Aplikasi Data Mining Pada Analisis Financial Distress Model Altman z-score Untuk Memprediksi Potensi Kebrangkutan Pada Industri Properti Go-Public Di Indonesia

Early thought systems are needed in companies to overcome financial difficulties that can challenge industrial operations. Altman Z Score is one model that can be used to predict financial distress in a company by analyzing the company's financial statements. This research was conducted to analyze financial distress in property companies going public using the Altman Z Score model. In this model there are 5 financial ratio indicators that are used to predict financial distress. The financial report data used is the financial statements for 2015-2016 and there are 23 companies. The results of these calculations are then clustered with Fuzzy C-Means in two, namely safe zone and gray zone. Cluster validation testing uses the Silhouetee Index with a validation value of 0.9541 which indicates that the cluster process is valid. The results of this study indicate that there is one company that is included in the cluster gray zone, namely Intiland Development Tbk. Analysis of financial ratios found that the most influential is the variable X3 where the results of profits before tax are very small can affect payment of obligations. So it's easy to bring up financial distress conditions. And for those companies that have been in the gray zone condition, they are expected to be careful in financial management to anticipate financial distress.

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Analysis on the Performance of Technology Companies with Z-score Model

Bulletin of Electrical Engineering and Informatics ◽

10.11591/eei.v7i4.1353 ◽

2018 ◽

Vol 7 (4) ◽

pp. 633-639

Author(s):

Lam Weng Hoe ◽

Yeoh Hong Beng ◽

Lam Weng Siew ◽

Chen Jia Wai

Keyword(s):

Organizational Performance ◽

Financial Distress ◽

Dominant Factor ◽

Z Score ◽

Financial Ratio ◽

Technology Sector ◽

Financial Failure ◽

Distress Level ◽

Information And Communication ◽

Score Model

Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local technology sector.

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Using Beneish M-Score and Altman Z-Score models to detect financial fraud and company failure

Tekstilna industrija ◽

10.5937/tekstind2104020k ◽

2021 ◽

Vol 69 (4) ◽

pp. 20-29

Author(s):

Snežana Knežević ◽

Marko Špiler ◽

Marko Milašinović ◽

Aleksandra Mitrović ◽

Stefan Milojević ◽

...

Keyword(s):

Financial Reporting ◽

Financial Distress ◽

Stock Exchange ◽

Financial Statements ◽

Z Score ◽

Fraudulent Financial Reporting ◽

Financial Decisions ◽

Score Model ◽

A Company

Bankruptcy is a risk that any company can face, regardless of its size. The importance of predicting a company's bankruptcy for years before its development is enormous, and it is important for financial sustainability. Financial reporting is an important platform for making financial decisions of investors and creditors. In recent years, the frequency of false financial reporting by firms has increased and there are concerns about investors' confidence in capital market. Academics and industry experts adopt a variety of risk management techniques to detect fraudulent financial reporting. A case study was applied in this paper. Based on publicly available financial data (disclosed financial statements) of a domestic textile company for the period 2017-2020, whose shares are listed on the stock exchange, a survey was conducted based on the application of Altman's Z-Score model and Beneish M-Score model. Financial distress is an important criterion to monitor when assessing the likelihood of fraud reporting. When a company is operating poorly, there is a greater motivation to engage in fraudulent financial reporting. The findings show that the results differ according to the applied method in terms of identifying the possibility of bankruptcy and the possibility of fraud in the financial statements of the observed company. The results of the study can be important to investors, auditors, regulators, bankers, tax and other government bodies.

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Analisis Altman Z-Core pada Perusahaan Manufaktur Sub Sektor Otomotif yang Terdaftar di Bursa Efek Indonesia

GEMA : Jurnal Gentiaras Manajemen dan Akuntansi ◽

10.47768/gema.v13i2.240 ◽

2012 ◽

Vol 13 (2) ◽

pp. 135-148

Author(s):

Andreas Suhendi ◽

Keyword(s):

Financial Distress ◽

Research Method ◽

Stock Exchange ◽

Ratio Method ◽

Manufacturing Companies ◽

Z Score ◽

Financial Ratio ◽

Analysis Techniques ◽

Score Model ◽

Descriptive Method

This research aims to know the financial performance of companies with the Altman Z-Score Model in the Automotive Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange in 2016-2018. The research method used in this study is a descriptive method with data analysis techniques using the financial ratio method. The results showed that PT. Astra International Tbk, PT. Astra Otoparts Tbk, PT. Gajah Tunggal Tbk and PT. Indospring Tbk is safe from the threat of bankruptcy, while the highest average Z-Score is achieved by PT Selamat Sempurna Tbk and the lowest average Z-Score is achieved by PT Indomobil Sukses International Tbk. Thus, the Company is expected to maintain company liquidity, restructure debt, minimize receivables, increase profit levels and maximize marketing in order to increase sales so that the potential for financial distress in the company can be minimized.

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Analisis Prediksi Risiko Kebangkrutan Berdasarkan Nilai Aset dan Liabilitas Menggunakan Metode Altman Z-Score: Studi Kasus Jiwasraya (Periode 2014, 2015, 2016, 2018, dan 2019)

ISOQUANT : Jurnal Ekonomi, Manajemen dan Akuntansi ◽

10.24269/iso.v5i1.568 ◽

2021 ◽

Vol 5 (1) ◽

pp. 25

Author(s):

Roufan Hirqoni Araniri ◽

Angelita Buulolo ◽

Tarikh Luthfi Simanjuntak ◽

Jordan Ahmad Yasir ◽

Dewi Hanggraeni

Keyword(s):

Financial Distress ◽

Financial Statements ◽

Analysis Tool ◽

Z Score ◽

Bankruptcy Risk ◽

Financial Report ◽

Grey Area ◽

Score Analysis ◽

Edge Based

Jiwasraya is on the incisive edge. Based on 2019 Jiwasraya financial report, Jiwasraya’s ratio of solvency reached -18886.10% as of December 2019. By using the value of Jiwasraya's assets and liabilities based on the Jiwasraya Financial Statements for five periods (2014, 2015, 2016, 2018, 2019), the author used the Altman Z-Score analysis tool to measure the risk of Jiwasraya's bankruptcy. From the calculations using the Altman Z-Score, it can be concluded that Jiwasraya's Altman Z-Score is in the category of bankruptcy risk in 2014, 2018 and 2019 periods, while in 2015 and 2016, Jiwasraya's Altman Z-Score is in Grey area or it can be interpreted that Jiwasraya experienced financial distress in the 2015 and 2016 periods while there is still a possibility to avoid potential bankruptcy and the possibility of bankruptcy with the same magnitude.Keywords: Jiwasraya, Altman Z-score, kebangkrutan, Aset, Liabilitas.

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Analisis Kebangkrutan dengan Model Altman Z-Score pada Perusahaan Sektor Industri Dasar dan Kimia di Bei Periode 2013-2014

Jurnal STEI Ekonomi ◽

10.36406/jemi.v26i01.200 ◽

2017 ◽

Vol 26 (01) ◽

pp. 136-163

Author(s):

Suci Kurniawati

Keyword(s):

Financial Distress ◽

Quantitative Method ◽

Stock Exchange ◽

Secondary Data ◽

Financial Statements ◽

Z Score ◽

Manufacturing Company ◽

Score Model ◽

Score Index

The purpose of this study is to analyze the company's financial distress on basis industry and chemical sectors as many as 57 companies using the ALTMAN Z-Score model in 2013-2014. The data which used was secondary data, such as Financial Statements of manufacturing company publication issued by Indonesian Stock Exchange (BEI) and obtained by downloading the website: www.idx.com. This study uses descriptive quantitative method. The finding of Z-Score index in basis industry and chemical sector in 2013 is occupied by PT. Intan Wijaya Internasional Tbk on chemical subsector and 2014 is occupied by PT. Alakasa Industrindo Tbk on metal subsector and others, with the first highest rank and healthy condition, whereas the last and lowest rank on wood and processing sector in 2013-2014 is PT. SLJ Global Tbk, with having financial distress condition. The findings of this study are not consistent or even in accordance with the reality which shows that the Altman method can not be used as a tool to indicate a tendency towards company’s financial distress.

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ANALISIS PREDIKSI FINANCIAL DISTRESS MENGGUNAKAN MODEL ALTMAN Z-SCORE, ZMIJEWSKI, SPRINGATE PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

INOVATOR ◽

10.32832/inovator.v6i2.1045 ◽

2017 ◽

Vol 6 (2) ◽

pp. 43

Author(s):

Ahmad Suryaman ◽

Immas Nurhayati ◽

Diah Yudawati

Keyword(s):

Financial Distress ◽

Stock Exchange ◽

Z Score ◽

Financial Report ◽

Report Data ◽

Annual Financial Report

The main purpose of this research is to analyze or predict the level of financial distress at PT. Indocement Tunggal Prakarsa Tbk and PT. Astra International Tbk uses several methods namely altman, zmijewski and springate. The annual financial report data used in this study is secondary dataobtained from the Indonesia Stock Exchange. The results showed, when tested using the method of Altman and Zmijewski, the two companies condition are in non-financial distress, but when tested using Springate method, in 2013 – 2016, PT. Astra International Tbk indicated in financial distress condition.

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Analisis Perbandingan Model Kesulitan Keuangan Studi Pada Bank Bukopin Tbk

E-Jurnal Akuntansi ◽

10.24843/eja.2021.v31.i06.p15 ◽

2021 ◽

Vol 31 (6) ◽

pp. 1541

Author(s):

Hisky Ryan Kawulur

Keyword(s):

Data Analysis ◽

Predictive Value ◽

Financial Distress ◽

Research Method ◽

Financial Statements ◽

Z Score ◽

Comparison Model ◽

To Come ◽

Score Model

The purpose of this study is to analyze and compare the predictive value of the Altman z-score model of financial distress with the Zmijewski model. The research method used is descriptive quantitative in explaining the phenomena that occur. This study uses data from Bukopin's financial statements for 2018, 2019 and 2020. Data analysis is carried out by calculating the ratio of each model from 2018, 2019 and 2020, then the results of the criteria from the altman z-score model and the zmijewski model are compared and analyzed according to the criteria. The results showed that both the Altman z-score model and the Zmijewski model gave the same results, namely in the years to come the company has the potential to face bankruptcy. Keywords: Altman Z-Score; Zmijewski; Banking; Comparison Model.

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BANKRUPTCY ANALYSIS USING ALTMAN Z SCORE MODEL IN MANUFACTURING COMPANY AT INDONESIA STOCK EXCHANGE IN 2013-2014

Journal of Auditing Finance and Forensic Accounting ◽

10.21107/jaffa.v5i1.3300 ◽

2017 ◽

Vol 5 (1) ◽

pp. 1 ◽

Cited By ~ 1

Author(s):

Suci Kurniawati

Keyword(s):

Financial Distress ◽

Stock Exchange ◽

Manufacturing Sector ◽

Secondary Data ◽

Financial Statements ◽

Asia Pacific ◽

Manufacturing Companies ◽

Z Score ◽

Score Model ◽

Score Index

Analysis of financial distress is very important, because it enables to assess an indication of the company's financial distress, how the indication of financial distress using Altman z-score in industry manufacturing sector in 2013-2014, and whether the Altman z-score model can be used as a tool in predicting the tendency of financial distress. The purpose of this study is to analyze the financial distress of 125 manufacturing companies with different sectors and subsectors using Altman Z-Score model in 2013 and 2014. The source of data used was secondary data, such as financial statements of manufacturing companies’ publication issued by BEI and obtained from the internet by downloading through the website: www.idx.com. This study employed descriptive quantitative method. The findings of the Z-Score index on manufacturing companies in 2013 were occupied by PT. Intan Wijaya International Tbk. in chemical subsector, and in 2014 Herbal and Pharmaceutical Industry of PT Sido Muncul Tbk. was the first highest rank and healthy condition. Whereas the lowest rank was PT. Asia Pacific Fiber Tbk. in textile and garment sub-sector in 2013 and 2014, having financial distress condition. The findings of this study are not consistent or even in accordance with the reality which shows that the Altman method cannot be used as a tool to indicate a tendency towards company’s financial distress.

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ANALISIS KEBANGKRUTAN DENGAN MENGGUNAKAN MODEL ALTMAN(Z-SCORE) STUDI KASUS DI PERUSAHAAN TELEKOMUNIKASI

Jurnal Akuntansi ◽

10.24912/ja.v18i3.268 ◽

2017 ◽

Vol 18 (3) ◽

Author(s):

Pasaman Silaban

Keyword(s):

Secondary Data ◽

Financial Statements ◽

Health Condition ◽

Corporate Management ◽

Z Score ◽

Financial Ratio ◽

Healthy State ◽

Quantitative Analysis Method ◽

Score Model ◽

A Company

The objective of this research is to analyse a company’s bancruptcy by the use of Altman Z-Score model. This study used the descriptive quantitative analysis method. The data used are secondary data, the annual financial statements and income statements of each company. Data were analyzed using four X ratio defined by Altman and were used to calculate the Z score of each company in order to determine its health level. The analysis shows that in 2010 - 2012 the company's health condition was not good. In 2010 the company was in the gray zone, then the next year the company's condition declined, and in 2012 it was at an unhealthy condition/bankrupt. Telkom is in a healthy state and has increased each year, Indosat is in the unhealthy zone with Z score tends to increase every year. By knowing the health condition of a company, corporate management is able to evaluate each financial ratio and fix the company's financial performance in order to survive and compete.

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Kemampuan Model Z- Score dan Model Springate Dalam Memprediksi Financial Distress BPR Multi Artha Sejahtera

Jurnal Manajemen dan Keuangan ◽

10.33059/jmk.v8i1.1156 ◽

2019 ◽

Vol 8 (1) ◽

pp. 68-79

Author(s):

Uki Masduki ◽

Adi Rizfal Efriadi ◽

Ermalina Ermalina

Keyword(s):

Financial Services ◽

Financial Distress ◽

Secondary Data ◽

Analytical Tool ◽

Z Score ◽

Financial Report ◽

Report Data ◽

Bankruptcy Rate

The purpose of this study was to test the ability of the model or analytical tool used to predict the bankruptcy of the company, namely the Altman's Z-afternoon model and the Springate model of BPR Multi Artha Sejahtera whose license has been revoked by the Financial Services Authority (OJK) through Commissioner Decree Number 16 / KDK.03 / 2016 with company considerations deteriorating. The data used is secondary data, namely the 2012-2015 BPR Multi Artha Sejahtera financial report data obtained from Bank Indonesia reports. The data is then analyzed using the Altman Z-score (Z-Score) and Springate (S-Score) formulas to detect whether or not there are indications of bankruptcy before BPR Multi Artha Sejahtera is actually declared bankrupt. The results of this study concluded that overall, both Z-core and S-Score were able to predict the bankruptcy rate of BPR Multi Artha Sejahtera during 2011 - 2015. In the case of BPR Multi Artha Sejahtera bankruptcy the use of S-Score to predict bankruptcy is more appropriate in predicting bankruptcy.

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