatches in response to more rigorous financial conditions. Our findings indicate that although the GCP is designed to promote eco-friendly practices, it inadvertently affects corporate financial decisions, underscoring the complex relationship between environmental policy and financial strategy. This study enhances the understanding of the financial repercussions of environmental policies on corporate actions, offering valuable perspectives to regulators and financial institutions.

Analisis Pembentukan Portofolio Optimal di Bursa Efek Indonesia dengan Menggunakan Model Markowitz

The purpose of this study is to utilize the Markowitz Model to build an optimal portfolio of stocks on the Indonesia Stock Exchange in 2019 to 2023, focusing on stocks in the IDX30 index. Based on information from KSEI, the public premium in capital market speculation continues to increase. On that basis, this study is important to be conducted in order to provide a reference for the public to invest. The IDX30 index was chosen as the subject of the study because it includes stocks with large market capitalization, high liquidity, and stable financial conditions. This study determines the optimal fund allocation for each stock and examines stocks in the IDX30 index from 2019 to 2023 that are worthy of consideration for inclusion in the optimal portfolio. In this test, it produces four stocks that become the optimal portfolio with the most extreme profits, namely ADRO 16.12%, BBCA 65.97%, BBRI 4.13%, and ICBP 13.76% with a return of 1.01% and a risk of 0.22%. In contrast, the minimum risk consists of ADRO of 5.29%, BBCA of 26.14%, CPIN of 13.91%, ICBP of 16.17%, INDF of 8%, KLBF of 0.48%, TLKM of 13.47%, and UNVR of 16.55%, with a risk of 0.1% and an expected portfolio return of 0.11%.

Tingkat Pengetahuan Pegawai Perkantoran di Kawasan DKI Jakarta Mengenai Perawatan Lensa Kontak (Softlens) Tahun 2024

High mobility is one of the biggest motivations for contact lens wearers among office workers in DKI Jakarta and surrounding areas. Apart from being affordable and easy to use, contact lenses have additional value on the aesthetic side for most users, both from the types of contact lenses that vary in color, and for users who have a history of myopia or astigmatism, there is certainly no need to distract the surrounding because the thick glasses lenses that are considered to reduce aesthetic value are a thing that is not too worried about with the use of contact lenses. Although it has a high percentage as a sharp vision aid that is highly demanded by many people, it does not mean that users and/or potential users of contact lenses are well aware of how to properly care for contact lenses. Taking into account the background of contact lens users and/or potential users in terms of education, age range and financial condition, this study aims to improve the quality of contact lens care knowledge. This research was conducted using a qualitative method by filling out questionnaires about contact lens care knowledge to participants who have been determined. The results of this study indicate that the factors of age maturity, education level, income level and experience in working do not guarantee the knowledge of contact lens care. Keywords: Contact Lens, Care

How State Takeovers of School Districts Affect Education Finance, 1990 to 2019

Abstract State takeovers of school districts—a form of political centralization that shifts decision-making power from locally elected leaders to the state—have increased over time, often with the purported goal of improving district financial condition. Takeover has affected millions of students since the first takeover in 1988 and has been more common in districts serving marginalized communities. We investigate whether 104 takeovers from 1990 to 2019 affect financial outcomes using event study methods. We find that takeovers increase annual school spending by roughly $2,000 per pupil after five years, leading to improvements in some aspects of financial condition (budgetary and long-run solvency), on average. New funds primarily come from state revenues and mostly cover districts' legacy costs (debt and employee benefits). These effects are larger when takeovers are motivated by academic and/or other, non-fiscal reasons. However, takeovers are experienced unequally, with Black students less likely to experience the takeover-induced increases to expenditures and improvements in fiscal condition. This suggests political centralization can promote fiscal health but with potentially concerning equity implications.

NATIONAL INTERESTS OF UKRAINE IN THE FIELD OF FINANCIAL SECURITY

The article investigates the system of financial security in Ukraine and its national interests in this domain. It proposes to consider the financial security of the state as ensuring the development of the financial system and financial relations, as well as economic processes, creating the necessary financial conditions for the socio-economic and financial stability of Ukraine's development, maintaining the integrity and unity of the financial system (including the monetary, budgetary, credit, tax, and currency systems), and successfully overcoming internal and external threats to the country in the financial sphere. It is substantiated that financial security reflects the state and readiness of the state's financial system for timely and reliable financial support of economic needs on a scale sufficient to maintain the necessary level of economic and military security of Ukraine. It is proven that the most important national interests of Ukraine in the financial sphere include: supporting state expenditures in accordance with available resources; ensuring targeted financing of state programs (primarily social ones); investing in the field of high-tech and knowledge-intensive production; mitigating the impact of global financial crises on the national economy; overcoming discrepancies regarding the distribution and use of budgetary resources; strengthening measures to restrain inflationary processes in the economy and maintaining a stable high exchange rate of the national currency; countering illegal capital outflow abroad; attracting foreign investments (especially long-term ones in the industrial sector of the economy); adopting effective regulatory legal acts ensuring the normal functioning of the country's financial system; building an effective law enforcement mechanism to protect state finances from the influence of criminal activities and encroachments.

An Alternative Approach to Parliamentary Oversight of Sovereign Guarantees in South Africa

The research paper constructs and compares two structural risk models. A South African sovereign risk model and an ESKOM credit risk model. The interaction between these models explains the statistically significant causal relationship between corporate governance practices at the level of a public entity and government finance conditions between 2004 and 2019. It shows that a more effective approach to parliamentary oversight of government guarantees in South Africa can deliver better sovereign credit rating outcomes in post-COVID-19 South Africa. It will require proactive innovative measures in the application of government guarantees issued to SOEs aimed at improving institutional operational performance within a government-wide risk management framework. The paper concludes that economic transformation, with restitutive intent, is advanced with the adoption of a dynamic and evidenced-informed approach in addressing the complex interplay of prevailing socio-economic, government finance, and political environmental conditions in South Africa.

Nonlinear network connectedness: Assessing financial risk transmission in MENA and influence of external financial conditions

This study investigates the influence of global financial market conditions on financial risk connectedness and transmission among the Middle East and North Africa (MENA) economies. Utilizing weekly realized stock market volatilities as a measure of risk and employing a smooth transition threshold vector autoregressive (STVAR) model to analyze risk transmission under varying levels of financial stress, the authors also examine the impact of external macroeconomic conditions on the risk connectedness of MENA economies. The results indicate that the overall connectedness, based on a standard VAR model, is moderate at 48.34%. However, in the low financial stress regime, overall connectedness increases to 52.79%, and in the high financial stress regime, it rises to 72.94%, indicating stronger risk interdependency among MENA countries during times of high stress. In the high financial stress regime, Kuwait, Oman, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates are identified as net risk transmitters among MENA countries. The study also reveals that risk transmission across MENA is more pronounced in the regime-dependent model compared to the overall mean-based VAR model.

Toward a policy landscape to support the product‐as‐a‐service design process for a circular economy

AbstractDespite the widely recognized potential of product‐as‐a‐service (PaaS) business models to contribute to the circular economy, many industrial case studies have reported that several systemic factors tend to hinder product manufacturers from effectively designing such solutions. More specifically, factors such as linear value chains, organizational structures, and market and financial conditions tend to restrict the freedom of product manufacturers to design circular PaaS solutions effectively. In this article, we take a novel approach to advance the body of knowledge concerning the interactions between policies and circular PaaS designing. We first explore the potential of the existing policy landscape to support designing for a circular economy in the manufacturing industry. The results suggest that the existing policy landscape is primarily focused on regulating product design outcomes and is thus deemed unsuitable for supporting circular PaaS designing. Subsequently, we investigate the literature to uncover how internal and external systemic factors may hinder the implementation of the key facets of circular PaaS designing in the manufacturing industry. Based on these findings, we propose a prospective policy framework that includes a mix of complementary policy interventions that systemically target the identified internal and external factors to support the implementation of the key facets of circular PaaS designing.

Analisis Rasio Profitabilitas Dan Rasio Aktivitas Sebagai Dasar Penilaian Kinerja Keuangan PT. Sepatu Bata Tbk

PT Shoes Bata Tbk is a company engaged in the manufacture of leather shoes, canvas shoes, casual and sports shoes, injection/slop sandals and industrial footwear safety mats. Financial performance is a description of the financial condition of a company which is analyzed using financial analysis tools, usually the measure used is the ratio. Research conducted by the author to analyze the financial performance of PT Shoes Bata Tbk based on profitability ratios and activity ratios. The profitability ratio can be measured by Gross Profit Margin, Net Profit Margin, and Return on Investment. Where Gross Profit Margin and Net Profit Margin are ratios that measure the company's ability to earn profits on sales, Return on Investment is a ratio that measures the company's ability to use all assets owned to generate profits after tax. The activity ratio can be measured by Receivable Turnover, which is a ratio that measures the company's ability to quickly manage the level of accounts receivable turnover. Inventory Turnover is a ratio that shows how quickly inventory turns over in sales activities. And Total Asset Turnover is a ratio that measures a company's ability to create sales using all the assets it owns. The aim of this research is to find out and analyze the financial performance of PT SEPATU BATA Tbk during 2016-2021 based on the two ratios. This research uses a descriptive qualitative approach method. The data source used is secondary data in the form of profit/loss financial report data and balance sheet reports. The results of this research indicate that the financial performance of PT Shoes Bata Tbk for the 2016-2021 period based on GPM is considered very good because the company was able to reduce the cost of goods sold, resulting in high sales and high gross profit. NPM is considered not good because the net profit generated is less with quite high sales. ROI is considered very poor because the high total assets are not commensurate with the net profit generated. RT is considered very good because it increases every year. IT is considered very poor due to the decrease in cost of goods sold and increase in average inventory each year. TAT is considered quite good because the company is able to manage its assets well. Financial performance as measured by the profitability ratio and activity ratio can be said to be less efficient, because the components of the profitability ratio and activity ratio are still low and do not reach good company standards.

Digital Adherence Technologies and Differentiated Care for Tuberculosis Treatment and Their Acceptability Among Persons With Tuberculosis, Health Care Workers, and Key Informants in the Philippines: Qualitative Interview Study.

Digital adherence technologies (DATs) are being studied to determine their potential to support tuberculosis (TB) treatment and address the shortcomings of directly observed therapy. Previous research has shown inconclusive results on whether DATs can enhance medication adherence among persons with TB. This study aims to understand the acceptability of DATs, namely, medication labels and smart pillboxes, among persons with TB, health care workers (HCWs), and key informants (KIs) in the Philippines. The objective is to gain valuable insights that can inform the design and implementation of DATs in the Southeast Asian region, which meet the needs and preferences of end users. Persons with TB, HCWs, and KIs were recruited from intervention facilities to participate in in-depth interviews conducted between March 2022 and January 2023. These interviews were transcribed and translated into English. A thematic analysis was carried out using NVivo software (Lumivero) to identify and analyze themes. Themes were then structured within a modified social-ecological model. A total of 25 persons with drug-sensitive TB and 20 HCWs or KIs were interviewed. Both groups emphasized that users' technology literacy level, financial conditions, and motivation to be cured determined how they interacted with the DAT. They also acknowledged that DATs helped foster their relationship with HCWs and enabled efficient treatment support. Concerning technology, persons with TB found DATs easy to use and able to reduce clinic visits. HCWs mentioned that DATs added to their workload but also allowed them to support users who missed doses. However, both groups experienced technical challenges with DATs. Regarding program implementation, users appreciated the clear explanations and demonstrations provided by HCWs. Yet, some users reported inconsistencies between DAT settings and the information provided. HCWs stressed the importance of comprehensive training and sufficient resources for effective program implementation in the future. At the community level, both groups noted that DATs and program design protected users' privacy and reduced the risk of stigma. Finally, users and HCWs shared various contextual factors that influenced their experience with DAT, including infrastructure challenges and the impact of the COVID-19 pandemic. In the Philippines, persons with TB and HCWs showed a high level of acceptance and satisfaction with the impact of DAT and program design. They expressed a desire for the continuation of DATs. The challenges encountered underscore the need for ongoing technological development to minimize malfunctions, enhance the capacity of health facilities, and improve infrastructure. DATs have demonstrated their ability to strengthen user-HCW relationships and protect users from stigmatization. Additional efforts are required to scale up the DAT program in the Philippines.

MANAGEMENT OF EXCELLENCE IN A COOPERATIVE OF URBAN TRANSPORT OPERATORS

The urban mobility systems of municipalities are made up of various transport, passenger and freight services and subsystems. The mode of public passenger transport, the main one, in many cases, is operated by buses belonging to urban transport companies, and by the complementary service, operated by small vehicles. The great challenge of this format is to establish the corporate culture in the associations of operators of small vehicles, accustomed to an almost artisanal model, practically an extension of the informal or clandestine operation previously carried out. This challenge can be overcome through the actions of the Government, encouraging the formation of cooperatives, formed by these permittees. It must be considered that a cooperative has different specificities from a capital company. The management bodies of transport systems should encourage the assimilation of the management culture, more precisely the Management ® Excellence Model, which is desirable for cooperatives to have the necessary conditions to operate properly in transport systems. Hence, the general objective of this work is to provide the technical, economic, financial and structural conditions for cooperatives to have sustainability as an economic activity. The methodology used was based on an empirical, inductive and exploratory study, with the presentation of a strategic business management model. With this, it is intended to establish a management model to be followed by any entity that has delegation of operation by the Government, which, without a doubt, will constitute a great innovation in the institutional relationship with these individual operators

Psychological Distress and Associated Factors among Technical Intern Trainees in Japan: A Cross-Sectional Study.

Japan is experiencing significant demographic shifts due to an aging and declining population. In 1993, the Japanese Government introduced the Technical Intern Training Program (TITP) to accept foreign national workers. While the number of technical intern trainees under this program has constantly increased, many of them face challenges in their daily lives, such as stress, health insecurities and limited access to healthcare. Therefore, we conducted a cross-sectional study to assess the mental well-being of technical intern trainees, focusing on psychological distress and its related factors. This study included 304 technical intern trainees from 12 prefectures in Japan, and was conducted from August 2021 to October 2021. We used self-administered questionnaires in the participants' native languages to assess their sociodemographic conditions, health-related conditions such as health insecurities and healthcare-seeking behaviors, and psychological distress. The K6 Kessler Psychological Distress Scale was applied to evaluate the levels of psychological distress. Among the participants, 26.3% had moderate psychological distress and 2.3% had severe psychological distress. In addition, about 15% of the participants reported health insecurities and did not see a doctor despite wanting to. The multivariate model of logistic regression revealed significant associations between psychological distress and female gender (AOR 2.62, 95% CI 1.12-6.12), nationality other than Vietnamese (AOR 4.85, 95% CI 2.60-9.07), tough financial conditions (AOR 2.23, 95% CI 1.18-4.19), experiencing health insecurity (AOR 2.21, 95% CI 1.04-4.66) and the health behavior of refraining from seeking medical care (AOR 3.06, 95% CI 1.49-6.30). The top reasons for refraining from seeking medical care were the participants' limited knowledge about the healthcare system in Japan and their worries about medical bills. These findings highlight the necessity to extend mental health support services, including counseling services, and share information about Japan's healthcare system to supply medical services to the targeted technical intern trainee population.

Improving Cardiac Rehabilitation Adherence in Patients With Lower Socioeconomic Status

Participation in cardiac rehabilitation is associated with significant decreases in morbidity and mortality. Despite the proven benefits, cardiac rehabilitation is severely underutilized in certain populations, specifically those with lower socioeconomic status (SES). To assess the efficacy of early case management and/or financial incentives for increasing cardiac rehabilitation adherence among patients with lower SES. This randomized clinical trial enrolled patients from December 2018 to December 2022. Participants were followed up for 1 year with assessors and cardiac rehabilitation staff blinded to study condition. Patients with lower SES with a cardiac rehabilitation-qualifying diagnosis (myocardial infarction, coronary artery bypass graft, percutaneous coronary intervention, heart valve replacement/repair, or stable systolic heart failure) were recruited. Then patients attended one of 3 cardiac rehabilitation programs at 1 university or 2 community-based hospitals. A consecutively recruited sample was randomized and stratified by age (<57 vs ≥57 years) and smoking status (current smoker vs nonsmoker or former smoker). Participants were randomized 2:3:3:3 to either a usual care control, case management starting in-hospital, financial incentives for completing cardiac rehabilitation sessions, or both interventions (case management plus financial incentives). Interventions were in place for 4 months following informed consent. The main outcome was cardiac rehabilitation adherence (proportion of patients completing ≥30 sessions). The a priori hypothesis was that interventions would improve adherence, with the combined intervention performing best. Of 314 individuals approached, 11 were ineligible, and 94 declined participation. Of the 209 individuals who were randomized, 17 were withdrawn. A total of 192 individuals (67 [35%] female; mean [SD] age, 58 [11] years) were included in the analysis. Interventions significantly improved cardiac rehabilitation adherence with 4 of 36 (11%), 13 of 51 (25%), 22 of 53 (42%), and 32 of 52 (62%) participants completing at least 30 sessions in the usual care, case management, financial incentives, and case management plus financial incentives conditions, respectively. The financial incentives and case management plus financial incentives conditions significantly improved cardiac rehabilitation adherence vs usual care (adjusted odds ratio [AOR], 5.1 [95% CI, 1.5-16.7]; P = .01; AOR, 13.2 [95% CI, 4.0-43.5]; P < .001, respectively), and the case management plus financial incentives condition was superior to both case management or financial incentives alone (AOR, 5.0 [95% CI, 2.1-11.9]; P < .001; AOR, 2.6 [95% CI, 1.2-5.9]; P = .02, respectively). Interventions were received well by participants: 86 of 105 (82%) in the financial incentives conditions earned at least some incentives, and 96 of 103 participants (93%) assigned to a case manager completed the initial needs assessment. In this randomized clinical trial, financial incentives improved cardiac rehabilitation adherence in a population with higher risk and lower SES with additional benefit from adding case management. ClinicalTrials.gov Identifier: NCT03759873.

Macro and micro of external finance premium and monetary policy transmission

We establish basic facts about the external finance premium. Tens of millions of individual loan contracts extended to euro area firms allow studying the determinants of the external finance premium at the country, bank, firm, and contract levels of disaggregation. At the country level, the variance in the premium is closely linked to sovereign spreads, which are important in understanding financial amplification mechanisms. However, country level differences only explain half of the total variance. The rest is predominantly attributed to variances at the bank and firm levels, which are influenced by the respective balance sheet characteristics. Studying the response of the external finance premium to monetary policy, we find that balance sheet vulnerabilities of banks and firms strengthen the transmission of policy measures to financing conditions. Moreover, our findings reveal an asymmetrical effect contingent on the sign and type of the policies. Specifically, policy rate hikes and quantitative easing measures exert a more pronounced impact on lending spreads, further magnified through their repercussions on the external finance premium.

Auditor-Firm Conflict: Theoretical Concepts Application and Analysis of the Power Dynamics Involved

This study undertakes a theoretical analysis of the auditor-firm conflict. It relied on the review of literature methodology contextualized on auditor’s appointment , firm economic pressure , management bargaining power, auditor’s fear of losing a firm, firm’s management economic power over the auditor, auditor’s personal attributes and moral reasoning, auditor’s tenure, audit fees, audit market competitiveness, non-audit services, audit firm size and the firm’s financial condition. The study relied on Goldman and Barlev model, exchange and dependency theories to explain the likely power positions in the auditor-firm relationship. Deductively the study based on the contexts indicated the presence of an asymmetry power structure where the auditor and firm have low and high power positions. The study however, proffered resolution measures such as reputational and litigation costs; strengthening of audit committees; control over auditor’s appointment and remuneration; effective discipline of firms and auditors and strong enforcement of standards. The measures can curtail the auditor’s and firm actions in reducing violation of auditing standards; improving auditor’s independence, reduce the firm’s pressure on the auditor and bring about balance of power positions. The paper has implications for understanding the auditor-firm conflict situation and provides opportunities for strengthening audit policy and audit standards development.

Work in the platform economy: a systematic literature review

PurposeWith the increasing global popularity of the gig economy encompassing freelancers, online platform workers, self-employed, on-call workers and other temporary contractual workers, this study aims to review research focusing on the gig economy to explore the nuances of working in various alternative work arrangements. We aim to enhance the understanding of existing literature and highlight underexplored areas for future research.Design/methodology/approachA systematic literature review of 258 studies based on gig economy and gig work was conducted. It follows systematic search criteria and SPAR-4-SLR protocols. The analysis uses different gig worker profiles given by Watson et al. (2021) to categorize studies, followed by thematic analysis to identify patterns in the literature.FindingsOur analysis of studies on gig economy shows that the majority of existing literature is based on gig service providers. Within this literature subset, major areas of study are work conditions, financial conditions, emergence and role of collectives, the impact of algorithmic management and the impact of rise of the gig economy on entrepreneurship. There is little research focusing on gig goods providers, gig data providers, agency gig workers and traditional gig worker profiles. More focus is also needed on emerging markets and markets transitioning to the gig economy.Originality/valueDiffering from reviews that have attempted to define gig work and workers, we focus on literature on the lived experiences of gig workers. By reviewing studies on different gig worker profiles, we are able to highlight future research directions for pointed sample sets and comparative underexplored areas.

The surveillance, gamification and datafication of children’s finance: a feature and tagline analysis of child finance apps

Purpose Children’s finances are increasingly digitised through the emergence and development of a range of finance applications, or apps, for managing chores, saving and spending. This paper aims to offer a preliminary scoping study of these child finance apps in the nascent consumer research area of children’s FinTech. Design/methodology/approach This paper undertakes a qualitative analysis of the design features and marketing taglines of child finance apps to explore their role in the digitisation of children’s financial literacy, consumer socialisation and economic agency. Findings The present analysis reveals five key design functions of child finance apps: chore management; child savings; payment and spending systems; parental control features; and banking and finance features. Furthermore, three key child consumer themes emerge from the analysis of these child finance apps: gamification of child household labour; surveillance of children’s consumer participation; and datafication of children’s financial lives. Originality/value To date, there is little research into the increasingly popular use of child chore, consumption and financial management apps, and thus a research gap or problem is that we do not yet have sufficient understanding of how finance apps operate through their design and marketing to influence the financial conditions of contemporary childhoods. This study is significant in bringing theories of surveillance, gamification and datafication from digital platform studies to the fields of childhood studies, children’s consumer research and child FinTech studies. The findings suggest that child finance apps use gamification features to encourage children’s financial learning, surveillance features to enable parenting care in children’s financial development and datafication to exploit children’s financial data within the finance industry. This study is clearly limited to the app environment, and so future work should investigate the use and perceptions of these apps in more detail using more situated social research methods with families and children.

Double Literacy, Double Protection?: Minimising Gen Z's Risky Digital Credit Behaviour In Surabaya Through Financial Literacy And Digital Financial Literacy

This study aims to investigate the credit risk issues that Generation Z is facing In Surabaya, particularly digital credit and loans. This study utilises a closed-ended questionnaire to explore Generation Z’s knowledge and awareness of subjective financial literacy, digital financial literacy, and risky credit behaviour, so that the results can reveal the influence of subjective financial literacy and digital financial literacy on risky credit behaviour controlled by gender and financial condition of Generation Z in Surabaya. To the best of the researcher’s knowledge, there are no studies that specifically highlight the influence of subjective financial literacy and digital financial literacy on risky credit behaviour. Based on the results of the multiple linear regression approach, researchers found that subjective financial literacy and digital financial literacy have a significant positive effect on risky credit behaviour, which means that the higher the subjective financial literacy and digital financial literacy, the riskier credit behaviour is minimized, gender has no significant effect on risky credit behaviour, financial condition has a significant negative effect on risky credit behaviour.

Capital structure, profitability and risk: a study of small companies in the industrial sector of the Republic of Kazakhstan

The purpose of the study: Determining the impact of the capital structure on small companies’ performance operating in the field of industry in Kazakhstan. The problem statement. The question to be analyzed in this study is: does the capital structure aff ect the performance of small Kazakhstani companies operating in the industrial sector? Methodology: In this study, we use data from 30 small industry companies in Kazakhstan based on annual reports for 2012-2022. The total debt ratio is the dependent variable used in this study. Profi tability, business risk, tax efficiency and age of the company were taken as independent variables. Statistics, correlation and multivariate regression were used to analyze the data. Originality/value of the study: The results showed that borrowed capital is subject to factors of profi tability, tax burden, and business risk. There was no signifi cant impact of the age of the company on the borrowed capital. Relevance: This study complements the literature on capital structure factors in developing countries and the financial condition of small industrial enterprises. This research will be aimed at exploring the potential use of borrowed capital to increase the profi tability of the company to reduce business risks.

Analisis Financial Distress dengan Model Altman Z Score pada Sektor Perkebunan di Bursa Efek Indonesia Periode 2014-2022

This research aims to analyze the comparative analysis of potential bankruptcy (financial distress) models using the first, revised and modified Altman model for plantation sector companies on the Indonesia Stock Exchange. Financial distress can be used to determine and monitor a company's financial condition, so that it is hoped that they will be able to make better decisions to maintain the stability of company performance, including in public, private, manufacturing or service companies of various sizes. This research uses data and facts related to 11 companies from 21 listed companies in the plantation sector on the Indonesia Stock Exchange. The results of the research show that the issuer shares that have the best financial performance based on the financial distress analysis respectively and those that have not experienced bankruptcy are the LSIP and SMAR issuers, while the ones that have experienced the least pressure are the AALI issuers