scholarly journals Deteksi Kebangkrutan pada Industri Asuransi Syariah di Indonesia

2018 ◽  
Vol 1 (1) ◽  
pp. 123
Author(s):  
Fayakhun Bakhtiar ◽  
Misbahul Munir ◽  
Ahsan Al Qasas
Keyword(s):  
Measurement Model ◽  
Safe Zone ◽  
Insurance Companies ◽  
Insurance Company ◽  
Gray Zone ◽  
Z Score ◽  
Analysis Model ◽  
Book Value ◽  
Score Analysis ◽  
Retained Earnings

This study aims to predict the potential bankruptcy of a sharia insurance company. The analysis model used is the modified Altman Z-score analysis model. The Altman Z-score measurement model will be represented by the ratio of the network model to total assets, retained earnings to total assets, earnings before interest to total assets and capital book value to the book value of debt. The results showed that in 2011-2017 5 sharia insurance companies were in a safe zone (not bankrupt), there was only one sharia insurance company in the gray zone.

scholarly journals Potensi Kebangkrutan Pada Sektor Perbankan Syariah Untuk Menghadapi Perubahan Lingkungan Bisnis

ETIKONOMI ◽  
2016 ◽  
Vol 14 (2) ◽  
Author(s):  
Dwi Nuraini Ihsan ◽  
Sharfina Putri Kartika
Keyword(s):  
Banking Sector ◽  
Environmental Changes ◽  
Risk Profile ◽  
Safe Zone ◽  
Total Asset ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Z Score ◽  
Book Value ◽  
Score Analysis

Potential Bankruptcy On Islamic Banking Sector Facing Business Environmental Changes This research aims is to evaluate the soundness of Islamic banks and to predict the bankruptcy potency from the Islamic banks. The methods that used on this paper are RGEC method and the modified altman z-score analysis. The RGEC is represents by NPF, LR, risk profile, ROA, NCOM, and CAR. The altman z-score is represents by the ratio of networking capital to total asset, retained earning to total asset, earning before interest and tax to total asset, and book value of equity to book value of debt. The result shown that the Islamic bank’s soundness used RGEC methods is fit into healthy category in 2010-2014 periods.  The altman z-score also show that the Islamic banks fit into safe zone in 2010-2014 periods.DOI: 10.15408/etk.v14i2.2268

scholarly journals Analisis Kebangkrutan pada Bank Syariah Mandiri Periode 2014-2017

2019 ◽  
Vol 5 (1) ◽  
pp. 39-52
Author(s):  
Fadilla Fadilla
Keyword(s):  
Safe Zone ◽  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Score Analysis ◽  
Value Equity

The perpose of this reseach is to predict the bankcrupty potency from Sharia Mandiri Banking (BSM). The method that used on this paper is modified altman Z score analysis. This research in 2014-2017 periodes. The altman Z score represents by the net working capital to total asset,retaining earning to total asset, earning before interest and tax to total asset, book value equity to book value of debt. The result showed that BSM fit into safe zone in 2014-2017 periods, because the value of z score are 2014 is 6,26, 2015 is 6,2, 2016 is 6,32, 2017 is 6,37. That values bigger than 2,9.  

scholarly journals Analysis Of Financial Health Level On Financial Performance In Cement Companies Listed On The Indonesian Stock Exchange (Idx)

2020 ◽  
Vol 18 (3) ◽  
pp. 125
Author(s):  
Dhea Zatira ◽  
Ria Puspitasari
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Market Value ◽  
Financial Health ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Panel Data Regression ◽  
Data Regression ◽  
Retained Earnings

This study aims to analyze the Level of Financial Soundness on Financial Performance in Cement Companies that are Go Public Listed on the Indonesia Stock Exchange (BEI). Analysis of the level of financial health using the Altman Z-Score with several ratios, namely the ratio of Working Capital to Total Assets (X1), the ratio of retained earnings to total assets (X2), the ratio of EBIT to Total Assets (X3), the ratio of stock market value to book value ofabilities (X4), the ratio of Sales to Total Assets (X5) to the dependent variable on Financial Performance (Return on Assets). The data analysis technique used in this research is the Altman Z-Score with the criteria for bankruptcy and to find its effect with the panel data regression model assisted by E-Views software. The results of the calculation and analysis of the Z-Score criteria in cement companies in Indonesia, it is known that there is no cement company whose company finances are stated in a healthy condition. One company is prone to bankruptcy (gray zone) while the rest according to the Z-Score criteria are bankrupt. Furthermore, based on the panel data regression examiner simultaneously the five independent variables on financial performance (Y), while partially the working capital ratio to total assets (X1) affects financial performance (Y), the retained earnings ratio to total assets (X2) has no effect on Financial performance (Y), EBIT ratio to total assets (X3) affects financial performance (Y), stock market value ratio to book value of liabilities (X4) has no effect on financial performance (Y), Sales to Total Assets ratio (X5) affect financial performance.

scholarly journals ANALISIS KEBANGKRUTAN PERUSAHAAN DENGAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2014

2015 ◽  
Vol 10 (2) ◽  
Author(s):  
Rio Evans B.M.S ◽  
Cut Ermiati
Keyword(s):  
Sampling Technique ◽  
Multinomial Logit ◽  
Financial Ratios ◽  
Variable Ratio ◽  
Logit Analysis ◽  
Z Score ◽  
Book Value ◽  
Financial Condition ◽  
Total Debt ◽  
Retained Earnings

This study examines the analysis of bankruptcy which uses a model Altman Z-Score 1983 once studied the effect of variable ratio of Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Tax to Total Assets (X3), Book Value of Equity to Book Value of Total Debt (X4), and Sales to Total Assets (X5) against bankruptcy for companies that went bankrupt or for companies that are not bankrupt by the number of samples (purposive sampling as a sampling technique ) as many as 15 companies. The purpose of this study is to analyze the financial ratios Altman model to explain the company's financial condition foods and beverages as a first step in anticipation of bankruptcy. The analysis method in this research is to perform calculations using the Altman Z-Score Revised (1983) and multinomial logit analysis. Testing is done with the first models prerequisite analysis, testing normality with the overall result is a variable based test One Sample Kolmogorov-Smirnov test indicated that the model in an abnormal position with evidence of significant data α > 0.05. Second, the test results with the results multikolinieritas with VIF < 10 and the tolerance level of > 0.1 indicates that our model is free from the problems of multicollinearity. This is consistent with the assumption multinomial logit analysis that does not require the classical assumption that multinomial logit analysis can proceed. The results of this study are the calculations that have been done, that there are 10 companies in the category of Grey Area and 5 companies in the category is not bankrupt. Seen as a whole has a classification of 95%, while the remaining 5% indicates that bankruptcy is explained by other variables other than those examined in this study In this study the variable ratio of Book Value of Equity to Book Value of Total Debt and Sales to Total Assets have influence significantly to the bankruptcy analysis. So that this research model is Z-Score = Ln (P1/P0) = -149.589 + 117,603BVEBVD + 33,029STA and Z-Score = Ln (P2/P0) = -117.301 + 111,623BVEBVD + 21,657STA Keywords: Bankruptcy, Multinomial Logit Analysis, Financial Ratios Altman Z-Score Model Of Revision.

scholarly journals PENGARUH KINERJA KEUANGAN, RISK BASED CAPITAL, UKURAN PERUSAHAAN DAN MAKROEKONOMI TERHADAP FINANCIAL DISTRESS

2021 ◽  
Vol 10 (1) ◽  
pp. 55
Author(s):  
Agustina Nilasari
Keyword(s):  
Firm Size ◽  
Financial Distress ◽  
Annual Report ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Insurance Company ◽  
Z Score ◽  
Research Information ◽  
Purposive Sampling

                                                     ABSTRACTThis research intends to examine the effect of insurance company financial ratios, namely solvency margin ratio, risk based capital, firm size, inflation and exchange rate on the estimated financial distress of life insurance companies. As well as general public listed on the Indonesia Stock Exchange from 2015 to 2019. This research is important considering that there have been cases of default by insurance companies. The research information in this research is secondary data obtained in the annual report which is sourced from BEI website and insurance company websites. The sample technique in this research is a purposive sampling technique, there are 35 samples that meet the standards to become samples. Insurance companies experiencing financial distress are determined based on the non-manufacturing Altman Z-score method. Multiple linear regression is the research technique chosen by researchers. This research results in the conclusion that only the firm size variable has an influence on financial distress estimates. The independent variables are able to explain the financial distress variable as much as 32.8%, the deficiency as much as 67.2%, which illustrates the variables that cannot be taken into account in the analysis of this study.                                                 ABSTRAKRiset ini bermaksud untuk menelaah pengaruh rasio keuangan perusahaan asuransi yakni solvency margin ratio (SMR), risk based capital (RBC), ukuran perusahaan (UK), inflasi (INF) serta nilai tukar (NT) terhadap perkiraan timbulnya keadaan financial distress perusahaan asuransi jiwa serta umum yang tercatat pada Bursa Efek Indonesia dari rentang waktu 2015 sampai 2019. Penelitian ini penting mengingat adanya kasus gagal bayar perusahaan asuransi. Informasi penelitian di dalam riset ini merupakan data sekunder yang didapatkan pada annual report yang bersumber dari website BEI serta website perusahaan asuransi. Teknik sampel di dalam riset ini merupakan teknik purposive sampling, terdapat 35 sampel yang memenuhi standar untuk menjadi sampel. Perusahaan asuransi yang mengalami financial distress ditentukan berdasarkan metode Altman Z-score non manufaktur. Regresi linier berganda menjadi teknik penelitian yang dipilih oleh peneliti. Riset ini menghasilkan kesimpulan bahwa hanya variabel ukuran perusahaan (UK) yang ada pengaruh terhadap perkiraan financial distress. Variabel bebas mampu memaparkan variabel financial distress sebanyak 32,8%, kekurangan sebanyak 67,2% digambarkan variabel yang tidak dapat diperhitungkan di dalam analisis penelitian ini.

scholarly journals PREDICTING THE POTENTIAL BANKRUPTCY OF COAL MINING COMPANIES USING ALTMAN Z-SCORE METHOD DURING 2012-2016 PERIOD

2020 ◽  
Vol 8 (1) ◽  
pp. 491-500
Author(s):  
Rihfenti Ernayani
Keyword(s):  
Coal Mining ◽  
Stock Exchange ◽  
Study Data ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Mining Companies ◽  
Grey Area ◽  
Score Method ◽  
Retained Earnings

Purpose of the study: This study aimed to determine and predict potential bankruptcy in coal mining companies listed in Indonesia Stock Exchange (IDX) period 2012-2016. Methodology: This study to using the Altman Z-Score method, with five (5) ratios, namely Working Capital to Total Asset, Retained Earnings to Total Assets, Earning before interest and tax to total assets, Market Value of Equity to Book Value of Debt, and Sales to Total Assets. The ratio of working capital to total assets (X1) is a ratio of liquidity which measures the extent of working capital that is used to finance the total assets. Main Findings: The result showed, by the Z-Score value in 2016 from the coal mining companies studied, four companies fall in the category of potential bankruptcy, three companies in the grey area, and four in the healthy category. Applications of this study: Data sources in this study were coal mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2012-2016. Novelty/Originality of this study: There are 11 coal mining companies taken as sample based on purposive sampling. The result shows, by the Z-Score value in 2016 from the coal mining companies studied, four companies fall in the category of potential bankruptcy, three companies in the grey area, and four in the healthy category.

scholarly journals ANALISIS KEBANGKRUTAN PERUSAHAAN DENGAN METODE Z-SCORE ALTMAN PADA 10 (SEPULUH) PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BEI

2018 ◽  
Vol 3 (01) ◽  
Author(s):  
Ricky Eltin Oktavian ◽  
Tries Ellia Sandari
Keyword(s):  
Real Estate ◽  
Stock Exchange ◽  
Z Score ◽  
Exchange Method ◽  
Book Value ◽  
Total Debt ◽  
Key Word ◽  
Score Method ◽  
Real Estate Company ◽  
Retained Earnings

ABSTRACTThe Purpose of this research is find out, analyze, and predict bankcrupcy potency of  property dan real estate company listed on the Indonesia Stock Exchange. Method Z-Score Altman uses five financial ratios that is Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Taxes to Total Assets (X3), Book Value of Equity to Book Value of Total Debt (X4), and Sales to Total Assets (X5). The results of the Altman Z-Score method that classify companies in three categories which are not bankrupt (safe zone), vulnerable to bankruptcy (gray zone) and bankruptcy (distress zone). Key Word: Capital, Retained Earnings, Earnings Before Interest, Taxes, Total Assets

ANALISIS RASIO KEUANGAN UNTUK MEMPREDIKSI FINANCIAL DISTRESS PERUSAHAAN MANUFAKTUR DI BEI

2021 ◽  
Vol 9 (3) ◽  
pp. 31-40
Author(s):  
Akhmad Kurniadi
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Market Value ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Discriminant Model ◽  
Validation Rate ◽  
Value Equity ◽  
Retained Earnings

ABSTRACT This study aims to examine the prediction of the company's financial difficulties using the Altman Z-score 1968 model and the effect of financial ratios including working capital to total assets, retained earnings to total assets, earnings before interest and tax to total assets, market value equity to book value. of total liabilities, and sales to total assets on financial distress. The sample used in this study is a manufacturing company listed on the Indonesia Stock Exchange (BEI) 2015-2019. Sampling in this study using purposive sampling method and obtained 64 companies. The results showed that the variables Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Tax to Total Assets (X3), Market Value Equity To Book Value of Total Liabilities (X4), and Sales to Total Assets (X5) has a positive effect on financial distress, and the most significant effect on financial distress is the variable Retained Earnings to Total Assets. From the results of SPSS 17.0 processing, the equation Z = -1,813 + 1,216 X1 + 1,837 X2 + 0.122 X3 + 0.070 X4 + 0.506 X5 is produced. Meanwhile, the discriminant model that was formed had a high enough validation rate, namely 97.6%. Keywords: Financial ratio analysis; Financial distress; Altman Z-score

scholarly journals ANALISIS LAPORAN KEUANGAN GUNA MEMPREDIKSI KEBANGKRUTAN DENGAN MENGGUNAKAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN TELEKOMUNIKASI YANG TERDAFTAR DI BURSA EFEK INDONESIA ( PT XL Axiata Tbk dan PT Indosat Tbk )

2017 ◽  
Vol 2 (02) ◽  
Author(s):  
Putri Fitria Ridwan ◽  
Meiril Hardi
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Z Score ◽  
Analysis Model ◽  
Financial Condition ◽  
Financial Difficulties ◽  
Score Analysis ◽  
Calculation Results ◽  
The Moment ◽  
Telecommunications Company

ABSTRACTThis study aims to determine the potential bankruptcy using the Altman Z-Score in the telecommunications company listed on the Indonesia Stock Exchange (BEI). Because telecommunications taking an important role in everyday life, both in terms of day-to-day telecommunications as well as in terms of business. Selected objects to do this research is PT XL Axiata Tbk and PT Indosat Tbk, which is two telecommunications company that is developing and steal the attention of consumers at the moment. The method of the research is to analyze the company's financial statements using analysis tools Altman Z-Score. Use of Altman Z-Score aims to be able to know or predict the financial condition perusahaa, because of the financial statements and the calculation of Altman Z-Score can be known, whether the company experienced financial difficulties in the future or not. Z-Score analysis model using five variables that represent liquidity ratio (X1), profitability (X2 and X3), activity (X4 and X5) and the data used are the financial statements for 2011-2013 were obtained through the site Indonesian Stock Exchange (BEI ) is www.idx.co.id. With the formulation of the Z-Score = 1.2 1.4 X1 + X2 + X3 3.3 +0.6 + 1.0 X4 X5 with the assessment criteria Z-Score> 2.99 categorized as a very healthy company, 1.81 <Z-Score <2.99 were in gray area so the chances saved and the possibility of bankruptcy. From the analysis, based on calculations that have been made to the financial statements that PT XL Axiata Tbk and PT Indosat Tbk during the period 2011-2013 experienced financial condition is said to be bankrupt due to the calculation results Z-Score PT XL Axiata Tbk in 2011 1.23, year in 2012 and 1.29 in 2013 to 0.87 while for PT Indosat Tbk in 2011 was 0.46, in 2012 and 0.47 in 2013 to 0.25. With the results of the Z-Score <1.81, which indicates that the company entered into the category bangkut or companies experiencing very serious financial difficulties. Then the company should improve financial performance by reducing the debt and increase equity by utilizing available assets. Keywords: Financial Statements, Bankruptcy and Z-score

scholarly journals THE EFFECT OF FINANCIAL RATIO ON FINANCIAL DISTRESS IN PREDICTING BANKRUPTCY

2018 ◽  
Vol 2 (1) ◽  
pp. 110-120 ◽  
Author(s):  
Joko Supriyanto ◽  
Arif Darmawan
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Analytical Techniques ◽  
Total Sample ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Mining Companies ◽  
Retained Earnings ◽  
Positive Effect

This study was conducted to investigate Financial Distress in mining companies listed on the Indonesian Stock Exchange (BEI) during the 2011-2014 period using the Altman Z-Score Modification. Total sample that gathered from mining companies is 119 companies, analytical techniques used in this study is the Altman Z-score that consists of four ratios, which are the Net Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Tax to Total asset (X3), Market Value of Equity to Book Value of Debt (X4.). This test used SPSS 22 to test the hypothesis, the hypothesis testing results are: Net Working Capital to Total Assets has a positive effect on Financial Distress, Retained Earnings to Total Assets has a positive effect on Financial Distress, Earnings Before Interest and Tax to Total Assets has a positive effect on Financial Distress, Book Value of Equity to Total Liabilities has a positive effect on Financial Distress. This study only used mining companies sector, the further research is recommended to use the other sector companies that have larger numbers of samples.

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