scholarly journals Analisis Model Prediksi Kebangkrutan Altman Z-Score. Springate dan Zmijewski untuk Menilai Kelangsungan Usaha PT Enseval Putera Megatrading Tbk

2018 ◽  
Vol 12 (2) ◽  
pp. 128-132
Author(s):  
Choirunnisa Nurahayu ◽  
Evi Yuniarti ◽  
Nurmala Nurmala
Keyword(s):  
Economic Development ◽  
Cash Flow ◽  
Prediction Models ◽  
Bankruptcy Prediction ◽  
Business Continuity ◽  
Z Score ◽  
Financial Condition ◽  
Analysis Technique ◽  
Not At Risk ◽  
A Company

The economic development of PT EPM Tbk in 2011 to 2016 did not improved, because in 2011 to 2016 the cash flow statement of PT EPM Tbk. decreased. This writing aims to determine the prediction of bankruptcy at PT EPM Tbk with the Altman Z-Score, Springate and Zmijewski Score models to assess the business continuity of PT EPM Tbk from 2011 to 2016. The analysis technique used is the Altman Z-Score bankruptcy prediction model, Springate and the Zmijewski Score for various types of companies. Based on the results of the analysis of the three bankruptcy prediction models Altman Z-Score, Springate Score and Zmijewski Score shows that the business continuity assessment of PT Enseval Putera Megatrading Tbk in 2011 to 2016 is a company in good financial condition or a healthy company and is not at risk The Z-Score is more than the Altman Z-Score, Springate Score and Zmijewski Score standards.Keywords: Altman Z-Score, Springate Score, Zmijewski Score and Business Continuity

scholarly journals Analisis Model Prediksi Kebangkrutan Altman Z-Score. Springate dan Zmijewski untuk Menilai Kelangsungan Usaha PT Enseval Putera Megatrading Tbk

2018 ◽  
Vol 12 (2) ◽  
pp. 128
Author(s):  
Choirunnisa Nurahayu ◽  
Evi Yuniarti ◽  
Nurmala Nurmala
Keyword(s):  
Economic Development ◽  
Cash Flow ◽  
Prediction Models ◽  
Bankruptcy Prediction ◽  
Business Continuity ◽  
Z Score ◽  
Financial Condition ◽  
Analysis Technique ◽  
Not At Risk ◽  
A Company

The economic development of PT EPM Tbk in 2011 to 2016 did not improved, because in 2011 to 2016 the cash flow statement of PT EPM Tbk. decreased. This writing aims to determine the prediction of bankruptcy at PT EPM Tbk with the Altman Z-Score, Springate and Zmijewski Score models to assess the business continuity of PT EPM Tbk from 2011 to 2016. The analysis technique used is the Altman Z-Score bankruptcy prediction model, Springate and the Zmijewski Score for various types of companies. Based on the results of the analysis of the three bankruptcy prediction models Altman Z-Score, Springate Score and Zmijewski Score shows that the business continuity assessment of PT Enseval Putera Megatrading Tbk in 2011 to 2016 is a company in good financial condition or a healthy company and is not at risk The Z-Score is more than the Altman Z-Score, Springate Score and Zmijewski Score standards.

Application of Bankruptcy Prediction Models for Real Estate Companies Listed on The Indonesia Stock Exchange (IDX)

2021 ◽  
Vol 6 (10) ◽  
pp. 5088
Author(s):  
Iwan Nurfahrudin ◽  
Raden Aswin Rahadi
Keyword(s):  
At Risk ◽  
Real Estate ◽  
Prediction Models ◽  
Stock Exchange ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Research Results ◽  
A Company

A company that is built not only could make a profit, but also definitely has the risk of bankruptcy. This research aims to measure and analyze the potential for bankruptcy from the analysis of several methods compared to the reality in the field. The sample used in this study were several real estate companies in Indonesia which were listed on the Indonesia Stock Exchange from 2017 to 2019. The methods used in predicting company bankruptcy in the property sector are the Altman Z-score, Altman Revised Z-score, and Springate methods. Based on the research results, companies that tend to be at risk of bankruptcy according to the three models are APLN, CTRA, DART, EMDE, PPRO, and SMRA with Altman Z-score < 1.8, Altman Revised Z’-score < 1.23, and Springate S-score < 0.862.

scholarly journals TESTING BHANDARI Z-SCORE MODEL BANKRUPTCY PREDICTION USING CASH FLOW

2018 ◽  
Vol 2 (1) ◽  
pp. 121-128
Author(s):  
Barcha Handal Sakti ◽  
Ely Kartikaningdyah
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Predictor Variable ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Discriminating Power ◽  
Significant Difference ◽  
Operating Cash Flow ◽  
Score Model

This research aimed to know whether the predictor variables on Bhandari’s z-score model having discriminating power which in each of the group has significant difference. Sample which was being used to assist was the manufacture company that consisted of healthy company and the unhealthy company enrolled in Indonesia stock exchange in the period of 2012-2014. Sample collecting method used purposive sampling and cross section was the data used in this research. This research was conducted by using Multivariat Discriminant Analysis (MDA). The result of this study showed predictor variable that gave discriminating power which stood of quality of earning (EAQ), operating cash flow divided by current liabilities (OCFCL), operating cash flow margin (OCFM), and operating cash flow return on total assets (OCFA) in distinguishing the healthy and unhealthy company significantly.

scholarly journals Analisis Tingkat Kebangkrutan Pada Perusahaan Asuransi Yang Terdaftar Di Bursa Efek Indonesia

2019 ◽  
Vol 9 (2) ◽  
pp. 28
Author(s):  
Mikha Novalina Sinaga ◽  
Frendy A. O. Pelleng ◽  
Joanne V. Mangindaan
Keyword(s):  
Financial Management ◽  
Research Study ◽  
Stock Exchange ◽  
Insurance Companies ◽  
Z Score ◽  
Prediction Analysis ◽  
Financial Condition ◽  
Management Problems ◽  
Score Method ◽  
A Company

The purpose of this research study is to determine the result of prediction analysis of potential bankruptcy on eleven insurance companies sector which has been listed in Indonesia Stock Exchange year 2015 to 2018. Bankruptcy is a condition when a company experiences insufficient funds to run its business. Bankruptcy is uncertainty about the ability of a company to continue its operations if the financial condition held has decreased. In fact, not all companies experience financial management problems that often lead to bankruptcy. Based on the result and conclusions of the analysis using Altman Z-Score method that: in 2015-2018 there were several companies that were safe, namely: PT. Bina Dana Arta Insurance Tbk, PT. Harta Aman Pratama Insurance Tbk, PT. Jasa Tania Insurance Tbk, PT Indonesian reinsurance airline Tbk, PT. Panin Insurance Tbk, PT. Panin Financial Tbk, PT Victoria Insurance Tbk. Then there are companies that in 2015- 2017 are healthy but in 2018 in prone conditions, namely: PT. Bintang Insurance Tbk,and PT. Multi Artha Guna Insurance Tbk, but different from PT. Mitra Maparya Insurance Tbk which in 2015 was in vulnerable condition but in 2016-2018 is safe. And PT. Ramayana from 2015-2018 is in vulnerable condition.

scholarly journals ANALISIS PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH AKUISISI

2018 ◽  
Vol 7 (5) ◽  
pp. 2323
Author(s):  
Putu Yulia Kumalasari Dewi ◽  
Ni Putu Santi Suryantini
Keyword(s):  
Financial Performance ◽  
T Test ◽  
Corporate Financial Performance ◽  
Financial Condition ◽  
Analysis Technique ◽  
Before And After ◽  
Acquisition Strategy ◽  
One Year ◽  
A Company ◽  
Paired T Test

Financial performance is a reflection of the financial condition of a company. The purpose of this study is to determine the significance of differences in corporate financial performance before and after the acquisition of mining acquisition companies in the BEI period 2011-2013 by analyzing financial performance one year before and one year after acquisition. The method of determining the sample is the census that the entire population is used as a sample which is obtained by 5 acquirer companies. The analysis technique used is paired t-test (Pair-Sample T-test). Based on the results of the analysis found that financial performance measured by five financial ratios of CR, ROA, DER, TATO, PER that did not differ significantly after acquisition compared to before acquisition. The acquisition strategy has not been fully achieved due to the condition of financial performance after the acquisition has not increased. The motive of the acquisition is not economic but non-economic. The acquirer company which to achieve success, must make preparations by looking at the conditions of the company to be taken over.

scholarly journals Bankruptcy prediction in Visegrad group countries using multiple discriminant analysis

Equilibrium ◽  
2018 ◽  
Vol 13 (3) ◽  
pp. 569-593 ◽  
Author(s):  
Tomas Kliestik ◽  
Jaromir Vrbka ◽  
Zuzana Rowland
Keyword(s):  
Discriminant Analysis ◽  
Prediction Models ◽  
Value Added ◽  
Bankruptcy Prediction ◽  
Net Income ◽  
Multiple Discriminant Analysis ◽  
Financial Situation ◽  
The Future ◽  
A Company ◽  
Visegrad Group

Research background: The problem of bankruptcy prediction models has been a current issue for decades, especially in the era of strong competition in markets and a constantly growing number of crises. If a company wants to prosper and compete successfully in a market environment, it should carry out a regular financial analysis of its activities, evaluate successes and failures, and use the results to make strategic decisions about the future development of the business. Purpose of the article: The main aim of the paper is to develop a model to reveal the un-healthy development of the enterprises in V4 countries, which is done by the multiple discriminant analysis. Methods: To conduct the research, we use the Amadeus database providing necessary financial and statistical data of almost 450,000 enterprises, covering the year 2015 and 2016, operating in the countries of the Visegrad group. Realizing the multiple discriminant analysis, the most significant predictor and the best discriminants of the corporate prosperity are identified, as well as the prediction models for both individual V4 countries and complex Visegrad model. Findings & Value added: The results of the research reveal that the prediction models use the combination of same financial ratios to predict the future financial development of a company. However, the most significant predictors are current assets to current liabilities ratio, net income to total assets ratio, ratio of non-current liabilities and current liabilities to total assets, cash and cash equivalents to total assets ratio and return of equity. All developed models have more than 80 % classification ability, which indicates that models are formed in accordance with the economic and financial situation of the V4 countries. The research results are important for companies themselves, but also for their business partners, suppliers and creditors to eliminate financial and other corporate risks related to the un-healthy or unfavorable financial situation of the company.

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.

scholarly journals A Generic Model Of Predicting Probability Of Success-Distress Of An Organization: A Logistic Regression Analysis

2018 ◽  
Vol 34 (1) ◽  
pp. 169-182
Author(s):  
Shyam Bhandari ◽  
Anna J. Johnson-Syder
Keyword(s):  
Cash Flow ◽  
Prediction Models ◽  
Balance Sheet ◽  
Bankruptcy Prediction ◽  
Generic Model ◽  
Income Statement ◽  
Probability Of Success ◽  
Cash Flow Statement ◽  
Firm Data ◽  
Financial Issues

Many bankruptcy prediction models have been created over the years using a mix of variables derived mostly from accrual-based accounting statements and were industry specific. The primary issue with using a model comprised of accrual-based variables is that firm management can manipulate different components and make the balance sheet and income statement misleading (Wanuga 2006). Thus, firms appear financially healthy yet unable to meet the day-to-day cash flow needs of the firm; these financial issues are less likely to be hidden in the cash flow statement (Sharma 2001). In this study, we use a binary regression model with theoretically supported variables obtained from the cash flow statement to forecast firm success versus distress. Of particular interest, we examine firms representing 85 industries using firm data during and immediately following the greatest recession in United States history (Fieldhouse 2014; Lee 2014). The model is generic in the sense that it can be used to predict the probability of success-distress of any entity using the three major financial statements. We find that the overall model correctly classifies organizations 90.290 percent of the time.

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.

scholarly journals ANALISIS PREDIKSI KEBANGKRUTAN MENGGUNAKAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN RITEL YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2014-2018

2021 ◽  
Vol 9 (1) ◽  
pp. 84
Author(s):  
Rosmayana Rusman
Keyword(s):  
Sampling Technique ◽  
Financial Statements ◽  
Critical Issue ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Financial Condition ◽  
Dangerous Zone ◽  
Score Model ◽  
Retail Organizations ◽  
High Degree

Bankruptcy is a critical issue that companies must be aware of. Bankruptcy and the level of the company's performance can be seen from the company's financial condition by analyzing the company's financial statements. The most widely used bankruptcy prediction model is the Altman Z-Score model..The Altman Z-Score model analysis was chosen as the model used in bankruptcy prediction because, this model is easy to use with a high degree of accuracy. The purpose of this research is to determine bankruptcy predictions using the Altman Z-Score model in retail companies listed on the IDX in 2014-2018. This kind of exploration is expressive quantitative utilizing monetary reports as an examination instrument. The examining method was,carried out by utilizing purposive sampling,technique which was then controlled by nine retail organizations as the sample. The results show that on average six companies are in a safe zone, including issuers ECII, HERO, MPPA, RANC, SKYB, SONA and two companies in the gray zone or prone to bankruptcy, namely CENT and KOIN, one company in the dangerous zone, namely RIMO

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