scholarly journals ANALISIS LAPORAN KEUANGAN GUNA MEMPREDIKSI KEBANGKRUTAN DENGAN MENGGUNAKAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN TELEKOMUNIKASI YANG TERDAFTAR DI BURSA EFEK INDONESIA ( PT XL Axiata Tbk dan PT Indosat Tbk )

2017 ◽  
Vol 2 (02) ◽  
Author(s):  
Putri Fitria Ridwan ◽  
Meiril Hardi
Keyword(s):  
Stock Exchange ◽  
Financial Statements ◽  
Z Score ◽  
Analysis Model ◽  
Financial Condition ◽  
Financial Difficulties ◽  
Score Analysis ◽  
Calculation Results ◽  
The Moment ◽  
Telecommunications Company

ABSTRACTThis study aims to determine the potential bankruptcy using the Altman Z-Score in the telecommunications company listed on the Indonesia Stock Exchange (BEI). Because telecommunications taking an important role in everyday life, both in terms of day-to-day telecommunications as well as in terms of business. Selected objects to do this research is PT XL Axiata Tbk and PT Indosat Tbk, which is two telecommunications company that is developing and steal the attention of consumers at the moment. The method of the research is to analyze the company's financial statements using analysis tools Altman Z-Score. Use of Altman Z-Score aims to be able to know or predict the financial condition perusahaa, because of the financial statements and the calculation of Altman Z-Score can be known, whether the company experienced financial difficulties in the future or not. Z-Score analysis model using five variables that represent liquidity ratio (X1), profitability (X2 and X3), activity (X4 and X5) and the data used are the financial statements for 2011-2013 were obtained through the site Indonesian Stock Exchange (BEI ) is www.idx.co.id. With the formulation of the Z-Score = 1.2 1.4 X1 + X2 + X3 3.3 +0.6 + 1.0 X4 X5 with the assessment criteria Z-Score> 2.99 categorized as a very healthy company, 1.81 <Z-Score <2.99 were in gray area so the chances saved and the possibility of bankruptcy. From the analysis, based on calculations that have been made to the financial statements that PT XL Axiata Tbk and PT Indosat Tbk during the period 2011-2013 experienced financial condition is said to be bankrupt due to the calculation results Z-Score PT XL Axiata Tbk in 2011 1.23, year in 2012 and 1.29 in 2013 to 0.87 while for PT Indosat Tbk in 2011 was 0.46, in 2012 and 0.47 in 2013 to 0.25. With the results of the Z-Score <1.81, which indicates that the company entered into the category bangkut or companies experiencing very serious financial difficulties. Then the company should improve financial performance by reducing the debt and increase equity by utilizing available assets. Keywords: Financial Statements, Bankruptcy and Z-score

scholarly journals ANALISIS PREDIKSI TINGKAT KEBANGKRUTAN DENGAN METODE ALTMAN Z-SCORE DAN ZMIJEWSKI PADA PT BAKRIE TELECOM TBK PERIODE 2015-2017

2019 ◽  
Vol 3 (01) ◽  
Author(s):  
Suci Ariyani ◽  
Djumali Djumali ◽  
Ida Aryati
Keyword(s):  
Data Analysis ◽  
Financial Distress ◽  
Stock Exchange ◽  
Secondary Data ◽  
Z Score ◽  
Analysis Model ◽  
Analysis Techniques ◽  
Financial Condition ◽  
Grey Area ◽  
Telecommunication Companies

The purpose of this research is to know financial condition of Bakrie Telecom Tbk company using Altman and Zmijewski's analysis model period 2015-2017, during the period so its be able to predict financial distress happened inside the company. The data used to this research is secondary data, with population telecommunication companies go public enrolled in the Indonesia Stock Exchange (BEI) period 2015-2017. Data analysis techniques that used is Altman and Zmijewski's dicriminant analysis. The Altman's analysis model classified into three company categories, which are company that is in broken condition, grey area and not bankrupt/healthy. The Zmijewski's analysis model classified into two company categories, which are potentially bankrupt company and unpotentially bankrupt company/health. The results of the Bakrie Telecom Tbk company's financial distress analysis period of 2015-2017 used the Altman's model showed that company was not in bankrupt category/health .The results of the Zmijewski's analysis model showed in 2015 was not in bankrupt category/health category and in the year 2016-2017 was in the bankrupt category. Keywords: Bankruptcy , Altman , Zmijewski

scholarly journals Analisis Potensi Kebangkrutan PT. Berlian Laju Tanker, Tbk. dengan Menggunakan Altman’s Z Score

2012 ◽  
Vol 3 (2) ◽  
pp. 654
Author(s):  
Iswandi Iswandi
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Stock Exchange ◽  
Financial Statements ◽  
Financial Statement ◽  
Z Score ◽  
Transportation Services ◽  
Financial Condition ◽  
Score Model ◽  
A Company

PT. Berlian Laju Tanker, Tbk. (BLTA) is a company engaged in the ocean transportation services listed on the Indonesia Stock Exchange and the Singapore Stock Exchange. In 2009 and 2010 BLTA experienced a net loss. At the end of 2011 the company rocked the financial markets in Indonesia and Singapore being unable to meet financial obligations to financial institutions and corporate bondholders. Given such conditions until the end of August 2012 BLTA can not submit audited financial statement of year 2011 to the authorities of stock exchange and public. By using the 2007 to 2010 audited financial statements and June 2011 inhouse financial statement were analyzed using Altman's Z score model can be known that since 2007 BLTA produce a Z score were classified bankruptcy. Investors should analyze the financial condition by using Z Score in order to minimized shareholders and bondholders potential losses.

scholarly journals IDENTIFIKASI KEBANGKRUTAN DI PERUSAHAAN FARMASI : MODEL ALTMAN Z-SCORE ANALYSIS (Studi Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2012-2016)

2018 ◽  
Vol 7 (4) ◽  
Author(s):  
Totok Haryanto
Keyword(s):  
Pharmaceutical Company ◽  
Asset Management ◽  
Policy Making ◽  
Stock Exchange ◽  
Financial Statements ◽  
Pharmaceutical Companies ◽  
Z Score ◽  
Corporate Policy ◽  
Score Analysis ◽  
Score Model

Every company has different problems of each type, including in the categorization of whether the company is categorized to be bankrupt or not. This study was conducted to study and detect the possibility of bankruptcy of pharmaceutical companies in Indonesia using the Altman Z-Score model. The sample used in this study is a pharmaceutical company listed on the Indonesia Stock Exchange (BEI) and the company publishes regular financial statements in 2012 until 2016. In the Altman Z-Score model, grouping companies into three categories ie not bankrupt, prone to bankruptcy, and bankruptcy. For companies that fall into the category of bankruptcy, should be more careful in asset management and corporate policy making and strive to continue to improve the company's performance and try to utilize assets owned more effectively and efficiently, so that will gain a more optimal advantage. While for companies that are in a healthy condition must still maintain and improve the performance of the company, so it will be sustinable and minimize the occurrence of bankruptcy.Setiap perusahaan memiliki permasalahan yang berbeda dari setiap jenisnya, termasuk dalam pengkategorian apakah perusahaan tersebut dikatakan bangkrut ataukah tidak. Penelitian ini dilakukan untuk mempelajari dan mendeteksi kemungkinan terjadinya kebangkrutan perusahaan farmasi yang ada di Indonesia dengan menggunakan hitungan model Altman Z-Score. Sampel yang digunakan dalam penelitian ini adalah perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) dan perusahaan tersebut menerbitkan laporan keuangan secara teratur pada tahun 2012 sampai dengan tahun 2016. Dalam model Altman Z-Score, mengelompokkan perusahaan menjadi tiga kategori yaitu tidak bangkrut, rawan bangkrut, dan bangkrut. Bagi perusahaan yang termasuk dalam kategori rawan bangkrut,Jurnal Magister Manajemen Unram Vol. 7, No 4. November 2018jmm.unram.ac.id 2harus lebih berhati–hati dalam pengelolaan aset dan melakukan pengambilan kebijakan perusahaan serta berusaha untuk terus meningkatkan kinerja perusahaan dan berusaha memanfaatkan aset yang dimilikinya dengan lebih efektif dan efisien, sehingga akan memperoleh keuntungan yang lebih optimal. Sedangkan bagi perusahaan yang berada dalam kondisi sehat harus tetap mempertahankan dan meningkatkan kinerja perusahaannya termasuk melakukan inovasi dan pengembangan bisnisnya, sehingga akan tetap terjaga keberlangsungannya dan memperkecil kemungkinan terjadinya kebangkrutan.Keywords :altman z-score, pharmaceutical company, bankruptcy, sustainableKata kunci :Altman z-score, perusahaan farmasi, kebangkrutan, keberlangsungan

PELUANG KESULITAN KEUANGAN PADA PERUSAHAAN GO PUBLIK YANG TERCATAT DI BURSA EFEK INDONESIA

2019 ◽  
Vol 15 (1) ◽  
pp. 55
Author(s):  
Paula Novena Setio
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Financial Statements ◽  
Cash Flows ◽  
Free Cash Flow ◽  
Total Asset ◽  
Net Income ◽  
Financial Condition ◽  
Financial Difficulties ◽  
Asset Turnover

This study aimed to examine the chances of financial difficulties at the company went public in Indonesia and listed on the Indonesia Stock Exchange (BEI). Financial difficulties chances have been found among unwell financial condition companies. The factors tested in this study is the condition of the company's financial statements are summarized in several variables such as cash flow, free cash flow, total asset turnover, liquidity, ROE, debt, age of the company, and the size of the company. Samples were 65 non-bank companies that go public and listed on the Indonesia Stock Exchange in 2009-2014. A total of 35 companies that have no chance of financial difficulties and the 30 companies that have a chance of financial difficulties. Where the measurement is done by means of selecting the financial statements, the financial statements are experiencing net income negatively in three consecutive years for companies that have a chance of financial difficulties and the financial statements are experiencing positive earnings were stable and even increased for three consecutive years Similarly, for companies that have no chance of financial difficulties. The results showed that the cash flows are measured as if dealing with the failure of non-bank company in Indonesia, and has a significant impact in predicting financial difficulties and significant opportunities. Keywords: cash flow, free cash flow, total asset turnover, liquidity, ROE, debt, age of the company, company size, and the chances of financial difficulties. ABSTRAK Penelitian ini bertujuan untuk menguji peluang kesulitan keuangan pada perusahaan go publik di Indonesia dan tercatat pada Bursa Efek Indonesia (BEI). Ditemukan peluang kesulian keuangan pada perusahaan yang memiliki kondisi keuangan yang buruk. Adapun faktor-faktor yang diuji dalam penelitian ini adalah kondisi laporan keuangan perusahaan yang dirangkum dalam beberapa variabel seperti arus kas, arus kas bebas, perputaran total aset, likuiditas, ROE, hutang, usia perusahaan, dan ukuran perusahaan. Sampel penelitian adalah 65 perusahaan non bank yang go publik dan terdaftar di Bursa Efek Indonesia pada periode 2009-2014. Sebanyak 35 perusahaan yang tidak memiliki peluang kesulitan keuangan dan 30 perusahaan yang memiliki peluang kesulitan keuangan. Dimana pengukuran ini dilakukan dengan cara penyeleksian laporan keuangan, yaitu laporan keuangan yang mengalami laba bersih negatif secara tiga tahun berturut-turut untuk perusahaan yang memiliki peluang kesulitan keuangan dan laporan keuangan yang mengalami laba positif yang stabil dan bahkan mengalami peningkatan selama tiga tahun berturut-turut pula untuk perusahaan yang tidak memiliki peluang kesulitan keuangan. Hasil penelitian menunjukkan bahwa aliran kas yang diukur seolah-olah berhubungan dengan kegagalan perusahaan non bank di Indonesia, dan memiliki dampak yang berarti dalam memprediksi peluang kesulitan keuangan dan signifikan. Kata kunci: arus kas, arus kas bebas, perputaran total aset, likuiditas, ROE, hutang, usia perusahaan, ukuran perusahaan, dan peluang kesulitan keuangan.

scholarly journals IDENTIFIKASI KEBANGKRUTAN DI PERUSAHAAN FARMASI : MODEL ALTMAN Z-SCORE ANALYSIS (STUDI PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016)

2018 ◽  
Vol 7 (4) ◽  
Author(s):  
Totok Haryanto
Keyword(s):  
Pharmaceutical Company ◽  
Asset Management ◽  
Policy Making ◽  
Stock Exchange ◽  
Financial Statements ◽  
Pharmaceutical Companies ◽  
Z Score ◽  
Corporate Policy ◽  
Score Analysis ◽  
Score Model

Every company has different problems of each type, including in the categorization of whether the company is categorized to be bankrupt or not. This study was conducted to study and detect the possibility of bankruptcy of pharmaceutical companies in Indonesia using the Altman Z-Score model. The sample used in this study is a pharmaceutical company listed on the Indonesia Stock Exchange (BEI) and the company publishes regular financial statements in 2012 until 2016. In the Altman Z-Score model, grouping companies into three categories ie not bankrupt, prone to bankruptcy, and bankruptcy. For companies that fall into the category of bankruptcy, should be more careful in asset management and corporate policy making and strive to continue to improve the company's performance and try to utilize assets owned more effectively and efficiently, so that will gain a more optimal advantage. While for companies that are in a healthy condition must still maintain and improve the performance of the company, so it will be sustinable and minimize the occurrence of bankruptcy. Setiap perusahaan memiliki permasalahan yang berbeda dari setiap jenisnya, termasuk dalam pengkategorian apakah perusahaan tersebut dikatakan bangkrut ataukah tidak. Penelitian ini dilakukan untuk mempelajari dan mendeteksi kemungkinan terjadinya kebangkrutan perusahaan farmasi yang ada di Indonesia dengan menggunakan hitungan model Altman Z-Score. Sampel yang digunakan dalam penelitian ini adalah perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) dan perusahaan  tersebut menerbitkan laporan keuangan secara teratur pada tahun 2012 sampai dengan tahun 2016. Dalam model Altman Z-Score, mengelompokkan perusahaan menjadi tiga kategori yaitu tidak bangkrut, rawan bangkrut, dan bangkrut. Bagi perusahaan yang termasuk dalam kategori rawan bangkrut, harus lebih berhati–hati dalam pengelolaan aset dan melakukan pengambilan kebijakan perusahaan serta berusaha untuk terus meningkatkan kinerja perusahaan dan berusaha memanfaatkan aset yang dimilikinya dengan lebih efektif dan efisien, sehingga akan memperoleh keuntungan yang lebih optimal. Sedangkan bagi perusahaan yang berada dalam kondisi sehat harus tetap mempertahankan dan meningkatkan kinerja perusahaannya termasuk melakukan inovasi dan pengembangan bisnisnya, sehingga akan tetap terjaga keberlangsungannya dan memperkecil kemungkinan terjadinya kebangkrutan.Keywords :altman z-score, pharmaceutical company, bankruptcy, sustainableKata kunci : Altman z-score, perusahaan farmasi, kebangkrutan, keberlangsungan

scholarly journals ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN BANKRUPTCY PREDICTION MODELS PADA EMITEN ROKOK PERIODE 2014-2018

2021 ◽  
Vol 4 (1) ◽  
pp. 16-27
Author(s):  
Ani Wahyuningsih ◽  
Hartono Hartono ◽  
Rini Armin
Keyword(s):  
Early Warning ◽  
Financial Distress ◽  
Prediction Models ◽  
Stock Exchange ◽  
Financial Statements ◽  
Bankruptcy Prediction ◽  
Correct Prediction ◽  
Financial Health ◽  
Z Score ◽  
Financial Difficulties

ABSTRACT Financial Distress is a condition of financial difficulties where if this happens to the company foa along period of time, the company is in the initial stages before bankruptcy. Bankruptcy is a state of being or a situation in which company failed to or not able to meet obligations because firm experienced lack of. If the company goes bankrupt there will be many parties who are harmed. Therefore it is necessary to conduct financial distress analysis for early warning. The research aims to determine the financial health of the cigarette sub-sector companies by analyzing financial distress using three bankruptcy prediction models with Altman Z-Score, Springate, Grover and to determine which of these three models has the highest level of accuracy. The data used in this research is the company’s financial statements published on the Indonesia Stock Exchange website. The population in this research is the cigarette sub-sector companies listed on the Indonesia Stock Exchange in the 2014-2018 period. Based on the result of research shows that in the calculation Altman and Springate models, PT. Bentoel International Investama in the category of the company experiencing symptoms of bankruptcy. While in the Grover model calculation, all companies fall into category healthy companies. Of the three models that have the highest level of accuracy are Altman and Springate models by one hundred percent. This shows that Altman and Springate models have the correct prediction of the company correctly.

scholarly journals Analisis Kesulitan Keuangan Perusahaan Perbankan dan Lembaga Pembiayaan

2012 ◽  
Vol 3 (1) ◽  
pp. 165
Author(s):  
Iskandar Putong ◽  
Engelwati Gani
Keyword(s):  
Financial Reporting ◽  
Financial Distress ◽  
Stock Exchange ◽  
Financial Statements ◽  
Z Score ◽  
Ordinary People ◽  
Analysis Model ◽  
Naked Eye ◽  
Depth Analysis ◽  
Reporting Data

Analysis of financial distress at the main company that has sold its shares in an open society (go public) becomes so important because most companies always display the good side of the company in the form of financial reporting data each year. For ordinary people the financial statements audited by a valid and authorized institutions listed on stock exchange by naked eye showed a good performance in finance, but in a more in-depth analysis of the data the form of numbers that will give I different conclusion to the eyes economists and financial analysts to the case. In this study, it is used general sample 4 companies engaged in finance. The Discriminant analysis model using the Altman Z-Score that dissect the financial statements of the company for 3 years showed that not always the companies that have go public must be good financial performance as well. Two of four companies surveyed, in fact, are predicted theoretically bankrupt because the companies were experiencing financial distress.

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.

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 APLIKASI DATA MINING UNTUK PERBANDINGAN MANAJEMEN LABA TERHADAP TINGKAT RESIKO INVESTASI PADA PERUSAHAAN PERBANKAN DI INDONESIA STOCK EXCHANGE

2017 ◽  
Vol 1 (1) ◽  
pp. 28
Author(s):  
Andika Prajana
Keyword(s):  
Data Mining ◽  
Rough Set Theory ◽  
Stock Exchange ◽  
Financial Statements ◽  
Financial Accounting ◽  
Risk Level ◽  
Investment Risk ◽  
Financial Report ◽  
Financial Condition ◽  
Accrual Basis

The financial report is a means of communicating financial information to parties outside the corporation. The preparation of financial statements, an accrual basis was chosen because it is more rational and fair in reflecting the company's financial condition in real terms, but the other can use the accrual basis to the management to provide more flexibility in choosing accounting methods for not deviate from the rules applicable Financial Accounting Standards. In this study, comparative analysis Persistency Profit Management with Investment Risk level by applying the Application of Data Mining with Rough Set Theory in order to find a pattern or knowledge that can be used as a basis to predict what action will be performed in managing earnings management and banking conditions in company's future. 

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