scholarly journals PENERAPAN MODEL ALTMAN Z-SCORE DALAM MENGUKUR POTENSI KEBANGKRUTAN (STUDI KASUS PADA PERUSAHAAN PERBANKAN BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2018 & 2019)

2021 ◽  
Vol 7 (1) ◽  
pp. 148-158
Author(s):  
Rofinus Leki Rofinus Leki
Keyword(s):  
Financial Performance ◽  
Performance Improvement ◽  
Financial Distress ◽  
Safe Zone ◽  
The Other ◽  
Financial Health ◽  
Z Score ◽  
Gray Area ◽  
Sustainability Research ◽  
Score Model

Abstract: This   research   is   a   sustainability   research,   which   uses   the   same   non- manufacturing Altman Z-Score model, with the aim of re-examining the financial health sustainability of the four BUMN banks that the author has studied in 2017 and in 2019. The four BUMN banks are Bank Negara Indonesia (Persero) Tbk PT, Bank Rakyat Indonesia (Persero) Tbk. PT, Bank Tabungan Negara (Persero) Tbk PT,  Bank  Mandiri  (Persero)  Tbk  PT.  The  results  showed  that  PT.  Bank  BTN (Persero) Tbk has a Z-score that has improved in 2018 and 2019, compared to previous years, namely in 2014, 2015, 2016, and 2017. Currently PT. Bank BTN (Persero) Tbk., has moved from the potential financial distress into a "gray area" (improving). Meanwhile, the other three BUMN banks are consistently in the gray area category with a Z-score above 1.2 but below a Z-score of 2.9. The results of this study also show that there is a significant financial performance improvement in every BUMN banking company, but has decreased somewhat in 2019  at Bank BNI (Persero), Tbk. PT and Bank BRI (Persero) Tbk.PT. Be expected is   that   with   the   continuous   and   consistent   improvement   in   financial performance, the financial health position of BUMN Banking (Persero) Tbk can immediately move to the "safe zone".   Keywords: Financial Health of BUMN Banks, Altman Z-Score Model

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 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 KINERJA KEUANGAN UNTUK MEMPREDIKSI FINANCIAL DISTRESS MENGGUNAKAN METODE Z-SCORE PADA PT INDOFARMA, TBK (studi pada BEI periode 2012-2016)

2019 ◽  
Vol 1 (1) ◽  
Author(s):  
Danuk Windasari ◽  
Budi Rahayu ◽  
Marwita Andarini
Keyword(s):  
Financial Performance ◽  
Financial Distress ◽  
Secondary Data ◽  
Ratio Analysis ◽  
Z Score ◽  
Descriptive Data ◽  
Financial Position ◽  
Gray Area ◽  
Score Method ◽  
Quantitative Descriptive

Ratio analysis is one of the important tools to know the company's financial position. One of its uses is used to predict financial distress. The purpose of this study is to determine the company's financial performance in predicting financial distress at PT Indofarma Tbk through the Z-Score method for the period 2012-2016. The type of research used is quantitative descriptive. Data obtained from secondary data is through the site www.idx.co.id. The results showed that PT Indofarma Tbk in its financial performance in the years under study was less efficient or faced the threat of serious bankruptcy, whereas in the previous year the company was in a gray area or prone condition. Analisis rasio merupakan salah satu alat penting mengetahui posisi keuangan perusahaan. Salah satu kegunaanya digunakan untuk memprediksi financial distress. Tujuan penelitian ini untuk mengetahui kinerja keuangan perusahaan dalam memprediksi fianancial distress pada PT Indofarma Tbk meflalui metode Z-Score periode 2012-2016. Jenis penelitian yang digunakan deskriptif kuantitatif. Data yang diperoleh dari data sekunder yaitu melalui situs www.idx.co.id. Hasil penelitian menunjukkan bahwa PT Indofarma Tbk dalam kinerja keuangannya pada tahun-tahun yang diteliti kurang efisien atau menghadapi ancaman kebangkrutan serius, sedangkan ditahun sebelumnya perusahaan berada pada kondisi grey area atau rawan .

scholarly journals Analysis of Accuracy Level of Altman Z-Score Model and Springate Model in Measuring the Potential of Financial Distress in Plantations Industries

2019 ◽  
pp. 16-25
Keyword(s):  
Financial Performance ◽  
Financial Distress ◽  
Secondary Data ◽  
Financial Data ◽  
Z Score ◽  
Financial Difficulties ◽  
Accuracy Level ◽  
Score Model

This study aimed to analyze the level of bankruptcy using Altman Z-Score model of modifications and models Springate, the Plantations Company period 2014-2017. The data used in this research is secondary data, financial data Plantations Company taken from the site www.idx.co.id. Based on the results of this study show that the model of the Altman Z-Score modification Plantations Industries was having financial difficulties which would be potentially bankrupt, it can be seen from the Z-Score of less than 1.1 in the period 2014-2017 and no different from using a model that generates value Springate S-Score <0.862 means that the financial performance Plantations company are experiencing financial difficulties during the 2014-2017 period and potentially going bankrupt.

scholarly journals The Application of Altman’s Z-Score Model in Predicting Bankruptcy: Evidence from the Trading Sector in Sri Lanka

2015 ◽  
Vol 10 (12) ◽  
pp. 269 ◽  
Author(s):  
Aloy Niresh J. ◽  
Pratheepan T.
Keyword(s):  
Sri Lanka ◽  
Early Warning ◽  
Financial Distress ◽  
Safe Zone ◽  
Grey Zone ◽  
Z Score ◽  
Financial Reports ◽  
Financial Position ◽  
Score Model

Prediction of bankruptcy is crucial as the early warning may change entire complications and may avoid the high cost that is associated with distress. The main purpose of this study is to examine the likelihood of bankruptcy of the firms belonging to the Trading Sector in Sri Lanka. The research used data from the financial reports of seven trading companies for a period of the last five years from 2010 to 2014. Altman’s original (1968) bankruptcy model has been applied in order to classify the companies in various levels of financial position namely safe, grey and distress. Findings reveal that 71% of the companies belonging to the Trading Sector were in financial distress and the rest of whole 29% were in the grey zone. The fact that none of the companies lie under the safe zone highlights that as a whole the sector is in a menace.

ANALISIS PREDIKSI KEBANGKRUTAN MENGGUNAKAN MODEL ALTMAN Z- SCORE DAN ZMIJEWSKI PADA PERUSAHAAN KOSMETIK YANG TERDAFTAR DI BURSA EFEK INDONESIA

2020 ◽  
Vol 5 (1) ◽  
pp. 24-33
Author(s):  
Dewi Oktary
Keyword(s):  
Quantitative Data ◽  
Stock Exchange ◽  
Secondary Data ◽  
Bankruptcy Prediction ◽  
The Other ◽  
Z Score ◽  
Gray Area ◽  
Score Method ◽  
Data Source ◽  
Score Model

Increasingly intense competition in the cosmetics industry in Indonesia, one of which is the number of artists opening a cosmetics business and besides the entry of many cosmetics brands from abroad which makes existing cosmetic companies must be careful in running their business. This study aims to predict the bankruptcy of cosmetics companies listed on the Indonesia Stock Exchange with the Altman Z-Score model and the Zmijewski model. The sample in this study was cosmetic companies listed on the Main Board of the Indonesia Stock Exchange as many as 4 companies. The data source used is secondary data taking data from the IDX, the type of data used is quantitative data. The result of this research is bankruptcy prediction using the Altman-Z Score method showing that PT. Martino Berto, Tbk for 2016 is included in the Gray Area category while in 2017-2018 it is predicted to go bankrupt while for PT. Mustika Ratu, in 2016 - 2018 entered the Gray Area category while the other two companies namely PT. Mandom Indonesia, Tbk and PT. Unilever, Tbk from 2016 to 2018 is predicted not to go bankrupt. Meanwhile, using the Zmijewski method in cosmetics companies listed on the Indonesia Stock Exchange in the period 2016-2018 is predicted not to go bankrupt. From the comparison between the Altman Z-Score model and the Zmijewski model, the Zmijewski model has an effectiveness of 100% compared to the Altman Z-Score model which has an effectiveness level of 50%.

scholarly journals Metode Altman Z-Skor Dalam Memprediksi Kepailitan Di Semua Koperasi Kredit Di Kabupaten Maumere

2020 ◽  
Vol 21 (01) ◽  
Author(s):  
Yoseph Darius Purnama Rangga ◽  
Henrikus Herdi ◽  
Wilhelmina Mitan
Keyword(s):  
Secondary Data ◽  
Credit Union ◽  
Bankruptcy Prediction ◽  
Regional Government ◽  
Financial Health ◽  
Z Score ◽  
Analytical Technique ◽  
Gray Area ◽  
Credit Cooperatives ◽  
Score Model

Abstract Problems that often occur in a cooperative are usually caused by financial problems. To measure the level of financial health cooperatives can be used analysis of financial ratios using the Altman Z-Score model. This research aims to predict bankruptcy in the credit Union of the regional government Puskopdit, Maumere, using the Altman Z-Score model. The samples in this study were credit cooperatives of the main district Puskopdit in 2015-2017 consisting of 16 cooperatives. The data source used is the secondary data in the form of cooperative financial statements. The analytical technique used is the Altman Z-Score Bankruptcy Prediction model. The results showed that there is a cooperative that has been in the healthy category during the year 2015-2017, namely Torch Mas Cooperative, Tuke Jung, Ortal, Plantation, star East, and Serba Te. In the years 2015 and 2016 Kelubagolit cooperatives entered in the category of gray area, but in the year 2017 the cooperative is in a healthy category. In addition, there are cooperatives during the year 2015-2017 in the category of gray area namely Sube Huter Cooperative, Tuke Ler, Hiro Heling, Bina Pertiwi, and Surya Sakti. The cooperatives of San Dominggo in 2015 and 2016 were in the category of bankruptcy, but the following year entered the gray area category. The cooperative in the category of bankruptcy from 2015-2017 is the youth cooperative Hokeng and Ankara. In the year 2015 Plelu Meluk Cooperative entered in the category of gray area, the cooperative's performance continued to decline and in the year 2016 and 2017 the cooperative was entered in the category of bankruptcy. In the years 2018, Hokeng Youth Cooperative experienced an amalgamation with Mitan Gitan Cooperative. This indicates that the accuracy level of the Altman Z-Score model is high..

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 MENILAI KESEHATAN KEUANGAN MITRA DALAM ANALISIS KELAYAKAN PEMBERIAN MODAL MENGGUNAKAN METODE Z-SCORE

2021 ◽  
Vol 7 (2) ◽  
pp. 245-254
Author(s):  
Aries Maesya ◽  
Evi Sopiani
Keyword(s):  
Financial Statements ◽  
Financial Health ◽  
Z Score ◽  
Gray Area ◽  
A Value ◽  
Financial Soundness ◽  
Score Method ◽  
Score Model ◽  
The Right ◽  
The Relationship

ABSTRAKTujuan penelitian ini adalah menilai kesehatan keuangan mitra menggunakan metode Z-Score untuk memprediksi kesehatan keuangan mitra atau calon debitur. Subjek penelitian ini di tiga mitra atau nasabah dari PT Mitra Bisnis Keluarga Ventura dari sektor manufaktur dan perdagangan. Penelitian ini adalah penelitian kualitatif deskriptif. Metode analisis data menggunakan model Altman Z-Score dengan menganalisis laporan keuangan nasabah PT Mitra Bisnis Keluarga Ventura dari tiga periode atau lebih. Berdasarkan hasil penelitian yang dilakukan, Data Mitra A dikategorikan sehat dengan Z-Score 3,80, Data Mitra B dikatakan tidak sehat dengan nilai 0,52 dan Data Mitra C dikatakan Grey Area karena memiliki angka di bawah 2,60, yaitu 2,33. Hasil penelitian ini mengimplikasikan bahwa Keterkaitan antara Metode Z-Score dengan hasil keputusan tingkat kesehatan keuangan cukup membantu dalam menganalisis laporan keuangan dan dapat menghasilkan keputusan yang tepat dalam menilai kesehatan keuangan mitra. ABSTRACTThe purpose of this study is to assess the financial health of partners using the Z-Score method to predict the financial health of partners or prospective debtors. The subjects of this study were three partners  of PT Mitra Bisnis Keluarga Ventura from the manufacturing and trading sectors. This research is a descriptive qualitative research. The data analysis method uses the Altman Z-Score model by analyzing the financial statements of PT Mitra Bisnis Keluarga Ventura customers from three or more periods. Based on the results of the research conducted, Partner A's data is categorized as healthy with a Z-Score of 3.80, Mitra B's data is said to be unhealthy with a value of 0.52 and Partner C's data is said to be gray area because it has a number below 2.60, which is 2.33. The results of this study imply that the relationship between the Z-Score method and the results of financial soundness decisions is quite helpful in analyzing financial statements and can produce the right decisions in assessing the financial health of partners.

scholarly journals Prediction of Financial Distress of Non-Bank Financial Institutions of Bangladesh using Altman’s Z Score Model

2016 ◽  
Vol 11 (12) ◽  
pp. 261 ◽  
Author(s):  
Tania Hamid ◽  
Farzana Akter ◽  
Naharin Binte Rab
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Financial Distress ◽  
Vital Role ◽  
Financial Health ◽  
Z Score ◽  
Publicly Traded ◽  
Regulatory Authorities ◽  
Minimum Score ◽  
Score Model

The Non-Bank Financial Institutions (NBFIs) comprise a rapidly growing segment of the financial system in Bangladesh. They are gaining increased popularity in recent times. They play a vital role in the economy. This study attempts to predict the financial health of 15 publicly traded NBFIsof Bangladesh over five years ranging from 2011 to 2015 using Altman’s Z Score Model (1965). The results show that most of the sampled NBFIs are in ‘Distress’ zone, Some of sample NBFIs are nationally and internationally acclaimed for their outstanding performances and contributions to the industrial as well as economic development of the country, but they fail to attain the minimum score. Most of the companies are lying on the bankruptcy level. Hence, the study suggests the stakeholders, including regulatory authorities and researchers to be more watchful of the operations of NBFIs.

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