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Manajemen dan Bisnis Berkala Ilmiah


corporate turnaround, financial leverage, sales, receivables, inventory, asset


  1. Tengku Mohammad Chairal
  2. Abdullah
  3. Zolkafli Hussin




      There has been considerable
      research done by academicians and practitioners on corporate bankruptcy
      predictions, though in the field of corporate turnaround such research were
      somehow much lacking. Scholars argued that early acceptance of turnaround
      situation were much needed. This paper seeks to give an overview of corporate
      turnaround predictions. The samples were taken from the main board companies of
      Bursa Malaysia from the year 1997 to 2005. Data were taken from financial
      statement which being published in the Handbook of Annual Report. Several
      financial ratios were considered in the analysis to see whether a significant
      difference exists between Turnaround and Non-Turnaround firms. This research
      used logistic regression analysis as statistical tool. The study found
      Financial Leverage Ratio (Total Debt/Total asset), Sales/Total Asset,
      Receivables/Inventory and Total Tangible Asset to have statistical significant
      measure to differentiate between the two groups of companies. The study also
      found that those ratios could be use as significant predictor variables in
      measuring the probability of a particular company to fall under one of those
      categories. Hopefully the findings of the research would shed some light and
      give a better platform in predicting which company would enter the phase of
      turnaround situation.


      Vol 09, Nomor 02, Tahun 2010


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