(PEER REVIEW + SIMILARITY + DOCUMENT) ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KONDISI FINANCIAL DISTRESS PADA PERUSAHAAN YANG TERDAPAT DI BEI Tahun 2016-2018 (Studi Empiris pada Perusahaan Manufaktur Sub Sektor yang Terdaftar di Bursa Efek Indonesia)

Financial distress is a condition where a company experiences financial difficulties
to fulfill its obligations. There are several companies that are delisted (issued) from the
Indonesia Stock Exchange in 2017 including the Ciputra Property Tbk CTRP, CTRS Ciputra
Surya Tbk, SOBI Sorini Agro Asia Corporindo Tbk, Cipaganti Citra Graha Tbk CPGT, INVS
Inovisi Infracom Tbk, BRAU Berau Coal Energi Tbk , TKGA Toko Gunung Agung Tbk and
LAMI Lamicitra Nusantara Tbk. Where CTRP and CTRS experienced delisting due to a
merger with CTRA. Three of these property companies merged. CTRA, CTRS and CTRP
shares merged into CTRA shares. Merging CTRS, CTRP into CTRA is done with the
conversion factor as follows: Where CTRS shareholders convert to CTRA 1: 2.13 shares and
CTRP shareholders convert to CTRA 1: 0.55 shares. With the merger, CTRS and CTRP
shares are no longer on the market or are delisted from the stock. The variables used in this
study are Liquidity Ratios, Leverage Ratios, Profitability Ratios. The results of this study
Liquidity Ratio does not affect financial distress, the H1 hypothesis is rejected. Leverage ratio
does not affect financial distress, the H2 hypothesis is rejected. The Profitability Ratio does
not affect financial distress, the H3 hypothesis is rejected.