Issue

Vol. 12 No. 2 (2025): December

Date Log

Submitted
10 May 2025
Accepted
25 September 2025
Published
28 September 2025

Copyright (c) 2025 Nur Ellyanawati Esty Rahayu, Hadri Kusuma, Zaenal Arifin (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Trends and Determinants of Financial Distress: Evidence from Two-Decade Studies

https://doi.org/10.24252/minds.v12i2.56739
Nur Ellyanawati Esty Rahayu
Universitas Islam Indonesia, Indonesia
Hadri Kusuma
Universitas Islam Indonesia, Indonesia
Zaenal Arifin
Universitas Islam Indonesia, Indonesia

Corresponding Author(s) : Nur Ellyanawati Esty Rahayu

[email protected]

Jurnal Minds: Manajemen Ide dan Inspirasi, Vol. 12 No. 2 (2025): December

Abstract

This study maps trends and developments in financial distress research on publicly listed firms, highlighting themes, methods, and contexts to expose gaps for future work. Its contribution lies in offering a systematic, mixed-method review covering two decades of studies (2004–2024), which clarifies how the field has evolved and where it must advance. Articles were retrieved through Publish or Perish using the Scopus database, yielding insights into dominant themes of financial performance, corporate governance, and ownership structure. Current discourse gravitates around financial distress as a broad phenomenon, its occurrence in listed companies, and country-specific contexts. Looking forward, research opportunities cluster around financial distress prediction, turnaround strategies, and comparative country evidence. The findings equip scholars and practitioners with a structured view of existing knowledge while guiding targeted inquiry, ensuring future studies address pressing blind spots and enhance the practical utility of financial distress scholarship.

Keywords

Financial Distress Determinants Systematic Literature Review Interpretation
Rahayu, N. E. E., Kusuma, H., & Arifin, Z. (2025). Trends and Determinants of Financial Distress: Evidence from Two-Decade Studies. Jurnal Minds: Manajemen Ide Dan Inspirasi, 12(2), 523–536. https://doi.org/10.24252/minds.v12i2.56739
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Author Biographies

Nur Ellyanawati Esty Rahayu, Universitas Islam Indonesia

Department of 3rd Vocational School in Banking and Finance, Fakultas Bisnis dan Ekonomika

Hadri Kusuma, Universitas Islam Indonesia

Management Department, Fakultas Bisnis dan Ekonomika

Zaenal Arifin, Universitas Islam Indonesia

Management Department, Fakultas Bisnis dan Ekonomika

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