IMPACT OF FINANCIAL DISTRESS ON STOCK PRICE: THE CASE OF PULP & PAPER COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE

Cellulose is an organic component that widely found in wood fibers. the main pulp/paper industry. As wood, raw material for pulp contains cellulose often used and processed to produce various types paper Pulp primary different products, ranging from factories’ boards daily necessities such as paper, tissue, tea bags, magazines. Meanwhile, a new change literature language has played significant role history of development human civilization. The industry Indonesia provides reasonably good contribution Indonesian economy. Several & companies are listed on Stock Exchange. results previous studies indicate several stage financial difficulty. This study aims prove empirically Z-score measure company's economic challenges affects stock prices. showed affected From ratios make up Z-score, it known ratio working capital total assets, market value equity book debt, sales assets have effect