Variable definitions
| Variable | Definition |
|---|---|
| Dependent variable | |
| ZSCR | Firm that experiences economic issues such as failure, financial distress, default, and financial difficulties measured using Altman Z-Score Altman et al. (2019) |
| Independent variables | |
| PC-SB | Percentage of board of commissioners with political connections for company i in year t. Joni et al. (2020a) |
| RGYM | Dummy variable for presidential leadership of SBY and Jokowi Ullah and Kamal (2022) |
| Control variables | |
| BCZE | The number of board members Joni et al. (2020a) |
| FAGE | The age of the company Joni et al. (2020a) |
| FSIZ | The natural logarithm of total assets of company i in year t Joni et al. (2020a) |
| LVRG | The ratio of total liabilities to total equity of company i in year t Joni et al. (2020a) |
| SOE | State-Owned Enterprise measured by a dummy variable, 1 for SOE companies, and 0 for non-SOE companies Joni et al. (2020a) |
| INDY | Industry as indicator variables classified using the Global Industry Classification Standard (GICS) |
| YIR | Year as indicator variables for the company in 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 |
| Variable | Definition |
|---|---|
| ZSCR | Firm that experiences economic issues such as failure, financial distress, default, and financial difficulties measured using Altman Z-Score |
| PC-SB | Percentage of board of commissioners with political connections for company |
| RGYM | Dummy variable for presidential leadership of SBY and Jokowi |
| BCZE | The number of board members |
| FAGE | The age of the company |
| FSIZ | The natural logarithm of total assets of company |
| LVRG | The ratio of total liabilities to total equity of company |
| SOE | State-Owned Enterprise measured by a dummy variable, 1 for SOE companies, and 0 for non-SOE companies |
| INDY | Industry as indicator variables classified using the Global Industry Classification Standard (GICS) |
| YIR | Year as indicator variables for the company in 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 |
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.