scholarly journals ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN METODE ALTMAN Z-SCORE PADA PERUSAHAAN PT. UNITEX, TBK YANG TERDAFTAR DI BURSA EFEK INDONESIA

2018 ◽  
Vol 3 (2) ◽  
Author(s):  
Mei Kartini Sihombing ◽  
Pinondang Nainggolan ◽  
Parman Tarigan ◽  
Supitriyani Supitriyani
Keyword(s):  
Financial Distress ◽  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Retained Earnings

Tujuan penelitian ini adalah untuk mengetahui gambaran FinancialDistress PT UNITEX, Tbk yang Terdaftar di Bursa Efek Indonesia pada tahun 2006-2014 berdasarkan metode Altman Z-score serta mengetahui faktor dominan yang menyebabkan Financial Distress PT. UNITEX, Tbk yang Terdaftar di Bursa Efek Indonesia pada tahun 2006-2014 dengan menggunakan Metode Altman Z-score. Metode yang digunakan dalam penelitian ini adalah metode analisis deskriptif dan induktif. Pengujian dilakukan dengan menggunakan bantuan program MS Excel dengan rasio Altman Z Score. Hasil penelitian dapat disimpulkan sebagai berikut : 1) Rata-rata Z Score selama tahun 2006 hingga tahun 2014 berada pada angka minus 2,79 atau berada di bawah angka 1,88. Ini berarti PT. Unitex, Tbk benar-benar dalam posisi sedang mengalami financial distress atau masalah keuangan yang serius. 2) Faktor-faktor Retained Earnings to Total Assets Ratio, Net Working Capital to Total Asset Ratio, dan Earnings Before Interest and Taxes to Total Asset Ratio adalah secara berurutan merupakan faktor-faktor yang paling dominan menyebabkan terjadinya financial distress pada PT. Unitex, Tbk. Hasil ini menerimahipotesis penelitian ini yang menyatakan bahwa “Diduga Retained Earnings to Total Assets Ratio, Net Working Capital to Total Asset Ratio, dan Earnings Before Interest and Taxes to Total Asset Ratio merupakan faktor yang dominan menyebabkan terjadinya Financial Distress PT UNITEX, Tbk yang Terdaftar di Bursa Efek Indonesia”.

Diagnosing the Financial Distress in Oil Drilling and Exploration Sector of India through Discriminant Analysis

2019 ◽  
Vol 23 (4) ◽  
pp. 364-373
Author(s):  
Anita Nandi ◽  
Partha Pratim Sengupta ◽  
Abhijit Dutta
Keyword(s):  
Discriminant Analysis ◽  
Manufacturing Industry ◽  
Prediction Models ◽  
Bankruptcy Prediction ◽  
Total Asset ◽  
Financial Health ◽  
Z Score ◽  
Working Capital ◽  
Oil Drilling ◽  
Retained Earnings

The present study is mainly devoted to the bankruptcy prediction models and their ability to assess a bankruptcy probability for oil drilling and exploration sector of Indian. The study puts an effort to determine the financial health of 12 selected companies from this sector of India for a period of 5 years. These companies serve the backbone of many other industries such as transport industry, manufacturing industry, automobile industry and so on of the Indian economy. The study has taken the reference of Altman’s Z-score model, where ratios such as working capital to total asset, retained earnings to total asset, earnings before interest and tax to total assets, market value of equity to book value of debt and sales to total assets have been taken. The discriminant analysis is conducted to validate the outcomes of Altman’s model to predict group membership and to forecast the overall industry condition. The study reveals that 75 per cent of the companies are in financially healthy zone. The results indicate that working capital/total assets can very well explain the Z-score. The research on financial health using Altman’s score is very limited in Indian context. Therefore, this study will add value to the existing body of literature for financial risk.

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

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 Jurnal Analisis Rasio Keuangan Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

2021 ◽  
Author(s):  
Muh Fajrin Sirajuddin
Keyword(s):  
Financial Distress ◽  
Market Value ◽  
Cash Flows ◽  
Total Asset ◽  
Working Capital ◽  
Book Value ◽  
Retained Earnings

Penelitian ini bertujuan untuk memeriksa pengaruh rasio keuangan terhadap financial distress pada perusahaan manufaktur yang terdapat di Bursa Efek Indonesia (BEI) periode 2015-2019. Penelitian ini merupakan replika dan modifikasi dari penelitian Baimwera dan Muriuki (2014) yang menyatakan bahwa hanya rasio pertumbuhan dan profitabilitas yang signifikan mempengaruhu financial distress. Peneliti menggunakan enam variabel independen yang diduga dapat mempengaruhi terjadinya financial distress. Keenam variabel tersebut adalah Earning Before Interest and Tax to Total Asset(EBITTA), Working Capital to Total Asset (WCTA), Market Value of Equity to Book Value of Total Liability (MVTL), Retained Earnings to Total Asset (RETA), Sales to Total Asset (SATA), dan Cash Flows from Operating to Total Asset (CFOTA). Data diuji pada satu tahun dan dua tahun sebelum terjadinya financial distress.

scholarly journals Analisis Pengaruh Rasio Keuangan Terhadap Potensi Terjadinya Financial Distress

2020 ◽  
Vol 16 (3) ◽  
pp. 297-311
Author(s):  
Amila Rezky Mufida
Keyword(s):  
Real Estate ◽  
Financial Distress ◽  
Market Value ◽  
Z Score ◽  
Working Capital ◽  
Retained Earnings

Penelitian ini bertujuan untuk menganalisis pengaruh rasio Working Capital to Total Assets (WCTA),  Retained Earnings to Total Assets (RETA), Earning Before Interest and Taxes to Total Assets (EBITTA), dan Market Value of Equity to Total Liabilities (MVETL) terhadap potensi terjadinya financial distress. Penelitian ini menggunakan model Altman Z-Score Modifikasi untuk mengukur prediksi financial distress dengan objek penelitian yaitu perusahaan jasa sub sektor property dan real estate yang terdaftar di BEI periode 2014-2018. Penelitian ini menggunakan pendekatan kuantitatif dan menggunakan metode purposive samplingdalam menentukan 10 perusahaan sebagai sampel. Data sekunder yang digunakan diperoleh dari situs BEI dan situs perusahaan serta dianalisis dengan regresi logistik binary. Hasil penelitian ini menunjukkan bahwa rasio WCTA, EBITTA, dan MVETL secara parsial berpengaruh terhadap financial distress, sedangkan rasio RETA secara parsial tidak berpengaruh terhadap financial distress.

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.

Rasio-Rasio Keuangan dalam Memprediksi Kecurangan

2018 ◽  
Vol 10 (1) ◽  
pp. 66-76
Author(s):  
Alfian Ronggo Pribadi
Keyword(s):  
T Test ◽  
Total Asset ◽  
Z Score ◽  
Working Capital ◽  
Net Profit ◽  
Current Asset ◽  
Equity Ratio

Penlitian ini bertujuan untuk membuktikan apakah perusahaan yang melakukan kecurangan akuntansi dengan yang tidak melakukan kecurangan akuntansi memiliki nilai rasio yang berbeda secara signifikan dengan menggunakan dua model pendeteksi kecurangan akuntansi  yaitu Beneish M-Score da Altman Z-Score. Penelitian ini menggunakan delapan variabel yaitu debt to equity ratio , debt to total asset ratio, net profit to revenue ratio, current asset to total asset ratio, receivable to revenue ratio, inventory to total asset ratio,working capital to total asset ratio dan revenue to total asset ratio. Populasi dari penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2010-2016. Total sampel dalam penelitian ini sebanyak 57 perusahaan  dengan jumlah observasi sebanyak 212. Pengujian hipotesis dengan menggunakan uji beda independent sample t-test. Hasil penelitian ini menunjukkan bahwa variabel  debt to equity ratio , debt to total asset ratio, net profit to revenue ratio, working capital to total asset ratio dan revenue to total asset ratio memiliki perbedaan yang signifikan antara perusahaan yang melakukan kecurangan akuntansi dengan yang tidak melakukan kecurangan akuntansi. Sedangkan untuk variabel current asset to total asset ratio, receivable to revenue ratio , dan inventory to total asset ratio tidak memiliki perbedaan yang signifikan antara perusahaan yang melakukan kecurangan akuntansi dengan yang tidak melakukan kecurangan akuntansi.  

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 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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