B. Analisis Komparasi Model Altman, Zmijewski Dan Springate Untuk Memprediksi Financial Distress Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia

2020 ◽  
Vol 5 (1) ◽  
pp. 13
Author(s):  
Dyah Pelitawati ◽  
Ragil Alex Kusumawardana
Keyword(s):  
Financial Distress ◽  
Z Score ◽  
Error Margin ◽  
Score Model ◽  
Altman Model

ABSTRAKSI Financial distress adalah suatu keadaan dimana perusahaan mengalami kesulitan keuangan yang jika tidak segera diatasi atau diambil langkah-langkah penyelamatan, akan berujung pada bangkrutnya atau pailitnya suatu perusahaan. sangat penting kiranya bagi setiap perusahaan untuk bisa memprediksi kejadian financial distress di perusahaannya. Tujuan dari penelitian ini adalah untuk mengetahui bagaimana memprediksi financial distress di masa mendatang dengan menambil data-data dari laporan keuangan yang ada. Penelitian ini menggunakan metode kuantitatif denngan menggunakan model-model yang dikemukakan oleh tokoh-tokoh akademisi terdahulu untuk memprediksi financial distress. Teknik analisis data menggunakan tiga model yang telah dijabarkan oleh akademisi terdahulu yaitu Model Altman (Z-Score), Model Zmijewski (X-Score), dan Model Springate (S-Score). Hasil Penelitian ini menunjukkan bahwa analisis rasio keuangan pada laporan keuangan yang di-publish oleh perusahaan yang tercatat di Bursa Efek Indonesia tetapi kemudian mengalami delisting di tahun 2018 bisa memprediksi terjadinya financial distress. Perusahaan yang mengalami financial distress dengan dibuktikan di-delistingnya perusahaan tersebut dari Bursa Efek Indonesia dan menjadi objek penelitian ini berjumlah empat perusahaan. Dari keempat perusahaan yang mengalami delisting tersebut kemudian dianalisis rasio keuangan pada laporan keuangannya hingga dua tahun sebelum terjadinya financial distress. Dari analisis rasio keuangan ini kemudian dimasukkan ke dalam model yang telah diteorikan oleh tokoh-tokoh tadi.  Dari analisis rasio keuangan dan kemudian dianalisis menggunakan model yang dibuat oleh tokoh-tokoh terdahulu mempunyai hasil bahwa model yang dibuat oleh tokoh-tokoh tersebut akurat untuk memprediksi kejadian financial distress di masa mendatang. Urutan akurasi dari prediksi financial distress ini adalah Model Altman (Z-Score) yang mampu memprediksi sejak dua tahun sebelum terjadinya financial distress kemudian berikutnya adalah Model Zmijewski yang akurat memprediksi setahun sebelum terjadinya financial distress. Terakhir adalah Model Springate (S-Score) yang bisa memprediksi sejak dua tahun sebelum terjadi financial distress akan tetapi model ini mempuyani error margin yang cukup tinggi yaitu 25%.   Kata Kunci:  Financial Distress, Analisis Rasio Keuangan, Model Altman, Model Zmijewski, Model Springate

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 PREDICTING FINANCIAL DISTRESS IN NURSING HOMES: AN APPLICATION OF THE ALTMAN Z-SCORE MODEL

2017 ◽  
Vol 1 (suppl_1) ◽  
pp. 185-186
Author(s):  
J. Lord ◽  
R. Weech-Maldonado ◽  
G. Davlyatov
Keyword(s):  
Nursing Homes ◽  
Financial Distress ◽  
Z Score ◽  
Score Model

scholarly journals The Prediction of Bankruptcy using Altman Z-Score Model (Case Study in BRI Bank, BNI Bank, Mandiri Bank, BTN Bank)

2018 ◽  
Vol 2 (1) ◽  
pp. 12
Author(s):  
Mrs Herlin
Keyword(s):  
Z Score ◽  
Model Case ◽  
Gray Area ◽  
Score Model ◽  
Altman Model

Based on the calculation of the Altman model in predicting bankrupt at PT. Bank Rakyat Indonesia (Persero) Tbk in 2014, 2015, 2016, PT. Bank Mandiri (Persero) Tbk in 2014 and 2015 and is PT.Bank Tabungan Negara (Persero) Tbk in 2014 with a score of Z-score above 2.99 indicates that included in the company healthy or not potential to go bankrupt. Companies included in the category of unhealthy or potential companies to go bankrupt with a Z-score of less than 1.81 ie PT. Bank Tabungan Negara (Persero) Tbk in 2014 with a Z-score of 1.405 (<1.81). Companies included in the Gray Area (unpredictable) are PT. Bank Negara Indonesia (Persero) Tbk 2015 with Z-score of 2, 753 and year 2016 with Z-score 2,858. PT Bank Tabungan Negara in 2015 and 2016 with Z-score of 2,138 and 1,906 and PT. Bank Mandiri (Persero) Tbk in 2016 which shows the value of Z-score of 2,168.

scholarly journals Analysis on the Performance of Technology Companies with Z-score Model

2018 ◽  
Vol 7 (4) ◽  
pp. 633-639
Author(s):  
Lam Weng Hoe ◽  
Yeoh Hong Beng ◽  
Lam Weng Siew ◽  
Chen Jia Wai
Keyword(s):  
Organizational Performance ◽  
Financial Distress ◽  
Dominant Factor ◽  
Z Score ◽  
Financial Ratio ◽  
Technology Sector ◽  
Financial Failure ◽  
Distress Level ◽  
Information And Communication ◽  
Score Model

Local technology sector plays a significant role in information and communication technology (ICT) based innovations and applications which enhance organizational performance as well as national economic growth and labor productivity. In this paper, financial performance of the listed Malaysia companies in technology sector is analyzed and evaluated. Altman’s Z-score model is proposed due to its robustness in determining companies’ financial distress level using five financial ratios as variables. The computed Z-score values classify the financial status of the companies into distress, grey and safe zones. This study investigates the financial data of 23 listed technology-based companies in the Main Market of Bursa Malaysia over the period of 2013 to 2017. The findings reveal that the percentage of safe zone companies increase throughout the five years whereas distress zone companies decline. It is concluded that financial ratio for market value of equity to total liabilities is the dominant factor that directly influences the level of financial distress among these technology-based companies in Malaysia. These research outcomes provide an insight to investors or policy makers to develop future planning in order to avoid financial failure in local technology sector.

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 Analisis Penilaian Financial Distress Dengan Menggunakan Model Altman Z-Score Dan Model Springate Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2015-2019

2021 ◽  
Vol 1 (1) ◽  
Author(s):  
Febriana Anindyka ◽  
Makhmud Zulkifli
Keyword(s):  
Data Analysis ◽  
Financial Distress ◽  
Descriptive Statistics ◽  
Z Score ◽  
Financial Condition ◽  
Similarities And Differences ◽  
The Difference ◽  
Score Model ◽  
A Company ◽  
Data Analysis Methods

The aim of this research to analyze financial distress of Manufature Company by using Altman Z-Score and Springate Models. Moreover, this research aimed to know aims to determine the similarities and differences in the results of the analysis of financial distress assessment using the Altman Z-Score model and the Springate Model. This research used Descriptive statistics and data analysis methods used  in this research were Altman Z-Score and Springate Model. To the finding on the research, it showed that (1) ) After evaluating the Altman Z-Score and Springate models, there are fifty companies that fall into different conditions. (2) The similarities and differences in the results of the Atman Z-Score model and the Springate model are the results of the two models that can be seen from having almost the same variable components and the difference is that the results of the financial distress assessment using the Altman Z-score model and the Springate model show that both These models have different criteria in determining the financial condition of a company.

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 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 Implementasi Model Finansial Distres Pada Perusahaan Manufaktur Yang Terdaftar di IDX Tahun 2015-2017

2020 ◽  
Vol 9 (1) ◽  
pp. 61-74
Author(s):  
Tuti Zakiyah ◽  
Wahyuni Windasari
Keyword(s):  
Logistic Regression ◽  
Financial Distress ◽  
Binary Logistic Regression ◽  
Z Score ◽  
Working Capital ◽  
Binary Variable ◽  
The Third ◽  
A Value ◽  
Univariate Model ◽  
Score Model

Manufacturing Company is a sample of this study, the dependent variable used in this study is a binary variable, namely whether the company is in financial distress or non-financial distress. Hypothesis testing uses binary logistic regression (Binary Logistic Regression) because the dependent variable is a combination of metric and non-metric (nominal). The model used is the Altman Z-Score model, Springate S-Score, Grover G-Score, Zmijewski X-Score, and univariate models. Of the five models, the best model is the Springate S-Score with a Nagelkerke R2 value of 0.582. the second is, Zmijewski X-Score with a value of 0.227 and the third best is the Univariate Model with a value of 0.042. Of the three best models, namely the Springate S-Score, Zmijewski X-Score and the Univariate Model. The implementation is that the ratios in these models are very important to be considered by companies as a sensitivity tool so that companies do not experience financial distress. ratios that are often used are ratios related to the company's ability to manage and produce net working capital, sales, debt and ability to generate profits from sales and profits from assets.

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