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 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.

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 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 Model Prediksi Kebangkrutan Industri Garmen dengan Menggunakan Metode Altman Z- Score

2017 ◽  
Vol 1 ◽  
pp. 1
Author(s):  
Bramantiyo Eko Putro ◽  
Fajar Pratama
Keyword(s):  
Financial Constraints ◽  
Data Retrieval ◽  
Financial Data ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Equity Value ◽  
Calculation Results ◽  
Score Method ◽  
Retained Earnings

Abstract— PT. Eastern Modern Apparel is engaged in garment production. The company has experienced financial constraints. This is marked by the dismissal of some employees. Research is done to determine the prediction of bankruptcy of the company. Methodology that has been done in this research are conducting interviews with the company, field study, financial data retrieval. The step is done to meet the data needs in the next step. The next step is data processing using Altman Z-Score method. Processing consists of X1 = Working Capital Ratio against Total Assets, X2 = Retained Earnings Ratio against Total Assets, X3 = EBIT Ratio against Total Assets, X4 = Market Equity Value Threshold on Book Value of Debt. X5 = Sales to Total Assets. Processed data is in the period 2014, 2015, and 2016. The process produces Z-Score value for each period. Z-Score calculation results in the period 2014 = 3.91, 2015 = 3.19, and 2016 = 2.83. While the limits of healthy company according to calculations Almant Z-Score of> 2.675. Then the results of Altman Z-Score calculations on the company is said to be healthy, because the results exceed the limits of the healthy category. However there is a decrease of each period.Keywords: Corporate Financial Performance, Altman Z-Score, Healthy Company

scholarly journals Company Bankruptcy Prediction Coal Mining Sector Listed on the Indonesia Stock Exchange and Its Impact on Stock Prices

2021 ◽  
Vol 3 (3) ◽  
pp. 95-106
Author(s):  
Erik Priambodo ◽  
Augustina Kurniasih
Keyword(s):  
Coal Mining ◽  
Stock Prices ◽  
Stock Exchange ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Mining Sector ◽  
Mining Companies ◽  
Panel Data Regression ◽  
Data Regression ◽  
Score Model

This study aims to prove whether coal mining sector companies have the potential to go bankrupt if measured using the Altman Z-Score model. The study also analyzed the effect of the components of financial ratios in the Altman Z-Score model on stock prices. The research sample is 17 coal mining companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The results of the calculation of the Z-Score value show that several coal mining companies have the potential to go bankrupt. Using the panel data regression approach, it was found that the Z-Score value had a significant effect on stock prices. Partially, the EB/TA ratio has a significant effect on stock prices. The ratios of WC/TA, RE/TA, and MVE/BVL have no significant effect on stock prices.

FAKTOR-FAKTOR YANG DAPAT MEMPENGARUHI STRUKTUR MODAL PADA PERUSAHAAN PERTAMBANGAN BATU BARA

2021 ◽  
Vol 2 (2) ◽  
pp. 62-76
Author(s):  
Hendra ◽  
Janny Rowena
Keyword(s):  
Capital Structure ◽  
Coal Mining ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Positive Influence ◽  
Study Data ◽  
Sales Growth ◽  
Business Risk ◽  
Mining Companies

The purpose of this study is to knowing how influence of factors that can affect the capital structure such as profitability, liquidity, business risk, firm size and sales growth on the coal mining companies. The population object in this study are all of the coal mining companies on the Indonesia Stock Exchange listed from 2012 to 2019, and use purposive sampling technique to sampling method, then resulting 64 data and used as samples. The multiple linear regression is used method of analysis in this study. Data analysis in this study is used EViews 10. The results shows that profitability, liquidity, business risk and sales growth hasn’t influence on capital structure, but firm size has a significant and positive influence on capital structure. The firm size has a significant and positive effect on capital structure indicating that companies with larger assets are easier to obtain the loans and the confidence from investors.

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 The Influence of Earning Per Share, Price Earnings Ratio, and Price to Book Value toward Price of Stok of Coal Mining Companies Listed in the Indonesia Stock Exchange During 2014-2018

2021 ◽  
Vol 3 (1) ◽  
pp. 32
Author(s):  
Rr. Jean Brebeuf Iryani Andamari ◽  
Caecilia Wahyu Estining Rahayu ◽  
Ima Kristina Yulita
Keyword(s):  
Linear Regression ◽  
Coal Mining ◽  
Stock Price ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Share Price ◽  
Mining Company ◽  
Book Value ◽  
Mining Companies ◽  
Price Earnings Ratio

Company's financial performance is a factor considered by investors in investing. This study aims to determine the effect of Earning per Share (EPS), Price Earnings Ratio (PER), and Price to Book Value (PBV) on stock price. Eight coal mining companies listed in the Indonesia Stock Exchange (IDX) in 2014-2018 were taken for the samples of this research using purposive sampling technique. Multiple linear regression was used to analyze the data. The results show that (1) EPS, PER, and PBV simultaneously have a significant effect on stock price with a significance value of 0.000; (2) EPS and PBV partially have a significant effect on stock price with a significance value of 0.000 and 0.006 respectively. EPS, PER, and PBV can explain variation of the stock price of the coal companies listed in the IDX in 2014-2018 as much as 88.5%. The results of this study is expected to provide recommendations for investors in choosing stocks of coal mining company with good performance based on EPS and PBV ratios.

scholarly journals Kinerja Keuangan Dan Potensi Kebangkrutan Dari Perusahaan Transportasi Pelayaran Pada Tahun 2013-2017

2019 ◽  
Vol 2 (6) ◽  
Author(s):  
Aditya Budi Kurniawan Dan Carunia Mulya Firdausy
Keyword(s):  
Financial Performance ◽  
Financial Distress ◽  
Stock Exchange ◽  
Commodity Prices ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Financial Ratio ◽  
Grey Area ◽  
Score Method

The purpose of this study is to analyze the financial performance and potential bankruptcy of shipping transportation companies listed in the Indonesia Stock Exchange in 2013-2017. the method to estimate financial performance and bankruptcy prediction is by using  financial ratio & Altman Z-Score method. The results show that the majority of companies indicating there is a signs of improving financial performance when commodity prices begin to recover. In addition to the analysis of the Altman Z-score bankruptcy Based on the Z-score value of the 14 sample companies, in 2013 there were 5 companies in the healthy category (z-score> 2.60), however in 2016 this number decreased to 3 companies . Whereas for companies that are in the grey area category (z-score 1.1-2.60) in 2013 there were 4 companies and then declined to the remaining 3 companies in 2016. Whereas in 2013 company is in the category of financial distress (z-score <1 , 1) there are 5 companies and increased to 8 companies in 2016. In 2017 there was an increase in the companies in the healthy category & grey area each into 4 companies. While companies in the financial distress category are reduced to 6 companies. This means there are improvements in 2017.

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