Analisis Financial Distress Sebagai Prediktor Delisting Pt Berau Coal Energy TBK

Setyawan, Fajar; Burhanudin, Burhanudin; Widayanti, Rochmi

doi:10.33059/jmk.v7i1.466

Cited by 2 publications

(2 citation statements)

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“…Oleh karena itu, dapat dikatakan bahwa perusahaan termasuk dalam kategori financial distress sebelum mengalami kebangkrutan (Setyawan et al, 2018).…”

Section: Pendahuluanunclassified

Pengaruh Altman Z-Score Terhadap Realized Return Perusahaan Terbuka di Indonesia

Reinaldi¹,

Alvionita²,

Tjakranegara³

et al. 2019

saki

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This study aims to examine whether there is a relationship between Altman Z-Score (financial distress predictor) and realized return on company's stock, and how much the influence of Altman Z-Score on the realized stock returns. One way to find out the company's financial condition is using the Altman Z"-score Modification method (Altman, 2002) which is applied in this research. The sample in this study is public companies that are listed on the Indonesia Stock Exchange during the period 2013-2017. This study finds that the company's Altman Z-Score has a positive effect on the realized stock market returns, which means that when a company approaches the condition of is getting closer to financial distress, the realized return on its shares is lower. This study is in line with previous research by Campbell et al. (2008), Dichev (1998), and Griffin and Lemmon (2002. This research is useful for investors for determining their investment strategy and for companies' management for monitoring and maintaining the company's good financial condition. Sari PatiPenelitian ini bertujuan untuk menguji apakah terdapat hubungan antara Altman Z-Score (prediktor kesulitan keuangan atau financial distress) dan imbal balik saham (realized stock return), serta seberapa besar pengaruh Altman Z-Score terhadap imbal balik saham perusahaan. Salah satu cara untuk mengetahui kondisi kesehatan keuangan suatu perusahaan adalah dengan menggunakan metode Altman Z"-score Modifikasi (Altman, 2002) yang digunakan sebagai pengukuran dalam penelitian ini. Sampel pada penelitian ini adalah perusahaan terbuka yang terdaftar di Bursa Efek Indonesia pada tahun 2013-2017. Penelitian ini menemukan hasil bahwa Altman Z-Score perusahaan berpengaruh positif terhadap imbal balik saham yang berarti ketika suatu perusahaan semakin mendekati kondisi kesulitan keuangan, maka imbal balik saham yang didapatkan akan semakin rendah. Penelitian ini sejalan dengan penelitian terdahulu oleh Campbell et al. (2008), Dichev (1998, dan Griffin dan Lemmon (2002). Penelitian ini berguna bagi investor untuk menentukan strategi investasinya dan juga bagi manajemen perusahaan untuk memantau dan mempertahankan kondisi keuangan perusahaan yang baik.

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“…Oleh karena itu, dapat dikatakan bahwa perusahaan termasuk dalam kategori financial distress sebelum mengalami kebangkrutan (Setyawan et al, 2018).…”

Section: Pendahuluanunclassified

Pengaruh Altman Z-Score Terhadap Realized Return Perusahaan Terbuka di Indonesia

Reinaldi¹,

Alvionita²,

Tjakranegara³

et al. 2019

saki

View full text Add to dashboard Cite

show abstract

“…Currently, most research is concentrated on bankrupt companies, which are in the final phase of the financial distress stage, and not in the pre-bankruptcy stage. Some researchers also used the Altman Z-score method as a bankruptcy proxy (Masduki et al, 2019;Setyawan et al, 2018;ElBannan, 2021;Kristanti et al, 2016;Finishtya, 2019;Dillak & Fitri, 2019;Jaafar et al, 2018;B. Gunawan et al, 2016), and other researchers employed bankruptcy declarations from the judiciary (Mselmi et al, 2017) and bankruptcy statements, liquidated, dissolved or inactive due to bankruptcy (Charalambakis & Garrett, 2019).…”

Section: Introductionmentioning

confidence: 99%

Prediction of Financial Distress in Manufacturing Companies: Evidence from Indonesia

Bukhori

Kusumawati

Meilani

2022

JAI

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Research aims: This study aims to examine the effect of liquidity ratios, activity ratios, leverage ratios, and sales growth as predictors of financial distress before the bankruptcy stage.Design/Methodology/Approach: The samples of this study included manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2016 to 2019. The samples were selected using the purposive sampling method, and 334 sample companies were obtained. Then, the data analysis employed logistic regression.Research findings: The results revealed that all financial ratios investigated in this study significantly affected financial distress. In addition, while the liquidity ratio, activity ratio, and sales growth had a significant negative effect, the leverage ratio had a significant positive impact on financial distress.Practical and Theoretical contribution/Originality: Currently, most research on bankruptcy has concentrated on bankrupt companies, which are the final phase of the financial distress stage. Meanwhile, the current study attempts to address the gap by researching financial distress prediction before the bankruptcy stage.Practitioner/Policy implications: The results of this study are expected to help stakeholders to take corrective action early to prevent financial distress to the bankruptcy stage.Research limitation: The study only used a negative profit period of two years, at the stage of severe liquidity, and utilized four years of data in one industry sector.

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Analisis Financial Distress Sebagai Prediktor Delisting Pt Berau Coal Energy TBK

Cited by 2 publications

References 0 publications

Pengaruh Altman Z-Score Terhadap Realized Return Perusahaan Terbuka di Indonesia

Pengaruh Altman Z-Score Terhadap Realized Return Perusahaan Terbuka di Indonesia

Prediction of Financial Distress in Manufacturing Companies: Evidence from Indonesia

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