scholarly journals Financial Distress Analysis in an Indonesian Textile Company

2021 ◽  
Author(s):  
Yanuar Ramadhan ◽  
Marindah Marindah
Keyword(s):  
Financial Distress ◽  
Market Value ◽  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Purposive Sampling ◽  
Simultaneous Effect ◽  
Score Method ◽  
Altman Model

This research aimed to examine the health of textile companies by using the Altman Z-Score method. The Altman model is used to determine the effect on financial distress through Working Capital to Total Asset (WCTA), Retained Earning to Total Asset (RETA), Earning Before Interest and Tax to Total Asset (EBITA), Market Value of Equity to Book Value of Liabilities (MVEBL) and Sales to Total Asset (STA). The population in this study was textile companies for the period 2016-2019. The sample was 14 textile companies with a research time of 4 years resulting in 56 samples obtained by purposive sampling. The results indicated that WCTA, RETA, EBITA, MVEBL and STA had a simultaneous effect on financial distress, but they had no effect separately. Keywords: Altman Z-Score, financial distress, bankruptcy

scholarly journals ANALISIS FINANCIAL DISTRESS DAN PENGARUHNYA TERHADAP HARGA SAHAM DI PERUSAHAAN MANUFAKTUR SEKTOR BAHAN DASAR DAN KIMIA

2021 ◽  
Vol 5 (1) ◽  
pp. 46
Author(s):  
Nuryanti Oktaviani ◽  
Purwanto Purwanto
Keyword(s):  
Financial Distress ◽  
Market Value ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Purposive Sampling

Tujuan penelitian ini adalah untuk mengetahui kemungkinan perusahaan yang mengalami financial distress dan pengaruhnya terhadap harga saham dengan jumlah sampel sebanyak 12 perusahaan yang tercatat di Bursa Efek Indonesia pada periode tahun 2012-2016. Penelitian ini menggunakan pendekatan kuantitatif dan purposive sampling, sementara Z-score digunakan sebagai indikator financial distress dan uji lainnya dengan teknik analisis regresi linier sederhana dan berganda. Data penelitian yang dikumpulkan adalah data sekunder dengan sumber data diperoleh dalam bentuk dokumentasi atau publikasi berupa laporan keuangan tahunan perusahaan. Hasil penelitian ini menunjukkan bahwa 2 perusahaan berpotensi bangkrut dan sisanya berada dalam kondisi sehat. Berdasarkan analisis tersebut, nilai Z-score berpengaruh secara signifikan terhadap harga saham, sedangkan secara parsial menunjukkan rasio Working Capital to Total Assets dan Sales to Total Assets memiliki pengaruh negatif terhadap harga saham, rasio Earning Before Interest and Taxes to Total Assets dan Market Value of Equity to Book Value of Total Liabilities berpengaruh positif terhadap harga saham dan rasio Retained Earning to Total Assets tidak berpengaruh terhadap harga saham.

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 ANALISIS RASIO ALTMAN MODIFIKASI PADA PREDIKSI KEBANGKRUTAN PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BEI

2015 ◽  
Vol 4 (2) ◽  
pp. 112
Author(s):  
Anita Tri Widiyawati ◽  
Supri Wahyudi Utomo ◽  
Nik Amah
Keyword(s):  
Logistic Regression ◽  
Real Estate ◽  
Market Value ◽  
Total Asset ◽  
Working Capital ◽  
Book Value ◽  
Purposive Sampling

Penelitian ini bertujuan untuk mengetahui pengaruh rasio Altman Modifikasi terhadap prediksi kebangkrutan. Jenis penelitian ini termasuk penelitian kuantitatif. Populasi dalam penelitian ini adalah perusahaan <em>property </em>dan <em>real estate </em>yang terdaftar di BEI. Teknik pengambilan sampel menggunakan <em>purposive sampling </em>sehingga diperoleh sampel sejumlah 32 perusahaan <em>property </em>dan <em>real estate </em>yang menerbitkan laporan keuangannya selama tahun 2011-2013. Teknik analisis data menggunakan regresi logistik (<em>logistic regression</em>). Hasil penelitian menunjukkan bahwa: (1) <em>working capital/total asset </em>tidak berpengaruh terhadap prediksi kebangkrutan; (2) <em>retained earning/total asset </em>tidak berpengaruh terhadap prediksi kebangkrutan; (3) <em>earning before interest and tax/total asset </em>berpengaruh terhadap prediksi kebangkrutan; (4) <em>market value of equity/book value of equity </em>tidak berpengaruh terhadap prediksi kebangkrutan; (5) rasio Altman Modifikasi secara simultan berpengaruh terhadap prediksi kebangkrutan. Rasio Altman Modifikasi terbukti secara bersama-sama dapat digunakan untuk memprediksi kebangkrutan.

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 Jurnal Analisis Rasio Keuangan Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

2021 ◽  
Author(s):  
Muh Fajrin Sirajuddin
Keyword(s):  
Financial Distress ◽  
Market Value ◽  
Cash Flows ◽  
Total Asset ◽  
Working Capital ◽  
Book Value ◽  
Retained Earnings

Penelitian ini bertujuan untuk memeriksa pengaruh rasio keuangan terhadap financial distress pada perusahaan manufaktur yang terdapat di Bursa Efek Indonesia (BEI) periode 2015-2019. Penelitian ini merupakan replika dan modifikasi dari penelitian Baimwera dan Muriuki (2014) yang menyatakan bahwa hanya rasio pertumbuhan dan profitabilitas yang signifikan mempengaruhu financial distress. Peneliti menggunakan enam variabel independen yang diduga dapat mempengaruhi terjadinya financial distress. Keenam variabel tersebut adalah Earning Before Interest and Tax to Total Asset(EBITTA), Working Capital to Total Asset (WCTA), Market Value of Equity to Book Value of Total Liability (MVTL), Retained Earnings to Total Asset (RETA), Sales to Total Asset (SATA), dan Cash Flows from Operating to Total Asset (CFOTA). Data diuji pada satu tahun dan dua tahun sebelum terjadinya financial distress.

scholarly journals PREDIKSI KEBANGKRUTAN BERDASARKAN METODE ALTMAN Z-SCORE (studi kasus perusahaan makanan dan minuman yang terdaftar pada BEI 2011-2016)

2019 ◽  
Vol 4 (1) ◽  
Author(s):  
Chicha Lestari ◽  
Muhammad Halim ◽  
Junaidi Junaidi
Keyword(s):  
Market Value ◽  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Grey Area

Penelitian ini bertujuan untuk mengetahui dan menganalisis prediksi kebangkrutan perusahaan makanan dan minuman yang terdaftar pada Bursa Efek Indonesia periode 2011-2016 menggunakan metode Alman Z-Score. Metode analisis data yang digunakan dalam penelitian ini adalah metode Altman Z-Score menggunakan lima rasio yaitu Working Capital to Total Asset (X1), Retained Earning to Total Asset (X2), Earning Before Interest and Tax to Total asset (X3), Market Value of Equity to Book Value Of Total Liabilities (X4), Sales to Total Asset. Hasil dari penelitian ini adalah dari tahun 2011-2016 terdapat tujuh perusahaan makanan dan minuman berada pada kondisi keuangan yang sehat, tiga perusahaan makanan dan minuman berada pada kondisi grey area ( daerah abu-abu), dan satu perusahaan makanan dan minuman berada pada kondisi bangkrut.Kata Kunci : Kebangkrutan, Perusahaan Makanan dan Minuman, Metode Altman Z-Score.

scholarly journals PREDIKSI FINANCIAL DISTRESS PADA PT. BANK RAKYAT INDONESIA (Persero) TBK. SEBELUM DAN SEMASA PANDEMI COVID-19

2021 ◽  
Vol 6 (1) ◽  
pp. 20-25
Author(s):  
Didi Rahmat
Keyword(s):  
Data Analysis ◽  
Financial Performance ◽  
Financial Distress ◽  
Market Value ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Gray Area ◽  
Normal Period ◽  
Retained Earnings

This study aims to see how the financial performance of PT. Bank Rakyat Indonesia (Persero) Tbk. studied from the Financial Distress approach. The data taken is from the period 2017 to 2019 (normal period) and 2020 (the period of the Covid-19 pandemic in Indonesia). Altman Z Score is used as an approach in data analysis by using five indicators, Working capital to total assets (WCTA), Retained earnings to total assets (RETA), Earnings before interest and taxes to total assets (EBITTA), Market Value of equity / Book value of debt (MVEBVD) and Sales / total assets (SATA). From the results of data analysis, it was found that before the Covid-19 pandemic the company was classified as healthy. Changes occurred during the Pandemic the company was in the Gray Area which meant there were financial problems.

scholarly journals PENGARUH ALTMAN Z-SCORE” DAN SPRINGATE S-SCORE SEBAGAI ALAT PREDIKSI POTENSI KEBANGKRUTAN TERHADAP HARGA SAHAM (pada perusahaan batubara yang listing di bursa efek indonesia periode 2016-2018)

2020 ◽  
Vol 4 (1) ◽  
Author(s):  
Dirvi Surya Abbas ◽  
Kusdianto Kusdianto ◽  
Lailatul Inayah
Keyword(s):  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Purposive Sampling ◽  
Total Debt ◽  
Net Profit

Penelitian ini bertujuan untuk mengetahui apakah informasi Altman Z-Score” dan Springate S-Score digunakan oleh investor untuk mengambil keputusan investasi yang tercermin dari Harga Saham. Altman Z-Score” dan Springate S-Score yang diukur dengan rasio keuangan yang mencakup yaitu working capital to total asset, retained earning to total asset, earning before interest and taxes to total asset, book value of equity to book value of total debt, net profit before taxes to current liabilities, dan sales to total assets.            Penelitian ini menggunakan sampel perusahaan sektor Batubara selama tahun 2015-2018 dengan menggunakan metode purposive sampling. Data yang digunakan diperoleh dari laporan tahunan yang terdaftar di Bursa Efek Indonesia. Ada 12 perusahaan selama 3 tahun yang memenuhi kriteria. Metode analisis yang digunakan adalah analisis regresi linier berganda dengan bantuan SPSS versi 16.0. Hasil penelitian ini menunjukan bahwa secara parsial Altman Z-Score” dengan Nilai t-hitung Altman Z-Score” sebesar 4,536, sementara ttabel dengan tingkat α = 5%, df (n-k) = 36-2 didapat nilai ttabel sebesar 1.690. Dengan demikian t-hitung Altman Z-Score” (4,536) > ttabel (1.690) dan nilai Sig. 0,000 < 0,05 maka dapat disimpulkan bahwa variabel Altman Z-Score” dalam penelitian ini memiliki pengaruh terhadap Harga Saham. Altman Z-Score” mempunyai koefisien regresi kearah positif sebesar 20,871 (20,87%) dengan Konstanta kearah negatif sebesar -6.900, sementara Nilai t- hitung Springate S-Score sebesar -1.954 sementara ttabel dengan tingkat α = 5%, df (n-k) = 36-2 didapat nilai ttabel sebesar 1.690. Dengan demikian t-hitung Springate S-Score (-1.954) > ttabel (1.690) dan nilai Prob. 0.059 > 0,05 maka dapat disimpulkan bahwa variabel Springate S-Score dalam penelitian ini tidak memiliki pengaruh terhadap Harga Saham. Springate S-Score mempunyai koefisien regresi kearah negatif sebesar -6,220 (62,20%) dengan Konstanta kearah negatif sebesar -6.900.

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 Financial Distress Menggunakan Metode Altman Z–Score pada PT. Golden Plantation Tbk. Periode 2014-2018

2021 ◽  
Vol 2 (1) ◽  
pp. 102-121
Author(s):  
Cintya Meiske Idi ◽  
Johanis Darwin Borolla
Keyword(s):  
Financial Distress ◽  
Quantitative Data ◽  
Financial Statements ◽  
Future Research ◽  
Z Score ◽  
Analysis Method ◽  
Working Capital ◽  
Dangerous Zone ◽  
Score Method ◽  
Selection Of

The goal of this study is to decide how the effects of the analysis of predictions of financial distress using the Atlman Z-score method with estimates for the period 2014-2018 on PT Golden Plantation Tbk are determined. PT Golden Plantation, which is a business engaged in the oil palm plantation industry with the type of data used, is the focus of this study, namely quantitative data in the form of the financial statements of PT Golden Plantation for the period 2014 to 2018. And the Altman Z - Score Adjusted variable aproach is the data analysis method used in this study. It can be inferred that, based on the findings of the report, the organization started to encounter financial distress in 2014. In 2015 to 2018 the altman z - score of PT Golden Plantation was <1.1 or a dangerous zone which means that PT Golden Plantation Tbk is in a bankrupt condition. And we can be sure that the company will also face financial problems in the next few years. This is attributable to the selection of debt used by the firm. The utilization of the company's existing debt tends to rise each year, exceeding the value of the company's current assets, so that the working capital of the company still has a negative variable. To Future research is suggested to add other variables in examining financial distress.

Sign in / Sign up

Export Citation Format

Share Document