scholarly journals ANALYSIS METHOD OF ALTMAN Z SCORE MODIFICATIONS TO PREDICT FINANCIAL DISTRESS ON THE COMPANY GO PUBLIC SUB SECTOR OF THE AUTOMOTIVE AND COMPONENTS

2018 ◽  
Vol 2 (03) ◽  
Author(s):  
Suhesti Ningsih ◽  
Febrina Fitri Permatasari
Keyword(s):  
Financial Distress ◽  
Automotive Sector ◽  
Z Score ◽  
Analysis Method ◽  
Average Value ◽  
Public Company ◽  
Year 2013

This research aims to analyze the variables from methods of Altman Z Score Modification in predicting financial distress in go public company automotive sub sector and component 2012-2016 periods. The results of the analysis using the method of Altman Z Score Modifications show that companies in the automotive sector and sub components of almost every year there are enterprises that are predicted to have experienced financial distress. In 2012 the company predicted experience financial distress is GDYR, the year 2013 there are 2 companies i.e. BOLT and GDYR, the year 2014 they are IMAS GDYR and predictable. In the year 2015 there are 2 companies i.e. IMAS, GDYR and 2016 year whereas LPIN is GDYR, IMAS and PRAS. The results of the analysis of the average value of Z "Score of years 2012-2016 under 1,1 on go public company automotive sub sector and components according to the analysis of Z" Score of the companies in financial distress condition is GDYR and the IMAS. From the analysis results annually and on average during the period 2012 to 2016 suggest that there are some companies that are predictable in financial distress is evidenced by the value of its Z "Score under 1,1.

ANALISA KESEHATAN KEUANGAN PERUSAHAAN UNTUK MEMPREDIKSI KEBANGKRUTAN PERUSAHAAN DENGAN MENGGUNAKAN METODE ALTMAN (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SEKTOR KOMPONEN OTOMOTIF YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011 – 2015)

2019 ◽  
Vol 13 (2) ◽  
pp. 55
Author(s):  
Indar Khaerunnisa ◽  
Edy Cahyadi
Keyword(s):  
Motor Vehicle ◽  
Stock Exchange ◽  
Secondary Data ◽  
Z Score ◽  
Financial Ratio ◽  
Average Value ◽  
Automotive Components ◽  
Grey Area ◽  
Financial Ratio Analysis ◽  
Year 2013

The Indonesian government has set the motor vehicle industry as one of the priority industries of the national interest, economic growth, and increased productivity. In order for the survival of a company is maintained, then the management should be able to maintain or even more spur increased performance. Various analyzes were developed to predict the beginning of the bankruptcy of the company. One analysis is widely used today is the analysis of Altman Z-Score, which this analysis refers to the financial ratios of the company. The purpose of this study was to analyze the bankruptcy of the automotive components companies that go public in Indonesia Stock Exchange year period 2011–2015. This study used a sample of four companies from the automotive components sector. Source of data is done by using secondary data. The data is processed by the method of the Z-score formula Z = 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 + 0,999X5. With the description of Z < 1,8 the company categorized into unhealthy/will be bankrupt, the value Z 1,8 < 2,99 the company is considered to be in the uncertain/grey area and the value of Z > 2,99 then the company is in a very healthy. In general, the results of these studies indicate that the four automtive components companies namely PT Astra Otoparts year 2011 value of Z = 14,67 year 2012 value of Z = 10,88 year 2013 value of Z = 13,90 year 2014 value of Z = 10,54 year 2015 value of Z = 4,94, PT Gajah Tunggal year 2011 value of Z = 5,72 year 2012 value of Z = 4,75 year 2013 value of Z = 3,10 year 2014 value of Z = 2,79 year 2015 value of Z = 1,58 and the average value of 2011-2015 periode Z = 3,59, PT Goodyear Indonesia year 2011 value of Z = 2,07 year 2012 value of Z = 2,44 year 2013 value of Z = 2,57 year 2014 value of Z = 2,02 year 2015 value of Z = 2,76, PT Indomobil Sukses Internasional year 2011 value of Z = 6,19 year 2012 value of Z = 3,99 year 2013 value of Z = 3,17 year 2014 value of Z = 2,59 year 2015 value of Z = 1,74. The average value 2011-2015 period showed 3 companies are in very healthy state and 1 company is in the uncertain/grey area. Keywords: Financial Ratio Analysis, Analysis of bankruptcy, Altman Z-Score Analysis, Automotive Components Company, Go Public.

scholarly journals Analisis Financial Distress Menggunakan Metode Altman Z–Score pada PT. Golden Plantation Tbk. Periode 2014-2018

2021 ◽  
Vol 2 (1) ◽  
pp. 102-121
Author(s):  
Cintya Meiske Idi ◽  
Johanis Darwin Borolla
Keyword(s):  
Financial Distress ◽  
Quantitative Data ◽  
Financial Statements ◽  
Future Research ◽  
Z Score ◽  
Analysis Method ◽  
Working Capital ◽  
Dangerous Zone ◽  
Score Method ◽  
Selection Of

The goal of this study is to decide how the effects of the analysis of predictions of financial distress using the Atlman Z-score method with estimates for the period 2014-2018 on PT Golden Plantation Tbk are determined. PT Golden Plantation, which is a business engaged in the oil palm plantation industry with the type of data used, is the focus of this study, namely quantitative data in the form of the financial statements of PT Golden Plantation for the period 2014 to 2018. And the Altman Z - Score Adjusted variable aproach is the data analysis method used in this study. It can be inferred that, based on the findings of the report, the organization started to encounter financial distress in 2014. In 2015 to 2018 the altman z - score of PT Golden Plantation was <1.1 or a dangerous zone which means that PT Golden Plantation Tbk is in a bankrupt condition. And we can be sure that the company will also face financial problems in the next few years. This is attributable to the selection of debt used by the firm. The utilization of the company's existing debt tends to rise each year, exceeding the value of the company's current assets, so that the working capital of the company still has a negative variable. To Future research is suggested to add other variables in examining financial distress.

scholarly journals ANALISIS FINANCIAL DISTRESS DENGAN ACCOUNTING RATIO DAN FORECASTING BANKRUPCY TERHADAP PERUSAHAAN PERBANKAN GO PUBLIC DI INDONESIA

2017 ◽  
Vol 17 (1) ◽  
pp. 25
Author(s):  
Rihardhiny Nariswari Putri ◽  
Djuminah Djuminah
Keyword(s):  
Direct Effect ◽  
Intellectual Capital ◽  
Financial Distress ◽  
Quantitative Method ◽  
Negative Influence ◽  
Company Performance ◽  
Z Score ◽  
Public Companies ◽  
Bankruptcy Risk ◽  
Average Value

<p><em>This study aims to analyze the prediction level of bankruptcy by the method of Altman Z Score on banking companies Go Public during the year 2010-2014, the prediction of performance by using intellectual capital in companies that Go Public during the year 2010-2014 and the influence between intellectual capital against the risk of bankruptcy on Go Public companies are battling for 2010-2014.</em></p><p><em>This research uses quantitative method to know its direct effect. Meanwhile, to analyze the risk of bankruptcy using Altman Z-Score and to analyze intellectual capital using VAIC.The results of this study are a) During 2010 - 2014 the average banking indicated bankrupt 43.45%, 50.34% gray, and not bankrupt 6.21%. B) The average value of intellectual capital in 2010-2014 with the top category of 24.14%, good as much as 38.62%, common as much as 28.28% and bad as much as 8.97%. Thus it can be said that intellectual capital of banking in Indonesia is relatively good to support company performance. C) There is a significant negative influence between intellectual capital against bankruptcy risk.</em></p><p><em> </em></p><p><strong><em>Keywords</em></strong><em>: Bankruptcy, Intellectual Capital</em></p>

Assessing Financial Distress and Predicting Stock Prices of Automotive Sector: Robustness of Altman Z-score

2021 ◽  
pp. 097226292199092
Author(s):  
Amit Sareen ◽  
Sudhi Sharma
Keyword(s):  
Panel Data ◽  
Financial Crisis ◽  
Stock Market ◽  
Stock Prices ◽  
Financial Distress ◽  
Fixed Effects ◽  
Growth Curves ◽  
Automotive Sector ◽  
Z Score ◽  
Fixed Effects Model

After the advent of a new economic policy, the stock market had shown exponential growth. The world’s financial markets have become a global financial village via the free flow of capital from one market to another. This provides breadth and depth in the stock market. On the other hand, with the dawn of globalization, the market has become cointegrated and thus more vulnerable to financial shocks. Thus, as a rational investor, catching early signs of financial distress and predicting stock prices is the challenge. This study considers the Altman Z-score to predict the financial distress and stock prices with special reference to the automotive sector in India. The study has been conducted in two parts: the first part focuses on analysing the financial distress of the automotive sector under the face of the financial crisis and GST regime. Thus, this study has been conducted in four window periods. The second part of the study deals with predicting the prices of auto stocks by panel data modelling for the period from 2000 to 2020. Using econometric-based growth curves, the study analyses that the automotive sector is affected by the financial crisis and the GST regime. Lastly, with the application of the panel data static-based fixed effects model, it has been analysed that EBITDA/TA and MV/TL are the significant ratios to predict the stock prices.

scholarly journals Stock Prices Predicted by Bankruptcy Condition?

2018 ◽  
Vol 9 (2) ◽  
pp. 105-114
Author(s):  
Irawati Junaeni
Keyword(s):  
Stock Prices ◽  
Financial Distress ◽  
Stock Price ◽  
Sampling Method ◽  
Stock Exchange ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Analysis Method ◽  
Simple Regression Analysis ◽  
Score Model

This research had two objectives. First, it determined the prediction of the method of Altman Z-Score whether it could classify banking positions, bankruptcy, or financial distress in the go-public bank in Indonesia Stock Exchange. Second, it was to know the influence of value position of Altman Z-Score on the stock price. The population was 84 banking company listed on the Indonesia Stock Exchange in 2010-2015. The sampling method was purposive sampling. Moreover, data analysis method used was a simple regression analysis. For data processing, it used software Eviews 8. The Z-Score calculations predict the potential bankruptcy of go-public bank in 2010-2015. All results show that Z-Score has the small score of 1,81. It can be said there is a potential bankruptcy. For t-test, it can be concluded that Z-Score has the positive and significant effect on the stock price. The ability of Z-Score values in explaining the stock price is 95,50% while the remaining 4,50% is influenced by other variables that are not analyzed in the research. With some weaknesses of Altman’s Z-Score model, this research has the implication for management bank. It improves the financial performance for the future to avoid opportunity bankruptcy prediction. The results show how the effect of bankruptcy on banking stock prices.

scholarly journals PREDIKSI KEBANGKRUTAN PADA BANK BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA

NIAGAWAN ◽  
2021 ◽  
Vol 10 (2) ◽  
pp. 130
Author(s):  
Muhammad Salman ◽  
Catur Wulandari
Keyword(s):  
Data Analysis ◽  
Prediction Model ◽  
Financial Distress ◽  
Z Score ◽  
Analysis Method ◽  
Gray Area ◽  
Data Analysis Method ◽  
State Owned Enterprise ◽  
Score Model

The research was conducted with the aim of knowing the prediction of the potential for bankruptcy of the four State-Owned Enterprises (BRI, BNI, Bank Mandiri and BTN) using the Altman Z-Score, Springate and Grover G-Score models. The data analysis method used a prediction model for the occurrence of bankruptcy consisting of the Altman Z-Score, Springate and Grover G-Score. The results showed that the prediction of bankruptcy (financial distress) using the Altman Z Score model was obtained from 2015-2019 for the four State-Owned Enterprise Banks (BRI, BNI, Bank Mandiri and BTN) as a whole obtained Z Score between 1.42-1 88 or at the criteria (cut off) Z <181 has the potential to go bankrupt and 1.81 <Z <2.99 gray area. Meanwhile, based on the Springate model from 2015-2019, the four State-Owned Enterprises (BRI, BNI, Bank Mandiri and BTN) overall obtained a Springate of 1.95 - 44.08 and were in the criteria (cut off) S> 0.862 and can be declared as not potentially bankrupt (healthy). Then based on Grover, it was obtained from 2015-2019 in the four State-Owned Enterprise Banks (BRI, BNI, Bank Mandiri and BTN) as a whole obtained a G Score of 1.71 - 2.15 and were in the criteria of G ≥ 0.01 or no potential bankrupt (healthy). The results showed that the Altman Z Score model has a better value than Springate and Grover because the number of ratios is more so that it can predict bankruptcy better 

Efektivitas Kinerja Keuangan Badan Amil Zakat Nasional (Baznas) pada Program Pentasharufan Dana Zakat di Baznas Kota Yogyakarta

2018 ◽  
Vol 6 (1) ◽  
pp. 91-112
Author(s):  
Siti Nur Azizah
Keyword(s):  
Financial Performance ◽  
Financial Statements ◽  
Analysis Method ◽  
Highly Effective ◽  
Distribution Process ◽  
Effective Level ◽  
Year 2013

This study discusses the effectiveness of the financial performance of Badan Amil Zakat (BAZNAS) in the distribution process of zakat funds (through zakat agents?), namely Jogja Taqwa, Jogja Peduli, Jogja Sehat, Jogja Cerdas, Jogja Sejahtera from 2012-2016. This research that was conducted in BAZNAS Yogyakarta, specifically analyzes the distribution of zakat funds using the Allocation to Collection Ratio (ACR) analysis method. It measures the ability of the zakat institution (BAZNAZ?) in distributing (the zakat fund?) (through zakat agents?) by dividing the total allocation funds to their total collection funds and comparing financial statements for several periods. The results of this study show the levels of effectiveness of zakat distribution of each year, year 2012 shows a "fairly effective" score, year 2013 is at the "effective" level, year 2014 shows an "effective" score, the score level of 2015 was "highly effective" and the analysis shows a "fairly effective" score  in 2016 .

Financial Statement Ratio Analysis to Predict Bankruptcy nn Company Registered in BEI - Jakarta (Altman Z-Score Method and Zmijewski)

2020 ◽  
Vol 3 (3) ◽  
pp. 122
Author(s):  
Andi Silvan
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Good Condition ◽  
Financial Statement ◽  
Depth Information ◽  
Z Score ◽  
Industrial Manufacturing ◽  
Financial Difficulties ◽  
A Value ◽  
Score Method

AbstractThis study takes the topic of predicting corporate bankruptcies. This research dqlam use traditional methods Altman Z-Score and Zmijewski. The purpose of this study was to obtain in-depth information about predicting bankruptcy of companies that are not necessarily directly to bankruptcy, but there is financial distress.Based on the results of research conducted on the four (4) non industrial manufacturing company listed on the Indonesia Stock Exchange (BEI). Obtaining the value z-score represents the average company are in good condition, which means no financial distress. Acquisition value of x-score has a value of less than 0 (zero) which means that the company is in good condition and is predicted not experiencing financial difficulties. This study led to the conclusion that the Altman Z-Score and Zmijewski method can be used to predict corporate bankruptcy. Keywords: Financial Ratios, Bankruptcy, Company.

ANALISIS INDEX ALTMAN Z-SCORE DALAM MEMPREDIKSI KONDISI FINANCIAL DISTRESS (Studi Empiris Perusahaan Properti dan Real Estate Sub Sektor Perhotelan Tahun 2012-2017)

Kinerja ◽  
2018 ◽  
Vol 1 (01) ◽  
pp. 48-57
Author(s):  
Maryam Dunggio ◽  
Nur Aufa Mufidah
Keyword(s):  
Real Estate ◽  
Financial Distress ◽  
Z Score ◽  
Grey Area

Penelitian ini bertujuan untuk menganalisis Index Altman dalam memprediksi kondisi financialdistress pada perusahaan properti dan real estate tahun 2102-2017. Metode penelitian yangdigunakan adalah Altman Z-score. Teknik pengumpulan data yang dilakukan secara sekunderyaitu data yang diperoleh dari laporan keuangan tahunan yang dipublikasikan oleh setiapperusahaan. Hasil yang diperoleh dalam penelitian ini menunjukkan bahwa pada tahun 2012terdapat 2 perusahaan yang mengalami zona aman dan 8 perusahaan mengalami financial distress,tahun 2013 terdapat 2 perusahaan mengalami zona aman dan 1 perusahaan grey area dan 7perusahaan financial distress, tahun 2014 terdapat 2 perusahaan zona aman dan 8 perusahaanfinancial distress, tahun 2015 terdapat 2 perusahaan mengalami zona aman dan 8 perusahaanfinancial distress, tahun 2016 terdapat 2 perusahaan zona aman, 1 grey area dan 7 financialdistress, tahun 2017 terdapat 2 zona grey area dan 8 mengalami financial distress

RASIO LIKUIDITAS, RENTABILITAS DAN SOLVABILITAS SEBAGAI ALAT UKUR KINERJA KEUANGAN PT. BANK NEGARA INDONESIA PESERO) Tbk

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
Widodo Widodo
Keyword(s):  
Good Condition ◽  
Capital Adequacy ◽  
Average Value ◽  
Capital Adequacy Ratio ◽  
Solvency Ratio ◽  
Year 2013

Solvency Ratio in this case measured with storey;level of Capital Adequacy Ratio ( CAR), during range of time five year of Bank of BNI have average value of equal to 20,72% be at good condition, and every year reside in the above rule of Indonesia Bank that is 8 - 9,9%. Analysis of ratio Likuiditas, Rentability And Solvabiltas which have been studied, appreciable hence that storey;level of health of Bank of BNI during period of year 2009 up to year 2013 categorized as bank of Performance.

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