“…By substituting the main measurement of dependent variable within research with another measurement, is one of few commonly used methods for robustness test to examine and verify a model is robust as well as unbiased study results (Sepriani & Candy, 2022;Liu et al, 2021). In this study, dummy variable of financial distress will be employed in which a company will be scored "1" if negative earnings per share (EPS) is reported in a financial year and "0" otherwise, as this measurement is commonly used in financial distress research (Ariska et al, 2021;Balasubramanian et al, 2019;Bravo-Urquiza & Moreno-Ureba, 2021;Indarti et al, 2020;Mariano et al, 2020;Oware & Appiah, 2021;Yazdanfar & Öhman, 2020;Yousaf et al, 2020;Žiković, 2018).…”