债务重组路径选择及其经济后果研究——基于违约房企的多案例分析

Evergrande is selected as the research object to analyze the rationale of the default of Chinese real estate enterprises in 2021. This paper fills the research gap of the mechanism triggering default of real estate enterprises by interpreting the drawback of their debt-fueled business model and positive feedback phenomenon in the real estate market. The positive feedback is a self-reinforcing process of increasing returns which amplifies the effect of certain factors in the same direction and yields the accumulative causation. The business model under different market circumstances will engender virtuous or vicious positive feedback. When the housing market booms, there is the virtuous cumulative causation of high leverage ratio and high profit. In contrast, the vicious cycle of deleveraging and liquidity crisis will become self-reinforcing when the sales revenue is depressed or the credit is contracted, for the indebted firm had to sell the asset. The paper argues that due to the debt-fueled business model, Evergrande was fallen into the vicious positive feedback of deleveraging and liquidity crisis to repay the debt under the macro-control policy.

This article examines the debt default phenomena in Fujian's real estate sector, highlighting the challenges and implications for the industry. It delves into the causes of these defaults, including economic factors, over-reliance on borrowing, and company-specific issues. The impact on the real estate market, investors, and the broader economy is analyzed. The paper proposes strategies for real estate companies, such as risk management and investment diversification, and suggests policy responses. It also underscores the need for further research in this critical area.

No abstract available

No abstract available

No abstract available

: This paper examines the Evergrande debt crisis and PwC’s audit failure to explore how excessive leverage, tightened regulation, poor cash flow management, and governance deficiencies combined to trigger systemic risks. The study traces the progression of Evergrande’s crisis since the introduction of the “three red lines” policy, from liquidity shortages and debt defaults to large-scale homebuyer protests, highlighting the fragile financing model and complex debt structure underlying the crisis. It also analyzes PwC’s audit failures in Evergrande’s financial fraud, the penalties imposed, and compares them with international cases to reveal the profound consequences of weakened audit independence and internal governance imbalances. Based on these findings, the paper proposes preventive strategies: real estate firms should optimize capital structures, strengthen cash flow management, improve governance transparency, and enhance policy adaptability; accounting firms should establish mechanisms to safeguard audit independence, form specialized industry audit teams, and improve internal risk control and quality management. The conclusions provide practical insights not only for preventing debt risks in real estate enterprises but also for promoting standardized and sustainable development of the auditing profession.

The real estate industry, as a pillar industry of China's national economy, plays an important role in the development of the economy and society. However, in recent years, due to the impact of the epidemic and the tightening of industry regulation, credit risks in the real estate industry have begun to accelerate exposure. Since 2021, there have been frequent defaults on real estate company bonds, and the scale of defaults has rapidly climbed to the top of the industry. Therefore, in-depth analysis of the reasons behind the wave of defaults by real estate companies has become an important issue that urgently needs to be addressed. This article takes Baolong Real Estate as the research object to explore the causes of its bond default. Research has found that: The fundamental reason for the default of Baolong Real Estate bonds lies in the company's operational strategy mistakes and neglect of debt management. The company's heavy holdings in the third and fourth tier real estate markets, coupled with an increase in commercial real estate, have weakened the company's profitability and operational capabilities. In addition, the company's asset liability ratio is too high and there is a problem of mismatched debt maturity. After entering the centralized redemption period, under the dual pressure of tightened external financing environment and hindered internal sales collection, bond defaults ultimately occurred.

This study examines the effect of financial leverage on financial performance in property and Real estate companies listed on the Indonesia Stock Exchange, and whether financial distress modifies that effect. The objective is to  determine whether higher leverage reduces financial performance and  whether financial distress strengthens or weakens that relationship. We use a quantitative panel regression on 68 firms observed between 2020 and 2024. Outliers were screened using the interquartile range and an indicator saturation procedure implemented in EViews 13, yielding 249 usable  observations. Financial leverage is measured by the debt-to-asset ratio, firm  performance by Return on Assets (ROA) and Return on Equity (ROE), and  financial distress by a bankruptcy-risk score (Altman Z-Score). Results show  that higher debt-to-asset ratios significantly reduce both ROA and ROE.  Financial distress does not have a significant direct effect on performance,  but the combined effect of leverage and distress is positive and significant,  indicating that distress tends to weaken rather than amplify the negative  impact of leverage. The findings suggest that firms under financial pressure  often adopt restructuring or efficiency measures that mitigate leverage’s  adverse effects. The study concludes that property firms should manage  leverage carefully and address distress proactively through timely  restructuring and operational improvements to preserve profitability and  long-term viability.

This study focuses on the failure of risk management in the Evergrande Group’s debt crisis. By analyzing its debt expansion path, financial indicators, and macro-policy background, it reveals the root causes of the crisis. The research finds that Evergrande’s long-term reliance on high-leverage financing and aggressive expansion led to an imbalance in its asset-liability structure and liquidity risks. This was compounded by delayed information disclosure and inadequate policy responses, ultimately leading to a debt crisis. Through time series analysis of financial data from 2022 to 2024, it is confirmed that Evergrande’s debt-to-asset ratio has been continuously rising, its short-term debt repayment capability has deteriorated, and the cash flow gap has widened. Debt restructuring has not effectively improved the financial situation. The study proposes strategies such as debt restructuring, enhancing financial transparency, and establishing a risk warning system, providing a reference for real estate companies to manage risks and prevent systemic risks.

In recent years, China's real estate industry has faced severe debt risks under the "housing is for living, not for speculation" policy. This policy orientation, emphasizing the fundamental attribute of housing as a residence rather than an investment vehicle, has gradually tightened financing channels for real estate enterprises. The debt crisis of Evergrande Group, the world's most indebted real estate enterprise, has attracted widespread attention. Based on behavioral finance, this paper takes Evergrande as a case to explore the impact mechanism of managerial overconfidence on debt default risk. It is found that the management of Evergrande showed significant irrational characteristics in strategic decision-making: ignoring policy regulations, maintaining high-leverage operations through debt financing, and suffering governance failures due to centralized family control. The study reveals that managerial overconfidence has a stronger explanatory power for debt risks than traditional financial indicators, providing a new perspective for debt default research and practical implications for corporate governance reform, industry risk prevention, and policy optimization.

: In recent years, the number of debt defaults in the bond market has started to surge, and the debt risk brought by high debt of enterprises has become a severe test. Real estate enterprises are a typical representative of high debt enterprises. The real estate industry plays a crucial role in many industries, contributing to economic development while also improving the living environment for residents. The real estate industry, due to its long construction cycle and large financing scale, has a greater debt risk compared to other enterprises. Against the backdrop of increasing debt risk and financing difficulties for high debt enterprises, this article takes real estate enterprises as representatives of high debt enterprises to explore control measures for debt risk of high debt enterprises. A Group was selected as the case study object to analyze the current situation of debt risks faced by the company from three perspectives: debt composition, debt cost, and debt repayment pressure. At the same time, targeted suggestions were proposed.

As a representative of China's real estate industry, Evergrande Group has been living under a highly leveraged operating condition for many years, and has expanded its assets at a speed of several times based on this. But recently, China's leading real estate company Evergrande has attracted widespread market attention because of the rising risk of debt default. This article analyzes the emergence of the debt crisis of Evergrande Group from two aspects: ‘internal operating structure’ and ‘external market factors’. It can be concluded that the debt crisis is caused by a combination of overly aggressive business models and ignorance of market trends. At the end of the article, part of the thinking and inspiration will be presented in the discussion part in order to inspire Chinese companies.

This paper seeks to elucidate how the state steers the dynamics of land (de-)financialization and the transitional strategies within urban development, particularly in the context of the real estate crisis. An empirical analysis of 25 debt resolution cases involving urban investment corporations in China was conducted, utilizing Qualitative Comparative Analysis to identify the pathways and decision-making processes that lead to various transition outcomes. The study uncovers three primary strategies: direct bailouts, productivity-oriented restructuring, and financialization-oriented restructuring. Of these, only productivity-oriented restructuring offers a viable route toward sustainable development post-crisis. Furthermore, five distinct pathways emerge, each corresponding to different strategies and outcomes. Among these, only the “Vanguard Productivilization” pathway leads to de-financialization and sustainable urban development. In contrast, local governments, lacking explicit central government support for bailouts, often resort to supporting affiliated corporations through pathways such as “Local Safe-Net” and “Local Finexus,” or, in some cases, promote financialization among lower-rated corporations, characterized as “Re-financialization Gamblers.” These findings highlight the urgent need for policy interventions to regulate decentralized debt resolution processes and to expand productivity-oriented restructuring options for resource-constrained local governments and corporations, offering a pathway away from excessive reliance on land financialization.

In December 2021, Evergrande, the second-largest private property developer in China, defaulted on its debt and became the most indebted firm in the world with over $300 billion in liabilities. Its default marked the beginning of a real estate crisis in China, one that is still in the process of being resolved. The Chinese State, through its State-owned enterprises (SOEs), has played an enormous role in mitigating the crisis. Had it not, it is very unlikely that Evergrande would remain in existence today, with huge ramifications for Chinese society and the national economy. This article undertakes a case study of Evergrande, a privately owned enterprise (POE) that exhibits SOE characteristics, to shed further light on the web of interactions between large enterprises in China. It reconsiders how ‘private’ some POEs are in the Chinese economy and argues that, at a certain level, both SOEs and POEs operate in a co-dependent manner. Not only does this challenge the conventional distinction between SOEs and POEs, but it also has wide-ranging implications for corporate governance in China. Indeed, SOEs find themselves having to bail out POEs and are exerting control over POEs in which they have no equity stake. SOEs are thus financially burdened with protecting all large enterprises including POEs, whereas POEs can operate in an unregulated fashion and receive rents from their close ties to SOEs. Altogether, this article’s analysis showcases the operation of various themes of Chinese corporate governance and contributes to the existing literature seeking to understand the unique role of the State in Chinese enterprises.

The case explores the possible implications of the decision to demerge Raymond Limited by Gautam Singhania, the chairman and managing director (CMD) of Raymond Limited (Raymond). In April 2023, Raymond Limited announced its plan to demerge its lifestyle businesses into Raymond Consumer Care Limited, paving the way for Raymond Limited to become a real estate company. The restructuring was carried out to have two debt-free listed entities in the lifestyle and real estate businesses. This demerger was planned after the company witnessed a turbulent time with a drastic revenue fall and resultant losses due to the COVID-19 pandemic. The case provides students with an opportunity to analyse the financial statements of a listed company affected by a negative macroeconomic event and the financial strategies employed by the company under such circumstances. It also allows the students to analyse the implications of the demerger strategy.

This paper analyzes the 2020 housing crisis in China, exploring its causes, impacts, and policy responses. The crisis stemmed from rapid urbanization, speculative investments, and insufficient regulatory oversight, leading to defaults among major developers like Evergrande. The study examines how these factors affected various stakeholders, including homeowners, investors, and local governments. It critiques the Chinese government’s reactive measures, particularly the Three Red Lines policy, assessing their effectiveness in stabilizing the market. The paper highlights key shortcomings in this approach and emphasizes the necessity for proactive regulatory reforms that improve market transparency and reduce risks. It offers strategic recommendations, such as promoting affordable housing, enforcing stricter debt management, and considering successful housing models from other countries. By tackling these structural issues, the paper argues that China can build a more resilient and sustainable real estate sector, contributing to long-term economic stability. This analysis not only provides insights into China’s housing market challenges but also serves as a reference for policymakers facing similar issues worldwide.

On 22 September 2022, UA Design, a privately listed design institute, announced that it intended to restructure its debt in the form of housing against debt with some real estate companies. Based on this event, this study collected and analyzed UA Design's financial data in an attempt to find out the reasons for the growth of its accounts receivable and to get a glimpse of the industry's development dilemma. The case study of UA Design and its associated real estate company, Greenland Holding Group Co., Ltd. reveals that the increase in accounts receivable is closely related to the liquidity risk of the real estate industry, which has been exposed to policy factors such as the three red lines. Various real estate companies are using deferred payment methods such as commercial paper to minimise the blockage of financing due to the touching of the "three red lines", which manifests itself at the design institute level in the form of defaulted design fees. In response to this situation, this study has accordingly made recommendations from the perspectives of human resources and technical management, and has proposed that policies such as the three red lines are beneficial to the long-term development of design institutes.

This paper will focus on real estate industry in China, uses Evergrande group as a case to compare with another Chinese real estate company Vanke and a real estate company of United State which is AvalonBay Communities, Inc. This paper will introduce the background of real estate industry in China, and base on the case which is bankruptcy of Evergrande Group to throughout the causes find out the issues of real estate in China, in causes is discuss of three factors: Industry characteristics, financing channels, loan evaluation, analysing what make Evergrande can owe a massive $2.4 trillion in debt, and analysing the United States real estate industry not usually having such high leverage. Essay will tell the strategy of real estate companies in China usually do. The strategy led to Evergrande group bankruptcy and compare with Vanke uses what strategy avoid debt crisis. Finally, conclude the chaos of real estate industry in China reflected by Evergrande group, recognise the issues of Evergrande group and prevent the significant consequence occur again.

The Evergrande scandal is a striking example of corporate mismanagement and financial overextension, reflecting deep-rooted systemic weaknesses in corporate governance and regulatory oversight in China's real estate development industry. This paper explores the factors that underpin Evergrande's rapid growth, with a particular focus on its aggressive borrowing strategy and inability to maintain financial discipline. We examine how this unsustainable growth model, fueled by excessive debt, led to a liquidity crisis that threatens not only China's real estate market but also global financial stability. Through a comprehensive analysis of financial indicators, corporate governance practices, and the regulatory environment, this study provides insights into the broader economic impact of Evergrande's collapse. Finally, the study highlights the urgent need for a stronger regulatory framework to prevent similar crises and safeguard financial stability at home and abroad.

The real estate sector's economic resilience, which is essential for the recovery of the economy following the COVID-19 epidemic, is significantly influenced by financing. However, COVID-19's effects mean that financing cannot operate as previously agreed upon within the allotted time, which causes many debtors to go into default and produce bad debts or non-performing financing. Errors in the application of financing procedures might also result in non-performing financing. Problem funding is attempted to be saved by enforcing bank policies that currently exist. The goal of this discussion is to determine how the bank BSI Bank KCP Bogor Pajajaran Bantarjati's procedures, comparative financing conditions during and after COVID-19, and the resolution of problematic financing have shown a positive trend because it has been successful in lowering the number of customers who restructured from 30% to 0%, non-performing financing from 14% to 7%, and current financing from 56% to 93% during post-COVID-19. The number of customers whose financial situations improved and they were able to pay off their loans also contributed to the upward trend. This demonstrates the efficacy of the financing guidelines and practices put in place by Bank BSI KCP Bogor Pajajaran Bantarjati in an effort to keep the bank in good standing following COVID-19.

Risks and returns are two key considerations while firms make decision. Since Chinese economic environment is becoming more open, the diversity of finance is promoted; therefore, the studies on the impact of capital structure on firm operation and corresponding solutions are significant. There have been several researches focusing on this topic to find out the relationship between financial leverage and firm performance. This paper uses a sample of Chinese listed companies covering the period 2010-2019, to study the impact of financial leverage on firm performance, measured by return on assets (ROA). By using OLS and 2SLS methods to take linear regression, this research shows that the relationship between financial leverage and firm performance is significantly negative, while operating leverage positively moderates this relationship. In addition, by further researches, this study shows that the moderating role of operating leverage could be insignificant in real estate industry. This research is of certain significance for enterprises’ financing decision-making and risk management. It suggests that high debts are harmful to a firm’s performance, since it could introduce extra financial risks and agency costs; nonetheless, control the selling, general and administrative expense could be a good way to solve this problem. Based on all the researches above, some suggestions come up: Firstly, firms should maintain a proper capital structure. Moreover, management could adjust operating leverage to release the negative consequence of debt. Finally, real estate enterprises could afford higher financial leverage than other enterprises. At the end of this paper, the limitations of this paper are listed, and suggestions for future researches are put forward.

The negative consequences of the financial crisis, political instability, which significantly weakened the banking system of Ukraine, revealed the unwillingness of most banking institutions to promptly and adequately adjust credit policy to find the optimal balance between customer needs for credit resources, lending risks, liquidity requirements, collateral requirements credit funds of business entities with real assets, etc. The processes of internationalization and globalization in the financial market exacerbate the need to reassess the role and place of credit risk management of banking institutions in the overall system of ensuring their financial stability. At the same time, banks currently incur significant losses in the absence of effective risk management systems that would identify, quantify risk, continuously monitor and control risk using modern tools based on early warning systems. Despite the measures taken by banks to reduce credit risk in their activities, the problem of improving the quality of loan portfolios of domestic banks remains unresolved, which hinders lending to the economy and negatively affects the efficiency and stability of banking in the context of profitability, liquidity, reliability (risk minimization) and development on an innovative basis. This necessitates a reassessment of theoretical and methodological approaches to credit risk management to implement the strategic and tactical goals of ensuring the financial stability of both the individual banking institution and the banking system as a whole. The authors analyze different approaches to determining the nature of credit risks. the reasons of their occurrence and ways of elimination are defined. According to the results of the analysis of a large array of statistical material, the number of problem loans in the loan portfolios of most banks in Ukraine has been increasing in recent years, which increases the risk of reducing their resource potential and deteriorating loan portfolios. Based on the study, it can be argued that the level of credit risk of the domestic banking sector is extremely high and negatively affects the stability of the entire banking system and the economy as a whole. The reasons for this situation in the domestic banking system are various, including economic crises, low solvency, high real interest rates on loans that not every borrower can handle, high credit risk, which requires banks to form additional reserves for such loans. and this in turn reduces the equity of banks. Thus, banks should be more active in resolving problem loans, using debt restructuring and write-off mechanisms and other methods of credit risk optimization. The article emphasizes that for the effective functioning of the bank, credit risk should be perceived not only as the probability of a negative event and as a danger, but as an activity aimed at generating income. This vision of credit risk will ensure quality management at the initial stage of the bank’s relationship with the client.

In China’s rapidly developing capital market, the problem of controlling shareholders abusing their control rights has not been solved. On the basis of analyzing the performance of the controlling shareholder’s abuse of power, this paper analyzes the harmful consequences of such abuse of power, and puts forward some countermeasures and Suggestions to solve the problem of the controlling shareholder’s abuse of control power, so as to provide a basis for improving the corporate governance system in China. Since the reform of state-owned enterprises in China, a large number of state-owned enterprises have been transformed into joint-stock companies. At present, many listed companies and group companies in China are derived from the reorganization of state-owned enterprises. The state, as the controlling shareholder, holds the majority of the shares of the company after the restructuring, thus forming the widespread phenomenon of “one dominant share”. After the completion of the restructuring of state-owned enterprises, however, the reduction of state-owned shares is relatively lagging behind, and the non-tradable nature of state-owned shares has formed a unique phenomenon of non-tradable shares. As the controlling shareholder of the state, the circulation of the shares held by the state is limited, which leads to the stable status of the controlling shareholders to a certain extent. At present, China’s stake in the company structure, the principle of capital majority of alienation and the corporate governance structure is scientific problems should produce the abuse of corporate controlling shareholder control, because of the complexity of the company and the interests of the parties subject direction often appear contradictions and even conflicts, which led to the interests of the game between the main body. In corporate governance if you don’t have a set of scientific and effective governance mechanism governing the exercise of the controlling shareholder control, then company and the interests of minority shareholders and creditors must be difficult to secure. How to properly solve the controlling shareholder control exercise and regulation of the relevant legal issues, science to establish regulation controlling shareholders improper exercise control of the standard system, directly related to the future development direction of corporate governance system in China. Therefore, it is still an important issue that we should continue to study deeply to regulate the exercise of controlling shareholder’s control right and more reasonably protect the rights and interests of minority shareholders and their creditors. 1. Performance of Controlling Shareholders’ Abuses of Power The controlling shareholder abuses the corporate personality. In the financial aspect, when the company’s property and the shareholder’s property cannot draw a clear line or make a clear distinction, the shareholder can occupy or misappropriate the company’s property at will, thus greatly reducing or even losing the solvency of the company and endangering the interests of the whole company. In terms of business, the two companies controlled by the controlling shareholders overlap or cover each other in the business scope, which makes the counterpart unable to distinguish the transaction object or the subject of the transaction behavior and the transaction result unclear, so that the interests of the counterpart cannot be guaranteed. In terms of personnel, shareholders hold important positions in their own companies or share a set of personnel system with two companies, which greatly affects the supervision function and decision-making ability of the internal organization of the company, thus losing the independence of the company’s 2020 International Conference on Big Data Application & Economic Management (ICBDEM 2020) Copyright © (2020) Francis Academic Press, UK DOI: 10.25236/icbdem.2020.015 98 personality. Abuse of control rights damages the interests of minority shareholders. Due to the huge disparity between the controlling shareholder’s dominant position and the strength of both sides, the controlling shareholder with the majority of shares wins easily in the tug of war for the decision-making right, while the minority shareholder with less shares can only obey. When the controlling shareholder gains control through the equity advantage, driven by interests, it will more recklessly exclude the influence of minority shareholders on the company’s decision, so as to realize its own interests and ignore the interests of others. On the issue of profit distribution, the controlling shareholders usually specify the dividend accounting and distribution system that is beneficial to them, so as to make the company profit flow to the controlling shareholders. Some companies also through the way of continuous accumulation fund to achieve the purpose of not distributing dividends to small and medium-sized shareholders, so that the investment of small and medium-sized shareholders can not get a reasonable return [1]. Many companies clearly have the ability to distribute dividends, but they are not willing to distribute dividends and share profits to minority shareholders, or pay annual salary or bonus to their senior managers in other ways, which directly results in the infringement of the reasonable earnings of minority shareholders. Abuse of control right to encroach on company property. Controlling shareholders improperly use their control position in the company to directly or indirectly influence or even dominate the company’s operating decisions and achieve the purpose of interest transmission by selling at a high price or buying at a low price. This kind of transaction, real estate mortgage, agency or other transfer of property between the company and the controlling shareholder or the controlling shareholder’s affiliate that is beneficial to the controlling shareholder is bound to cause damage to the company’s interests. Financing in the process of small and medium-sized shareholders in the company mostly direct investment took the form of cash, and the controlling shareholders usually non-cash capital contribution methods such as such as physical, resulting in asset assessment when there is a big space, can be low value asset price assessment, then subscribe for more shares to encroach on the purpose of company assets, in the interests of minority shareholders is changed to the occupation. 2. The Harmful Consequences of the Controlling Shareholder’s Abuse of Power Infringement on the interests of the company and minority shareholders. The controlling shareholder’s unfair related party transaction and transfer of the company’s property seriously damage the interests of the company. Controlling shareholders will often make good on the claim, in violation of laws and regulations and the company’s articles of association will be the company as the guarantor of their loans, so the company will be jointly and severally liable for their debts with the controlling shareholders, when the controlling shareholders are unable to repay the debt, the company will assume the liability for repayment. In this way, the abuse of control by controlling shareholders will not only damage the interests of the company, but also may make the company into a huge risk. Controlling shareholders tend to in order to obtain the maximization of its interests while ignoring the interests of minority shareholders, the small and medium-sized shareholders lost voice, which only has the right to vote, in the form of the substance being shut out of the right to vote, could not really involved in the decision-making of the company’s operating and suffer on interests, strict operation of the small and medium-sized shareholders investment enthusiasm, also violated their expectation interests of their investments have. Damage to the rights and interests of the company’s creditors. For the creditors who have creditor’s right and debt relationship with the company, they can’t know the operation and management status of the company in time, and they can only conduct supervision through limited ways. Controlling shareholders abuse the company legal person independent personality, with individual and the company’s main body qualifications, when unable to bear the liability to use correlation property of the transfer or use of the limited liability of shareholders to escape debts, the creditor sued the company, the company has become a shell company, unable to repay debts, the creditors unable to exercise the creditor’s rights and cause serious damage to the creditor rights and

This study evaluates the financial performance of Philippine property sector companies. It also aims to help these businesses make informed financing choices that may affect their financial performance. This study is based upon Alexander Wall's (1919) theory of ratio analysis. The researcher employed historical design study. Using 2015–2021 financial data, the research examined all PSE property-related companies. The panel data analysis using a random effect parameter of the Linear Mixed Model was employed to examine time series of cross-section observations. According to this study, the average return on assets (ROA) over the course of six years was 0.05, indicating that the firm earned an average of five cents in profit per peso of assets held. The mean return on equity for the entire period is 0.05. The mean capital gains yield of the companies for the 6 years ranges from 0.12 to 0.19. It can be concluded that the property sector in the Philippines has demonstrated resilience. It is recommended that the PSE listed companies under the Property Sector may find the findings of this study helpful in formulating financing strategies that account for the impact of financial structure on their financial performance.

This study is to examine the effect of tax planning, accrual earnings management and capital structure on firm performance through firm size as a moderating variable. This research was conducted at manufacturing companieslisted on the Indonesia Stock Exchange (IDX) in 2016-2021. The method of determining the sample in this study used the purposive sampling method so that from 49 populations a sample of 43 companies was obtained. The datain this study were analyzed using panel data regression analysis techniques. The results of this study indicate that.The results of the study prove that tax planning has an effect on company performance, accrual earnings management has no effect on company performance, and capital structure has an effect on company performance. Tax planning affects firm performance through firm size as a moderating variable, accrual earnings management influences firm performance through firm size as a moderating variable and capital structure influences firm performance through firm size as a moderating variable. Purpose: (1) To analyze and test the influence of Tax Planning on Company Performance, (2) To analyze and test the influence of Accrual Profit Management on Company Performance, (3) To analyze and test the influence of Capital Structure on Company Performance, (4) To analyze and test whether company size moderates tax planning on company performance, (5) To analyze and test whether Company Size moderates Accrual Profit Management on Company Performance, (6) To analyze and test whether company size moderates capital structure on company performance Design/methodology/approach – Quantitative Research limitations/implications – (1) The use of relatively small sample data, namely only the property and real estate subsector listed on the Indonesia Stock Exchange with a sample size of 43 companies, (2) The research time period is limited, starting from 2016 to 2021, (3) Lack of experience with earnings management practices that apply in the field, (4) This research only uses company size as a moderating variable. (5) Many companies do not disclose their financial reports regularly, so the company is considered not to have fulfilled this aspect of the assessment. Practical implications – The results of this research give rise to managerial implications, namely that tax planning, accrual profit management and capital structure have a positive effect on company performance in property and real estate companies listed on the Indonesia Stock Exchange. The results of this research can provide tax planning due to tax management by carrying out tax planning with Tax savings will increase company profitability which will ultimately increase company value.

No abstract available

By positioning operational efficiency as an intermediary lens, this study examines the profitability resulting from capital structure and firm size. This research focuses on property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. Capital structure is measured using the Debt-to-Equity Ratio (DER), company size is measured by the natural logarithm of total assets, operational efficiency is proxied by the Operating Expenses to Operating Income (BOPO) ratio, and profitability is measured by Return on Assets (ROA). The research method used is a quantitative approach with path analysis. A purposive sampling technique resulted in 78 companies as the research sample, resulting in 234 observations during the observation period. Data processing was performed using software version 25. Theoretically, this study contributes to the development of corporate finance literature by broadening understanding of the role of operational efficiency as a mediating variable in the relationship between capital structure, firm size, and profitability in the property and real estate sector in Indonesia. The results of the study indicate that firm size has a positive effect on operational efficiency, while capital structure has a negative effect. Firm size also has a positive effect on profitability, while capital structure has a negative effect on profitability. However, operational efficiency has not been shown to mediate the relationship between capital structure and profitability or between firm size and profitability.

The government can provide policies and create economic growth Which conducive, the property sector will be very prospective. The purpose of this study is to obtain empirical evidence and examine the factors that influence policy debt which has implications for the company value of companies listed on the Indonesia Stock Exchange. These factors are Fixed Assets Ratio, Return on Equity, Company Size, Company Growth and Company Age. This research was conducted on companies listed as property companies for the 2010-2015 period on the Indonesia Stock Exchange. Multiple Regression Analysis was used to test the hypothesis and purposive sampling method was used to take the sample. The results showed that the ratio of fixed assets, return on equity, firm size and company growth had no relationship with debt but firm age had a negative relationship with debt and debt did not have implications for firm value partially. On the other hand, all variables have a significant relationship with debt and have implications for company size. The results show an agency problem

This study aims to analyze the effect of Intellectual capital , Company Size, Firm size and Capital structure on Financial performance in property and real estate sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018-2022 period. Intellectual capital is measured using Value Added Intellectual capital , Company Size is measured by total assets, and Capital structure is measured as the ratio between debt and equity. This research was conducted to provide further understanding of the factors that contribute to the financial performance of companies in sectors related to property and real estate . The data used in this study comes from the annual financial reports of companies listed on the IDX for the 2018-2022 period. The analytical method used is multiple linear regression with a case study approach. Data processing uses panel data which is processed using the SPSS program. The sample used was 19 entities with a total of 95 data observations. The research results show that intellectual capital (VAIC) has a significant positive influence on financial performance (ROA) in the property and real estate sectors. However, company size ( firm size ) and capital structure (DER) do not significantly influence ROA in the same context. Simultaneously, these three variables together have a significant influence on financial performance with a determination value of 32.7% and the remainder by variables outside the research.   Keywords: Intellectual capital , Company Size, Capital structure , Financial performance , Property and Real estate , IDX

This study investigates the relationship between non-performing loan (NPL) resolution strategies and financial performance among commercial banks in Indonesia. As NPLs remain a persistent threat to banking sector stability, especially in post-pandemic recovery phases, the research aims to assess how various resolution mechanisms namely restructuring, write-offs, asset sales to asset management companies (AMCs), and digital early-warning systems impact key financial indicators such as return on assets (ROA), return on equity (ROE), net interest margin (NIM), and capital adequacy ratio (CAR). Employing a quantitative descriptive design, this study draws on secondary panel data from 35 Indonesian commercial banks over the 2020–2024 period, incorporating bank-level financial reports, regulatory disclosures, and macroeconomic indicators. Multiple regression analysis is used to evaluate the effect of each resolution strategy on financial performance metrics. The findings indicate that proactive loan restructuring has a significant positive effect on ROA and NIM, while asset sales to external AMCs are associated with notable improvements in CAR due to risk-weight reductions. Moreover, banks with aggressive provisioning policies experience enhanced ROE when combined with effective loss recognition. The implementation of AI-based early-warning systems significantly mediates the impact of restructuring on profitability by reducing re-default rates. These results suggest that an integrated resolution approach combining traditional financial tactics with digital risk-management innovations optimizes both short-term profitability and long-term solvency. The study contributes to strategic financial management literature and provides actionable insights for regulators aiming to strengthen bank resilience in emerging markets.

Credit restructuring is a crucial mechanism in the banking sector designed to protect the interests of both creditors and debtors who are experiencing financial distress. In essence, restructuring serves as a remedial policy aimed at preventing loans from deteriorating into non-performing status while preserving the continuity of viable businesses. Rather than immediately enforcing collateral execution or initiating legal proceedings, banks may modify the original loan agreement to restore the borrower’s repayment capacity This process typically involves adjusting credit terms through interest rate reductions, extension of loan maturities, rescheduling of installment payments, conversion of short-term obligations into longer-term facilities, or, in certain cases, partial principal reduction. These measures are intended to realign debt obligations with the borrower’s current cash flow conditions. In Indonesia, regulatory frameworks established by the Financial Services Authority (OJK) and Bank Indonesia provide a strong legal and prudential basis to ensure that restructuring is conducted transparently, objectively, and in accordance with sound risk management principles. For creditors, restructuring minimizes potential losses, preserves asset quality, and prevents a sharp increase in non-performing loans that could weaken capital adequacy. For debtors, it offers financial relief, protects business sustainability, and helps maintain employment and economic productivity. Although risks such as moral hazard, repeated default, and legal disputes may arise, effective supervision, fair mediation, and continuous performance evaluation can mitigate these challenges. When implemented prudently, credit restructuring becomes a strategic instrument for safeguarding financial system stability, particularly during periods of economic uncertainty or crisis.

Banking as an intermediary institution based on the Sharia Banking Act No. 21 of 2008 mandates collect and distribute funds to the public in a proportionate manner. Proportion means is that the portion that is collected and that which is distributed should be balanced, so that the expected profit maximum. In the 2020 era there was the emergence of the Covid 19 pandemic which resulted in the collection and disproportionate distribution of funds. Funding cannot be channeled optimally, because it is work more focused on improving existing financing as a result of customer defaults due to repayment capacity changes. Conditions that cannot be predicted in advance. Government with authority issued a relaxation policy in the form of restructuring through the Financial Services Authority (OJK) provide solutions that are solutive for customers and banks. Over time customer financing saved and doing well. However, nearing the end of the policy there were many related internal audit findings the quality of the policy. Many customers are policy-justified in current collectibility, but in fact collectibility Non Performance Finance (NPF), namely in the collectibility category 3.4 and 5. Under these conditions, it is certain that the bank will incur a loss due to the provision of Reserves Impairment Losses ( CKPN) formed. Cleansing data carried out on several customers shows that customers already have qualities that cannot be saved as a result of implementing policies government that does not have a time limit, so that within that unspecified period of time have a fatal impact on the quality of customers and have an impact on banking performance or the soundness level of the bank worsened.

This study analyzes banking activities in managing non-performing loans through a case study of credit default at PT Bank Century Tbk. The research focuses on examining credit distribution patterns, risk management practices, and legal as well as governance implications arising from problematic loans. The findings indicate that the accumulation of non-performing loans was driven by aggressive credit expansion, inadequate creditworthiness analysis, and weak post-disbursement supervision. Credit restructuring and collection efforts were implemented; however, these measures were largely ineffective due to the deteriorating financial condition of debtors. The failure to control credit risk not only affected the bank’s financial performance but also triggered legal disputes, governance issues, and a decline in public trust. The case of Bank Century highlights the importance of prudent lending policies, integrated risk management, and strong corporate governance in maintaining banking stability. This study contributes to the literature by providing an in-depth understanding of how weaknesses in credit management and oversight can lead to systemic banking problems and emphasizes the need for preventive rather than reactive approaches in handling non-performing loans.

In the current economic situation affected by epidemics, wars, recessions, etc., construction enterprises in Vietnam in general and state – owned construction enterprises in particular face many difficulties to maintain performance efficiency. On the other hand, the policies of restructuring and equitization of state-owned enterprises also have a strong impact on the financial management of construction enterprises in Vietnam. This study uses data from financial statements of 22 state-owned construction enterprises in Hanoi from 2017 to 2021 to calculate the Altman Z-score formula. The Altman Z-score is a linear combination of four or five common business ratios, weighted by coefficients. Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of enterprises with high reliability. The research results show that a few enterprises are in the "safe" zone and "grey" one while most are in "distress" zone. The cause of inefficient business performance is that the revenue and profit ratio to total assets of state-owned construction enterprises to decrease sharply, the ratio of working capital to total assets is low. Moreover, the ratio of equity to total debt is the most important reason for the low Z-score, which means predicting a high risk of bankruptcy in state-owned construction enterprises. The evidence base from the research results is used to propose 5 solutions to reduce the risk of bankruptcy and improve the efficiency of financial management of enterprises.

Purpose – This research assesses bankruptcy predictions derived from various models to identify the most accurate approach, especially for real estate companies that are publicly traded and listed on the Jakarta Stock Exchange between 2020 and 2023. It also seeks to examine the bankruptcy tendencies of each chosen company, as indicated by the respective models. Design/methodology/approach – Evaluating a company's financial stability necessitates a comprehensive analysis employing models such as the Altman, Springate, Taffler, and Zmijewski Z-score to forecast the potential hazards of future insolvency. Originality – This research assesses the bankruptcy prognosis scores of real estate firms by comparing them to actual outcomes, as demonstrated by the net losses incurred between 2020 and 2023. To select the model exhibiting the highest accuracy and the lowest error rates, Type I and Type II error analyses are conducted. Findings and Discussion – Taffler's model predicts real estate company bankruptcy best, followed by Altman Z-Score and Zmijewski, and Springate's least accurately. It recommends that enterprises continuously assess financial performance, refrain from incurring excessive debt, maintain adequate current assets to fulfill liabilities, and improve profit margins. Conclusion – This study recommends that companies perform regular financial assessments, limit reliance on debt to finance assets, maintain sufficient current assets to cover liabilities, and work on improving profit margins.

Purpose This study aims to analyse the Corporate Insolvency Resolution Process (CIRP) in India, emphasizing the unique challenges faced by different sectors. It highlights that 45.23% of admitted cases result in liquidation or resolution, underscoring the need for sector-specific provisions in the Insolvency and Bankruptcy Code (IBC). The current framework’s limitations lead to higher haircuts and lower recovery rates. Sector operates under general provisions of IBC, which do not include specific clauses designed to address their particular requirements. The implementation of sector-specific strategies is essential for improving outcomes for both distress companies and their creditors. This approach will significantly enhance the efficacy of the insolvency resolution process. Design/methodology/approach This study uses data from the Insolvency and Bankruptcy Board of India (IBBI) through March 2024. It analyses 7,567 cases admitted under the Insolvency and Bankruptcy Code (IBC), 2016, focusing on sectoral insolvency across various industries such as manufacturing, real estate, constructions, hotels and restaurants, wholesale and retail trade, electricity, transport, storage, communications and others. It analyses data-driven decision-making approach by using formulas to calculate the key metrics such as insolvency rate, recovery rate and haircut rate from a large data set. Findings The overall insolvency rate is recorded at 45.23% with nearly half of the cases resulting in either liquidation or resolution plans. Out of the total cases, 2,476 resulted in liquidation, while 947 were resolved through approved plans. The recovery rate is 32.08%, indicating that less than one-third of admitted cases have been recovered. The average haircut rate is 67.89%, indicating substantial reductions in claims to facilitate resolutions. This sectoral analysis reveals that certain industries such as real estate and manufacturing are disproportionately affected, emphasizing the necessity for targeted interventions. Originality/value This study’s lies in its sector analysis and use of comprehensive data, from March 2016 to March 2024 from the IBBI. This paper caters to a unique sector and brings a novel viewpoint and valuable insights to the existing literature on insolvency processes in India.