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All Journal JELLT (Journal of English Language and Language Teaching) Jurnal Risalah Kebijakan Pertanian dan Lingkungan International Journal of Business, Economics, and Social Development International Journal of Quantitative Research and Modeling Jejak: Jurnal Pendidikan Sejarah Universitas Jambi International Journal of Mathematics, Statistics, and Computing
Putri, Aulya
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Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Mathematics Physics Social Sciences Other

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Journal : International Journal of Quantitative Research and Modeling

 1 
The Application of Z-Score and Zavgren Models in Managing Financial Distress at PT Garuda Indonesia (Persero) Tbk Damayanti, Resma; Putri, Aulya
International Journal of Quantitative Research and Modeling Vol 5, No 4 (2024)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v5i4.826

Abstract

As an archipelago, the aviation sector in Indonesia plays an important role, but PT Garuda Indonesia (Persero) Tbk. as one of the airline companies has experienced significant financial pressure. In the third quarter of 2023, the company recorded a net loss of US$ 72.07 million. This condition may put the company at risk of financial distress, a situation in which the company experiences financial difficulties before bankruptcy. This study uses the Altman Z-Score Model and the Zavgren Model to predict potential financial distress at PT Garuda Indonesia (Persero) Tbk. The analysis results show that from 2021 to 2023, the Altman Z-Score is consistently in the Bankrupt category, reflecting a high risk of bankruptcy, while the Zavgren model shows vulnerable conditions in 2021 but also indicates bankruptcy in 2022 and 2023. The results of this study are expected to provide early warning and assist management decision-making to reduce the risk of bankruptcy.
Mean-Variance Optimal Portfolio Selection with Risk Aversion on Transportation and Logistics Sector Stocks Based on Multi-Criteria Decision-Making Putri, Aulya; Riaman, Riaman; Sukono, Sukono
International Journal of Quantitative Research and Modeling Vol 6, No 1 (2025)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v6i1.895

Abstract

The importance of the transportation and logistics sector to a country's economy, coupled with the growth of this sector in Indonesia, requires investment support for this sector to continue to grow. Therefore, stocks in the transportation and logistics sector are attractive for investment portfolio consideration. The optimal portfolio selection is to minimize the risk with the expected return. In the formation of an investment portfolio, the problem is how to determine the weight of capital allocation in order to get the maximum return while still considering the risk in each stock, by considering several criteria in decision making. This study was conducted to determine the best stock selection in the transportation and logistics sector listed on the Indonesia Stock Exchange, and determine the optimal weight in the investment portfolio. The method used is Multi-Criteria Decision Making (MCDM), namely Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) using 15 financial metrics as relevant criteria in stock selection. Furthermore, to determine the allocation weight to form an optimal stock portfolio using the Mean-Variance model with Risk Aversion. The stocks analyzed were 28 stocks in the transportation and logistics sector. The results of research based on MCDM selected 9 stocks, namely MITI, BIRD, HATM, TMAS, JAYA, PPGL, BPTR, ASSA, and RCCC. However, TMAS, PPGL, and BPTR stocks are not included in portfolio formation because they have a negative average return. Based on the optimization results, the allocation weights of the 6 stocks included in the optimal portfolio are BIRD (37.7%), JAYA (24.6%), MITI (12.9%), HATM (9.9%), ASSA (7.5%), and RCCC (7.4%). The results of this study are expected to be a consideration in making investment decisions.
The Application of Z-Score and Zavgren Models in Managing Financial Distress at PT Garuda Indonesia (Persero) Tbk Damayanti, Resma; Putri, Aulya
International Journal of Quantitative Research and Modeling Vol. 5 No. 4 (2024)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v5i4.826

Abstract

As an archipelago, the aviation sector in Indonesia plays an important role, but PT Garuda Indonesia (Persero) Tbk. as one of the airline companies has experienced significant financial pressure. In the third quarter of 2023, the company recorded a net loss of US$ 72.07 million. This condition may put the company at risk of financial distress, a situation in which the company experiences financial difficulties before bankruptcy. This study uses the Altman Z-Score Model and the Zavgren Model to predict potential financial distress at PT Garuda Indonesia (Persero) Tbk. The analysis results show that from 2021 to 2023, the Altman Z-Score is consistently in the Bankrupt category, reflecting a high risk of bankruptcy, while the Zavgren model shows vulnerable conditions in 2021 but also indicates bankruptcy in 2022 and 2023. The results of this study are expected to provide early warning and assist management decision-making to reduce the risk of bankruptcy.
Mean-Variance Optimal Portfolio Selection with Risk Aversion on Transportation and Logistics Sector Stocks Based on Multi-Criteria Decision-Making Putri, Aulya; Riaman, Riaman; Sukono, Sukono
International Journal of Quantitative Research and Modeling Vol. 6 No. 1 (2025)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v6i1.895

Abstract

The importance of the transportation and logistics sector to a country's economy, coupled with the growth of this sector in Indonesia, requires investment support for this sector to continue to grow. Therefore, stocks in the transportation and logistics sector are attractive for investment portfolio consideration. The optimal portfolio selection is to minimize the risk with the expected return. In the formation of an investment portfolio, the problem is how to determine the weight of capital allocation in order to get the maximum return while still considering the risk in each stock, by considering several criteria in decision making. This study was conducted to determine the best stock selection in the transportation and logistics sector listed on the Indonesia Stock Exchange, and determine the optimal weight in the investment portfolio. The method used is Multi-Criteria Decision Making (MCDM), namely Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) using 15 financial metrics as relevant criteria in stock selection. Furthermore, to determine the allocation weight to form an optimal stock portfolio using the Mean-Variance model with Risk Aversion. The stocks analyzed were 28 stocks in the transportation and logistics sector. The results of research based on MCDM selected 9 stocks, namely MITI, BIRD, HATM, TMAS, JAYA, PPGL, BPTR, ASSA, and RCCC. However, TMAS, PPGL, and BPTR stocks are not included in portfolio formation because they have a negative average return. Based on the optimization results, the allocation weights of the 6 stocks included in the optimal portfolio are BIRD (37.7%), JAYA (24.6%), MITI (12.9%), HATM (9.9%), ASSA (7.5%), and RCCC (7.4%). The results of this study are expected to be a consideration in making investment decisions.
Co-Authors Damayanti, Resma Desi Surlitasari Dewi Dyah Tjahyandari Suryaningtyas Eko Ribawati Hermanu Widjaja, Hermanu Oktariani, Putri Randrikasari , Octaviana Riaman Riaman, Riaman Shalehoddin Shalehoddin, Shalehoddin Sukono Sukono Suwardi Suwardi