scholarly journals PERINGKAT KINERJA KEUANGAN PADA PERUSAHAAN GO PUBLIK INDUSTRI MANUFAKTUR YANG TERCATAT PADA BURSA EFEK INDONESIA DENGAN MENGGUNAKAN Z-SCORE ALTMAN MODEL PERIODE 2010-2012

2016 ◽  
Vol 18 (2) ◽  
pp. 71-88
Author(s):  
Christian Hendrawardhana ◽  
Henrycus Winarto ◽  
Bambang Budiarto
Keyword(s):  
Emerging Markets ◽  
Commercial Banks ◽  
Manufacturing Sector ◽  
Manufacturing Companies ◽  
Z Score ◽  
Going Public ◽  
A Company ◽  
Credit Analysis ◽  
Altman Model

Indonesia is a country that includes emerging markets and focused on the manufacturing sector. In the manufacturing sector will require funds on production activities, and these funds can be obtained from the credit. Meanwhile in Indonesia, many credit activity conducted by commercial banks, which is closely linked to the credit of bad credit. Bad credit can occur due to 2 factors, factors debtor or creditor factors. The meaning of this factor is negligence bank creditors in the debtor's credit analysis. But for manufacturing companies go public, they can raise funds in addition to the credit of the fund shares, many people who say that companies going public is a healthy company because it has passed various tests. Seeing this, the researchers would like to examine the statement and credit analysis test using the Z-Score models Atlman on manufacturing companies going public in Indonesia. The findings of this study indicate that the Z-Score Atlman models can be used for credit analysis in determining whether or not a company bankrupt.

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 ПОРЕЂЕЊЕ МОДЕЛА ЗА ПРЕДВИЂАЊЕ СТЕЧАЈА НА УЗОРКУ СРПСКИХ ПРЕДУЗЕЋА

TEME ◽  
2020 ◽  
pp. 503
Author(s):  
Sanja Vlaović Begović ◽  
Ljiljana Bonić ◽  
Slobodanka Jovin
Keyword(s):  
Positive Relationship ◽  
Negative Relationship ◽  
Z Score ◽  
Working Capital ◽  
Financial Situation ◽  
The Poor ◽  
Average Accuracy ◽  
One Year ◽  
A Company ◽  
Altman Model

Turbulent conditions on the Serbian market, the deep consequences of the global economic crisis that have shaken the already weakened economy are strong reasons for constant monitoring of business in Serbia. Identifying financial problems in a company that lead to bankruptcy reduces the risk of potential losses. The aim of the paper is to compare the Altman model and the Zmijewski model that are applied in companies in Serbia and by that to conclude which one gives better results for predicting bankruptcy. Also, the paper will examine the significance of individual ratios in models using correlation analysis.The results of the survey showed that the accuracy of predicting the bankruptcy of the Altman model for emerging markets on Serbian companies undergoing bankruptcy proceedings, is high, 88.68% for one and 79.25% for two years before the initiation of bankruptcy proceedings. The accuracy of the Zmijewski model is slightly higher than the Altman model for one year before the initiation of bankruptcy proceedings and amounts to 90.57%. Two years before bankruptcy, the Zmijewski model's accuracy is the same as with the Altman model (79.25%). When it comes to the overall sample (undergoing bankruptcy proceedings companies and non-bankruptcy companies), the average accuracy of the Zmijewski model is higher than the Altman model (89.62% > 85.22%). Based on Pearson's correlation coefficient, we have established that one year before initiating bankruptcy, there is almost an impeccably perfect positive relationship between the ratio of working capital and total assets on one side, and Z’’- score on the other. The Zmijewski coefficient has an almost perfect negative relationship with the indebtedness ratio. By observing both models, it can be concluded that companies in Serbia had a problem with liquidity, indebtedness and the impossibility of returning the invested funds, which contributed to the poor financial situation and initiation of bankruptcy proceedings.

scholarly journals Bankruptcy Risk Prediction in Ensuring the Sustainable Operation of Agriculture Companies

2021 ◽  
Vol 13 (14) ◽  
pp. 7712
Author(s):  
Bosiljka Srebro ◽  
Bojan Mavrenski ◽  
Vesna Bogojević Arsić ◽  
Snežana Knežević ◽  
Marko Milašinović ◽  
...  
Keyword(s):  
Emerging Markets ◽  
Financial Reporting ◽  
Financial Stability ◽  
Stock Exchange ◽  
Annual Reports ◽  
Future Research ◽  
Manufacturing Companies ◽  
Z Score ◽  
Bankruptcy Probability ◽  
Score Model

In recent decades, predicting company bankruptcies and financial troubles has become a major concern for various stakeholders. Furthermore, because financially sustainable businesses are affected by numerous highly complex factors, both internal and external, the situation is even more complex. This paper applies Altman’s Z-score models; more precisely, the paper applies the initial Z-score model (a model for manufacturing companies), the Z′-score model (for companies operating in emerging markets), and the Z-score bankruptcy probability calculation. Therefore, this paper offers the results of the application of different Z-score models and the calculation of bankruptcy probability on a sample of agricultural companies listed on the Belgrade Stock Exchange in the period 2015–2019. In addition, different Z-score models are used for the same sample so that the difference between their results and application can be determined. In addition, the validity of the data published in the financial statements of the respective companies was confirmed using the Beneish M-score model with five and eight variables. The results obtained by applying Altman’s Z-score model (initial and adapted to emerging markets) indicate that a certain number of companies had impaired financial stability during the observed period, i.e., that they were in danger of bankruptcy. In addition, based on the results obtained using the Beneish M-score model, it was identified that a number of companies showed signals that indicate possible fraudulent financial reporting. Further, it was found that less than half of the observed companies reported on environmental protection in their annual reports, and they did so by providing a modest amount of information. The originality and value of the paper lies in suggesting that policymakers in the Serbian emerging markets should pay more attention to the operations of companies from the observed sector, as well as to their financial and non-financial reporting. Future research should focus on comparisons with agricultural companies from the same sector whose securities are listed on stock exchanges in the region.

scholarly journals Analisis Perbandingan Prediksi Kebangkrutan Bank Syariah Dan Bank Konvensional Menggunakan Altman’s EM Z- Score Model

2016 ◽  
Vol 11 (2) ◽  
pp. 1-25
Author(s):  
Agnes Anggun Minati ◽  
Gustati ◽  
Hidayatul Ihsan
Keyword(s):  
Commercial Banks ◽  
Profit Sharing ◽  
Bankruptcy Prediction ◽  
Islamic Banks ◽  
Manufacturing Companies ◽  
Z Score ◽  
Final Project ◽  
Score Model ◽  
Conventional Banks ◽  
Retained Earnings

The development of Islamic banks in Indonesia increasingly shows that Islamic banks are ready to become competitors for conventional banks. Islamic banks that use margin systems or profit sharing whereas conventional banks use interest systems give rise to different expectations. It is possible to have a difference in terms of bankruptcy prediction using the Altman EM Z-Score Model ratio. The Altman EM Z-Score Model is a modification of the Altman ratio in 2002 that is used for non-manufacturing companies and has not gone public. This final project aims to analyze the comparison of predictions of bankruptcy of conventional Islamic banks and banks using Altman's EM Z-Score Model for the period 2012-2014. This type of research is descriptive comparative research. The sample used was 11 Islamic Commercial Banks and 23 Conventional Commercial Banks selected using the purposive sampling method. Data analysis techniques use different tests in whitney SPSS version 20. Based on the results of Z '' - Score shows that Indonesian banks are in a healthy state, but Islamic banks are more stable than conventional banks, while the results of whitney test show there are differences in working capital to total assets, retained earnings to total assets, EBIT to total assets, but there is no difference in the book value of equity to total liabilities of Islamic banks and conventional banks.

scholarly journals Bankruptcy or Success? The Effective Prediction of a Company’s Financial Development Using LSTM

2020 ◽  
Vol 12 (18) ◽  
pp. 7529 ◽  
Author(s):  
Marek Vochozka ◽  
Jaromir Vrbka ◽  
Petr Suler
Keyword(s):  
Short Term Memory ◽  
Manufacturing Sector ◽  
Good Prediction ◽  
Manufacturing Companies ◽  
Financial Health ◽  
Short Term ◽  
The Czech Republic ◽  
Term Memory ◽  
Long Short Term Memory ◽  
A Company

There is no doubt that the issue of making a good prediction about a company’s possible failure is very important, as well as complicated. A number of models have been created for this very purpose, of which one, the long short-term memory (LSTM) model, holds a unique position in that it generates very good results. The objective of this contribution is to create a methodology for the identification of a company failure (bankruptcy) using artificial neural networks (hereinafter referred to as “NN”) with at least one long short-term memory (LSTM) layer. A bankruptcy model was created using deep learning, for which at least one layer of LSTM was used for the construction of the NN. For the purposes of this contribution, Wolfram’s Mathematica 13 (Wolfram Research, Champaign, Illinois) software was used. The research results show that LSTM NN can be used as a tool for predicting company failure. The objective of the contribution was achieved, since the model of a NN was developed, which is able to predict the future development of a company operating in the manufacturing sector in the Czech Republic. It can be applied to small, medium-sized and manufacturing companies alike, as well as used by financial institutions, investors, or auditors as an alternative for evaluating the financial health of companies in a given field. The model is flexible and can therefore be trained according to a different dataset or environment.

PREDIKSI TINGKAT KEBANGKRUTAN PERUSAHAAN PERTAMBANGAN BATU BARA YANG TERDAFTAR Di BURSA EFEK INDONESIA TAHUN 2014-2015

2017 ◽  
Vol 1 (2) ◽  
pp. 156-173
Author(s):  
Erwita Dewi
Keyword(s):  
Coal Mining ◽  
Stock Exchange ◽  
Bankruptcy Prediction ◽  
T Test ◽  
Z Score ◽  
Model Classification ◽  
Gray Area ◽  
The Difference ◽  
A Company ◽  
Altman Model

This study aims to determine the financial statements prior to the bankruptcy can be used to predict the rate of bankruptcy with Altman Model and Foster on coal mining company listed on the Indonesia Stock Exchange. Model classification Altman Z score Z score> 2.90 is classified as a healthy company, while the company has a Z score <1.20 were classified as potentially bankrupt company. Furthermore, scores between 1.20 to 2.90 is classified as a company in the gray area or the gray area. While the Model Z score Foster use the "Cut-off Point" Z = 0.640, so companies that have Z < 0.640 belongs to a group of companies that go bankrupt, while if Z > 0.640 included in the group of companies that are not bankrupt. After that tested the difference between the predicted results using independent samples t test. The results of the analysis of financial ratios and Foster Altman model proved capable of predicting corporate bankruptcies coal mining sector in Indonesia Stock Exchange in 2014-2015. Results Zscore Altman bankruptcy prediction for the year 2014-2015 shows an increase in predictive companies entering bankrupt category. In 2014 by 22% (there are four companies that PT.BUMI Resources Tbk, PT.Darma Henwa Tbk, PT.Delta Dunia Makmur Tbk and PT.Perdana Karya Perkasa Tbk), and in 2015 by 44% (there are eight companies, namely       PT. Adaro Energy Tbk, PT.Atlas Resources Tbk, PT. Bumi Resources Tbk, PT. Darma Henwa Tbk, PT. Delta Dunia Makmur Tbk, PT.Perdana Karya Perkasa Tbk, PT.Petrosea and  PT. Golden Eagle Energy Tbk). Foster Zscore bankruptcy prediction results for the year 2014-2015 shows that there is consistency predictive companies entering bankrupt category. Year 2014-2015 by 28% (there are five companies that PT.Atlas Resources Tbk, PT.Baramulti Sukses sarana Tbk, PT. Bayan Resources Tbk, PT. Darma Henwa Tbk and PT. Perdana Karya Perkasa Tbk). Both models are Zscore Altman bankruptcy prediction and Zscore Foster in this study proved to be no different in corporate bankruptcy prediction results were proved by analysis of independent sample t test.

scholarly journals 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)

2018 ◽  
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 ◽  
Simple Linear Regression ◽  
Quality Of Accounting Information ◽  
A Company

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

scholarly journals Business Life Expectancy of Manufacturing Sector from Monteria, Córdoba - Colombia

2019 ◽  
Vol 8 (5) ◽  
pp. 244
Author(s):  
Juan Angel Chica Urzola ◽  
Ciro Alfonso Serna Mendoza
Keyword(s):  
Sustainable Development ◽  
Life Expectancy ◽  
Manufacturing Sector ◽  
Manufacturing Companies ◽  
The Sustainable Development ◽  
Development Goals ◽  
Great Relevance ◽  
The City ◽  
A Company ◽  
Official Data

The Sustainable Development (SD) of a community is intimately linked to business. This topic turns out to be of great relevance for the economy and sustainability of a certain territory. Companies provide solutions to different factors that take shape within the company, but its origin and consequences are in all dimensions of the SD. The importance of companies in the SD has been recognized by the UN by making them co-responsible 11 of the 17 Sustainable Development Goals, at least - SDGs (UN, 2015). For a company, life expectancy is determined by the different factors that affect it positively or negatively. This is fundamental. What factors influence the duration of the companies? This document presents the results of an investigation to establish the life expectancy of the manufacturing companies of the city of Monteria, Colombia under the period 2013-2018, based on the analysis of the official data contrasted with a hypothesis and interviews with the actors to determine possible causes and relationships.Keywords: Business sustainability, Manufacturing, Business lifetime expectancy

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).  

Cash Conversion Cycle and Firm Profitability in Malawi Manufacturing Sector

2015 ◽  
Vol 4 (3and4) ◽  
Author(s):  
Byson Beracah Majanga
Keyword(s):  
Manufacturing Sector ◽  
Service Organizations ◽  
Manufacturing Companies ◽  
Liquid Asset ◽  
Return On Equity ◽  
Cash Conversion Cycle ◽  
Pile Up ◽  
Return On Capital ◽  
The Relationship ◽  
A Company

The composition of a business current assets and liabilities provides an indication of the business liquidity position. It is advisable for a company to maintain a good amount of readily liquid assets as compared to its current liabilities which may be payable on demand. The business liquidity position determines its ability to survive in the short term and of late most companies have had critical financial problems regardless of posting profits in some cases. Manufacturing companies pile up more current assets in form of inventory which is considered to be an il-liquid asset and therefore liquidity for manufacturing companies differs from that of service organizations, such as banks. The purpose of this study is to establish the relationship between a companys liquidity, measured by the length of the cash conversion cycle, and its profitability, measured by return on capital. Using a correlation and regression test, the study used data from sample of twelve Malawian manufacturing firms from 2007 to 2015. The study finds that there exists an inverse relationship between the cash conversion cycle and the companys return on investment and return on equity, and provides evidence that the cash conversion cycle, a measure of business liquidity, has an impact on a firms performance.

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