scholarly journals The Influence of Financial Distress Using Altman Z-Score, The Beta of Stocks and Inflation To The Stock Return

2017 ◽  
Vol 2 (2) ◽  
pp. 21-27
Author(s):  
Mathius Tandiontong ◽  
Margaretha Sitompul
Keyword(s):  
High Risk ◽  
Stock Returns ◽  
Financial Distress ◽  
Stock Return ◽  
Stock Exchange ◽  
Systematic Risk ◽  
Sampling Technique ◽  
Jel Classification ◽  
Z Score ◽  
Panel Data Regression

Objective - Stock is one securities among other securities, as a high risk instrument. Stock classified as high risk due to reflection in the uncertainty of the rate of return to be received by investors in the future. The purpose of this research is to examine of financial distress as measured by the Altman Z-Score, systematic risk as measured by beta stocks and macroeconomic measured by inflation on stock returns Manufacturing Company listed on the Stock Exchange 2008-2012 period Methodology/Technique - From 133 companies listed, 75 companies are taken as sample by using purposive sampling technique. Panel data regression analysis shows that the overall effect of variables is equal to 28.7%. Findings - Partially, the variables that affect the stock returns are financial distress with Altman Z-Score, beta stocks and inflation. Novelty - Financial distress with the measurement using the Altman Z-Score. Type of Paper: Empirical Keywords: Stock return; Financial distress; Altman Z-Score; Systematic risk; Beta stocks and Inflation JEL Classification: E44, F14, G01.

scholarly journals MODAL INTELEKTUAL, MANAJEMEN LABA, IMBAL HASIL SAHAM SAAT INI DAN MASA DATANG

2019 ◽  
Vol 11 (2) ◽  
pp. 88-94
Author(s):  
Vicky Dwi Putra ◽  
Jaja Suteja ◽  
Erik Syawal Alghifari
Keyword(s):  
Stock Returns ◽  
Intellectual Capital ◽  
Quantitative Research ◽  
Stock Return ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Earning Management ◽  
Manufacturing Companies ◽  
Quantitative Research Methods ◽  
Panel Data Regression

Future stock returns are factors for investors to consider investing. This research aims to identify the influence of intellectual capital, earning management, and stock return toward future stock return in manufacturing companies of sub sectors food and beverages industry listed in Indonesia Stock Exchange period 2012 to 2017. This research used quantitative research methods with the sample as many as 7 companies. The sampling technique is used, as well as purposive sampling done based on certain criteria. The type of data used is secondary with analysis using panel data regression model with Eviews 10. The result shows that simultaneosly intellectual capital, earning management, and stock returns gave influence on future stock returns as much as 76.15%. Partially, intellectual capital had a positve but not significant, earning management had a negative and significant, stock returns had a positive and significant effects to future stock returns.

scholarly journals FACTORS AFFECTING OPERATING CASH FLOW TO STOCK RETURN THROUGH STOCK PRICE

2018 ◽  
Vol 5 (2) ◽  
Author(s):  
Aprih . Santoso
Keyword(s):  
Stock Returns ◽  
Cash Flow ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Return ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Financial Statements ◽  
Manufacturing Companies ◽  
Operating Cash Flow

Abstract : Companies need funds in order to carry out operations such as the financing of production activities, pay employees, pay other expenses related to the operation of the company. One way to obtain these funds is to attract investors to invest in companies in the form of stock, but in making this investment is certainly not easy for investors, because investors need consideration beforehand to find out how the company's performance. The purpose of this study was to examine and analyze the effect of operating cash flow to stock return through stock price at companies listed on the Stock Exchange Year 2012-2015. The data used in this study dala are secondary data from the financial statements of companies listed on the Indonesia Stock Exchange period 2012 - 2015. The data are in the form of financial statements can be obtained from the Indonesian Capital Market Directory (ICMD), the IDX website www.idx.co. id as well as from various other sources to support this research. The population in this research is manufacturing companies listed on the Stock Exchange the period 2012 - 2015. The samples taken by the sampling technique used purposive sampling.From the test results and analysis of the data it can be concluded that operating cash flow directly and indirectly has no effect on stock returns through stock prices showed no significant results. Keywords :  Operating Cash Flow, Stock Price, Stocks Return

scholarly journals PENGARUH DEBT TO EQUITY RATIO, RETURN ON ASSETS, PRICE EARNING RATIO DAN ECONOMIC VALUE ADDED TERHADAP RETURN SAHAM PADA PERUSAHAAN SUBSEKTOR PROPERTY DAN REAL ESTATE.

2018 ◽  
Vol 2 (1) ◽  
pp. 12-24
Author(s):  
Julyana Widjayanti ◽  
Risal Rinofah ◽  
Mujino Mujino
Keyword(s):  
Real Estate ◽  
Stock Returns ◽  
Stock Return ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Sampling Technique ◽  
Economic Value Added ◽  
Return On Assets ◽  
Equity Ratio

This study aims to determinethe effect of Debt to Equity Ratio, Return On Assets, Price Earning Ratio, and Economic Value Added on Stock Returns on Property and Real Estate companies listed on the Indonesia Stock Exchange (BEI) for the 2014-2018 period. The sampling technique is purposive sampling. Samples were obtained from 11 Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2018 period. Based on the results of data analysis shows that Debt to Equity Ratio and Return On Assets have a positive and significant effect on Stock Return, Price Earning Ratio and Economic Value Added have a negative and no significant effect on Stock Return. Together Debt to Equity Ratio, Return On Assets, Price Earning Ratio, and Economic Value Added have a positive and significant effect on Stock Return.    

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 PENGARUH KEPEMILIKAN INSTITUSIONAL, INTELLECTUAL CAPITAL, DAN LEVERAGE TERHADAP FINANCIAL DISTRESS

2019 ◽  
Vol 2 (2) ◽  
pp. 27
Author(s):  
Saskhia Irving Maest Purba
Keyword(s):  
Intellectual Capital ◽  
Financial Distress ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Effect Model ◽  
Panel Data Regression ◽  
Data Regression

The purpose of this study is to determine the influence of institutional ownership (KI), intellectual capital (IC) and Leverage (DER) to financial distress (Springate) financial distress condition. Independent variables in this study are institutional ownership (KI), intellectual capital (IC) and Leverage (DER) and financial distress (Springate) partially or simultaneously. Population in this study is Manufacture companies’s sector listed on Indonesia Stock Exchange in 2014-2017. The sampling technique was using purposive sampling, obtained 128 sample data and use Panel data regression analysis using software Eviews 10. Random effect model was chosen after 3 regression panel test. Simultaneously, all the independet variables have significant effect to dependent variable (financial distress). Partially intellectual capital (IC) have negative significant effect with to financial distress. Leverage (DER) have positive significant effect to financial distress. But institutional ownership (KI) have no significant effect to financial distress. Keyword: Financial distress, Institutional Ownership, Intellectual Capital, Leverage

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 ANALISIS PENGARUH RASIO PROFITABILITAS TERHADAP RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA PERIODE 2012-2015

2017 ◽  
Vol 4 (1) ◽  
pp. 75
Author(s):  
Febriany Utami ◽  
Etty Murwaningsari
Keyword(s):  
Stock Returns ◽  
Stock Return ◽  
Sampling Method ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Dividend Payout ◽  
Earnings Per Share ◽  
Stock Investment ◽  
Profitability Ratios ◽  
Positive Effect

<p><em>The purpose of this research is to know empirically influence of </em>of profitability ratios with stock returns that are moderated by dividend policy to see the description of decisions investors will take. Return on the results (gain or loss) obtained from a stock investment This research sample is 43 companies listed on the Indonesia Stock Exchange from 2012-2015. Sampling technique is purposive sampling method. The method of analysis used is moderated regression analysis. The result of the research shows that ROA, ROE, DPR have a significant positive effect on Stock Return, while NPM and EPS have no significant effect on Return of Stock and Result of this research Dividend Payout Ratio (DPR) strengthens ROA, ROE, NPM to Return. While Dividend Payout Ratio does not strengthen Earnings Per Share (EPS) relationship to stock return.</p>

scholarly journals PERAN CORPORATE GOVERNANCE DALAM MENURUNKAN KEBANGKRUTAN PADA PERUSAHAAN DI INDONESIA

2017 ◽  
Vol 21 (3) ◽  
pp. 391
Author(s):  
Tasya Hilaliya ◽  
Farah Margaretha
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Distress ◽  
Manufacturing Industry ◽  
Negative Impact ◽  
Stock Exchange ◽  
Z Score ◽  
Panel Data Regression ◽  
Data Regression ◽  
Governance Practices

This research examines the influence of Corporate Governance on Firm Performance measured by Tobin's Q and Financial Distress measured by Z-score. The samples used were 72 companies engaged in the manufacturing industry are listed on the Indonesia Stock Exchange (BEI) for five years from 2011 to 2015. The analytical methods used in this research is panel data regression, discriminant analysis, and logistic regression. The results showed that (I) there is no significant impact between corporate governance practices on firm performance. (2) there is negative impact between corporate governance practices on financial distress. Then, the companies need to increase corporate governance in order to avoid possibility of financial distress and for the investor before making an investment should consider the factors that affect the firm performance and financial distress

scholarly journals The effect of financial distress on stock returns, through systematic risk and profitability as mediator variables

Accounting ◽  
2021 ◽  
Vol 7 (7) ◽  
pp. 1717-1724 ◽  
Author(s):  
Mulyanto Nugroho ◽  
Donny Arif ◽  
Abdul Halik
Keyword(s):  
Stock Returns ◽  
Indirect Effect ◽  
Financial Distress ◽  
Latent Variables ◽  
Stock Exchange ◽  
Systematic Risk ◽  
P Value ◽  
Moderating Variables ◽  
The Impact ◽  
The Relationship

This study aims to determine the relationship between financial distress and systematic risk, the relationship between financial distress and profitability, the relationship between systematic risk and stock returns, the relationship between profitability and stock returns, and the indirect effect between financial distress and stock returns through systematic risk and company profitability. by collecting data on the Indonesia Stock Exchange on chemical companies and the element industry in 2018-2020. This study was conducted to find out the answers to the impact caused by the global economic turmoil. Using the PLS-SEM method and four latent variables, which are divided into one endogenous variable, two moderating variables and one exogenous variable, it is hoped that it can provide value for the statistical calculation activities carried out. This study uses a quantitative descriptive method with two moderating variables that link financial distress and stock returns. This study produces a specific indirect effect; the financial distress variable significantly impacts Stock Return through systematic risk and profitability variables with a p-value < 0.05. The main finding of this study is the significant impact of world economic turmoil that must be faced by creating systematic risk to convince. Investors and provide education to potential investors.

scholarly journals THE EFFECT OF PROFITABILITY, CAPITAL STRUCTURE AND CORPORATE VALUES ON RETURN OF SHARES (TELECOMMUNICATIONS SUB SECTOR IN INDONESIA STOCK EXCHANGE 2014-2018)

2020 ◽  
Vol 1 (1) ◽  
pp. 69-77
Author(s):  
Asih Try Wulandari ◽  
Aty Herawati
Keyword(s):  
Panel Data ◽  
Stock Returns ◽  
Stock Return ◽  
Stock Exchange ◽  
Series Data ◽  
Annual Data ◽  
Business World ◽  
Telecommunications Sector ◽  
Panel Data Regression ◽  
Data Regression

The development of increasingly stringent business world in Indonesia will create an increasingly sharp competition between companies. Firms in the industry in Indonesia is a land for investors to invest capital to be invested in various forms of securities. So it is not wrong for the company's various aspects and types become part of the capital market. This study was conducted to determine the effect of ROE, DER and PBV to Stock Return on Telecommunications Sector Sub Listed in Indonesia Stock Exchange. This study uses annual data for the observation period from 2014 until 2018. The research type is descriptive causality. The data used is the data panel that is a combination of annual time series data and cross section were processed using panel data regression analysis. The population is all Sub-Sector Telecommunications listed in Indonesia Stock Exchange from 2014 until 2018 the number of 5 companies. The sampling technique used purposive sampling, found a sample of four companies with the observation of 5 years in order to obtain total observation as much as 20. Data were obtained from the Indonesia Stock Exchange, and Yahoo Finance. Analysis of the data in this study is panel data regression. The model used is the Common Effect Model. The analysis showed that the ROE does not have a significant effect on stock returns, DER has no significant effect on stock returns, while PBV positive and significant effect Stock Return on Telecommunications Sector Sub Listed in Indonesia Stock Exchange.

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