scholarly journals Analisis Model Prediksi Kebangkrutan Industri Garmen dengan Menggunakan Metode Altman Z- Score

2017 ◽  
Vol 1 ◽  
pp. 1
Author(s):  
Bramantiyo Eko Putro ◽  
Fajar Pratama
Keyword(s):  
Financial Constraints ◽  
Data Retrieval ◽  
Financial Data ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Equity Value ◽  
Calculation Results ◽  
Score Method ◽  
Retained Earnings

Abstract— PT. Eastern Modern Apparel is engaged in garment production. The company has experienced financial constraints. This is marked by the dismissal of some employees. Research is done to determine the prediction of bankruptcy of the company. Methodology that has been done in this research are conducting interviews with the company, field study, financial data retrieval. The step is done to meet the data needs in the next step. The next step is data processing using Altman Z-Score method. Processing consists of X1 = Working Capital Ratio against Total Assets, X2 = Retained Earnings Ratio against Total Assets, X3 = EBIT Ratio against Total Assets, X4 = Market Equity Value Threshold on Book Value of Debt. X5 = Sales to Total Assets. Processed data is in the period 2014, 2015, and 2016. The process produces Z-Score value for each period. Z-Score calculation results in the period 2014 = 3.91, 2015 = 3.19, and 2016 = 2.83. While the limits of healthy company according to calculations Almant Z-Score of> 2.675. Then the results of Altman Z-Score calculations on the company is said to be healthy, because the results exceed the limits of the healthy category. However there is a decrease of each period.Keywords: Corporate Financial Performance, Altman Z-Score, Healthy Company

scholarly journals PREDICTING THE POTENTIAL BANKRUPTCY OF COAL MINING COMPANIES USING ALTMAN Z-SCORE METHOD DURING 2012-2016 PERIOD

2020 ◽  
Vol 8 (1) ◽  
pp. 491-500
Author(s):  
Rihfenti Ernayani
Keyword(s):  
Coal Mining ◽  
Stock Exchange ◽  
Study Data ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Mining Companies ◽  
Grey Area ◽  
Score Method ◽  
Retained Earnings

Purpose of the study: This study aimed to determine and predict potential bankruptcy in coal mining companies listed in Indonesia Stock Exchange (IDX) period 2012-2016. Methodology: This study to using the Altman Z-Score method, with five (5) ratios, namely Working Capital to Total Asset, Retained Earnings to Total Assets, Earning before interest and tax to total assets, Market Value of Equity to Book Value of Debt, and Sales to Total Assets. The ratio of working capital to total assets (X1) is a ratio of liquidity which measures the extent of working capital that is used to finance the total assets. Main Findings: The result showed, by the Z-Score value in 2016 from the coal mining companies studied, four companies fall in the category of potential bankruptcy, three companies in the grey area, and four in the healthy category. Applications of this study: Data sources in this study were coal mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2012-2016. Novelty/Originality of this study: There are 11 coal mining companies taken as sample based on purposive sampling. The result shows, by the Z-Score value in 2016 from the coal mining companies studied, four companies fall in the category of potential bankruptcy, three companies in the grey area, and four in the healthy category.

scholarly journals Analysis Of Financial Health Level On Financial Performance In Cement Companies Listed On The Indonesian Stock Exchange (Idx)

2020 ◽  
Vol 18 (3) ◽  
pp. 125
Author(s):  
Dhea Zatira ◽  
Ria Puspitasari
Keyword(s):  
Financial Performance ◽  
Stock Exchange ◽  
Market Value ◽  
Financial Health ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Panel Data Regression ◽  
Data Regression ◽  
Retained Earnings

This study aims to analyze the Level of Financial Soundness on Financial Performance in Cement Companies that are Go Public Listed on the Indonesia Stock Exchange (BEI). Analysis of the level of financial health using the Altman Z-Score with several ratios, namely the ratio of Working Capital to Total Assets (X1), the ratio of retained earnings to total assets (X2), the ratio of EBIT to Total Assets (X3), the ratio of stock market value to book value ofabilities (X4), the ratio of Sales to Total Assets (X5) to the dependent variable on Financial Performance (Return on Assets). The data analysis technique used in this research is the Altman Z-Score with the criteria for bankruptcy and to find its effect with the panel data regression model assisted by E-Views software. The results of the calculation and analysis of the Z-Score criteria in cement companies in Indonesia, it is known that there is no cement company whose company finances are stated in a healthy condition. One company is prone to bankruptcy (gray zone) while the rest according to the Z-Score criteria are bankrupt. Furthermore, based on the panel data regression examiner simultaneously the five independent variables on financial performance (Y), while partially the working capital ratio to total assets (X1) affects financial performance (Y), the retained earnings ratio to total assets (X2) has no effect on Financial performance (Y), EBIT ratio to total assets (X3) affects financial performance (Y), stock market value ratio to book value of liabilities (X4) has no effect on financial performance (Y), Sales to Total Assets ratio (X5) affect financial performance.

scholarly journals Financial Distress Analysis in an Indonesian Textile Company

2021 ◽  
Author(s):  
Yanuar Ramadhan ◽  
Marindah Marindah
Keyword(s):  
Financial Distress ◽  
Market Value ◽  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Purposive Sampling ◽  
Simultaneous Effect ◽  
Score Method ◽  
Altman Model

This research aimed to examine the health of textile companies by using the Altman Z-Score method. The Altman model is used to determine the effect on financial distress through Working Capital to Total Asset (WCTA), Retained Earning to Total Asset (RETA), Earning Before Interest and Tax to Total Asset (EBITA), Market Value of Equity to Book Value of Liabilities (MVEBL) and Sales to Total Asset (STA). The population in this study was textile companies for the period 2016-2019. The sample was 14 textile companies with a research time of 4 years resulting in 56 samples obtained by purposive sampling. The results indicated that WCTA, RETA, EBITA, MVEBL and STA had a simultaneous effect on financial distress, but they had no effect separately. Keywords: Altman Z-Score, financial distress, bankruptcy

scholarly journals ANALISIS KEBANGKRUTAN PERUSAHAAN DENGAN METODE Z-SCORE ALTMAN PADA 10 (SEPULUH) PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BEI

2018 ◽  
Vol 3 (01) ◽  
Author(s):  
Ricky Eltin Oktavian ◽  
Tries Ellia Sandari
Keyword(s):  
Real Estate ◽  
Stock Exchange ◽  
Z Score ◽  
Exchange Method ◽  
Book Value ◽  
Total Debt ◽  
Key Word ◽  
Score Method ◽  
Real Estate Company ◽  
Retained Earnings

ABSTRACTThe Purpose of this research is find out, analyze, and predict bankcrupcy potency of  property dan real estate company listed on the Indonesia Stock Exchange. Method Z-Score Altman uses five financial ratios that is Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Taxes to Total Assets (X3), Book Value of Equity to Book Value of Total Debt (X4), and Sales to Total Assets (X5). The results of the Altman Z-Score method that classify companies in three categories which are not bankrupt (safe zone), vulnerable to bankruptcy (gray zone) and bankruptcy (distress zone). Key Word: Capital, Retained Earnings, Earnings Before Interest, Taxes, Total Assets

ANALISIS RASIO KEUANGAN UNTUK MEMPREDIKSI FINANCIAL DISTRESS PERUSAHAAN MANUFAKTUR DI BEI

2021 ◽  
Vol 9 (3) ◽  
pp. 31-40
Author(s):  
Akhmad Kurniadi
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Market Value ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Discriminant Model ◽  
Validation Rate ◽  
Value Equity ◽  
Retained Earnings

ABSTRACT This study aims to examine the prediction of the company's financial difficulties using the Altman Z-score 1968 model and the effect of financial ratios including working capital to total assets, retained earnings to total assets, earnings before interest and tax to total assets, market value equity to book value. of total liabilities, and sales to total assets on financial distress. The sample used in this study is a manufacturing company listed on the Indonesia Stock Exchange (BEI) 2015-2019. Sampling in this study using purposive sampling method and obtained 64 companies. The results showed that the variables Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Tax to Total Assets (X3), Market Value Equity To Book Value of Total Liabilities (X4), and Sales to Total Assets (X5) has a positive effect on financial distress, and the most significant effect on financial distress is the variable Retained Earnings to Total Assets. From the results of SPSS 17.0 processing, the equation Z = -1,813 + 1,216 X1 + 1,837 X2 + 0.122 X3 + 0.070 X4 + 0.506 X5 is produced. Meanwhile, the discriminant model that was formed had a high enough validation rate, namely 97.6%. Keywords: Financial ratio analysis; Financial distress; Altman Z-score

scholarly journals THE EFFECT OF FINANCIAL RATIO ON FINANCIAL DISTRESS IN PREDICTING BANKRUPTCY

2018 ◽  
Vol 2 (1) ◽  
pp. 110-120 ◽  
Author(s):  
Joko Supriyanto ◽  
Arif Darmawan
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Analytical Techniques ◽  
Total Sample ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Mining Companies ◽  
Retained Earnings ◽  
Positive Effect

This study was conducted to investigate Financial Distress in mining companies listed on the Indonesian Stock Exchange (BEI) during the 2011-2014 period using the Altman Z-Score Modification. Total sample that gathered from mining companies is 119 companies, analytical techniques used in this study is the Altman Z-score that consists of four ratios, which are the Net Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Tax to Total asset (X3), Market Value of Equity to Book Value of Debt (X4.). This test used SPSS 22 to test the hypothesis, the hypothesis testing results are: Net Working Capital to Total Assets has a positive effect on Financial Distress, Retained Earnings to Total Assets has a positive effect on Financial Distress, Earnings Before Interest and Tax to Total Assets has a positive effect on Financial Distress, Book Value of Equity to Total Liabilities has a positive effect on Financial Distress. This study only used mining companies sector, the further research is recommended to use the other sector companies that have larger numbers of samples.

scholarly journals PREDIKSI FINANCIAL DISTRESS PADA PT. BANK RAKYAT INDONESIA (Persero) TBK. SEBELUM DAN SEMASA PANDEMI COVID-19

2021 ◽  
Vol 6 (1) ◽  
pp. 20-25
Author(s):  
Didi Rahmat
Keyword(s):  
Data Analysis ◽  
Financial Performance ◽  
Financial Distress ◽  
Market Value ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Gray Area ◽  
Normal Period ◽  
Retained Earnings

This study aims to see how the financial performance of PT. Bank Rakyat Indonesia (Persero) Tbk. studied from the Financial Distress approach. The data taken is from the period 2017 to 2019 (normal period) and 2020 (the period of the Covid-19 pandemic in Indonesia). Altman Z Score is used as an approach in data analysis by using five indicators, Working capital to total assets (WCTA), Retained earnings to total assets (RETA), Earnings before interest and taxes to total assets (EBITTA), Market Value of equity / Book value of debt (MVEBVD) and Sales / total assets (SATA). From the results of data analysis, it was found that before the Covid-19 pandemic the company was classified as healthy. Changes occurred during the Pandemic the company was in the Gray Area which meant there were financial problems.

scholarly journals ANALISIS KEBANGKRUTAN PERUSAHAAN DENGAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2014

2015 ◽  
Vol 10 (2) ◽  
Author(s):  
Rio Evans B.M.S ◽  
Cut Ermiati
Keyword(s):  
Sampling Technique ◽  
Multinomial Logit ◽  
Financial Ratios ◽  
Variable Ratio ◽  
Logit Analysis ◽  
Z Score ◽  
Book Value ◽  
Financial Condition ◽  
Total Debt ◽  
Retained Earnings

This study examines the analysis of bankruptcy which uses a model Altman Z-Score 1983 once studied the effect of variable ratio of Working Capital to Total Assets (X1), Retained Earnings to Total Assets (X2), Earnings Before Interest and Tax to Total Assets (X3), Book Value of Equity to Book Value of Total Debt (X4), and Sales to Total Assets (X5) against bankruptcy for companies that went bankrupt or for companies that are not bankrupt by the number of samples (purposive sampling as a sampling technique ) as many as 15 companies. The purpose of this study is to analyze the financial ratios Altman model to explain the company's financial condition foods and beverages as a first step in anticipation of bankruptcy. The analysis method in this research is to perform calculations using the Altman Z-Score Revised (1983) and multinomial logit analysis. Testing is done with the first models prerequisite analysis, testing normality with the overall result is a variable based test One Sample Kolmogorov-Smirnov test indicated that the model in an abnormal position with evidence of significant data α > 0.05. Second, the test results with the results multikolinieritas with VIF < 10 and the tolerance level of > 0.1 indicates that our model is free from the problems of multicollinearity. This is consistent with the assumption multinomial logit analysis that does not require the classical assumption that multinomial logit analysis can proceed. The results of this study are the calculations that have been done, that there are 10 companies in the category of Grey Area and 5 companies in the category is not bankrupt. Seen as a whole has a classification of 95%, while the remaining 5% indicates that bankruptcy is explained by other variables other than those examined in this study In this study the variable ratio of Book Value of Equity to Book Value of Total Debt and Sales to Total Assets have influence significantly to the bankruptcy analysis. So that this research model is Z-Score = Ln (P1/P0) = -149.589 + 117,603BVEBVD + 33,029STA and Z-Score = Ln (P2/P0) = -117.301 + 111,623BVEBVD + 21,657STA Keywords: Bankruptcy, Multinomial Logit Analysis, Financial Ratios Altman Z-Score Model Of Revision.

scholarly journals Impact of Companies' Financial Condition and Growth toward Acceptance of Going Concern Audit Opinion: Empirical Study at Company Listed in the Jakarta Islamic Index (JII)

2017 ◽  
Vol 2 (3) ◽  
pp. 01-10
Author(s):  
Siti Maria Wardayati ◽  
Agung Budi Sulistiyo ◽  
Rahman El Junusi ◽  
Alamsyah Alamsyah ◽  
Labitsta Untsa Afnany
Keyword(s):  
Jel Classification ◽  
Working Capital ◽  
Audit Opinion ◽  
Book Value ◽  
Going Concern ◽  
Financial Condition ◽  
Financial Difficulties ◽  
Financial Conditions ◽  
Retained Earnings ◽  
To Receive

Objective - This study aims to explain the companies' financial condition and growth which is affecting going concern audit opinion of the companies listed in the Jakarta Islamic Index (JII). Financial condition is examined through the information changes in working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets, book value of equity to book value of total liabilities, sales to total assets. Methodology/Technique - This study applies qualitative research with a description method and the populations used are all companies listed in JII period 2014-2015. Findings - The results of the study explained that the companies' financial conditions affect going concern audit opinion. The worse the financial condition of the company, the greater the probability of companies to receive going concern audit opinion, and vice versa. An auditor will give a going concern audit opinion on companies that are experiencing financial difficulties. The growth of the companies affects going concern audit opinion. If the sales growth is negative, the continuity of the company will be unstable, because the company will be difficult to make profits. It can cause the financial conditions of the company experience difficulties, so that the company will receive going concern audit opinion. Novelty - The study contributes literature with its empirical findings in the context of Indonesia. Type of Paper: Empirical Keywords: Working Capital to Total Assets; Retained Earnings to Total Assets; Earnings Before Interest and Taxes to Total Assets; Book Value of Equity to Book Value of Total Liabilities; Sales to Total Assets and the Company's Growth. JEL Classification: M41, M42.

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.

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