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Yumniati Agustina
Universitas Tama Jagakarsa Program Studi Manajemen Informatika STMIK Jakarta STI&K
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Journal : International Journal of Applied Finance and Business Studies

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A mixed-method approach to bankruptcy prediction: Altman z-score vs. Springate s-score Agustina, Yumniati; Hilaludin, Hilaludin
International Journal of Applied Finance and Business Studies Vol. 12 No. 2 (2024): September: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/ijafibs.v12i2.296

Abstract

This study aims to determine the cause of the bankruptcy of PT. Cahyabintang Respati using the Almant Z-Score method and the Springate S-Score method and find out the differences between the two methods. This study uses primary company data obtained directly from CBR companies. The research method used is a mixed method (Mix Method), which is a qualitative and quantitative method. The final results of this study indicate that the main cause of the bankruptcy of PT. CBR that is continuing to decrease the fleet of ships owned by PT. CBR which results in a reduced drag of the ship and the company's revenue continues to experience a decline to the minus number and lead to bankruptcy. The calculation results of the Altman Z-score method of PT CBR's financial condition from 2007 to 2014 are still experiencing a healthy financial condition and in 2015 to 2018 the financial condition of PT. CBR experienced a gray condition (Gray Area) and in 2019 the financial condition of PT. CBR is in a bankruptcy position while the Springate method calculation results show that in 2007 to 2014 the financial condition of PT. CBR is still in a healthy financial condition, further from 2015 until 2019 PT. CBR is experiencing a difficult financial condition or based on bankruptcy. After testing the independent sample t test using the SPSS program, there was no significant difference between the Almant Z-Score and Springate methods in analyzing the bankruptcy of PT. CBR.
Cash flow, corporate governance, corporate social responsibility on financial performance Agustina, Yumniati; Setiadi, Iwan; Sudrajat, Endrawan
International Journal of Applied Finance and Business Studies Vol. 12 No. 2 (2024): September: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the influence of Operating Cash Flow, the Implementation of Good Corporate Governance (GCG), and Corporate Social Responsibility (CSR) Practices on the Financial Performance of Mining Sector Companies listed on the Indonesia Stock Exchange from 2018 to 2022. The sample consists of 20 mining companies, totaling 100 data points, determined using the purposive sampling method. This quantitative research employs associative quantitative analysis in a causal relationship framework, utilizing secondary data with a ratio scale, processed through SPSS version 26. Data analysis techniques include descriptive statistics, classical assumption tests, model tests (multiple linear regression), and hypothesis tests. The findings indicate that, partially, Cash Flow, Institutional Ownership, and Managerial Ownership have a positive and significant impact on Financial Performance, while the Independent Board of Commissioners and Corporate Social Responsibility do not significantly affect Financial Performance. Collectively, Cash Flow, Institutional Ownership, Managerial Ownership, Independent Board of Commissioners, and Corporate Social Responsibility significantly influence Financial Performance, accounting for 74.0% of the variance, with the remaining 26.0% influenced by variables not included in this study
Unpacking ESG disclosure and market performance: a stakeholder-based study of Indonesian Energy Firms Agustina, Yumniati; Setiadi, Iwan; Murwaningsari, Etty
International Journal of Applied Finance and Business Studies Vol. 13 No. 2 (2025): September: Applied Finance and Business Studies
Publisher : Trigin Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/ijafibs.v13i2.384

Abstract

This scholarly work investigates the potential impact of Environmental, Social, and Governance (ESG) information dissemination on firm-level performance, within the theoretical scope of stakeholder orientation. ESG transparency is evaluated across three thematic pillars—ecological stewardship, societal engagement, and corporate oversight—based on parameters delineated by Nasdaq ESG Metrics (2019). Corporate performance is represented by a market-based indicator, namely Tobin’s Q. The empirical dataset comprises 17 energy-sector entities listed on the Indonesia Stock Exchange over the period 2019–2023, selected through purposive sampling methodology. Analytical procedures employ multiple linear regression techniques. The empirical results indicate that environmental transparency exerts a statistically significant and favorable influence on firm value. In contrast, disclosures related to social and governance aspects do not demonstrate a meaningful association with corporate performance. On the whole, the disclosure of ESG dimensions exhibits a significant and positive linkage with firm outcomes. Nevertheless, in spite of existing regulatory mandates, merely 25% of energy firms have issued sustainability reports, and the comprehensiveness of ESG-related disclosures remains suboptimal. The present invetigation highlights the strategic importance of environmental transparency in enhancing market valuation. Practically, the findings urge energy firms to enhance environmental disclosures to boost investor trust and firm valuation.
Co-Authors Aridi, Kartika Aprilia asmara, fany Cusyana, Silvi Reni Etty Murwaningsari Fauziah, Resa Hilaludin, Hilaludin Hudaa, Syihaabul Indriani P, Theresia Iwan Setiadi Latifah, Anni Nurcahyo, Widyat Nurul Fatimah Nuryani Nuryani Pidyat Nurcahyo Putri, Katmita Dias Rahayuningsih, Afri Rasiyem, Rasiyem Sri Setia Ningsih, Sri Setia Sri Wahyuni Sudrajat, Endrawan Talis, Novrida Wariam, Inge