scholarly journals PREDIKSI MODEL FINANCIAL DISTRESS (KEBANGKRUTAN) PADA PERUSAHAAN RITEL BURSA EFEK DENGAN MODEL ALTMAN DAN SPRINGATE INDONESIA PERIODE 2012-2016

account ◽  
2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Husnil Barry
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Retail Industry ◽  
Z Score ◽  
The Future

ABSTRAK Penelitian ini bertujuan untuk mengidentifikasi model kebangkuratn yang paling powerfulluntuk perusahaan ritel di Indonesia dan memprediksi kondisi perusahaan yang akan mengalamikebangkrutan masa yang akan datang. Model yang digunakan dalam penelitian ini yaitu Altman ZScoredan Springate. Hasil dari model tersebut adalah dapat diketahui kondisi-kondisi perusahaantersebut sehat atau diambang kebangkrutan. Data yang digunakan dalam penelitian ini berjumlah 25perusahaan yang termasuk dalam industri ritel yang sudah listing di Bursa Efek Indonesia tahun2012-2016.  Kata kunci: Altman, Springate, Financial Distress. ABSTRACT This study aims to identify the most powerful disaster models for retail companies inIndonesia and to predict the condition of companies that will experience bankruptcy in the future. Themodel used in this study is Altman Z-Score and Springate. The results of the model are the conditionsof the company, the health or whether they are on the verge of bankruptcy are identified. The dataused in this was 25 companies retail industry that had been listed on the Indonesia Stock Exchange in2012-2016. Kata kunci: Altman, Springate, Financial Distress.

scholarly journals Application of Altman Modified Z-Score to Predict Financial Distress in the Indonesian Telecommunications Industry

2020 ◽  
Vol 4 (1) ◽  
Author(s):  
Rianti Fifriani ◽  
Perdana Wahyu Santosa
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Financial Statements ◽  
Telecommunications Industry ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Purposive Sampling ◽  
Modification Method ◽  
The Future ◽  
The Right

Bankruptcy prediction is needed to assess the prospect of going concern and sustainability of the corporations in the future. This study aims to predict the bankruptcy of corporates with the Altman Z-Score Modification model in the telecommunications industry in Indonesia. The data used are the financial statements of the telecommunications industry that listing on the Indonesia Stock Exchange for the period 2011-2015. Samples for this study uses purposive sampling according to company criteria. The results of the study using the Altman Z-score modification method found two potentially bankrupt companies, namely Bakrie Telecom, Tbk, and Smartfren, Tbk. While Indosat, Tbk, and XL Axiata, Tbk have high financial distress potential due to liquidity and profitability problems that tend to weaken. Meanwhile, Telkom Indonesia, Tbk, and Infracom Inovisi financial concessions are relatively healthy and have the right business expectations

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 Analysis of bankruptcy issues at manufacturing companies, sub-sectors of cosmetics and houseappliances registered in Indonesia Stock Exchange (IDX) year 2015-2017 using Altman Z-score

2019 ◽  
Vol 4 (01) ◽  
pp. 27
Author(s):  
Indar Khaerunnisa ◽  
Nur Anisa Rahayu
Keyword(s):  
Financial Performance ◽  
Financial Distress ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Z Score ◽  
Marketing Performance ◽  
Grey Area ◽  
Manufacturing Company ◽  
Score Model

This research aims to figure out the level of companies bankruptcy by applying Altman Z-Score at the manufacturing companies registered in the Indonesia Stocks Exchange. The result of the research has indicated that ZScore model is applicable to detect the company’s potential bankruptcy issues, especially manufacturing company subsectors of cosmetics and houseappliances. Altman Z-Score model has classified the companies into three categories; safe, grey area and distress. Based on the result of the research, for the companies which are in the grey area category are suggested to improve their financial performance and to use the benefit of all the assets properly to get the revenue as much as possible. However, for the companies which are in the safe category are suggested to increase their performance, especially marketing performance so that they will receive bigger amount of the revenue, nevertheless, the potential of financial distress can be minimized accordingly. Keywords: manufacturing company, financial distress, Altman Z-Score.

scholarly journals ANALISIS FINANCIAL DISTRESS PADA PT TUNAS BARU LAMPUNG TBK DI BURSA EFEK INDONESIA

2017 ◽  
Vol 13 (2) ◽  
pp. 129-141
Author(s):  
Umi Ambarwati ◽  
Sudarwati Sudarwati ◽  
Rochmi Widayanti
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Financial Ratios ◽  
Z Score ◽  
Effective Strategies ◽  
Operational Costs ◽  
Score Method

This article aims to analyze the health of the company in PT Tunas Baru Lampung TBK in Indonesia Stock Exchange. The data comes from PT Tunas Baru Lampung TBK in 2013-2015. The methods used are Altman Z-Score, Springate, Zmijewski and Fulmer methods. The results of the study show that there are differences in predicted bankruptcy results between the Altman Z-score method, Springate, Zmijewski and Fulmer. This is due to differences in the use of financial ratios and criteria bankruptcy between Altman Z-score, Springate, Zmijewski and Fulmer. For that company is expected to increase sales, perform effective strategies, reduce operational costs to be more efesian so that companies can meet the company's health criteria.   Artikel ini bertujuan untuk menganalisis kesehatan perusahaan pada PT Tunas Baru Lampung TBK di Bursa Efek Indonesia. Data berasal dari PT Tunas Baru Lampung TBK pada tahun 2013-2015. Metode yang digunakan adalah metode Altman Z-Score, Springate, Zmijewski dan Fulmer. Hasil penelitian menunjukkan adanya perbedaan hasil prediksi kebangkrutan antara metode Altman Z-score, Springate, Zmijewski dan Fulmer. Hal ini karena adanya perbedaan penggunaan rasio keuangan dan kriteria kebangkrutan antara Altman Z-score, Springate, Zmijewski dan Fulmer. Untuk itu perusahaan diharapkan meningkatkan penjualan, melakukan strategi yang efektif, menekan biaya operasional agar lebih efesian sehingga perusahaan dapat memenuhi kriteria kesehatan perusahaan.

scholarly journals FINANCIAL CONDITION MODERATED THE EFFECTIVENESS OF AUDIT COMMITTEETOREDUCE EARNINGSMANAGEMENT

2015 ◽  
Vol 12 (2) ◽  
Author(s):  
Michella Maria Virgine Prayogo ◽  
Yie Ke Feliana ◽  
Aurelia Carina Christanti Sutanto
Keyword(s):  
Earnings Management ◽  
Financial Distress ◽  
Audit Committee ◽  
Stock Exchange ◽  
Score Test ◽  
Z Score ◽  
Financial Condition ◽  
Activity Frequency ◽  
Distressed Firms ◽  
The Impact

Some cases of financial fraud invite inquiries about the effectiveness of corporategovernance mechanism in financial distress companies. This study empiricallyexamines whether the financial distress moderate the impact of corporate governancemechanism to earnings management. The sample of this study is manufacturingcompanies listed at Indonesia Stock Exchange for period 2010 -2012. Discretionaryaccruals are used as a proxy for earnings management, while financially distressed andnon-distressed firms are identified based on Altman Z-score test. Corporate governancemechanism is measured by four characteristics of the audit committee, i.e. size (totalnumber of audit committee members), independence (audit committee composition),activity(frequency of audit committee meeting), and expertise (the number of auditcommittee have finance or accounting background).This study finds that (1) financialdistress does not moderate the impact of total members of audit committee to earningsmanagement; (2) financial distress does not moderate the impact of frequency of auditcommittee meeting to earnings management; (3) financial distress does not moderatethe impact of audit committee composition to earnings management; (4)financialdistress moderates the impact of audit committee finance/accounting knowledge toearnings management. These results suggestthat the effectiveness corporate governanceis low, and finance/accounting literacy of audit committee should be alert.Beberapa kasus manipulasi keuangan pada perusahaan yang mengalami kesulitankeuangan mengundang pertanyaan terkait efektifitas mekanisme tata kelola perusahaan.Penelitian ini secara empiris menguji apakah kondisi kesulitan keuangan dapatmemoderasi pengaruh mekanisme tata kelola perusahaan terhadap manajemen laba.Sampel dari penelitian ini adalah perusahaan sektor manufaktur yang terdaftar di BursaEfek Indonesia periode 2010-2012.Discretionary accruals digunakan sebagai proksiuntuk manajemen laba, sedangkan kondisi kesulitan keuangan diidentifikasimenggunakan uji Altman Z-score. Mekanisme tata kelola perusahaan diukur dengan 4karakteristik komite audit, yaitu ukuran (jumlah anggota komite audit), independensi(komposisi komite audit), aktivitas (frekuensi pertemuan komite audit), dan keahlian(jumlah anggota komite audit yang memiliki latar belakang keuangan atau akuntansi).Penelitian ini menemukan bahwa (1) kondisi kesulitan keuangan tidak memoderasipengaruh jumlah anggota komite audit terhadap manajemen laba; (2) kondisi kesulitankeuangan tidak memoderasi pengaruh frekuensi pertemuan komite audit terhadapmanajemen laba; (3) kondisi kesulitan keuangan tidak memoderasi pengaruh komposisikomite audit terhadap manajemen laba; (4) kondisi kesulitan keuangan memoderasi pengaruh jumlah anggota komite audit yang memiliki latar belakang keuangan atauakuntansi terhadap manajemen laba. Hasil ini menunjukkan bahwa efektifitas tatakelola perusahaan masih rendah dan anggota komite audit yang memiliki latar belakangkeuangan atau akuntansi harus mewaspadainya.

scholarly journals Analisis Perbandingan Financial Distress Pada Perusahaan Sub Sektor Rokok Periode 2015-2019

2021 ◽  
Vol 3 (3) ◽  
pp. 157-163
Author(s):  
Anang Makruf ◽  
Deni Ramdani
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Market Value ◽  
Sampling Technique ◽  
Z Score ◽  
Book Value ◽  
Purposive Sampling ◽  
Quantitative Models ◽  
A Company ◽  
Analyze Data

Abstract – The aim of the study was to analyze financial distress in cigarette companies list in Indonesia Stock Exchange in 2015-2019 using 3 methods, Altman Z-Score, Zmijewski, and Springate. Purposive sampling is used in this study to determine the sampling technique. The sample used in this study released 4 cigarette companies. Descriptive asalysis with quantitative models was used to analyze data in this research. Altman Z-Score, Zmijewski, and Springate in 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, and PT. Wismilak Inti Makmur Tbk is related to safe, but it is needed a company that is estimated to be grey in the Altman Z-Score calculation in 2018, PT. Wismilak Inti Makmur Tbk. The Z-score is at the limit because the companie has a ratio with a lower value in market value of equity  to book value of liabilities   Abstrak – Penelitian ini memiliki bertujuan untuk menganalisis perbandingan kesulitan keuangan dalam perusahaan sun sektor rokok di Indonesia Stock Exchange periode 2015-2019 menggunakan tiga metode. Metode yang digunakan yaitu Altman Z-Score, Zmijewski, dan Springate. Purposive sampling digunakan dalam penelitian ini untuk menentukan teknik pengambilan sampel. Sampel yang digunakan berjumlah 4 perusahaan rokok. Analisis deskriptif dengan pendekatan kuantitatif digunakan sebagai teknik analisis data. Dalam penelitian ini menjelaskan financial distress yang dihitung menggunakan metode Altman Z-Score, Zmijewski , dan Springate pada tahun 2015-2019 PT. HM Sampoerna Tbk, PT. Gudang Garam Tbk, dan PT. Wismilak Inti Makmur Tbk mengalami dalam kondisi keuangan yang sehat, namun terdapat perusahaan yang diestimasi rawan kebangkrutan pada perhitungan Altman Z-Score pada  tahun 2018 yaitu PT. Wismilak Inti Makmur Tbk. hal ini dapat terjadi  karena nilai Z-Score PT. Wismilak Inti MakmurTbk  berada pada Z < 1,81 salah satu penyebabnya ialah rendahnya rasio market value of equity terhadap liabilities.

scholarly journals Analysis of Method Used to Predict Financial Distress Potential in Pulp and Paper Companies of Indonesia

2020 ◽  
Vol 1 (1) ◽  
pp. 57-69
Author(s):  
Fadrul Fadrul ◽  
Ridawati Ridawati
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Prediction Method ◽  
Pulp And Paper ◽  
Z Score ◽  
Accuracy Rate ◽  
Error Type ◽  
Paper Company ◽  
Score Method

This study aims to predict financial distress in pulp and paper companies in Indonesia. The data used are the financial statements of each pul and paper company listed on the Indonesia Stock Exchange in 2012-2017. Data analysis techniques used descriptive analysis with three methods of financial distress prediction, namely the Altman Z-Score, Springate, and Zmijewski methods. The results showed that the Zmijewski method is a prediction method with the highest accuracy rate of 100%, with an error type of 0%. The Altman Z-Score method has an accuracy rate of 28.6%, with an error type of 71.4%. While the Springate method has an accuracy rate of 14.3%, with an error type of 85.7%. Therefore an accurate prediction method to predict the potential for financial distress is the Zmijewski method.

scholarly journals PENERIMAAN OPINI AUDIT GOING CONCERN BERDASARKAN LEVERAGE DAN FINANCIAL DISTRESS

2020 ◽  
Vol 11 (1) ◽  
Author(s):  
Huda Aulia Rahman
Keyword(s):  
Regression Analysis ◽  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Z Score ◽  
Mining Sector ◽  
Going Concern ◽  
Negative Effect ◽  
The Impact ◽  
Research Period

AbstractThe purpose of this study is to determine the impact of leverage and financial distress on going concern audit opinions of mining sector companies listed on the Indonesia Stock Exchange (IDX) with the 2012-2017 research period. Leverage was proxied using debt to asset ratio (DAR), and financial distress was proxied using Altman Z-Score. The object of this research used were 17 mining sector companies selected based on the random purposive sampling method. This study used data processing logistic regression analysis using SPSS version 25. The results of this research was financial distress have negative effect on going concern modification opinions, while leverage had no effect on going concern audit opinion.                         Keywords: Financial Distress, Leverage, Going Concern Audit Opinion  

scholarly journals DOES FINANCIAL DISTRESS HAS AN EFFECTS ON AUDIT REPORT LAG? (STUDY ON MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE)

AKUNTABILITAS ◽  
2021 ◽  
Vol 15 (1) ◽  
pp. 19-34
Author(s):  
Nur Khamisah ◽  
Anisa Listya ◽  
Nyimas Dewi Murnila Saputri
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Manufacturing Companies ◽  
Z Score ◽  
Audit Report ◽  
Audit Process ◽  
Final Sample ◽  
Cpa Firm ◽  
Big Four

This study aims to examine the effect of financial distress on audit report lag and how the size of CPA Firm moderate the effect between financial distress and audit report lag. This study was held at manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019. The final sample there were 318 observations, with a purposive sampling method. The variable financial distress is measured by the Altman Z Score proxy, which is the best model for measuring the state of financial distress being experienced by the company. The size of CPA Firm is measured by dummy variables, given a value of 1 if it is a Big Four CPA Firm and 0 if it is not a Big Four CPA Firm. This study use multiple linear regression to analyze the data. Based on the results of the analysis found that financial distress has negative and significant effect on audit report lag. It means that the smaller the Z Score of a company (which means the company is experiencing financial distress), the longer the financial statement audit process will be. This negative relationship between financial distress is strengthened by the size of CPA Firm.

scholarly journals PENGARUH KINERJA KEUANGAN, RISK BASED CAPITAL, UKURAN PERUSAHAAN DAN MAKROEKONOMI TERHADAP FINANCIAL DISTRESS

2021 ◽  
Vol 10 (1) ◽  
pp. 55
Author(s):  
Agustina Nilasari
Keyword(s):  
Firm Size ◽  
Financial Distress ◽  
Annual Report ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Insurance Company ◽  
Z Score ◽  
Research Information ◽  
Purposive Sampling

                                                     ABSTRACTThis research intends to examine the effect of insurance company financial ratios, namely solvency margin ratio, risk based capital, firm size, inflation and exchange rate on the estimated financial distress of life insurance companies. As well as general public listed on the Indonesia Stock Exchange from 2015 to 2019. This research is important considering that there have been cases of default by insurance companies. The research information in this research is secondary data obtained in the annual report which is sourced from BEI website and insurance company websites. The sample technique in this research is a purposive sampling technique, there are 35 samples that meet the standards to become samples. Insurance companies experiencing financial distress are determined based on the non-manufacturing Altman Z-score method. Multiple linear regression is the research technique chosen by researchers. This research results in the conclusion that only the firm size variable has an influence on financial distress estimates. The independent variables are able to explain the financial distress variable as much as 32.8%, the deficiency as much as 67.2%, which illustrates the variables that cannot be taken into account in the analysis of this study.                                                 ABSTRAKRiset ini bermaksud untuk menelaah pengaruh rasio keuangan perusahaan asuransi yakni solvency margin ratio (SMR), risk based capital (RBC), ukuran perusahaan (UK), inflasi (INF) serta nilai tukar (NT) terhadap perkiraan timbulnya keadaan financial distress perusahaan asuransi jiwa serta umum yang tercatat pada Bursa Efek Indonesia dari rentang waktu 2015 sampai 2019. Penelitian ini penting mengingat adanya kasus gagal bayar perusahaan asuransi. Informasi penelitian di dalam riset ini merupakan data sekunder yang didapatkan pada annual report yang bersumber dari website BEI serta website perusahaan asuransi. Teknik sampel di dalam riset ini merupakan teknik purposive sampling, terdapat 35 sampel yang memenuhi standar untuk menjadi sampel. Perusahaan asuransi yang mengalami financial distress ditentukan berdasarkan metode Altman Z-score non manufaktur. Regresi linier berganda menjadi teknik penelitian yang dipilih oleh peneliti. Riset ini menghasilkan kesimpulan bahwa hanya variabel ukuran perusahaan (UK) yang ada pengaruh terhadap perkiraan financial distress. Variabel bebas mampu memaparkan variabel financial distress sebanyak 32,8%, kekurangan sebanyak 67,2% digambarkan variabel yang tidak dapat diperhitungkan di dalam analisis penelitian ini.

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