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COMPARATIVE ANALYSIS OF ALTMAN, SPRINGATE AND ZMIJEWSKI MODELS IN PREDICTING BANKRUPTCY Anwar Anwar; Reni Restriani Utami
PENANOMICS: International Journal of Economics Vol. 1 No. 3 (2022): December
Publisher : Yayasan Pusat Cendekiawan Intelektual Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56107/penanomics.v1i3.48

Abstract

This study aims to determine the potential for bankruptcy in timber sub-sector companies and their management that are listed on the Indonesia Stock Exchange for the 2017-2020 period using the Altman, Springate, and Zmijewski models and to find out the comparison of the three models. This type of research is quantitative research. The research population is the company's sub-sector of wood and its processing. The research sample is PT. SLJ Global Tbk (SULI) and PT. Tirta Mahakam Resources Tbk (TIRT). Data analysis techniques use the Altman, Springate, and Zmijewski models. The results of the study show that SULI and TIRT are predicted to experience potential bankruptcy in 2017-2021 using the Altman and Zmijewski model. 2018-2021 for SULI and 2020-2021 for TIRT using the Springate model. The results of the Mann Whitney test show that there is no difference in predicting the potential for bankruptcy of SULI and TIRT using the three models.
Pengaruh Arus Kas terhadap Kinerja Keuangan pada Perusahaan Sub Sektor Telekomunikasi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2011-2020 Andi Riska Islamiyati Amalia Arsyad; Anwar Ramli; Anwar Anwar
Jurnal Pendidikan dan Konseling (JPDK) Vol. 4 No. 5 (2022): Jurnal Pendidikan dan Konseling
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jpdk.v4i5.7055

Abstract

Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh arus kas terhadap kinerja keuangan yang dilihat dari kemampuan perusahaan dalam menghasilkan laba atau Return On Assets (ROA). Jenis penelitian adalah penelitian kuantitatif deskriptif. Variabel dalam penelitian ini yaitu arus kas yang terdiri dari arus kas operasi, arus kas investasi, dan arus kas pendanaan sebagai variabel independen dan Return On Assets (ROA) sebagai variabel dependen. Populasi dalam penelitian ini seluruh perusahaan sektor infrastruktur dan transportasi yang terdaftar di BEI, sedangkan sampel yang digunakan yaitu subsektor telekomunikasi yang terdaftar di BEI periode tahun 2011-2020. Metode penelitian yang digunakan yaitu regresi linier berganda dengan menggunakan SPSS. Analisis data yang dilakukan yaitu analisis statistik deskriptif dengan mengumpulkan laporan keuangan perusahaan sub sektor telekomunikasi yang terdaftar di BEI. Hasil penelitian ini menunjukkan bahwa baik secara parsial maupun secara simultan arus kas operasi, arus kas investasi, dan arus kas pendanaan memiliki pengaruh tidak signifikan terhadap Return On Assets (ROA).
Beyond Compliance: Legal Capability as a Dynamic Strategic Resource for Sustainable Competitive Advantage Anwar Anwar; Romansyah Sahabuddin; Chalid Imran Musa; Deddy Ibrahim Rauf
LAW & PASS: International Journal of Law, Public Administration and Social Studies Vol. 3 No. 3 (2026): August
Publisher : PT. Multidisciplinary Press Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/lawpass.v3i3.125

Abstract

Organizations increasingly operate in environments where regulatory change, technological disruption, and institutional uncertainty directly affect the feasibility and timing of strategic decisions. Yet law is still frequently treated as a compliance boundary rather than as a strategic capability. This article develops Strategic Legal Capability (SLC) as a higher-order organizational capability through which firms sense, interpret, orchestrate, and convert legal and regulatory change into strategic adaptation and sustainable competitive advantage. An integrative literature review combines insights from the resource-based view, dynamic capabilities theory, institutional theory, legal astuteness, legal strategy, and nonmarket strategy. The synthesis identifies four mutually reinforcing dimensions of SLC: legal sensing, legal interpretation, legal orchestration, and regulatory opportunity conversion. The article proposes that SLC improves strategic decision quality and organizational resilience by expanding the firm's feasible strategic options under regulatory uncertainty. It further argues that regulatory complexity, technological disruption, institutional uncertainty, and artificial-intelligence intensity condition the value of SLC. The resulting framework reframes law from an exogenous constraint into an endogenous capability for strategic adaptation. The article contributes a unified construct, a set of testable propositions, and a research agenda for integrating law more deeply into contemporary strategic management.