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Journal : MANAJEMEN

Analisis Financial Distress: Altman, Grover, Dan Springate Pada Perusahaan Tekstil dan Garmen di Bei Periode 2019-2023 Rahma Fadila Rahayu; Vicky Oktavia; Linda Ayu Oktoriza; Maria Safitri
MANAJEMEN Vol. 5 No. 1 (2025): MEI : MANAJEMEN (Jurnal Ilmiah Manajemen dan Kewirausahaan)
Publisher : LPPM Politeknik Pratama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/manajemen.v5i1.918

Abstract

This study examines the differences in bankruptcy prediction results using three financial distress models, namely Altman Z-Score, Grover, and Springate. The object of research is textile and garment companies listed on the Indonesia Stock Exchange during the 2019-2023 period. A total of eight companies were selected as samples through purposive sampling technique. The data used is secondary data in the form of financial statements. Data processing was carried out by calculating each model using Microsoft Excel, while statistical testing was carried out through the Shapiro-Wilk and Kruskal-Wallis tests with the help of SPSS version 26 software. The analysis results show that there are significant differences between the three models in predicting potential financial difficulties. The Grover model shows the highest accuracy rate of 100%, followed by the Altman model at 87.50%, and the Springate model at 37.50%.
Pengaruh ROA, ROE, NPM dan Modal Kerja terhadap Return Saham pada Perusahaan Transportasi di BEI (2019-2023) Fitriyani M. Rukin; Maria Safitri
MANAJEMEN Vol. 5 No. 1 (2025): MEI : MANAJEMEN (Jurnal Ilmiah Manajemen dan Kewirausahaan)
Publisher : LPPM Politeknik Pratama

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/manajemen.v5i1.1004

Abstract

This study analyzes the influence of financial performance indicators—ROA, ROE, NPM, and Working Capital—on stock returns of transportation companies listed on the Indonesia Stock Exchange during 2019–2023. Using multiple linear regression, the findings indicate that ROA and ROE significantly and positively affect stock returns, while NPM has no significant effect. Conversely, Working Capital shows a negative significant effect.