NAVIGATING TURBULENCE: HOW MACROECONOMIC SHOCKS, INVESTMENT CHOICES, AND FUNDING STRATEGIES IMPACT VALUE IN DISTRESSED INDONESIAN SOES - WITH A TWIST OF GCG
The COVID-19 pandemic potentially causing financial distress in companies, including non-financial state-owned enterprises registered on IDX. The company's financial condition is crucial, especially for the firm's value of the company listed on the stock exchange. The research aims to determine financial distress in the state-owned company and identify factors that may be the cause, such as macroeconomic variables, investment policy, company financing, financial risk, and its relationship to company value. The research' novelty lies in testing the moderating influence of corporate governance. Causality quantitative research methods used in this research. The secondary data obtained from quarterly financial reports published by non-financial sector state-owned enterprises registered on IDX. Data analysis done using descriptive data analysis, and SEM was analyzed using the SmartPLS program. The research results show that macroeconomics and financial risk insignificantly affect financial distress or firm value; investment and funding decisions impact financial distress but not on firm's value. Increasing financial distress increases firm's value. Financial distress does not mediated or moderated by good corporate governance on firm value.
Macroeconomics, Investment Decisions, Financial Risk, Firm Value, Financial Distress, Good Corporate Governance.