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Library's collection Library's IT development CancelThe research has a purpose in investigating the firm differentiation strategy, productivity, and leverage management in reducing bankruptcy risk of the companies studied. In this case, the author will utilize the selling, general, and administrative (SGA) expenses to sales revenue ratio to measure the firm differentiation strategy. Moreover, the author also uses the passenger load factor as the main determinant of sales productivity and debt-to-assets ratio for leverage management. The three factors will act as the independent variables, while insolvency risk – as a dependent variable – will be measured by Altman’s Z-score. The research will utilize samples consist of Asia-Pacific major airlines with 55 datasets from annual reports and/or financial statements with financial year of 2019 to 2020. Furthermore, this research will deploy ordinary least squares and panel data regression to comprehensively analyze the variables. The results of such study have suggested that firm differentiation strategy and leverage management can significantly minimize the bankruptcy risk. However, productivity has only shown weakly significant outcomes in reducing such default risks.