scholarly journals Analisis Perbandingan Model Prediksi Kebangkrutan Altman Z-Score dan Zmijewski di BEI Periode 2011 - 2015

2019 ◽  
Vol 6 (2) ◽  
pp. 171
Author(s):  
Nindya Ayu Damayanti ◽  
N. Nurhayati ◽  
Susanti Prasetyaningtyas
Keyword(s):  
Data Analysis ◽  
Prediction Model ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Bankruptcy Prediction ◽  
Financial Ratios ◽  
Z Score ◽  
Study Population ◽  
A Company

This study aimed to compare the use of bankruptcy prediction model Altman Z-Score and Zmijewski on delisting companies on the Stock Exchange the period 2011 - 2015. The study population is a company delisting from the Stock Exchange in the period 2011-2015. The sample consists of 7 companies using method. purposive sampling Secondary data used in the form of financial statements of companies that issued from stock for bankruptcy in the period 2011-2015. The data analysis in this research is to perform the calculation of financial ratios in each sample, according to the variables of bankruptcy prediction model were compared to the model of Altman Z-Score and Zmijewski. Furthermore, the company classifies conditions appropriate point cut-off of each model and did calculations the accuracy of each model. Keywords: Altman Z-Score, Delisting, Bankruptcy, Zmijewski.

scholarly journals Laporan Keuangan dan Prediksi Kebangkrutan Perusahaan

2020 ◽  
Vol 5 (1) ◽  
pp. 196
Author(s):  
Putu Riesty Masdiantini ◽  
Ni Made Sindy Warasniasih
Keyword(s):  
Data Analysis ◽  
Prediction Model ◽  
Prediction Models ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Bankruptcy Prediction ◽  
Analysis Techniques ◽  
Accuracy Level ◽  
Altman Model

This study aims to determine differences in bankruptcy predictions at company’s sub-sector of cosmetics and household listed on the Indonesia Stock Exchange (IDX) using the Altman model, Springate model, Zmijewski model, Taffler model, and Fulmer model, and to determine the bankruptcy prediction model that is the most accurate of the five bankruptcy prediction models. This study uses secondary data in the form of company financial statements for the period 2014-2018. Data analysis techniques in this study used the Kruskal-Wallis test. The results showed there were differences in bankruptcy predictions using the Altman model, Springate model, Zmijewski model, Taffler model, and Fulmer model. The Zmijewski, Taffler, and Fulmer models have the same accuracy level of 100% so that the three prediction models are the most accurate prediction models for predicting the potential bankruptcy at companies sub-sector of cosmetics and household listed on the IDX.

scholarly journals Analisis Kinerja Keuangan Perusahaan pada PT. Japfa Comfeed Indonesia Tbk

2020 ◽  
Vol 5 (2) ◽  
pp. 203
Author(s):  
Jezzyca Ria Paramita ◽  
Iwan Eka Putra ◽  
Abd Halim ◽  
Ermaini Ermaini
Keyword(s):  
Financial Performance ◽  
Secondary Data ◽  
Financial Statements ◽  
Bankruptcy Prediction ◽  
Financial Ratios ◽  
Z Score ◽  
Financial Ratio ◽  
Financial Condition ◽  
Score Method ◽  
Solvency Ratio

Financial performance is an overview of how a company's financial condition is. To assess financial performance is used with a benchmark commonly called financial ratios. Financial ratios used are usually such as profitability ratio, liquidity ratio and solvency ratio. in addition to using financial ratios, the company can also use the Altman Z-Score method to assess the level of the company's bankruptcy prediction. This research aims to find out the financial performance of PT Japfa Comfeed Indonesia Tbk as well as the company's future bankruptcy predictions. the research method used is quantitative analysis based on secondary data taken from the Financial Statements of PT Japfa Comfeed Indonesia Tbk for the period 2014 to 2019. The results of the study are measurements of the company's financial ratio showing sufficient value while measurements using the company's Altman Z-Score method show healthy value which means it does not go into bankruptcy.

ANALISA KINERJA KEUANGAN PERUSAHAAN TELEKOMUNIKASI YANG TERDAFTAR PADA BEI MELALUI RASIO LIKUIDITAS, SOLVABILITAS DAN PROFITABILITAS

2019 ◽  
Vol 3 (01) ◽  
Author(s):  
Resti Setyaningsih ◽  
Burhanudin Burhanudin ◽  
Ida Aryati
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Good Condition ◽  
Secondary Data ◽  
Poor Performance ◽  
Financial Statements ◽  
Financial Ratios ◽  
Company Performance ◽  
Profitability Ratios ◽  
A Company

The success of a company is determined by good financial performance. Company performance assessment can be determined by calculating financial ratios through financial statements. This research was conducted to determine the financial performance of Telecommunications companies listed on the Stock Exchange using liquidity, solvency and profitability ratios. This study uses secondary data, with data collection techniques, namely documentation and literature. The results of the ratio calculation show that the average financial performance of the company is in good condition, even though one company has a poor performance. Keywords : financial performance, financial ratios, financial statements

scholarly journals ANALISIS ALTMAN Z-SCORE, GROVER SCORE, SPRINGATE, DAN ZMIJEWSKI SEBAGAI SIGNALING FINANCIAL DISTRESS (Studi Empiris Industri Barang-Barang Konsumsi di Indonesia)

2018 ◽  
Vol 1 (1) ◽  
Author(s):  
Niken Savitri Primasari
Keyword(s):  
Prediction Model ◽  
Financial Distress ◽  
Stock Exchange ◽  
Financial Statements ◽  
Bankruptcy Prediction ◽  
T Test ◽  
Z Score ◽  
F Test ◽  
Company Sector ◽  
Altman Model

This study purpose to determine whether there are differences among Altman model, Springate model and Zmijewski model to predict financial distress, and to find out which the Financial Distress prediction model has the most excellent implementation in Indonesia manufacture industry. Comparison of those six models were made by analyzing the accuracy of each model, by using the real condition of a company’s net income. The data used in the form of annual financial statements published by the company on the Indonesia Stock Exchange website. The sample in this study consisted of 116 financial data from 29 companies in Consumer Goods Industry. All companies are listed in Indonesia Stock Exchange Market at period 2012 - 2015. The company does not conclude yet, whether there is a prediction model that best suit the measurement. This cause by: (1) every model have its own superiority and weakness, (2) the company sample characteristic differences (company sector, company size) also influence the choice of prediction model being used, (3) the company financial ratio as independent variable used in bankruptcy prediction. Since the financial statements are reflecting the company’s financial ability of the signaling, the researchers limited the industry with the highest value of EPS and PER. This is done to avoid confounders in the proof of the accuracy of the model, Springate model, Ohlson model and Zmijewski model to predict financial distress. The data obtained from the Annual Financial Statements, IDX Fact Book and the Indonesian Capital Market Directory. In this study will be used t test, additional testing is done to see the feasibility of the model by observing the F test results and test the coefficient of determination (R2), R2 value used to examine differences among Altman, Grover, Springate and Zmijewski models in predicting financial distress. The analytical tool used is the One Way ANOVA with level of significance 5 %. The results from this research showed that any prediction model used in this study can be used to predict Financial Distress, particularly the Altman Z-Scores, which have the greater R2 analysis. Only Grover G-Score models have insignificant value t test and F-test is greater than the probability cannot be used to predict corporate Financial Distress. The results also showed that the most accurate model is the model Altman Z-Score. At the end of the study was to try predict 29 firms sample used listed on the Stock Exchange with Altman model. Predicted results showed that five companies are expected to experience Financial Distress in the future.

scholarly journals ANALISIS METODE ALTMAN Z-SCORE SEBAGAI ALAT PREDIKSI KEBANGKRUTAN DAN PENGARUHNYA TERHADAP HARGA SAHAM PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA

2016 ◽  
Vol 1 (01) ◽  
Author(s):  
Nur Fadli Andriawan ◽  
Dantje Salean
Keyword(s):  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Financial Ratios ◽  
Z Score ◽  
Simple Linear Regression ◽  
Normality Test ◽  
Independent Variable ◽  
Industrial Company

The purpose of this study was to determine the predicted outcome of bankruptcy and also to test there is influence between independent variable is the value of the model financial ratios Altman Z-score as a predictor of bankruptcy with the dependent variable is the price of this stock.this research take secondary data through the financial statements of each company in Indonesia Stock Exchange website. The sample used in this study were six industrial company and pharmacy sector on Indonesia Stock Exchange. using normality test and simple linear regression. The results showed that from 2009 to 2013 the majority of the industrial company and pharmacy sector in the Indonesia Stock Exchange in the category of companies that good.for hypothesis testing results of this study showed a significant relationship between predicted bankruptcy by using the value of financial ratios Altman Z-score the stock price at the industial company and pharmacy sector in the Indonesia Stock Exchange with the level of determination coefficient of 52%.Keywords: Altman Z-score, prediction of bankruptcy, the stock price

ANALISIS PREDIKSI POTENSI KEBANGKRUTAN PADA PT BANK MUAMALAT INDONESIA Tbk PERIODE 2012-2016 DENGAN MENGGUNAKAN METODE ALTMAN MODIFIKASI

2017 ◽  
Vol 5 (2) ◽  
pp. 287-324
Author(s):  
Dewi Laela Hilyatin
Keyword(s):  
Financial Performance ◽  
Financial Structure ◽  
Financial Statements ◽  
Financial Ratios ◽  
Z Score ◽  
Altman Analysis ◽  
Gray Area ◽  
Modification Method ◽  
A Company

Abstract Bankruptcy is a very essential issue that every company should be aware of. Bankruptcy of a company can be minimized by advanced prediction; such as analyzing the financial statements. This study discusses the financial performance of PT Bank Muamalat Indonesia Tbk, which indicates that there is a degression in some number of financial ratios, the closing of offices and firing of employees in 2012-2016, causing he fact that BMI must pay attention and improve its financial performance and anticipate the existence of a bankruptcy in the company. Based on Altman analysis modification for financial performance of PT Bank Muamalat Indonesia Tbk in 2012-2016, it found Z-Score value of 0,825, 0,659, 1,243, 0,982 and 0,892. Based on Z-Score criteria, PT Bank Muamalat Indonesia Tbk is predicted to experience problems in management and financial structure and also in potentially bankruptcy due to Z-Score value <1,1 while the highest Z-Score value is in 2014, which shows the value of Z-Score>1,1 and <2,6, which means the company is in the gray area, meaning the company’s category is not said to be bankrupt and also not healthy. Keywords: Bankruptcy, Altman Modification Method

The Effect of Bankruptcy Possibility on Audit Delay and Timeliness (Empirical Study on Manufacturing Companies Listed in Indonesian Stock Exchange in the Period of 2012-2016)

2019 ◽  
Vol 2 (2) ◽  
pp. 118-146
Author(s):  
Triana Meinarsih ◽  
Abdul Yusuf ◽  
Muhammad Zilal Hamzah
Keyword(s):  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Annual Reports ◽  
Manufacturing Companies ◽  
Z Score ◽  
Quality Of Accounting Information ◽  
Independent Variable ◽  
A Company

Audit delay and timeliness are important factors that influence the quality of accounting information in term of relevance. This study provides empirical evidence to answer the question of how bankruptcy possibility impacts on audit delay and timeliness.  This research studies manufacturing firms listed in Indonesian Stock Exchange (IDX) in the period of 2012-2016. Data are taken from official website of IDX. This study is a quantitative research that seek to find out relationship between independent variable and dependent variable. External secondary data used are annual reports accessed from IDX website. Measurement used is Z-Score Altman model prediction, while simple linear regression is employed as technical analysis. This study finds that bankruptcy possibility which is measured by ZScore is negatively influence audit delay and timeliness. Any decrease of Z-Score shows the possibility of a company experience bankruptcy and therefore causes audit delay and timeliness.

scholarly journals Effects of Sales, Receivables Turnover, and Cash Flow on Liquidity

2019 ◽  
Author(s):  
Rusdiyanto Rusdiyanto ◽  
Dian Agustia ◽  
Soegeng Soetedjo ◽  
Dina Fitrisia Septiarini ◽  
Susetyorini Susetyorini ◽  
...  
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Financial Statement ◽  
Sales Growth ◽  
Accounts Receivable ◽  
Operating Cash Flow ◽  
Google Search ◽  
A Company

In this study, the author proposes to evaluate the effect of sales growth, Receivable Turnover and operating cash flow on the liquidity of PT. Unilever Indonesia Plc. The research method used is descriptive method with a quantitative approach. In this statement, the population used in this study is the financial statement data from PT. Unilever Indonesia Plc. from 2010 to 2018, the technique of determining the sampling uses Purposive Sampling. This research data uses secondary data from PT. Unilever Indonesia Plc financial statements from 2010 to 2018. All data sources were obtained from the website of the Indonesia Stock Exchange at https://www.idx.co.id, the company's website and Google search. Our analysis reveals that sales growth and accounts receivable turnover from PT. Unilever Indonesia Plc. has no influence on the liquidity of PT. Unilever Indonesia Plc, while operating cash flow has an influence on the Liquidity of PT Unilever Indonesia Plc. This means the ups and downs of the value of sales and accounts receivable turnover of a company has no influence on the liquidity of PT. Unilever Indonesia Plc, while operating cash flow has increased or decreased has an influence on the liquidity of PT Unilever Indonesia Plc. The value of sales growth, accounts receivable turnover and operating cash flow can explain the liquidity of PT Unilever Indonesia Plc. by 78%, while 22% is explained by other factors which are not included in this study.

scholarly journals Prediksi Kebangkrutan Dengan Altman Z-Score dan Harga Saham pada Perusahaan Manufaktur

2019 ◽  
Vol 2 (2) ◽  
pp. 121
Author(s):  
Hikmah Hikmah
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Financial Report ◽  
Basic Industry ◽  
Manufacturing Company ◽  
Score Method

Bankruptcy Prediction With the Altman Z-Score Method and the stock price on Manufacturing Company. This research aims to analyze the bankruptcy prediction on stock prices in manufacturing company of basic industry sector and chemical sub-sector of metals that listed in Indonesia Stock Exchange for the period of 2015-2017. The sampling method was done with purposive sampling which then determined 15 companies as sample. Sources of data used are secondary data in the form of financial report published in BEI. Data analysis used data panel regression using eviews version 8. These result shows that Altman Z-Score variable: 1) Working capital to total assets, 2) Retained earning to total assets, 3) Earning before interest and taxes to total assets, 4) Market value of equity to book value of total debts, and 5) Sales to total assets significantly influence stock prices in the metal subsector on the Indonesia Stock Exchange, the average company is in the gray area

scholarly journals BANKRUPTCY PREDICTION OF THE COMPANY USING ALTMAN Z–SCORE METHOD FOR THE CONVENTIONAL BANKS REGISTERED IN THE INDONESIA STOCKS EXCHANGE (BEI)

2017 ◽  
Vol 2 (02) ◽  
pp. 11
Author(s):  
Irwansyah .
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Gray Area ◽  
Analysis Technique ◽  
Score Analysis ◽  
Score Method ◽  
Score Model ◽  
Conventional Banks

This study was conducted to prove the accuracy of bankruptcy prediction of Altman Z-Score model on conventional banks listed on the Indonesia Stock Exchange. The data used in this study is secondary data obtained from the annual financial statements of conventional banks during the period of 2013-2016 mentioned on the official website of the Indonesia Stock Exchange. The data analysis technique used is bankruptcy prediction of Altman Z-Score model, using five variables representing liquidity ratios X1, profitability ratios X2 and X3, and activity ratios X4 and X5. The formula Z-score = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + X5. When Z-Score criteria is Z > 2.90 it is categorized as a healthy company. Z-Score between 1.23 to 2.90 is categorized as a company in area. While Z-Score Z < 1.23 is categorized as a potential bankrupt company. Based on the results of the research, Z-Score analysis that has been done in the period of 2013-2016 indicating that most conventional banks are predicted bankrupt. The lowest score of the Z-Score is 1.23. Only one Bank Jtrust Indonesia Tbk (BCIC bank code) is in a healthy category. Bank Mandiri (Persero) Tbk with BMRI bank code, has been increasing from the prediction of bankruptcy category to the prediction of gray area category.Keywords: Altman Z-Score, Conventional Banks Listed on BEI 2013-2016, Prediction of Bankruptcy.

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