scholarly journals ANALISIS PERBANDINGAN MODEL ZMIJEWSKI DAN GROVER PADA PERUSAHAAN SEMEN DI BEI 2008-2014

2017 ◽  
Vol 4 (3) ◽  
Author(s):  
Ivan Gumilar Sambas Putra ◽  
Rahma Septiani
Keyword(s):  
Comparative Analysis ◽  
Financial Distress ◽  
Stock Exchange ◽  
Model Analysis ◽  
Research Model ◽  
Analysis Model ◽  
Purposive Sampling ◽  
Descriptive Research ◽  
A Company

Each company was founded with the hope of making a profit so that they can survive or thrive in the long term and does not undergo liquidation. In fact, this assumption is not always the case with the well according to expectations. Often a company that has been operating in a certain period of time was forced to disband or liquidated due to financial distress that led to the bankruptcy. then researchers interested in studying with the title Comparative Analysis Model Zmijewski And Grover On Cement Company on the Stock Exchange from 2008 to 2014. The purpose of this study is to determine Zmijewski Model analysis Dan Grover and examine the differences in the method. The method used in this research is a comparative descriptive research model by using purposive sampling, then from 6 companies captured three companies sampled in this study. This study was processed with SPSS so can result in that there are significant differences between the models Zmijewski with Grover models in predicting bankruptcy in a cement company from 2008 to 2014.

scholarly journals Analisis Perbandingan Financial Distress Pada Perusahaan Sub Sektor Rokok Periode 2015-2019

2021 ◽  
Vol 3 (3) ◽  
pp. 157-163
Author(s):  
Anang Makruf ◽  
Deni Ramdani
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Market Value ◽  
Sampling Technique ◽  
Z Score ◽  
Book Value ◽  
Purposive Sampling ◽  
Quantitative Models ◽  
A Company ◽  
Analyze Data

Abstract – The aim of the study was to analyze financial distress in cigarette companies list in Indonesia Stock Exchange in 2015-2019 using 3 methods, Altman Z-Score, Zmijewski, and Springate. Purposive sampling is used in this study to determine the sampling technique. The sample used in this study released 4 cigarette companies. Descriptive asalysis with quantitative models was used to analyze data in this research. Altman Z-Score, Zmijewski, and Springate in 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, and PT. Wismilak Inti Makmur Tbk is related to safe, but it is needed a company that is estimated to be grey in the Altman Z-Score calculation in 2018, PT. Wismilak Inti Makmur Tbk. The Z-score is at the limit because the companie has a ratio with a lower value in market value of equity  to book value of liabilities   Abstrak – Penelitian ini memiliki bertujuan untuk menganalisis perbandingan kesulitan keuangan dalam perusahaan sun sektor rokok di Indonesia Stock Exchange periode 2015-2019 menggunakan tiga metode. Metode yang digunakan yaitu Altman Z-Score, Zmijewski, dan Springate. Purposive sampling digunakan dalam penelitian ini untuk menentukan teknik pengambilan sampel. Sampel yang digunakan berjumlah 4 perusahaan rokok. Analisis deskriptif dengan pendekatan kuantitatif digunakan sebagai teknik analisis data. Dalam penelitian ini menjelaskan financial distress yang dihitung menggunakan metode Altman Z-Score, Zmijewski , dan Springate pada tahun 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, dan PT. Wismilak Inti Makmur Tbk mengalami dalam kondisi keuangan yang sehat, namun terdapat perusahaan yang diestimasi rawan kebangkrutan pada perhitungan Altman Z-Score pada  tahun 2018 yaitu PT. Wismilak Inti Makmur Tbk. hal ini dapat terjadi  karena nilai Z-Score PT. Wismilak Inti MakmurTbk  berada pada Z < 1,81 salah satu penyebabnya ialah rendahnya rasio market value of equity terhadap liabilities.

scholarly journals The Effects of Assets and Debts on Profit Among Advertising, Printing and Media Listed Firms in Indonesia

2018 ◽  
Vol 7 (4.9) ◽  
pp. 232
Author(s):  
Wahyu Indah Mursalini ◽  
Witra Maison ◽  
Juita Sukraini ◽  
Nidia Anggraini Das ◽  
Afniyeni .
Keyword(s):  
Economic Growth ◽  
Comparative Analysis ◽  
Statistical Analysis ◽  
Capital Structure ◽  
Stock Exchange ◽  
Listed Firms ◽  
Corporate Profit ◽  
The Business Cycle ◽  
A Company

The purpose of this study is to determine the effect of assets and debts to company profit. Assets and Debts are the deciding variables to make a company profit. Debt is inversely proportional to profit. Therefore, any company's management must be able to manage the assets and debt of the company to increase corporate profit. Need to explain why Sub Sector Company Advertising Printing and Media on Indonesia Stock Exchange is studies here. Based on the results of research, asset and debt have a significant effect to the profit of Sub Sector Company Advertising Printing and Media listed on Indonesia Stock Exchange. This is evidenced by statistical analysis.  The researcher suggests the inclusion of control variables such as economic growth and capital structure so that the results of research can assist investors in assessing the company. Increase the period of research into 10 years, so that the results of research can describe the condition of the company for the long term and can pay attention to the business cycle. In addition, the study could be replicated on other sectors and comparative analysis could be done accordingly.  

scholarly journals EVALUATION OF FUNDAMENTAL STRENGTH OF FOOD COMPANIES ON THE WARSAW STOCK EXCHANGE

2017 ◽  
Vol 16 (1) ◽  
pp. 93-100
Author(s):  
Waldemar Tarczyński ◽  
Małgorzata Tarczyńska-Łuniewska
Keyword(s):  
Comparative Analysis ◽  
Stock Exchange ◽  
Universal Method ◽  
Food Sector ◽  
Warsaw Stock Exchange ◽  
A Company

The article presents the proposal to apply the (universal) method of assessing the fundamental strength of a company with an example of the Polish food sector. The proposed method belongs to the group of methods of multidimensional comparative analysis and is applicable to the directly immeasurable categories (economic and financial standing, fundamental strength). The problem to be solved is the method of measuring the fundamental strength (attractiveness) of a company. The aim of the paper is to assess the fundamental strength of the food companies in Poland and to identify areas of use the results of research in practical analyses. The article describes how to construct such a measure and how to use it practically. The empirical example included data of food firms listed on the Warsaw Stock Exchange over years 2010–2014. The article presents method for assessing the investment attractiveness of enterprises comprising the food sector in terms of their fundamental strength, namely the long-term investment in their shares.

scholarly journals Akurasi Model Logistik Springate, Zmijewski, dan Grover Dalam Menakar Kesulitan Keuangan Perusahaan Pembiayaan

2019 ◽  
Vol 3 (1) ◽  
pp. 1-10
Author(s):  
Munawarah Munawarah
Keyword(s):  
Logistic Regression ◽  
Predictive Models ◽  
Financial Distress ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Total Sample ◽  
Annual Reports ◽  
Analysis Model ◽  
Purposive Sampling

This study aims to determine springate, grover and zmijewski able to predict the condition of financial distress in finance companies listed on the Indonesia Stock Exchange. From  three models can be known which model is the most accurate in predicting financial distress. There are 17 companies in Financing sector as population in this study from 2013-2017. Using purposive sampling technique, total sample of 85 financing companies was obtained. Secondary data were used in this research sourced from the company's annual reports. The analysis model used is logistic regression. Simultaneously, all predictive models affect the probability of financial distress. While partially only Zmijewski can influence the prediction of financial distress conditions in Financing sub-sector companies listed on the Indonesia Stock Exchange. Nagelkerqe Square value shows 0.606 meaning that only 60.6% variation of the accuracy of these three models in predicting financial distress conditions of finance companies. While 39.4% can be explained by other models not examined in this study.

scholarly journals Analisis Model Altman, Grover, dan Zmijewski dalam Memprediksi Financial Distress Perusahaan pada Industri Manufaktur di Indonesia

Eksos ◽  
2021 ◽  
Vol 17 (1) ◽  
pp. 13-21
Author(s):  
Luthfi Jauharotul Husna
Keyword(s):  
Financial Distress ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Accuracy Rate ◽  
Purposive Sampling ◽  
Analysis Models ◽  
A Company ◽  
Altman Model

This research was conducted to analyze the model altman score, grover score, zmijewski score, in predicting financial distress in the manufacturing industry. This type of research in this research is quantitative with descriptive methods. The object of this research is a company that has been delisted from the Indonesia Stock Exchange in the 2015-2018 period. The object-taking technique in this study was purposive sampling, amounting to 16. The results of this study indicate that the Altman model has an accuracy rate of 25%, Grover has an accuracy rate of 6.25%, Zmijewski has an accuracy rate of 50%. From the three bankruptcy analysis models used in this study it can be concluded that the Zmijewski model is best used as a bankruptcy detector with an accuracy rate of 50%. This is because a company that goes bankrupt has a tendency to generate a small net capital of its total assets, the company's ability to generate profit before interest and taxes from its assets is getting smaller, the lower the level of company sales using all of its assets, and the less likely the profit before tax can be cover current debts owned by the company.

scholarly journals EVALUASI RISK DAN RETURN PERUSAHAAN SEKTOR PERTANIAN

2020 ◽  
Vol 8 (2) ◽  
Author(s):  
Dhistianti Mei Rahmawantari
Keyword(s):  
Comparative Analysis ◽  
Financial Performance ◽  
Analytical Method ◽  
Stock Price ◽  
Stock Exchange ◽  
Listed Companies ◽  
Sharpe Ratio ◽  
Analysis Model ◽  
Purposive Sampling ◽  
Agriculture Sector

<em>The purpose of this study is to analyze the which listed companies in Agriculture Sector at Indonesia Stock Exchange  has the most optimal financial performace . The population of this study are companies listed in Agriculture Sector at Indonesia Stock Exchange during January 2017 to December 2019.. The research sample used purposive sampling. The data  sourced is monthly stock price downloaded from the Indonesia Yahoo Finance website. The analytical method used is a comparative analysis model. The methods studied are Risk Adjusted Return, Sharpe Ratio, Treynor Ratio and Jensen Alpha Ratio. The findings of this study is PT. Sampoerna Agro Tbk. (SGRO) has the most optimal financial performance, followed by  PT. Sinar Mas Agro Resources and Tech Tbk (SMAR) and PT. Perusahaan Prkbn Lndn Smtr Indnsa Tbk. (LSIP) during the periode of the research.</em>

scholarly journals MODEL ALTMAN Z-SCORE UNTUK MEMPREDIKSI FINANCIAL DISTRESS : STUDI EMPIRIS PADA INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

JURNAL PUNDI ◽  
2017 ◽  
Vol 1 (2) ◽  
Author(s):  
Lidya Martha ◽  
Sri Mardhatillah ◽  
Zusmawati Zus
Keyword(s):  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Z Score ◽  
Purposive Sampling ◽  
Financial Difficulties ◽  
Grey Area ◽  
Score Model ◽  
A Company

Financial distress is the financial difficulties experience by a company before the company become bankruptcy (Mafiroh, 2016). The purpose of this study was to determine which firms would be predicted financial distress. The population in this research is manufacturing companies listed in Indonesia Stock Exchange in 2015. In this study, the population is used 365 companies. The process of collecting samples are using purposive sampling method. The model used to analyze the rate of financial distress is Altman Z-Score Model. The results showed that of the 15 companies that were sampled 5 (five) of them were healthy (>2,99), 2 (two) of them were financial distress (<1,81) and 8 (eight) indicated in grey area (1,81 – 2,99).  

Pengaruh Perubahan Laba, Arus Kas Operasi, DER dan DAR Terhadap Financial Distress pada Perusahaan Sub Sektor Semen, Keramik Porselin dan Kaca yang Terdaftar di BEI Tahun 2015 – 2019

2021 ◽  
Vol 11 (1) ◽  
pp. 1-14
Author(s):  
Ananda Rama Dhani ◽  
Nolla Puspita Dewi
Keyword(s):  
Cash Flow ◽  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Sample Selection ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Equity Ratio

This study aims to (1) determine the effect of Profit Changes on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (2) determine the effect of Operational Cash Flow on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (3) determine the effect of Debt To Equity Ratio (DER) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesian Stock Exchange (4) determine the effect of Debt To Asset Ratio (DAR) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange (5) determine the effect of Profit Changes, Operational Cash Flow, Debt T Equity Ratio (DER), Debt To Asset Ratio (DAR) on Financial Distress in Manufacturing companies in the cement, porcelain and glass sub-sector listed on the Indonesia Stock Exchange. The period used in this study is the period 2015-2019.The population in this study were Manufacturing companies in the sub-sector of cement, porcelain and glass which are listed on the Indonesia Stock Exchange. The sample selection used purposive sampling method.

scholarly journals PENGARUH FREE CASH FLOW, FINANCIAL DISTRESS, DAN INVESTMENT OPPORTUNITY SET TERHADAP MANAJEMEN LABA

2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Sally Irawan ◽  
Prima Apriwenni
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Financial Distress ◽  
Stock Exchange ◽  
Total Sample ◽  
Free Cash Flow ◽  
Investment Opportunity ◽  
Purposive Sampling ◽  
Investment Opportunity Set ◽  
Positive Effect

<p><strong><em>ABSTRACT :  </em></strong><em>Stakeholders pay attention to the earnings report, thus encouraging company managers to plan strategies to produce reports expected by stakeholders. Earnings management is one way that can be done. Managers can intervene the earnings management by increasing or decreasing profit in order to achieve a certain level of profit which benefits himself or the company. This study aims to determine the influence of free cash flow, financial distress, and investment opportunity set on earnings management. </em><em>The research sample consisted of 11 infrastructure, utility, and transportation companies listed on the Indonesia Stock Exchange in 2014-2018 with the total sample of 55 data. This study used a purposive sampling method and was tested with SPSS 22.0 Software. The results show that the data have met the pooling test, classical assumptions and established criteria. The results of the F test show that the earnings management variable is affected simultaneously by free cash flow, financial distress, and investment opportunity set variables. The t test results show that the free cash flow and investment opportunity set have a significant positive effect on earnings management, whereas financial distress does not. In sum, there is enough evidence that free cash flow and investment opportunity set positively affect earnings management, but financial distress does not have enough evidence to influence earnings management.</em></p><p><strong><em>Keywords: </em></strong><em> Earnings Management, Free Cash Flow, Investment Opportunity Set, Financial Distress.</em></p><p><em> </em></p><p><strong>ABSTRAK:</strong> Laporan laba menjadi perhatian para <em>stakeholders</em> sehingga mendorong manajer perusahaan melakukan perencanaan strategi untuk menghasilkan laporan yang diharapkan <em>stakeholder</em>. Manajemen laba adalah salah satu cara yang dapat dilakukan. Intervensi manajer untuk melakukan manajemen laba dengan cara menaikkan atau menurunkan laba guna mencapai tingkat laba tertentu untuk menguntungkan dirinya sendiri atau perusahaan. Penelitian ini bertujuan untuk mengetahui pengaruh <em>free cash flow, financial distress, </em>dan <em>investment opportunity set </em>terhadap manajemen laba. Sampel penelitian ini adalah perusahaan infrastruktur, utilitas, dan transportasi yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Total sampel yang digunakan adalah 11 perusahaan dengan data observasi yang diperoleh sebanyak 55. Teknik pengambilan sampel yang digunakan adalah <em>non-probability sampling</em> dengan menggunakan metode <em>purposive sampling</em> dan pengujian yang dilakukan dengan bantuan <em>software</em> SPSS 22.0. Hasil penelitian dari data yang digunakan,  untuk uji pooling dan asumsi klasik telah lulus uji dan sudah memenuhi kriteria yang ditetapkan. Hasil uji F menunjukkan bahwa variable manajemen laba dipengaruhi secara simultan oleh variable <em>free cash flow, financial distress, </em>dan <em>investment opportunity set. </em>Dari hasil uji t memperlihatkan hasil bahwa <em>free cash flow </em>dan<em> investment opportunity set </em>mempunyai nilai signifikan positif terhadap manajemen laba, tapi untuk <em>financial distress </em>tidak mempunyai nilai signifikan terhadap manajemen laba. Kesimpulan dari penelitian ini adalah<em> free cash flow </em>dan <em>investment opportunity set </em>berpengaruh positif terhadap manajemen laba, sedangkan <em>financial distress </em>tidak berpengaruh terhadap manajemen laba.</p><p><strong>Kata Kunci:</strong> Manajemen Laba,<em> Free Cash Flow,  Investment Opportunity Set, Financial Distress</em></p><p> </p>

scholarly journals Determinan Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening pada Perusahaan LQ 45 Di Indonesia

2019 ◽  
Vol 3 (1) ◽  
pp. 37-53
Author(s):  
Warsono ◽  
Fathoni Zoebaedi
Keyword(s):  
Capital Structure ◽  
Hypothesis Testing ◽  
Firm Value ◽  
Stock Exchange ◽  
Simultaneous Equation ◽  
Purposive Sampling ◽  
Research Hypothesis ◽  
Equation Modelling ◽  
A Company ◽  
Simultaneous Equation Modelling

This study aims to examine determinants (factors that affect) the value of the company that is profitability, liquidity and size of companies using capital structure as an intervening variable. The population in this study is a company that was selected in LQ 45 listed in the Indonesia Stock Exchange from august to january 2012- 2016 with 85 samples selected using purposive sampling. Research hypothesis testing using the Simultaneous Equation Modelling with Warpl PLS 6.0. Results of the analysis showed that profitability, liquidity and size significantly influence the firm value and capital structure. Capital structure is also able to mediate the effect of profitability, liquidity and size to the firm value.

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