The business performance become an important thing to be main goal of firm activities to get the competitive advantage, but it is contrary with the recession may bring a probability of firm’s decreasing and liquidation. The uncertainty of global economy provides the importance in developing model to monitor, identify and asses potential risks which can threat business sustainability. Cost of Financial Distress (CFD) is one of tools for identifying firm performance decline early risk such as sales growth and stock return, so it can reduce the loss possibility before all lead to bankruptcy. This research aims to explain the evidence of CFD in Indonesia by using opportunity loss and consequency to firm performance. The datas used are 231 firms of Indonesia Stock Exchange (IDX) in 2011 – 2015 and panel regression used for presenting the impact of CFD to firm performance. Consistency of the theory that cost tend to increase following cash flow realization which may be lower in uncertainty of economiy. The analysis finds that Indonesia’s industry have higher CFD and low sales growth after base d year of uncertainty economy. The regression result also finds CFD have negative impact to firm’s sales growth. The result propose that CFD can be used as an early detection tool for reducing loss possibility of firm’s market share.

中文翻译：

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财务困境和公司绩效的成本

经营业绩成为成为企业活动获得竞争优势的主要目标的重要内容，但与经济衰退相反可能会带来企业减少和清算的可能性。全球经济的不确定性为开发模型以监控，识别和评估可能威胁业务可持续性的潜在风险提供了重要意义。财务困扰成本（CFD）是用于识别公司业绩下降，销售增长和股票回报之类的早期风险的工具之一，因此它可以在所有导致破产之前减少损失的可能性。这项研究旨在通过利用机会损失和对公司绩效的后果来解释印度尼西亚的差价合约证据。所使用的数据是2011年至2015年印度尼西亚证券交易所（IDX）的231家公司，面板回归用于显示差价合约对公司业绩的影响。现金流量变现后成本趋于增加的理论的一致性，这在经济不确定性方面可能较低。分析发现，在不确定的经济基准年之后，印尼行业的差价合约较高且销售增长较低。回归结果还发现差价合约对公司的销售增长有负面影响。结果表明，差价合约可以作为减少企业市场份额损失可能性的早期检测工具。分析发现，在不确定的经济基准年之后，印尼行业的差价合约较高且销售增长较低。回归结果还发现差价合约对公司的销售增长有负面影响。结果表明，差价合约可以作为减少企业市场份额损失可能性的早期检测工具。分析发现，在不确定的经济基准年之后，印尼行业的差价合约较高且销售增长较低。回归结果还发现差价合约对公司的销售增长有负面影响。结果表明，差价合约可以作为减少企业市场份额损失可能性的早期检测工具。