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FINANCIAL DISTRESS DAN PEMULIHAN KEUANGAN PT PAL 2016–2022: ALTMAN Z-SCORE MODIFIKASI DAN PERAN PMN Sidik Murdoko; Zainal Abidin Sahabuddin; Panji Suwarno
Journal of Social and Economics Research Vol 7 No 2 (2025): JSER, December 2025
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v7i2.1176

Abstract

PT PAL Indonesia (Persero) sebagai BUMN pertahanan menunjukkan indikasi tekanan keuangan pada 2016–2022. Studi ini menghitung Modified Altman Z-Score (Z’’) dari rasio X1–X4 menggunakan data Annual Report PT PAL periode 2016–2022, serta menganalisis kontribusi masing-masing komponen rasio dan menafsirkan dinamika perubahan dalam konteks Penyertaan Modal Negara (PMN) 2015 dan 2021. Hasil menunjukkan Z’’ berada di zona distress sepanjang periode, dengan rentang nilai dari –0,169 (2016) hingga –1,881 (2021). Pola perubahan mengindikasikan bahwa PMN terutama berkorelasi dengan penguatan solvabilitas (X4), sementara likuiditas modal kerja (X1), defisit laba ditahan (X2), dan profitabilitas operasi (X3) membaik lebih lambat. Temuan ini menunjukkan PMN berfungsi sebagai penahan tekanan jangka pendek, namun tidak menggantikan kebutuhan pembenahan operasional, terutama disiplin manajemen kas proyek, pengendalian biaya, penetapan harga kontrak, dan penataan portofolio proyek. Implikasi kebijakan yang ditawarkan adalah perlunya PMN berikutnya dikaitkan dengan target kinerja terukur (KPI) agar tidak memperkuat soft budget constraint.
Between Ambition and Fiscal Reality: Strategic Environment, Budgeting, and Military Modernization in Indonesia (2020-2025) Yaffid, Rienal; Saputro, Guntur Eko; Suwarno, Panji
PPSDP International Journal of Education Vol. 5 No. 1 (2026): PPSDP International Journal of Education
Publisher : Perkumpulan Program Studi Doktor Pendidikan (PPSDP)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59175/pijed.v5i1.808

Abstract

This journal article analyses the trends in the strategic environment (lingstra) that underlie the formulation of Minimum Essential Force (MEF) stages I, II, and III, and evaluates the process of preparing Indonesia’s defence spending from 2020 to 2025. The analysis uses a qualitative approach and secondary data documentation from the Ministry of Defence, the Ministry of Finance, and the National Development Planning Agency. The article presents the dynamics of policies and the process of formulating the defence expenditure budget, including a comparison between the proposed and approved budgets. It also includes data on financing components from Pure Rupiah Funds, as well as domestic and foreign financing. The findings show that global and regional strategic environmental factors, such as geopolitical competition, military modernization in neighbouring countries, and advancements in defence technology, significantly influence Indonesia’s defence priorities.
Co-Authors Achmed Sukendro Adang Supriyadi, Asep Ade Irma Suryani Nasution Adrianto, Agus Adriyanto, Agus Afif Al Fayed, Muhammad Agus Franciscus Hia, Hendrin Agustin, Mayang Ahmad Ahmad Ahmad Ahmad Ahmad Arifin Ahmad Arifin Ahmad Zaky Haidir Albert Mamahit, Desi Ali Sidik, Marjanuddin ali, yusuf Alriandi, Aldy Surya Aminuddin, M. Faisal Anak Agung Gede Sugianthara Andi Sunra Andri Azis Putra, Andri Azis Annava, Vania Amelia Annisa Mutia Pranita Ansar Tutu Apriani, Evi Aprianto Trianggoro Putro Ariputro, Aryobimo Bharadian Aris, Tomi Asih Yulianto, Bayu Asmoro, Novky Aulia Zafirawan, Rayhan Ayuni Wijaya, Dwi Bachtiar, Agung Bagus Satrio Wicaksono Bangun, Ernalem Bayu Dwi Welasasih bhaskara, muhammad surya Bungaran Patandianan, Priska Cahyo Ariandi, Dimas Chaerunnisa Kuswaya, Nabilla Chalizt, Ismaya Kenza Cherish Okcavia, Salsabila Dani Dasa Permana Dani Dasa Permana Desty Bulandari Destyanna Sari, Annisha Dirga Repindo Agustiyan Djoko Said, Budiman Dwi Wulandari Ester Nataliana Faradilla, Auriga Putri Fauzi Bahar G Samudro, Eko Gita Sari Dewi Gita Sari Dewi Guntur Eko Saputro Hadis Tian Harsuko Riniwati Hartanto, Dhimas Rudy Hasna Moraina Rizkiyani Hendrin Agus Franciscus Hia Herlina Juni Risma Saragih Herlina Risma Juni Saragih Hermanto, Djamarel Herry, Herry HS Putri, Rheviany Ikhwan Syahtaria, Moh Inayah, Atikah Indira Asa Putri Indira Asa Putri Ivan Yulivan Juni Risma Saragih, Herlina Juni Risma, Herlina Jurianto, Moch Jurianto, Moch. Jurianto, Mochamad Khusaini, K Khusaini, Mohammad Koerniawati, Inez Kome, Ellen Elisabeth Kristijarso, Kristijarso Kusuma Kusuma, Kusuma Legowo, Endro Liska Rahayu Lutvia Resta Setyawati Luxni Maulana Mahesswara, Kadek Bayu Prabha Marsetio Marsetio Maulana, Luxni Megalin Walukow Seso, Kristin Moh. Imron Rosyidi, Moh. Imron Mohammad Alfin Widyanto Moraina Rizkiyani, Hasna Muhamad Faisal, Muhamad Muhamad, Faisal Muhammad Halkis Muhtar Rifai Mulyani Mulyani Mulyaningrum, Retno Nabilah Rizqia Ramadhanty Nabillah, Khurin Nofrika Sari, Mira Novitasari, Destin Novitasari, Yussie Nurul Chamidah Nurwulansari, Nurwulansari Oktaviandra, Yosyea Padillah, Inshan Pandjaitan, Manahan Budiarto Pandoe, Ridha Munawir Masly Pangiutan, Pangiutan Permana, Dani Dasa Prabha Mahesswara, Kadek Bayu Pradana, Dimas Gading Arya Prakoso, Lukman Yudho Prissandi, Gita Pudjo Widodo Pujo Widodo Pujo Widodo, Pujo Pulungan, Ahmad Ari Syahputra Purwanto, Dwi Ari Purwantoro, Susilo Adi Putri, Cintya Yelena R, Herlina Juni Ramadhan, Rizqan Ramelan, Michael Sanrio Ras, Abdul Rivai Risma Juni Saragih, Herlina Rivai Ras, Abdul Rosyidi, Moch. Imron Rudiyanto Rudiyanto, Rudiyanto Ruslinar, Meli S, Berkat Exsaudi Sahrul, Sahrul Said, Budiman Djoko Samingan, Muhamad Saragih, Herlina Juni Risma Saragih, Herlina Risma Juni Saraswati, Meinarti Satrio Wicaksono, Bagus Sidik Murdoko Sindrawati, Sindrawati Siswo Hadi Sumantri Siswo Hadi Sumantri Siswo Hadi Sumantri Snekubu, Elyakim Snekubun, Elyakim Soemantri, Asep Iwa Sudjoko, Cakrawati Sukendro, Achmed Sumantri, Siswo Hadi Sundari, Sri Supriyadi, A. Adang Supriyadi, Asep Adang Susanto, Deni Suwito Suwito Syahtaria, Moh Ikhawan Syahtaria, Mohamad Ikhwan Syamsunasir Syamsunasir Syamsunasir, Syamsunasir Toelihere, Ivan Fillbert Tomi Aris Tomi Aris Tri Setia Darma Sinuraya Triadi, Irwan Trilia, Dewi Trismadi Trismadi Trismadi Trismadi, Trismadi Triyani Triyani Udisubakti Ciptomulyono Uly Maria Ulfah uni Risma Saragih, Herlina J Widodo Widodo . Widodo Widodo Widodo Widodo Wijaya, Dwi Ayuni Wilopo Wilopo, Wilopo Wiranto, Surya Wulan Fitri Utami Wulan Fitri Utami Yaffid, Rienal Yaumil Habibie, Sri Yudhistira, Arga Yundari, Yundari Yunias Dao Yurianto, Moch Yusnaldi Yusnaldi, Yusnaldi Zahra, Raesha Syahnaz Zainal Abidin Sahabuddin, Zainal Abidin Zega, Delasaro