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 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 MODEL ALTMAN Z-SCORE UNTUK MEMPREDIKSI FINANCIAL DISTRESS : STUDI EMPIRIS PADA INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

JURNAL PUNDI ◽  
2017 ◽  
Vol 1 (2) ◽  
Author(s):  
Lidya Martha ◽  
Sri Mardhatillah ◽  
Zusmawati Zus
Keyword(s):  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Z Score ◽  
Purposive Sampling ◽  
Financial Difficulties ◽  
Grey Area ◽  
Score Model ◽  
A Company

Financial distress is the financial difficulties experience by a company before the company become bankruptcy (Mafiroh, 2016). The purpose of this study was to determine which firms would be predicted financial distress. The population in this research is manufacturing companies listed in Indonesia Stock Exchange in 2015. In this study, the population is used 365 companies. The process of collecting samples are using purposive sampling method. The model used to analyze the rate of financial distress is Altman Z-Score Model. The results showed that of the 15 companies that were sampled 5 (five) of them were healthy (>2,99), 2 (two) of them were financial distress (<1,81) and 8 (eight) indicated in grey area (1,81 – 2,99).  

scholarly journals ANALISIS Z-SCORE DALAM MENGUKUR KINERJA KEUANGAN UNTUK MEMPREDIKSI KEBANGKRUTAN PERUSAHAAN MANUFAKTUR PADA MASA PANDEMI COVID-19

2020 ◽  
Vol 3 (2) ◽  
pp. 74
Author(s):  
Kristina Dewanti Setyaningrum ◽  
Apriani Dorkas Rambu Atahau ◽  
Imanuel Madea
Keyword(s):  
Financial Distress ◽  
Raw Materials ◽  
Manufacturing Companies ◽  
Z Score ◽  
Grey Area ◽  
Manufacturing Company ◽  
Score Model ◽  
Main Activity ◽  
A Company

A manufacturing company is a business entity whose main activity is to process raw materials into finished goods, therefore they have a sale value. During the covid-19 pandemic, many manufacturing companies were threatened with bankruptcy. That is because the company’s performance has decreased. The purpose of this research is to compare how big the opportunities of PT. Astra International, PT. Mandom Indonesia, PT. Gudang Garam, and PT. Sri Rejeki Isman bankruptcy as a result of covid-19 by using the Altman z-score model. Financial distress is a situation where a company experiences liquidity difficulties or the ability to fulfill its obligations. Based on the results of PT. Astra International from 2016 to 2020 in the first quarter was potentially bankruptcy, while in the second quarter the company was based on the grey area. PT. Mandom Indonesia both in the first quarter and second quarter in healthy. PT. Gudang Garam in first quarter and second quarter in the grey area. PT. Sri Rejeki Isman in the first quarter and second quarter classified as a potentially bankrupt company.

scholarly journals Impak Struktur Modal, Struktur Kepemilikkan dan Karakteristik Perusahaan Terhadap Financial Distress dan Financial Health Perusahaan

2021 ◽  
Vol 23 (1) ◽  
pp. 135-149
Author(s):  
Ratnawati Raflis ◽  
Enny Arita
Keyword(s):  
Logistic Regression ◽  
Capital Structure ◽  
Financial Performance ◽  
Ownership Structure ◽  
Financial Distress ◽  
Stock Exchange ◽  
Financial Health ◽  
Z Score ◽  
Score Model ◽  
The Impact

Corona Virus Pandemic affected the world economy, including Indonesia. Many companies are out of business due to this pandemic.With the background of the conditions mentioned above, the researchers are interested in examining more deeply the variables that determine the level of financial distress and at the same time the financial health of the company. Furthermore, the variables that are used as independent variables and are thought to affect the company's financial performance are capital structure, ownership structure and company characteristics. In assessing financial performance, the Altman Z Score model is used and then to see the impact of the variables that are thought to affect the company's financial performance.The research model used is the Logistic Regression equation.Population and sample are taken from financial data of companies listed on the Indonesia Stock Exchange. Data is taken manually on the website: www.idx.co.id. And the period in this study was taken from 2015-2019. The test results prove that the Capital Structure and Ownership Structure are factors that have a significant influence on the Company's Financial Distress and Financial Health. ABSTRAK Pandemi Virus Corona berimbas pada perekonomian dunia tidak terkecuali pada perekonomian di Indonesia. Banyak perusahaan yang gulung tikar akibat pandemik ini. Dengan berlatar belakang kondisi tersebut diatas maka peneliti tertarik untuk mengkaji lebih dalam menentukkan variabel yang sangat menentukan tingkat Financial Distress dan sekaligus financial health (Kinerja Keuangan) perusahaan. Selanjutnya variabel yang di jadikan variabel independen dan di duga berpengaruh terhadap kinerja keuangan perusahaan adalah struktur modal, struktur kepemilikkan dan Kharakteristik Perusahaan. Dalam menilai kinerja keuangan maka digunakan model Altman Z Score dan selanjutnya untuk melihat dampak variabel yang di duga berpengaruh terhadap kinerja keuangan perusahaan. Model penelitian yang di pakai adalah persamaan Logistic Regression. Model ini kemudian akan di lakukan uji T , Uji F dan Uji Asumsi Klasik sebelum di gunakan dalam melihat signifikasi variabel independen terhadap variabel dependen. Populasi dan sampel diambil dari data keuangan perusahaan yang terdaftar di Bursa Efek Indonesia. Data diambil secara manual di website: www.idx.co.id. Periode pada penelitian ini diambilkan data dari tahun 2015-2019. Hasil Pengujian membuktikan bahwa Struktur Modal dan Struktur Kepemilikkan adalah faktor yang sangat berpengaruh signifikan terhadap Financial Distress dan Financial Health Perusahaan.

scholarly journals COMPARISON OF ALTMAN'S Z - SCORE MODEL AND ALTMAN'S Z''- SCORE MODEL ON THE SAMPLE OF COMPANIES WHOSE SHARES ARE INCLUDED IN THE REPUBLIC OF SRPSKA STOCK EXCHANGE INDEX

2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Goran Radivojac ◽  
Aleksandra Krčmar ◽  
Boško Mekinjić
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Emerging Market ◽  
Manufacturing Companies ◽  
Financial Health ◽  
Z Score ◽  
Insolvency Risk ◽  
Privately Held Firms ◽  
The Republic ◽  
Score Model

In this paper, we analysed companies whose shares are included in the Republic of Srpska Stock Exchange Index (BIRS), using Altman's Z-Score model and Altman's Z"-Score model, in order to determine their insolvency risk. Altman's Z-Score is a combination of five weighted financial ratios used to estimate the likelihood of financial distress, and possible bankruptcy of the observed companies. It is used widely by auditors, accountants, commercial banks, and other organizations to assess the financial health of their clients. Altman also developed revised versions of the model to assess the financial health of privately-held firms and non-manufacturing companies, as well as companies in emerging markets - Altman's Z'- Score model and Altman's Z" - Score model. The results of our research on a sample of 14 companies whose shares are included in BIRS show that, although it is an emerging market, Altman's Z-Score model gives better results that indicate much-needed caution when drawing conclusions about the observed companies.

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

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.

scholarly journals Kinerja Keuangan Dan Potensi Kebangkrutan Dari Perusahaan Transportasi Pelayaran Pada Tahun 2013-2017

2019 ◽  
Vol 2 (6) ◽  
Author(s):  
Aditya Budi Kurniawan Dan Carunia Mulya Firdausy
Keyword(s):  
Financial Performance ◽  
Financial Distress ◽  
Stock Exchange ◽  
Commodity Prices ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Financial Ratio ◽  
Grey Area ◽  
Score Method

The purpose of this study is to analyze the financial performance and potential bankruptcy of shipping transportation companies listed in the Indonesia Stock Exchange in 2013-2017. the method to estimate financial performance and bankruptcy prediction is by using  financial ratio & Altman Z-Score method. The results show that the majority of companies indicating there is a signs of improving financial performance when commodity prices begin to recover. In addition to the analysis of the Altman Z-score bankruptcy Based on the Z-score value of the 14 sample companies, in 2013 there were 5 companies in the healthy category (z-score> 2.60), however in 2016 this number decreased to 3 companies . Whereas for companies that are in the grey area category (z-score 1.1-2.60) in 2013 there were 4 companies and then declined to the remaining 3 companies in 2016. Whereas in 2013 company is in the category of financial distress (z-score <1 , 1) there are 5 companies and increased to 8 companies in 2016. In 2017 there was an increase in the companies in the healthy category & grey area each into 4 companies. While companies in the financial distress category are reduced to 6 companies. This means there are improvements in 2017.

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

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.

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

2017 ◽  
Vol 5 (1) ◽  
pp. 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.

scholarly journals What are the factors financial distress? The National Private Commercial Banks in Indonesia Case

2019 ◽  
Vol 2 (2) ◽  
pp. 13-20
Author(s):  
Nelmida Nelmida
Keyword(s):  
Factor Analysis ◽  
Financial Distress ◽  
Commercial Banks ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Z Score ◽  
Score Model ◽  
Asset Quality

This study employs to identify the determinant factors of the potential bankruptcy of National Private Commercial Banks listed on the Indonesia Stock Exchange. The type of data is secondary data derived from the company's financial statements from 2015-2017. The population of this research is all companies of National Private Commercial Banks listed on the Indonesia Stock Exchange with the purposive sampling technique of sampling 40 companies. The analytical method used to identify the potential for bankruptcy is used the modified Altman Z Score model for non-manufacturing companies in developing capital markets. To identify the determinants of potential bankruptcy is used the Factor Analysis method. Based on the analysis, it is obtained that the potential bankruptcy of the company as a sample has a value of Z Score> 2.60 (including safe zone or healthy category). Then based on the results of analysis factors from the 10 variables studied only 9 variables that found the requirements as a determinant of potential bankruptcy, namely: CAR, NPL, ROA, NIM, BOPO, LDR, CR, ECTA, and TATG variables are divided into 2 factors, namely factor 1 which consists of variables CAR, NIM, LDR, CR, ECTA, and TATG which are named Capital variables and Liquidity, while the one that includes factor 2 consists of variables NPL, ROA, and BOPO which are given variable names Asset Quality and Earning. Keywords: Potential bankruptcy; National Private Commercial Banks; and Factor Analysis; and Altman Z Score model

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