PENGARUH KINERJA KEUANGAN TERHADAP FINANCIAL DISTRESS DENGAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL MODERASI

  In facing competition with other business units, a company must maintain its business stability. Individuals who have an interest in an organization trust that this security will keep going quite a while so the organization can keep on running its tasks and can give development to keep up with its business. It is possible for a business to find itself in financial trouble if it is unable to compete with its rivals. This study plans to decide the impact of monetary execution which incorporates the proportion of liquidity, influence, action, and income to monetary misery with administrative proprietorship as a directing variable. Secondary data from the 2017-2021 annual financial reports of companies in the energy sector listed on the Indonesia Stock Exchange were used. MRA and logistic regression are the models that were used in this study. The findings demonstrated that the ratio of liquidity to cash flow can have a significant impact on financial distress, whereas the ratio of leverage to activity cannot have a significant impact on financial distress. Meanwhile, managerial ownership is able to significantly moderate the relationship between the liquidity ratio and financial distress, but not the relationship between the leverage ratio and activity to financial distress. Keywords: Activity; Cash flow; financial distress; leverage, liquidity, managerial ownershipSebuah bisnis harus menjaga stabilitasnya ketika bersaing dengan unit bisnis lainnya. Orang-orang yang tertarik dengan suatu bisnis berharap stabilitas ini akan bertahan lama sehingga bisnis bisa terus menjalankan operasinya serta menawarkan ide-ide baru guna mempertahankan bisnisnya. Financial distress mungkin terjadi pada bisnis yang tidak mampu bersaing dengan saingannya serta tidak bisa bertahan. Penelitian ini berencana guna menentukan dampak eksekusi moneter yang memasukkan proporsi likuiditas, pengaruh, pergerakan, serta pendapatan atas masalah moneter dengan kepemilikan administratif selaku variabel pengarah. Informasi yang dipakai yakni informasi tambahan yang diperoleh dari laporan keuangan tahunan asosiasi bidang energi yang tercatat di BEI periode 2017-2021. Model yang dipakai dalam penelitian ini yakni relaps terhitung serta MRA. Hasilnya menegaskan kalau proporsi likuiditas serta pendapatan secara bersama-sama bisa berdampak atas penderitaan moneter, serta proporsi pengaruh serta tindakan tidak bisa berdampak atas kesengsaraan moneter secara mendasar. Sedangkan kepemilikan manajerial mampu memoderasi hubungan antara rasio likuiditas serta financial distress secara signifikan, namun tidak memoderasi hubungan rasio leverage serta aktivitas atas financial distress. Kata Kunci: Aktivitas; Arus kas; financial distress; leverage, likuiditas, kepemilikan manajerial

PENGARUH KINERJA KEUANGAN TERHADAP FINANCIAL DISTRESS DENGAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL MODERASI

  In facing competition with other business units, a company must maintain its business stability. Individuals who have an interest in an organization trust that this security will keep going quite a while so the organization can keep on running its tasks and can give development to keep up with its business. It is possible for a business to find itself in financial trouble if it is unable to compete with its rivals. This study plans to decide the impact of monetary execution which incorporates the proportion of liquidity, influence, action, and income to monetary misery with administrative proprietorship as a directing variable. Secondary data from the 2017-2021 annual financial reports of companies in the energy sector listed on the Indonesia Stock Exchange were used. MRA and logistic regression are the models that were used in this study. The findings demonstrated that the ratio of liquidity to cash flow can have a significant impact on financial distress, whereas the ratio of leverage to activity cannot have a significant impact on financial distress. Meanwhile, managerial ownership is able to significantly moderate the relationship between the liquidity ratio and financial distress, but not the relationship between the leverage ratio and activity to financial distress. Keywords: Activity; Cash flow; financial distress; leverage, liquidity, managerial ownershipSebuah bisnis harus menjaga stabilitasnya ketika bersaing dengan unit bisnis lainnya. Orang-orang yang tertarik dengan suatu bisnis berharap stabilitas ini akan bertahan lama sehingga bisnis bisa terus menjalankan operasinya serta menawarkan ide-ide baru guna mempertahankan bisnisnya. Financial distress mungkin terjadi pada bisnis yang tidak mampu bersaing dengan saingannya serta tidak bisa bertahan. Penelitian ini berencana guna menentukan dampak eksekusi moneter yang memasukkan proporsi likuiditas, pengaruh, pergerakan, serta pendapatan atas masalah moneter dengan kepemilikan administratif selaku variabel pengarah. Informasi yang dipakai yakni informasi tambahan yang diperoleh dari laporan keuangan tahunan asosiasi bidang energi yang tercatat di BEI periode 2017-2021. Model yang dipakai dalam penelitian ini yakni relaps terhitung serta MRA. Hasilnya menegaskan kalau proporsi likuiditas serta pendapatan secara bersama-sama bisa berdampak atas penderitaan moneter, serta proporsi pengaruh serta tindakan tidak bisa berdampak atas kesengsaraan moneter secara mendasar. Sedangkan kepemilikan manajerial mampu memoderasi hubungan antara rasio likuiditas serta financial distress secara signifikan, namun tidak memoderasi hubungan rasio leverage serta aktivitas atas financial distress. Kata Kunci: Aktivitas; Arus kas; financial distress; leverage, likuiditas, kepemilikan manajerial

Electrospun collagen-based nanofibres: A sustainable material for improved antibiotic utilisation in tissue engineering applications

For the creation of scaffolds in tissue engineering applications, it is essential to control the physical morphology of fibres and to choose compositions which do not disturb normal physiological function. Collagen, the most abundant protein in the human body, is a well-established biopolymer used in electrospinning compositions. It shows high in-vivo stability and is able to maintain a high biomechanical strength over time. In this study, the effects of collagen type I in polylactic acid-drug electrospun scaffolds for tissue engineering applications are examined. The samples produced were subsequently characterised using a range of techniques. Scanning electron microscopy analysis shows that the fibre morphologies varied across PLA-drug and PLA-collagen-drug samples − the addition of collagen caused a decrease in average fibre diameter by nearly half, and produced nanofibres. Atomic force microscopy imaging revealed collagen-banding patterns which show the successful integration of collagen with PLA. Solid-state characterisation suggested a chemical interaction between PLA and drug compounds, irgasan and levofloxacin, and the collagen increased the amorphous regions within the samples. Surface energy analysis of drug powders showed a higher dispersive surface energy of levofloxacin compared with irgasan, and contact angle goniometry showed an increase in hydrophobicity in PLA-collagen-drug samples. The antibacterial studies showed a high efficacy of resistance against the growth of both E. coli and S. Aureus, except with PLA-collagen-LEVO which showed a regrowth of bacteria after 48 h. This can be attributed to the low drug release percentage incorporated into the nanofibre during the in vitro release study. However, the studies did show that collagen helped shift both drugs into sustained release behaviour. These ideal modifications to electrospun scaffolds may prove useful in further research regarding the acceptance of human tissue by inhibiting the potential for bacterial infection

Toluene, Methanol and Benzaldehyde removal from gas streams by adsorption onto natural clay and faujasite-Y type Zeolite

A great number of pollution problems come as a result of the emission of Volatile Organic Compounds (VOCs) into the environment and their control becomes a serious challenge for the global chemical industry. Adsorption is a widely used technique for the removal of VOCs due to its high efficiency, low cost, and convenient operation. In this study, the feasibility to use a locally available clay, as adsorbent material to control VOCs emissions is evaluated. Natural clay is characterised by different physical-chemical methods and adsorptive interaction features between VOCs and natural clay are identified. Toluene (T), methanol (M) and benzaldehyde (B) are used here as representatives of three different kinds of VOCs. Adsorption isotherms onto natural clay and faujasite-Y type zeolite (Fau Y) are obtained at room temperature. According to Langmuir model data, maximum adsorption capacities (qm) of Fez natural clay and zeolite toward methanol (M), toluene (T) and benzaldehyde (B) at 300 K are 8, 0.89 and 3.1 mmol g-1, and 15, 1.91 and 13.9 mmol g-1 respectively. In addition, the effect of temperature on the adsorption of toluene onto natural clay is evaluated in the range from 300 to 323K. An increase on temperature reduces the adsorption capacity of natural clay toward toluene, indicating that an exothermic physical adsorption process takes place. The enthalpy of adsorption of toluene onto Fez natural clay was found to be -54 kJ mol-1. A preliminary cost analysis shows that natural clay could be used as an alternative low cost adsorbent in the control of VOCs from contaminated gas streams with a cost of US$0.02 kg-1 compared to Fau Y zeolite with US$ 10 kg-1

Sustainable Construction of Heterocyclic 1,2,3-Triazoles by Strict Click [3+2] Cycloaddition Reactions Between Azides and Alkynes on Copper/Carbon in Water

1,4-Disubstituted-1,2,3-triazoles, considered as an important and useful class of heterocycles with potential applications in material science and biology, have been prepared in an efficient and selective manner by copper on carbon-catalyzed [3+2] cycloaddition reactions of azides and alkynes (CuAAC) in water under strict click chemistry conditions. Copper(I) catalysts heterogenized onto commercially activated carbon materials (Cu-CC) and on another carbon material produced from vegetable biomass using Argan nut shells (Cu-CANS) were found to be versatile catalytic sources for sustainable CuAAC. These copper on carbon supports were prepared and fully characterized by using two types of activated carbons that exhibit different porosity and specific surface. The delineation of the nature of the catalytic copper species and the role of the carbon support in the CuAAC were addressed. These heterogeneous copper on carbon catalysts were recovered and reused until ten catalytic runs without any noticeable loss of activity

Photochemical transformation of flufenamic acid by artificial sunlight in aqueous solutions

International audienceIn the present article, we have studied the photochemical behavior of a common non-steroidal anti-inflammatory drug (NSAIDs) namely flufenamic acid (FLUA) in aqueous solution. The absorption spectrum of such compound shows a significant absorption beyond 290 nm and the photochemical irradiation within the range 300–450 nm leads to its complete transformation in roughly 6 h. The quantum yield of FLUA transformation measured at 290 and 310 nm was evaluated to about 1.1 × 10−4 without any significant effect of the excitation wavelength. The degradation process was inhibited in acidic solutions owing to the sharp increment in the absorption of FLUA in the wavelength region between 300 and 350 nm. The quantum yield was estimated to 1.2 × 10−4 at pH 7. The effect of oxygen on the photochemical behavior of FLUA has also been investigated. The obtained results clearly indicate that oxygen is not significantly involved in the photochemical degradation process. The phototransformation of the flufenamic acid appears to occur through one pathway that involves the photohydrolysis of trifluoromethyl group, and thus leads to the formation of one specific photoproduct, namely 2,3′-imino-dibenzoic acid. This result was confirmed by the formation of the fluoride ions after irradiation during the irradiation of flufenamic acid. A mechanistic scheme for such transformation of flufenamic acid was proposed

Highly efficient photodegradation of the pesticide metolcarb induced by Fe complexes

International audienceHere we show the efficient photoinduced degradation of the pesticide metolcarb, in less than 400 min, using iron(III) aquacomplexes and 365 nm light. The degradation is mainly due to the formation of hydroxyl radical. It was complete when molecular oxygen was present. The analytical study gives evidence for the primary formation of several byproducts formed from 1) the scission of the O-C bond, 2) the hydroxylation of the aromatic moiety and 3) the attack of the two methyl groups. Under prolonged irradiation and in aerated solutions, efficient mineralization was evidenced by the study of total organic carbon evolution as a function of irradiation time

Photochemical behaviour of triclosan in aqueous solutions: Kinetic and analytical studies

International audienceThe mechanism of the direct photolysis of the anti-microbial triclosan in aqueous solutions was investigated by using steady state and laser flash photolysis. Quantum yields were determined for the disappearance of triclosan and formation of chloride anions in steady state irradiations in the absence and in the presence of oxygen as well as a function of pH. The photoreactivity was found to be efficient with the anionic form and in the absence of oxygen. Following laser flash photolysis (226 nm), three transients were found (triclosan triplet state, solvated electron and phenoxyl radical). Several primary and secondary stable photoproducts were elucidated by means of LC/MS/MS data. They were found to arise from four main photochemical processes: isomerisation, cyclization (leading to the formation of dioxin derivatives), dimerisation of the phenolic moiety and hydrolysis. The ionic chromatography showed that the loss of chloride anion in triclosan phototransformation represents an important degradation pathway. The formation of oligomeric products was also observed for prolonged irradiation time. A detailed mechanism for the formation of the primary products is proposed and discussed. The very important photocyclization reaction is more likely involving the triplet state pathway and the homolytic dissociation of the ether bridge occurs from the singlet excited state pathway

TiO2 photocatalysis of the organophosphorus Fenamiphos : insight into the degradation mechanism.

International audienceThe photocatalytic degradation of the organophosphorus fenamiphos (FN) was studied using titanium dioxide as a photocatalyst and 365 nm as an excitation wavelength. Under our experimental conditions and in aerated solutions, the irradiation in the presence of TiO2 P25 (1.0 g L−1) permitted the evaluation of the half lifetime to 9.5 minutes. Laser flash photolysis experiments showed the formation of an initial species owing to the attack of the hydroxyl radical on FN. It was identified as the adduct -FN. The second order rate constant for its formation was evaluated to moL−1 L s−1. All the products are formed via the formation of such transient intermediate. They were identified by means of HPLC/MS using electrospray in positive mode ( ). Two main processes are responsible for FN photocatalytic transformation: (i) hydroxylation on the aromatic structure and (ii) the scission of the C-O bond. A mechanistic scheme was proposed for the photocatalytic process of FN using titanium dioxide. An efficient mineralization was observed within 24 hours by using a suntest setup

Photocatalytic degradation of metsulfuron methyl in aqueous solution by decatungstate anions

International audienceThe degradation of the pesticide metsulfuron methyl was studied in aqueous solutions by using decatungstate anion, W10O324−, as a photocatalyst. An electron transfer process involving the highly oxidizing features of the decatungstate excited state, namely W10O324−*, was clearly observed. The degradation led to the oxidation of the pollutant and the formation of the decatungstate reduced species, i.e. W10O325−. In aerated as well as in oxygen-saturated solutions, the system was found to operate in a photocatalytic way with the formation of superoxide anion and the regeneration of the starting decatungstate species. The phototransformation of the pesticide metsulfuron methyl appeared to occur through three different reaction pathways involving the three main parts of the chemical structure: the aromatic ring, the sulfonylurea bridge and to a less extent the methoxy group of the triazine moiety. Under continuous excitation a partial mineralization of metsulfuron methyl was observed owing to the presence of the triazine structure. A mechanistic scheme for complete degradation of metsulfuron methyl is proposed