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All Journal Contemporary Studies in Economic, Finance and Banking (CSEFB)
Sidiq, Nadia Azhani
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Economics, Econometrics & Finance Social Sciences

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Analysis of the Influence of Financial Distress Based on Altman Z-Score Model on Stock Prices of Transportation and Tourism Companies in the Indonesia Stock Exchange in the Period of 2019-2023 Sidiq, Nadia Azhani; Devia, Vietha
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 2 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to elaborate the effect of the Altman Z”-score (1984) financial distress variable on stock prices in the transportation and tourism sector listed on the Indonesia Stock Exchange. This study uses a descriptive method with a quantitative approach. The research data is secondary data sourced from the annual financial reports of transportation and tourism sector companies for the period 2019 – 2023, with the amount of samples attainable is 21 companies. Using panel data regression as a hypothesis testing technique, the following are the research results: 1. The Working Capital / Total Asset and Earnings Before Interest and Tax / Total Asset variables do not significantly affect stock prices, 2. The Retained Earnings / Total Asset and Book Value of Equity / Book Value of Debt variables have an influence on stock prices. Together, the four variables have a significant impact on stock prices. The four variables can also explain their impact on stock prices. The implications of this study provide an understanding for management and public investors about financial difficulties and to maintain the stability of the company's debt level.
Co-Authors Devia, Vietha