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All Journal Jurnal Reviu Akuntansi dan Keuangan Interdisciplinary Social Studies Journal Of World Science Reviu Akuntansi, Keuangan, dan Sistem Informasi
Tojibussabirin, Muhammad
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Penerapan Model Zmijewski Dan Grover Untuk Mempred-iksi Kesulitan Keuangan Pada PT Garuda Indonesia Tbk Periode 2010- 2020 adilah, Dina nafisah; Tojibussabirin, Muhammad
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 2 No. 1 (2023): Reviu Akuntansi, Keuangan dan Sistem Informasi (REAKSI)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2023.2.1.50

Abstract

This study aims to determine the financial distress of PT Garuda Indonesia Tbk between 2010 and 2020, as analyzed by Zmijewski’s X-Score and Grover’s G-Score models. The X-Score model utilizes three ratios of the return on assets, debt ratio, and current ratio, and the G-Score model utilizes three ratio calculations of working capital to total assets, earnings before interest and taxes to total assets, and return on assets. This study applies quantitative descriptive analysis involving the secondary data of the company's financial statements. The results indicated that there were differences in the company's financial condition assessment between Zmijewski's and Grover’s methods. Zmijewski’s method revealed that in 2010, PT Garuda Indonesia Tbk was in a safe zone condition or not experiencing any Financial Distress, contradicting Grover’s method, indicating the opposite condition. The different results occurred as Zmijewski’s method focused on the level of solvency while Grover’s method focused on the level of profitability of the company. The analysis of the two methods concluded that the Financial Distress of PT Garuda Indonesia Tbk was triggered by problematic cash flow, high-risk capital structure due to the loan capital, operational losses and lack of sources of income, poor financial planning, and external factor influence, one of which is inflation. Abstrak Penelitian ini bertujuan untuk mengetahui terjadinya Financial Distress pada PT Garuda Indonesia Tbk pada periode 2010-2020 dengan menggunakan model Zmijewski X-Score dan Grover G- Score. Model X-Score menggunakan tiga rasio, return on assets, debt ratio, dan current ratio. Sedangkan Model G-Score juga menggunakan tiga perhitungan rasio yaitu, working capital to total assets, earning before interest and taxes to total assets, dan return on assets. Jenis penelitian ini adalah penelitian analisis deskriptif dengan pendekatan kuantitatif. Data yang digunakan menggunakan data sekunder yang berupa laporan keuangan perusahaan. Hasil penelitian menunjukkan terdapat perbedaan penilaian kondisi keuangan perusahaan antara metode Zmijewski dan Grover. Metode Zmijewski menunjukkan pada tahun 2010 PT Garuda Indonesia Tbk sedang berada dalam kondisi zona aman atau tidak mengalami Financial Distress. Sedangkan pada metode Grover menunjukkan bahwa pada tahun 2010 PT Garuda Indonesia Tbk sedang berada dalam kondisi tidak aman atau mengalami Financial Distress. Perbedaan hasil ditimbulkan karena metode Zmijewski berfokus pada tingkat solvabilitas dan metode Grover berfokus pada tingkat profitabilitas suatu perusahaan dan dapat di analisis dari perhitungan kedua metode tersebut bahwa PT Garuda Indonesia Tbk mengalami kondisi Financial Distress dikarenakan arus kas bermasalah dan berjalan kurang baik, Sturktur modalnya terlalu berisiko tinggi karna sebagian besar modal nya didanai hutang, Adanya kerugian secara operasional dan minim nya sumber pendapatan, Perencanaan keuangan kurang baik serta dipengaruhi oleh faktor ekternal juga yaitu dengan adanya inflasi.
A Analisis Financial Distress Pada Perusahaan Properti Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Dalam Masa Pandemi Covid-19 Satrio Wibowo, Aryan Syamsi; Tojibussabirin, Muhammad
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 1 No. 4 (2022): Reviu Akuntansi, Keuangan dan Sistem Informasi (REAKSI)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2022.1.4.53

Abstract

This study aims to test the determinants of financial distress occurrence in companies during the 2016-2020 period. This study uses property and real estate companies listed on the Indonesia Stock Exchange from 2016-2020 as research samples., The determinants used in the analysis are divided into two: non-financial aspects and financial aspects. The non-financial aspects consisted of institutional ownership, managerial ownership, independent commissioners, and the size of the board of directors. The financial aspects consisted of liquidity, leverage, profitability, activity ratio and company size. Financial distress in this study is proxied using Altman's Z-Score which are healthy (1) and distress (0) categorical dummies. This type of research is descriptive analysis research with a quantitative approach. Secondary data is used in the form of company financial statements. Logistic regression analysis was used to analyze the relationship between the independent and dependent variables in this study. The results showed that the non-financial aspects of institutional ownership were proven to affect the company's health condition as indicated by the value of financial distress. In the financial aspect, the variables liquidity, leverage, profitability, activity ratio and company size are proven to affect the company's financial distress condition. However, this study cannot prove that managerial ownership, independent commissioners, and the size of the board of directors can affect the company's health condition which is indicated by the value of financial distress.   Abstrak Penelitian ini bertujuan untuk menguji determinan terjadinya financial distress pada perusahaan di tahun 2016-2020. Penelitian ini menggunakan perusahaan properti dan real estate yang terdaftar di Bursa Efek Indonesia pada tahun 2016-2020 sebagai sampel penelitian. Determinan yang digunakan sebagai analisa dibagi menjadi dua yaitu aspek non-finansial dan aspek finansial. Aspek non-finansial yang digunakan yaitu kepemilikan institusional, kepemilikan manajerial, komisaris independen, dan ukuran dewan direksi, Aspek finansial yang digunakan yaitu likuiditas, leverage, profitabilitas, rasio aktivitas dan ukuran perusahaan. Financial distress dalam penelitian ini diproksikan menggunakan Altman’s Z-Score yang menjadi dummy sehat (1) dan bangkrut (0). Jenis penelitian ini adalah penelitian analisis deskriptif dengan pendekatan kuantitatif. Data yang digunakan menggunakan data sekunder yang berupa laporan keuangan perusahaan. Analisis regresi logistic digunakan untuk menganalisa hubungan variabel independen dan variabel dependen pada penelitian ini. Hasil penelitian menunjukkan bahwa aspek non-finansial kepemilikan institusional terbukti dapat mempengaruhi kondisi kesehatan perusahaan yang ditunjukkan pada nilai financial distress. Pada aspek finansial, variabel likuiditas, leverage, profitabilitas, rasio aktivitas, dan ukuran perusahaan terbukti dapat mempengaruhi kondisi financial distress perusahaan. Akan tetapi, penelitian ini tidak dapat membuktikan bahwa variabel kepemilikan manajerial, komisaris independen, dan ukuran dewan direksi dapat mempengaruhi kondisi kesehatan perusahaan yang ditunjukkan pada nilai financial distress.
Analisis Kebangkrutan Menggunakan Model Altman Modifikasi, Springate, Zmijewski, Dan Grover Pada Pt. Waskita Karya (Persero) Tbk Tojibussabirin, Muhammad; Yoga Kurniawan, Muhammad
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 1 No. 3 (2022): Reviu Akuntansi, Keuangan dan Sistem Informasi (REAKSI)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2022.1.3.60

Abstract

This research aims to analyze the financial performance of PT. Waskita Karya (Persero) Tbk for the last ten years using the modified Altman, Springate, Zmijewski, and Grover models, and compare the analysis of the four models in predicting financial distress on the company. This research employs descriptive analysis and the data were collected through documentation of the financial statements of PT. Waskita Karya (Persero) Tbk from 2011 to 2021 and analyzed by bankruptcy analysis including modified Altman, Springate, Zmijewski, and Grover models. The modified Altman model detected financial distress in 2011, 2017, and 2020. The Springate model detected financial distress conditions from 2014 to 2021. Zmijewski's model detected financial distress situations in 2011, 2019, 2020, and 2021. And Grover model detected financial distress condition in 2020. The results of the analysis indicated distress classification differences in respective models. As such, the Springate and modified Altman models had the highest sensitivity to financial distress prediction as they could detect the decreased financial performance earlier than those of other models. The Modified Altman model is the most suitable model for analyzing financial distress due to its more accurate description of the company’s financial condition.   Abstrak Penelitian ini bertujuan untuk mengetahui kinerja keuangan pada PT. Waskita Karya (Persero) Tbk selama sepuluh tahun terakhir dengan menggunakan model Altman Modifikasi, Springate, Zmijewski, dan Grover serta melakukan analisis perbandingan dari keempat model tersebut dalam memprediksi financial distress perusahaan. Penelitian ini menggunakan metode deskriptif. Pengumpulan data menggunakan metode dokumentasi dengan menggunakan data laporan keuangan PT. Waskita Karya (Persero) Tbk mulai dari tahun 2011 hingga 2021. Analisis data dilakukan menggunakan model analisis kebangkrutan yang terdiri atas model Altman Modifikasi, Springate, Zmijewski, dan Grover. Model Altman modifikasi mendeteksi perusahaan dalam kondisi kesulitan keuangan pada tahun 2011, 2017, dan 2020. Model Springate mendeteksi perusahaan dalam kondisi kesulitan keuangan pada tahun 2014 hingga 2021. Model Zmijewski mendeteksi perusahaan dalam kondisi kesulitan keuangan pada tahun 2011, 2019, 2020, dan 2021. Dan model Grover mendeteksi perusahaan dalam kondisi kesulitan keuangan pada tahun 2020. Hasil analisis pada penelitian ini menunjukkan terdapat perbedaan klasifikasi kondisi distress dari tiap model yang digunakan serta penelitian ini menunjukkan bahwa model Springate dan Altman Modifikasi merupakan model dengan sensitivitas tertinggi dalam memprediksi financial distress perusahaan karena dapat mendeteksi penurunan kinerja perusahaan lebih awal dibandingkan model lainnya. Model Altman Modifikasi merupakan model yang cocok digunakan dalam menganalisis kondisi kesulitan keuangan karena model ini lebih teliti dalam menggambarkan kondisi keuangan perusahaan.
Analisis Kinerja Keuangan Perusahaan Sub Sektor Farmasi Yang Terdaftar Di Bei Selama Pandemi Covid-19 Siregar, Audina Yasminda Putri; Tojibussabirin, Muhammad
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 2 No. 3 (2023): Reviu Akuntansi, Keuangan dan Sistem Informasi (REAKSI)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/reaksi.2023.2.3.142

Abstract

This study aims to determine the financial performance of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the Covid-19 pandemic. The financial performance in this study is measured by the du pont system to discern how good the companies’ effectiveness and efficiency are in using assets and in creating companies’ operational activities. The sample includes 10 companies selected through purposive sampling, and the secondary data of quarterly financial statements of pharmaceutical sub-sector companies listed on the IDX between 2019 and 2020 are analyzed quantitatively utilizing descriptive statistics and inferential statistics. The results of this study exhibit that there are significant differences in the ratios of TATO and NPM and no significant differences in the ratios of ROI and ROE of the companies before and during the COVID-19 pandemic. Abstrak Penelitian ini bertujuan untuk mengetahui kinerja keuangan perusahaan sub sektor farmasi yang terdaftar di Bursa Efek Indonesia (BEI) selama pandemi Covid-19. Pengukuran kinerja keuangan pada penelitian ini menggunakan pendekatan du pont system dengan tujuan untuk mengetahui sejauh mana efektifitas dan efisiensi perusahaan dalam menggunakan aktiva dan dalam menciptakan kegiatan operasional perusahaan. Metode penelitian yang digunakan adalah kuantitatif dengan menggunakan data sekunder berupa laporan keuangan triwulan perusahaan sub sektor farmasi yang terdaftar di BEI. Teknik analisis data yang digunakan adalah statistik deskriptif dan statistik inferensial. Hasil penelitian ini menunjukkan bahwa terdapat perbedaan yang signifikan pada rasio TATO dan NPM dan tidak terdapat perbedaan yang signifikan pada rasio ROI dan ROE perusahaan sub sektor farmasi yang terdaftar di BEI sebelum dan selama pandemi Covid-19.
Analysis Influence Of Total Quality Management On Competitive Advantages With Technological Innovation And Knowledge Management As Moderating Variables Chairunnisa, Chairunnisa; Tojibussabirin, Muhammad; Iqbal, Syaiful
Jurnal Reviu Akuntansi dan Keuangan Vol. 15 No. 1 (2025): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v15i1.37710

Abstract

Purpose: This study aims to analyse the effect of total quality management on competitive advantage at PT Bank Pembangunan Dearah Tbk. with technological innovation and knowledge management as moderating variables. Methodology/approach: Primary data were collected from 373 Bank Jatim employees through questionnaire distribution. Data were analysed using Partial Least Square (PLS) statistical technique to test the relationship between variables. Findings: Total quality management is proven to be a factor that can affect competitive advantage. Technological innovation is able to strengthen the influence of total quality management on competitive advantage, but knowledge management is unable to strengthen or weaken the influence of total quality management on competitive advantage. Practical implications: This research is expected to be a consideration for the management of banking companies in integrating technological innovation and knowledge management through the application of total quality management, so that companies can achieve competitive advantage in facing the industrial revolution 4.0. Originality/value: This study adds moderating variables of technological innovation and knowledge management, which are thought to have a combined influence in the relationship of total quality management to competitive advantage which aims to answer the inconsistency of previous research findings. This study also uses the distribution of questionnaires to Bank Jatim employees, thus providing research results that are relevant to current conditions.
Financial risk analysis of Public-Private Partnership (PPP) projects case study on Pandaan - Malang Toll Road Nugroho, Farid Arif Adi; Rosidi, Rosidi; Tojibussabirin, Muhammad
Interdisciplinary Social Studies Vol. 3 No. 4 (2024): Regular Issue: July-September 2024
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/iss.v3i4.715

Abstract

This study aims to analyze the financial risks faced by the Pandaan-Malang Toll Road PPP (Public-Private Partnership) project in Indonesia. Data collection techniques include semi-structured in-depth interviews with parties related to the PPP project, including the Directorate General of Infrastructure Financing, the Tolling Road Management Agency (government), and Business Entities (PT Jasamarga Pandaan Malang). The collected data will be analyzed to determine the financial risk factors faced by PPP projects and the financial controls carried out to overcome financial risks in PPP. The results show that the risk of errors in forecasting in the calculation of demand, cost, and revenue projections is a risk that almost often occurs. The Government emphasizes the importance of optimizing the role of PII (Persero) or Indonesia Infrastructure Guarantee Fund (IIGF) as an Infrastructure Guarantee Business Entity (BUPI) to ensure financial sustainability and minimize the impact of sudden shocks on the State Budget due to the provision of Government Guarantees for cooperation projects. This study provides insights or frameworks that can be applied to similar projects, helping to improve risk assessment and decision-making processes in future infrastructure developments.
Determinants of Infrastructure Spending Efficiency in Indonesia: Data Envelopment Analysis (DEA) and Tobit Regression Approach Hartono, Sri; Rahman, Aulia Fuad; Tojibussabirin, Muhammad
Journal of World Science Vol. 2 No. 8 (2023): Journal of World Science
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/jws.v2i8.347

Abstract

This study aims to measure the efficiency value of the Ministry of PUPR's infrastructure development in each province in the 2020-2022 period and examine the influence of the determinants of efficiency through fiscal capacity, population, and area. The data used in this study uses secondary data, namely expenditure realization data in the PUPR Ministry's financial reports, Minister of Finance Regulations regarding regional fiscal capacity, and data on population and area according to the Central Bureau of Statistics. This study uses two stages of analysis; the first is to measure technical efficiency with the DEA approach through the assumption of input-oriented VRS (Variable Return to Scale), and the second is to analyze the determinants using the Tobit regression model. The study results show that the average infrastructure development efficiency score decreased over 2020-2022. Other results find that fiscal capacity has an effect on increasing the efficiency of infrastructure development, and population size and area have an effect on reducing the efficiency of infrastructure development.
Co-Authors adilah, Dina nafisah Aulia Fuad Rahman Chairunnisa Chairunnisa Nugroho, Farid Arif Adi Rosidi Rosidi Satrio Wibowo, Aryan Syamsi Siregar, Audina Yasminda Putri Sri Hartono, Sri Syaiful Iqbal Yoga Kurniawan, Muhammad