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 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 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 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 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 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 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 ANALISIS FINANCIAL DISTRESS DAN PENGARUHNYA TERHADAP HARGA SAHAM DI PERUSAHAAN MANUFAKTUR SEKTOR BAHAN DASAR DAN KIMIA

2021 ◽  
Vol 5 (1) ◽  
pp. 46
Author(s):  
Nuryanti Oktaviani ◽  
Purwanto Purwanto
Keyword(s):  
Financial Distress ◽  
Market Value ◽  
Z Score ◽  
Working Capital ◽  
Book Value ◽  
Purposive Sampling

Tujuan penelitian ini adalah untuk mengetahui kemungkinan perusahaan yang mengalami financial distress dan pengaruhnya terhadap harga saham dengan jumlah sampel sebanyak 12 perusahaan yang tercatat di Bursa Efek Indonesia pada periode tahun 2012-2016. Penelitian ini menggunakan pendekatan kuantitatif dan purposive sampling, sementara Z-score digunakan sebagai indikator financial distress dan uji lainnya dengan teknik analisis regresi linier sederhana dan berganda. Data penelitian yang dikumpulkan adalah data sekunder dengan sumber data diperoleh dalam bentuk dokumentasi atau publikasi berupa laporan keuangan tahunan perusahaan. Hasil penelitian ini menunjukkan bahwa 2 perusahaan berpotensi bangkrut dan sisanya berada dalam kondisi sehat. Berdasarkan analisis tersebut, nilai Z-score berpengaruh secara signifikan terhadap harga saham, sedangkan secara parsial menunjukkan rasio Working Capital to Total Assets dan Sales to Total Assets memiliki pengaruh negatif terhadap harga saham, rasio Earning Before Interest and Taxes to Total Assets dan Market Value of Equity to Book Value of Total Liabilities berpengaruh positif terhadap harga saham dan rasio Retained Earning to Total Assets tidak berpengaruh terhadap harga saham.

scholarly journals MODEL PREDIKSI FINANCIAL DISTRESS : PENGARUHNYA TERHADAP KINERJA SAHAM INDUSTRI TEKSTIL DAN GARMEN DI INDONESIA

BISMA ◽  
2020 ◽  
Vol 14 (1) ◽  
pp. 1
Author(s):  
Suskim Riantani ◽  
Sherly Delvia ◽  
Gugun Sodik
Keyword(s):  
Stock Returns ◽  
Financial Distress ◽  
Descriptive Analysis ◽  
Market Value ◽  
Garment Industry ◽  
Z Score ◽  
Financial Problems ◽  
Verification Methods ◽  
The Impact ◽  
Retained Earnings

This study aims to predict the possibility of Financial distress in the textile and garment industry using the Altman Z-score prediction model and analyze the impact of Financial distress on the company's stock performance as measured by stock returns. This research used descriptive analysis and verification methods. Applying a purposive sampling method, the research sample consisted of 15 issuers from the textile and garment industry during the observation period of 2012-2016. This research used panel data regression to analyze research data. The results showed that one company did not experience financial problems, one company had potential financial problems, and the 13 other companies experienced Financial distress. The results of model testing showed that Altman Z-score can be used to predict Financial distress conditions in the textile and garment industry for the 2012-2016 period. The results of hypothesis testing showed that only one ratio of the Altman Z-score model has a significant effect on stock returns, i.e., market value of equity to book value of debt, while other ratios of working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets, and sales to total assets have no significant effect on stock returns. These findings imply that the investors in the textile and garment industry attentively observe the company's market value in making any investment decisions. Keywords: Altman Z-score, Financial distress, stock returns, textile and garment industry

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