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All Journal Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Felisa Hayatun Tasya
Universitas Negeri Surabaya, Surabaya, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analysis of the Z-Score in Predicting Financial Distress and Its Impact on the Value of the Firm in the Financial Sector Listed on the Indonesian Stock Exchange for the Period 2022-2024 Felisa Hayatun Tasya; Pujiono
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1090

Abstract

This study aims to analyze the financial health and the potential for financial distress using the Altman Z-Score method, as well as its effect on firm value as measured by Tobin's Q. in financial sector companies listed on the Indonesia Stock Exchange during the 2022-2024 period, using secondary data obtained from company financial statements. The results indicate that most companies are in less stable financial conditions, reflected by the dominance of firms categorized as experiencing financial distress, while firm value varies across companies, indicating that market assessments are not uniform. Furthermore, the Altman Z-Score is found to have a significant effect on firm value, suggesting that financial health plays an important role in determining firm value, although market valuation does not always fully reflect the company's fundamental condition.  
Analysis of the Z-Score in Predicting Financial Distress and Its Impact on the Value of the Firm in the Financial Sector Listed on the Indonesian Stock Exchange for the Period 2022-2024 Felisa Hayatun Tasya; Pujiono
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1090

Abstract

This study aims to analyze the financial health and the potential for financial distress using the Altman Z-Score method, as well as its effect on firm value as measured by Tobin's Q. in financial sector companies listed on the Indonesia Stock Exchange during the 2022-2024 period, using secondary data obtained from company financial statements. The results indicate that most companies are in less stable financial conditions, reflected by the dominance of firms categorized as experiencing financial distress, while firm value varies across companies, indicating that market assessments are not uniform. Furthermore, the Altman Z-Score is found to have a significant effect on firm value, suggesting that financial health plays an important role in determining firm value, although market valuation does not always fully reflect the company's fundamental condition.  
Co-Authors Pujiono