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Journal : SPEKTRUM INDUSTRI

BANKRUPTCY PREDICTION OF LISTED CEMENT COMPANY IN INDONESIAN STOCK EXCHANGES USING ALTMAN Z-SCORE MODEL Arifia Fitriani; Alizar Hasan; Ahmad syafruddin Indrapriyatna
Spektrum Industri Vol. 17 No. 2: Oktober 2019
Publisher : Universitas Ahmad Dahlan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/si.v17i2.13961

Abstract

Ratio analysis is one of the most competent tools to predictthe bankruptcy of a company. In this paper the bankruptcyprediction of listed cement company in Indonesian StockExchanges has been evaluated using Altman Z-score. Thisstudy aims to determine the level of the bankruptcy of thelisted cement companies in the Indonesian Stock Exchangeduring 2013 to 2017. There are four listed cementcompanies, namely PT Semen A, PT Semen B, PT Semen Cand PT Semen D. Based on the results of the research, itshows that PT Semen A, PT Semen B and PT Semen C are inthe safe zone with the highest Z value which is 15,822 andthe lowest Z value which is 3,542. PT Semen D is in thebankrupt zone because it has a Z value below 1.8. For thatreason, all companies need to improve the performanceimmediately to avoid the bankruptcy happening. There aremany ways to avoid the bankruptcy such as improving thesales revenue, improving operational cost and wastereduction in operation.
Co-Authors Abdul Talib, Hayati Habibah Adini, Hasti Afri Adnan Afrinaldi, Feri Ahmad Syafruddin Akbar, Ricky Al Busyra Fuadi Aldi Williya Alexie Herryandie Alfadhlani Alyani Rahma Putri Amijaya, Tisna Amrina, Elita Arifia Fitriani Armijal Armijal Aslimuardi Muluk Asmuliardi Muluk Ayuna, Dwiza Bahrul Anif Berri Brilliant Albar Berry Yuliandra Brianda, Wiko Okta Buang Alias Darmalion, Darmalion Desto Jumeno Desto Jumeno Dicky Fatrias Difana Meilani Dina Rahmayanti Dira Fatrina Donard Games Dwifitra Jumas Elita Amrina Eri Wirdianto Eureka Perdana Putra Fadhita Maisa Asri Fandy Triawan Fandy Triawan Fifi Nadhroh Foci, Nia Arfina Gesit Thabrani Gunawan, Fauzi Hafiz Rahman, Hafiz Hary Fandeli Hayati Habibah Abdul Talib Hayuzikra, Aufa Henmaidi Henmaidi Henmaidi Henmaidi Henra Nanang Sukma Hilma Raimona Zadry Hubbig, Afdhal Husnil Hidayat Ikhwan Arief Indah Desfita Indrapriyatna, Ahmad Syafruddin Innsanul Kamil Insannul Kamil, Insannul Intan Juwita Irvan Nofrandy iswahyuningsih iswahyuningsih Jonrinaldi Jumeno, Desto Kamil, Insannul Lusi Susanti Marta, Ayu Mego Plamonia Morena Tantilia Muhammad Ridwan Muharma, Arma Muluk, Asmuliardi Mulyani, Rini Muthia Roza Linda, Muthia Roza Nandra Lolyta Anggraini. A Nasfi, Nasfi Nasfryzal Carlo Nilda Tri Putri Nofialdi, Nofialdi Nofrandy, Irvan Novya Ardies Novya Ardiesa Patrisina, Reinny Perengki Susanto Prima Fithri putra, Yudhy Soneta Putri, Alyani Rahma Rahmiati Rahmiati Rahmiati Rahmiati Ratni Prima Lita Ravelby, Thesa Alif reinny patrisina Rezeki, Rahmad Ricky Akbar Ricky Eka Putra Rida Rahim Ridwan, Ridwan Rika Ampuh Hadiguna Rismasari, Roza Riza Yonita Roza Rismasari Sabri Septian Septianas Yunior Septyan Haris Kurniawan, Mohd Shelly Nolandari Siti Aisyah Jamal Suhery, Suhery Syafrizal Syafrizal Syafrizal Syafrizal Taufik Taufik Taufik Taufik Tri Putri, Nilda Tria Ewilda Triawan, Fandy Vera Pujani Wiko Okta Brianda Wilantara, Bayu Wisnel Wisnel Yulianto, Ardhian Agung Yumi Meuthia Zuchria Anggia Sari Hasnda Zuherna Mizwar Zulhanif, Zulhanif