THE EFFECT OF TUNNELING, PROFITABILITY, LEVERAGE AND SIZE TO THE FUTURE FIRM PERFORMANCE AND FINANCIAL DISTRESS ON THE CONSUMER GOODS SECTOR (ASEAN STOCK EXCHANGE 2011-2015 PERIOD)

The objective of this research is to examine the effect of tunneling, profitability, leverage and size as the independent variable to future firm performance as the dependent variable, also the effect of tunneling, profitability, asset turnover, leverage, sales growth and size to financial distress on the consumer goods sector that listed on the ASEAN Stock Exchange 2011-2015 period. This research uses quantitative perspective with linier regression and logit regression model in a panel data for all of the research’s observation that used in this research. The number of observation in this research are 568 (linier regression) and 710 (logit regression) observations, consist of 142 firms (45 firms from Malaysia, 30 firms from Indonesia, 30 firms from Thailand, 24 firms from Singapore, 8 firms from Vietnam, 5 firms from Philippine) that enlisted for 2011-2015 period. The result shows that in the future firm performance model, tunneling and size have negative significant effect on future firm performance. Profitability have no significant effect on future firm performance. Leverage have positive significant effect on future firm performance In the financial distress model, tunneling and leverage have positive significant effect on financial distress. Profitability, asset turnover and size have negative significant effect on financial distress. On the other hand, sales growth have no significant effect on financial distress