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All Journal Jurnal Ekonomi dan Pembangunan Indonesia
Ayu Septiyani
STIE GICI
Economics, Econometrics & Finance

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Prediksi Potensi Kebangkrutan Perusahaan Manufaktur Subsektor Makanan dan Minuman Menggunakan Model Altman Z-Score Rizkison Rizkison; Ayu Septiyani
Jurnal Ekonomi dan Pembangunan Indonesia Vol. 4 No. 3 (2026): Agustus: Jurnal Ekonomi dan Pembangunan Indonesia
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/jepi.v4i3.2524

Abstract

The food and beverage manufacturing subsector contributes significantly to Indonesia's GDP; however, it remains vulnerable to challenges such as production cost fluctuations and the impact of the COVID-19 pandemic, which threaten corporate financial performance. This study aims to analyze the potential bankruptcy of food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The research utilizes the Altman Z-Score method, which integrates liquidity, profitability, solvency, and activity ratios as an early warning indicator of financial health. The results across ten sample companies indicate variations in financial health levels over the analyzed period. Companies such as PT Ultramilk Jaya Industry & Trading Tbk and PT Mayora Indah Tbk consistently remained in the safe zone (), indicating stable financial conditions and a low risk of bankruptcy. Conversely, companies like PT FKS Food Sejahtera Tbk and PT Indofood CBP Sukses Makmur Tbk were identified in the grey zone or faced potential bankruptcy. Consequently, management in high-risk companies must promptly implement financial performance improvements and strategic adjustments to ensure business continuity.
Co-Authors Rizkison Rizkison