scholarly journals BANKRUPTCY PREDICTION ANALYSIS USING THE ZMIJEWSKI MODEL (X-SCORE) AND THE ALTMAN MODEL (Z-SCORE)

2020 ◽  
Vol 1 (5) ◽  
pp. 794-806
Author(s):  
Viciwati Viciwati
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Secondary Data ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Accuracy Rate ◽  
Financial Reports ◽  
Normality Test ◽  
The Difference ◽  
Score Model

This study aims to identify and analyze the accurate models of Financial Distress in retail companies listed on the Indonesian Stock Exchange in 2014-2018 using the Zmijewski (X-Score) and Altman (Z-Score) Model. The sample used is 70. This study uses secondary data from the 2014-2018 annual financial reports. This study tested the hypothesis using the normality test and the Kruskal Wallis test or the difference test using SPSS version 26. The results of this study indicate that the Zmijewski (X-Score) model is the model that has the highest accuracy rate in predicting bankruptcy with an accuracy rate of 90%.

scholarly journals ANALISIS PENILAIAN FINANCIAL DISTRESS MENGGUNAKAN MODEL ALTMAN (Z-SCORE) PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2013-2015

2017 ◽  
Vol 5 (1) ◽  
pp. 55
Author(s):  
Sri Yati ◽  
Katarina Intan Afni Patunrui
Keyword(s):  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Pharmaceutical Companies ◽  
Z Score ◽  
Financial Reports ◽  
Book Value ◽  
Total Debt ◽  
Score Model

This study aims to observe the financial distress assessment for pharmaceutical companies listed on the Indonesia Stock Exchange using the Altman Z-Score model. The sample is selected using purposive sampling method. Ten pharmaceutical companies were selected with the criteria listed in the Indonesia Stock Exchange (BEI) and regularly published financial reports in 2013 until 2015. Secondary data was derived from www.idx.co.id site.  The results indicate that the Altman Z-Score model can be implemented in detecting the possibility of financial distress in the pharmaceutical company. Working capital to total assets and book value equity to book value of total debt are two determinant variables which is determining the decrease in Z-score value in this research.  One from ten companies have the lowest value of the Z-Score and experiencing financial distress. For two years, the company is in distress zones but in the third year, the company is managed to increase the value of the company and included in the gray zones. This company must continue to strive in order to stabilize the company's financial and asset utilization to obtain maximum profit, and until it was declared as a healthy company.

scholarly journals ANALISIS PERBANDINGAN MODEL ALTMAN, MODEL SPRINGATE, DAN MODEL ZMIJEWSKI DALAM MEMPREDIKSI KEBANGKRUTAN BANK SYARIAH DI INDONESIA

2018 ◽  
Vol 1 (1) ◽  
pp. 13
Author(s):  
Diyah Santi Hariyani ◽  
Agung Sujianto
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Homogeneity Test ◽  
Islamic Banks ◽  
Z Score ◽  
Accuracy Rate ◽  
Normality Test ◽  
Score Model ◽  
One Way Anova

<p><strong>ABSTRACT</strong><br />The purpose of this research to provide empirical evidence that the Model Altman , Springate , and Zmijewski is the most appropriate model for predicting bankruptcy Islamic Bank in Indonesia . The population in this study are all Islamic banks listed on the Indonesia Stock Exchange . This study uses secondary data from the financial statements of Islamic banks in 2010-2014 . Testing the hypothesis in this study using normality test, homogeneity test, and one way ANOVA test ( different test ) . The results showed that Springate model is the most appropriate model to predict the Islamic banks in Indonesia with an accuracy of 38.00 % , then Model Zmijewski with 28.00 % accuracy rate and Altman with an accuracy of 0.00 % .</p><p><br /><strong>Keywords : Altman Z-Score Model, Springate S-Score Model, Zmijewski X-Score Model.</strong></p>

scholarly journals BANKRUPTCY PREDICTION OF THE COMPANY USING ALTMAN Z–SCORE METHOD FOR THE CONVENTIONAL BANKS REGISTERED IN THE INDONESIA STOCKS EXCHANGE (BEI)

2017 ◽  
Vol 2 (02) ◽  
pp. 11
Author(s):  
Irwansyah .
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Gray Area ◽  
Analysis Technique ◽  
Score Analysis ◽  
Score Method ◽  
Score Model ◽  
Conventional Banks

This study was conducted to prove the accuracy of bankruptcy prediction of Altman Z-Score model on conventional banks listed on the Indonesia Stock Exchange. The data used in this study is secondary data obtained from the annual financial statements of conventional banks during the period of 2013-2016 mentioned on the official website of the Indonesia Stock Exchange. The data analysis technique used is bankruptcy prediction of Altman Z-Score model, using five variables representing liquidity ratios X1, profitability ratios X2 and X3, and activity ratios X4 and X5. The formula Z-score = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + X5. When Z-Score criteria is Z > 2.90 it is categorized as a healthy company. Z-Score between 1.23 to 2.90 is categorized as a company in area. While Z-Score Z < 1.23 is categorized as a potential bankrupt company. Based on the results of the research, Z-Score analysis that has been done in the period of 2013-2016 indicating that most conventional banks are predicted bankrupt. The lowest score of the Z-Score is 1.23. Only one Bank Jtrust Indonesia Tbk (BCIC bank code) is in a healthy category. Bank Mandiri (Persero) Tbk with BMRI bank code, has been increasing from the prediction of bankruptcy category to the prediction of gray area category.Keywords: Altman Z-Score, Conventional Banks Listed on BEI 2013-2016, Prediction of Bankruptcy.

scholarly journals Analisis Potensi Kebangkrutan: Perbandingan Model Altman dengan Zavgren

PERSPEKTIF ◽  
2020 ◽  
Vol 9 (2) ◽  
pp. 447-452
Author(s):  
Wardayani Wardayani ◽  
Azhar Maksum
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Identification Problem ◽  
Bankruptcy Prediction ◽  
Logit Analysis ◽  
Z Score ◽  
Gray Area ◽  
Financial Difficulties ◽  
Score Model ◽  
Analysis Models

This study is aimed to compare two methods to determine the potential for bankruptcy of the company. The method used is the Altman (Z Score) and Zavgren (Logit Analysis) models. The Z Score model is a method to predict the financial difficulties, where the score value on the Altman Z Score classifies whether a company being bankrupt or not. Zavgren developed bankruptcy prediction model with Logit Analysis which divide bankruptcy classifications. The identification problem in this research are the decline in profits occurred from the end of 2016 until 2018, and the mismatch of the increase in profits to the increase the number of assets in the Cosmetics Company, through the use of secondary data from the Indonesia Stock Exchange of companies with code MRAT, KINO, TCID, dan MBTO. Thus, the financial state of cosmetics companies listed on the Indonesia Stock Exchange (BEI) during the 2016 to2018, according to the Altman Z Score model can be categorized into 2 criteria, they are: Gray Area; MBTO and Sound Area: MRAT, KINO and TCID. Meanwhile, based on the Zavgren model, MRAT, KINO, TCID and MBTO were declared as Sound.

FINANCIAL DISTRESS PREDICTION AND SEEING THE INFLUENCE OF THE ALTMAN RATIO ON COMPANY FINANCIAL DISTRESS

2018 ◽  
Vol 23 (3) ◽  
pp. 236-243
Author(s):  
Hadhi Dharmaputra Juliyan ◽  
Bertilia Lina Kusrina
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Large Role ◽  
Corporate Bankruptcy ◽  
Mining Companies ◽  
Financial Distress Prediction ◽  
Distress Prediction ◽  
Score Model

This research aims to determine the level of the bankruptcy of the company and to see if the Altman ratio can predict the condition of corporate bankruptcy in mining companies on the Indonesia Stock Exchange because mining companies have a large role in the Indonesian economy. This study uses the Altman Z-Score model analysis to see how much the company's bankruptcy prediction and uses logistic regression to see how much the influence of the Altman ratio in predicting corporate bankruptcy. Keywords: financial distress, the Altman z–score, bankruptcy prediction

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 ANALISIS TINGKAT AKURASI MODEL ALTMAN Z-SCORE, INDEKS KEPAILITAN, DAN INDEKS IN05 SEBAGAI PREDIKTOR KEBANGKRUTAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2011-2015

Jurnal Ecogen ◽  
2018 ◽  
Vol 1 (4) ◽  
pp. 197
Author(s):  
Diana Novita
Keyword(s):  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Total Sample ◽  
Bankruptcy Prediction ◽  
Manufacturing Companies ◽  
Z Score ◽  
Sample Test ◽  
Score Model ◽  
Post Hoc

This study discusses the use of bankruptcy prediction model that does not exist applied in Indonesia and determine the accuracy of each model. The research objective is to analyze the differences in outcome prediction and know the model that has the best accuracy level between the model Altman Z-Score, Bankruptcy Index, and IN05 Index. This type of research is a comparative study, the population of all manufacturing companies listed on the Indonesia Stock Exchange in 2011 to 2015. The sample is determined by purposive sampling method so acquired 28 companies, and the total sample is 140 years old company. Data used is secondary data obtained from the official website of Indonesia Stock Exchange (www.idx.co.id). The analytical method used is the analysis of different test-independent k-sample test, descriptive statistics and the accuracy of the model using post hoc test and the type of error. The results show that: 1) there are significant differences between the model of the Altman Z-Score model Insolvency Index, and models IN05 index on manufacturing companies listed on the Stock Exchange. 2) The model has the best accuracy by post hoc test is a model of the Altman Z-Score and by type of error is the most accurate models are models IN05 index.Keywords: Altman Z-Score, Insolvency Index, IN05, Bankruptcy

scholarly journals ANALISIS PREDIKSI KEBANGKRUTAN MENGGUNAKAN MODEL ALTMAN Z-SOCRE DAN MODEL INTERNAL GROWTH RATE

2018 ◽  
Vol 1 (1) ◽  
pp. 18-25
Author(s):  
Dian Safitri ◽  
Dina Fitri Septarini
Keyword(s):  
Growth Rate ◽  
Empirical Study ◽  
Stock Exchange ◽  
Secondary Data ◽  
Analytical Techniques ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Rate Model ◽  
Research Objects ◽  
Score Model

Analysis of Bankruptcy Prediction Using Altman Z-Score Model and Internal Growth Rate Model An Empirical Study on Delisting Companies from Indonesia Stock Exchange Year 2012-2015. This study aims to predict bankruptcy using the Altman Z Score model and the Internal Growth Rate model in delisting companies from the Indonesia Stock Exchange in 2012-2015 and to find the most appropriate model in predicting bankruptcy.The number of companies studied were 12 companies delisted from the Indonesia Stock Exchange 2012-2015 with a year of observation for 3 years before delisting, so that the object of research selected as many as 36 objects of research, with the object that can be studied as many as 24 research objects. The data used is secondary data. Analytical techniques used are Altman Z-Score model and Internal Growth Rate model.Results from 24 objects of the research using modification Altman Z-Score model there are 10 objects that fall into the category of bankruptcy. While using the Internal Growth Rate model there are 12 companies that fall into the category of bankruptcy. From the results of the analysis can be seen that the model of Internal Growth Rate is more appropriate and easier to use to shave bankruptcy of 12 companies delisting from the Indonesia Stock Exchange.   Keywords: Altman Z-Score, Internal Growth Rate, and Prediction of bankruptcy.

scholarly journals Stock Prices Predicted by Bankruptcy Condition?

2018 ◽  
Vol 9 (2) ◽  
pp. 105-114
Author(s):  
Irawati Junaeni
Keyword(s):  
Stock Prices ◽  
Financial Distress ◽  
Stock Price ◽  
Sampling Method ◽  
Stock Exchange ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Analysis Method ◽  
Simple Regression Analysis ◽  
Score Model

This research had two objectives. First, it determined the prediction of the method of Altman Z-Score whether it could classify banking positions, bankruptcy, or financial distress in the go-public bank in Indonesia Stock Exchange. Second, it was to know the influence of value position of Altman Z-Score on the stock price. The population was 84 banking company listed on the Indonesia Stock Exchange in 2010-2015. The sampling method was purposive sampling. Moreover, data analysis method used was a simple regression analysis. For data processing, it used software Eviews 8. The Z-Score calculations predict the potential bankruptcy of go-public bank in 2010-2015. All results show that Z-Score has the small score of 1,81. It can be said there is a potential bankruptcy. For t-test, it can be concluded that Z-Score has the positive and significant effect on the stock price. The ability of Z-Score values in explaining the stock price is 95,50% while the remaining 4,50% is influenced by other variables that are not analyzed in the research. With some weaknesses of Altman’s Z-Score model, this research has the implication for management bank. It improves the financial performance for the future to avoid opportunity bankruptcy prediction. The results show how the effect of bankruptcy on banking stock prices.

scholarly journals Analisis Kebangkrutan dengan Model Altman Z-Score pada Perusahaan Sektor Industri Dasar dan Kimia di Bei Periode 2013-2014

2017 ◽  
Vol 26 (01) ◽  
pp. 136-163
Author(s):  
Suci Kurniawati
Keyword(s):  
Financial Distress ◽  
Quantitative Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Z Score ◽  
Manufacturing Company ◽  
Score Model ◽  
Score Index

 The purpose of this study is to analyze the company's financial distress on basis industry and chemical sectors as many as 57 companies using the ALTMAN Z-Score model in 2013-2014. The data which used was secondary data, such as Financial Statements of manufacturing company publication issued by Indonesian Stock Exchange (BEI) and obtained by downloading the website: www.idx.com. This study uses descriptive quantitative method. The finding of Z-Score index in basis industry and chemical sector in 2013 is occupied by PT. Intan Wijaya Internasional Tbk on chemical subsector and 2014 is occupied by PT. Alakasa Industrindo Tbk on metal subsector and others, with the first highest rank and healthy condition, whereas the last and lowest rank on wood and processing sector  in 2013-2014 is PT. SLJ Global Tbk, with having financial distress condition. The findings of this study are not consistent or even  in accordance with the reality which shows that the Altman method can not be used as a tool to indicate a tendency towards company’s financial distress.

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