scholarly journals DAMPAK RASIO KEUANGAN DAN PERTUMBUHAN PERUSAHAAN TERHADAP FINANCIAL DISTRESS MELALUI ANALISA SPRINGATE, ZMIJEWSKI, GROVER DAN ALTMAN Z-SCORE

2021 ◽  
Vol 5 (2) ◽  
pp. 56-66
Author(s):  
Endah Tri Wahyuningtyas ◽  
Siti Fatmawati
Keyword(s):  
Financial Distress ◽  
Z Score ◽  
Purposive Sampling ◽  
Score Model

Financial distress merupakan perusahaan berada dalam kondisi kesulitan keuangan untuk melunasi semua kewajibannya. Salah satu faktor yang mempengaruhi kondisi financial distress adalah kegagalan dalam mengelola keuangan perusahaan.  Penelitian ini bertujuan menemukan bukti empiris adanya pengaruh rasio leverage, pertumbuhan perusahaan, profitabilitas dan likuiditas terhadap financial distress serta memprediksi  financial distress menggunakan 4 analisis yaitu Altman Z-score, Springate, Zmijewski dan Grover. Objek penelitian ini adalah perusahaan infastruktur, utilitas dan transportasi pada tahun 2015-2019. Penelitian ini menggunakan teknik purposive sampling dengan sampel 19 perusahaan dan 95 data perusahaan. Hasil penelitian secara bersama-sama leverage, pertumbuhan perusahaan, profitabilitas, dan likuiditas dengan menggunakan 4 analisis berpengaruh terhadap financial distress. Secara parsial Rasio leverage berpengaruh negatif terhadap financial distress menggunakan model Altman Z-score. Model Grover, Springate dan Zmijewski menghasilkan bahwa rasio leverage berpengaruh positif terhadap financial distress. Rasio pertumbuhan perusahaan tidak berpengaruh terhadap financial distress menggunakan pengukuran financial distress model Altman Z-Score, Springate, Zmijewski dan Grover. Rasio profitabilitas tidak berpengaruh terhadap financial distress menggunakan model Altman Z-Score. Model Springate menunjukan bahwa rasio profitabilitas berpengaruh positif terhadap financial distress namun berpengaruh negatif melalui model Zmijewski dan Grover. Rasio likuiditas berpengaruh positif terhadap financial distress menggunakan model Altman Z-score dan Grover namun berpengaruh negatif jika melalui analisa Springate dan Zmijewski.

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 PENGARUH JUMLAH DEWAN DIREKSI DAN SHAREHOLDER EQUITY TO TOTAL ASSET RATIO TERHADAP FINANCIAL DISTRESS (Studi Pada Perusahaan Manufaktur yang Terdaftar Di BEI Tahun 2012-2015 )

2017 ◽  
Vol 22 (3) ◽  
Author(s):  
Michelle Kristian
Keyword(s):  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Z Score ◽  
Purposive Sampling ◽  
Multiple Regression Method ◽  
Equity Ratio ◽  
Score Model ◽  
Positive Effect

The objective of this research was to examine the directors size and shareholderequity ratio towards financial distress. In this research, directors size measured by its size and shareholder equity ratio measured by comparing shareholder equity to total assets, while financial distress was measured by Altman Z-Score Model with five ratios.The object in this research was companies that are experiencing financial distress and were listed at Indonesia Stock Exchange (IDX) for period 2012 until 2015. The sample was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. In total, there were 22 companies that fulfill the requirements set by the researcher.The results of this research were directors size and shareholder equity ratio simultaneously had significant effect on financial distress. Directors size had no positive effect on financial distress and Shareholder equity ratio had positive significant effect on financial distress. Tujuan dari penelitian ini adalah untuk menguji ukuran direksi dan rasio ekuitas pemegang saham terhadap tekanan keuangan. Dalam penelitian ini, ukuran direksi diukur dengan ukuran dan rasio ekuitas pemegang saham yang diukur dengan membandingkan ekuitas pemegang saham dengan total aset, sedangkan financial distress diukur dengan Altman Z-Score Model dengan lima rasio. Objek dalam penelitian ini adalah perusahaan yang mengalami financial distress. dan terdaftar di Bursa Efek Indonesia (BEI) untuk periode 2012 sampai 2015. Sampel dipilih dengan menggunakan metode purposive sampling dan data sekunder yang digunakan dalam penelitian ini dianalisis dengan menggunakan metode regresi berganda. Secara keseluruhan, ada 22 perusahaan yang memenuhi persyaratan yang ditetapkan oleh peneliti. Hasil penelitian ini adalah rasio direksi dan rasio ekuitas pemegang saham secara simultan berpengaruh signifikan terhadap financial distress. Ukuran Direksi tidak berpengaruh positif terhadap financial distress dan rasio ekuitas pemegang saham berpengaruh positif signifikan terhadap financial distress.

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 PREDICTING FINANCIAL DISTRESS IN NURSING HOMES: AN APPLICATION OF THE ALTMAN Z-SCORE MODEL

2017 ◽  
Vol 1 (suppl_1) ◽  
pp. 185-186
Author(s):  
J. Lord ◽  
R. Weech-Maldonado ◽  
G. Davlyatov
Keyword(s):  
Nursing Homes ◽  
Financial Distress ◽  
Z Score ◽  
Score Model

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 APLIKASI MODEL ALTMAN Z”-SCORE PADA PERUSAHAAN-PERUSAHAAN AGRIKULTUR DI BURSA EFEK INDONESIA (PERIODE 2010-2017)

2019 ◽  
Vol 4 (1) ◽  
pp. 1-8
Author(s):  
Vinko Satrio Pekerti ◽  
Lenni Yovita
Keyword(s):  
Financial Distress ◽  
Sampling Method ◽  
Z Score ◽  
Purposive Sampling

Penelitian ini bertujuan untuk mengaplikasikan salah satu model prediksi kebangkrutan bernama Altman Z-Score, khususnya model yang dapat digunakan untuk mengukur financial distress dari perusahaan-perusahaan non-manufaktur (Z”-Score), pada perusahaan-perusahaan yang masuk di dalam Indeks Saham Agrikultur di Bursa Efek Indonesia. Sampel yang digunakan di dalam penelitian ini berjumlah delapan perusahaan dengan menggunakan purposive sampling method. Laporan keuangan tahunan perusahaan dari tahun 2010 sampai 2017 merupakan jenis data sekunder yang digunakan di penelitian ini.Analisa deskriptif kuantitatif digunakan untuk mendiskusikan hasil perhitungan Z”-Score masing-masing perusahaan sampel di setiap tahun observasinya. Diharapkan bahwa hasil penelitian ini dapat memberikan gambaran dan solusi bagi pihak manajemen perusahaan untuk memperbaiki kondisi keuangan di perusahaan yang dikelolanya. Di sisi lain, hasil penelitian ini juga diharapkan dapat bermanfaat bagi para investor sebagai salah satu alat pengambilan keputusan untuk menempatkan dana investasinya pada perusahaan yang tepat.Kata Kunci: Altman Z-Score; Kebangkrutan; Investasi

scholarly journals Analysis on the Performance of Technology Companies with Z-score Model

2018 ◽  
Vol 7 (4) ◽  
pp. 633-639
Author(s):  
Lam Weng Hoe ◽  
Yeoh Hong Beng ◽  
Lam Weng Siew ◽  
Chen Jia Wai
Keyword(s):  
Organizational Performance ◽  
Financial Distress ◽  
Dominant Factor ◽  
Z Score ◽  
Financial Ratio ◽  
Technology Sector ◽  
Financial Failure ◽  
Distress Level ◽  
Information And Communication ◽  
Score Model

Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local technology sector.

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.

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.

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