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All Journal Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis dan Digital Jurnal Riset dan Inovasi Manajemen
Divianto Divianto
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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Analisis Penerapan Metode Altman Z-Score untuk Prediksi Kebangkrutan PT Kimia Farma Tahun 2019–2023 Nur Adni Putri Chantika; Yusleli Herawati; Divianto Divianto
Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis dan Digital Vol. 2 No. 3 (2025): Agustus : Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis dan Digital
Publisher : Asosiasi Riset Ilmu Manajemen dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/jimakebidi.v2i3.758

Abstract

This study aims to examine the potential bankruptcy of PT Kimia Farma during the 2019–2023 period by employing the Altman Z-Score method, which is widely recognized as an analytical tool for predicting corporate financial distress. The Altman Z-Score model evaluates company performance by integrating several financial ratios, thereby providing an indication of whether a company falls into a safe, gray, or bankruptcy zone. This research adopts a quantitative descriptive approach, using secondary data obtained from PT Kimia Farma’s annual financial reports covering the years 2019 to 2023. The analysis is conducted by calculating five financial ratios that comprise the Altman Z-Score model, namely working capital to total assets, retained earnings to total assets, earnings before interest and tax to total assets, market value of equity to total liabilities, and sales to total assets. The findings of this study reveal that PT Kimia Farma was consistently in the gray zone during the period of 2019–2021, suggesting that the company faced financial instability and a moderate risk of bankruptcy. However, the results further indicate that in 2022 and 2023, the company shifted into the bankruptcy zone, signaling an alarming decline in financial health and highlighting the urgent need for managerial attention. This decline reflects weaknesses in profitability, liquidity, and leverage management, which, if not addressed promptly, may threaten the company’s long-term sustainability. The results of this study are expected to provide meaningful contributions both practically and academically. For practitioners, particularly company management, the study serves as valuable input for reassessing financial strategies, strengthening internal controls, and formulating policies aimed at restoring financial stability. For academics and future researchers, the findings offer a relevant reference for studies concerning bankruptcy prediction, financial performance evaluation, and corporate risk management, especially in the context of state-owned enterprises in Indonesia.
Studi Kinerja Keuangan PT ABC Berdasarkan Rasio Solvabilitas dan Profitabilitas Tahun 2020–2024 Sukma Ayu; Divianto Divianto; Septini Kumalaputri
Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis dan Digital Vol. 2 No. 3 (2025): Agustus : Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis dan Digital
Publisher : Asosiasi Riset Ilmu Manajemen dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/jimakebidi.v2i3.769

Abstract

This study aims to analyze the financial performance of PT ABC for the 2020–2024 period using a solvency and profitability ratio analysis approach. The background of this study is based on the importance of a company's financial health in maintaining competitiveness and business sustainability amidst increasingly competitive market dynamics. Financial performance analysis not only serves to assess the effectiveness of company resource management but also serves as a reference for investors, creditors, and other stakeholders in making economic decisions. The research method used is quantitative descriptive analysis utilizing secondary data in the form of the company's annual financial reports accessed through the official website of the Indonesia Stock Exchange (IDX). Data collection techniques were carried out through documentation studies, with financial reports for the 2020–2024 period selected using a purposive sampling method. The analysis focused on calculating and interpreting solvency and profitability ratios. The results show that in terms of solvency, the debt to asset ratio (DAR) and debt to equity ratio (DER) tend to be high, reflecting the company's dependence on debt-based financing. This situation can pose financial risks if not balanced with an appropriate debt management strategy, resulting in suboptimal solvency performance. Meanwhile, profitability analysis shows that gross profit margin (GPM), net profit margin (NPM), and return on assets (ROA) are at relatively low levels. This indicates that the company's efficiency in generating profits from sales and asset utilization is not optimal. However, the return on equity (ROE) ratio actually shows quite good performance. This condition indicates that the company is able to optimize shareholder equity to generate a reasonable profit.
Prediksi Potensi Kebangkrutan PT Argo Pantes Tbk Periode Tahun 2014-2024 (Implementasi Model Zmijewski X-Score) Masayu Adisya Auradinda Pratiwi; Divianto Divianto; Yulia Pebrianti
Jurnal Riset dan Inovasi Manajemen Vol. 3 No. 3 (2025): Agustus: Jurnal Riset dan Inovasi Manajemen
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59581/jrim-widyakarya.v3i3.5486

Abstract

This study aims to predict the potential bankruptcy of PT Argo Pantes Tbk for the period 2014–2024 using the Zmijewski X-Score model. The research adopts a quantitative method based on secondary data obtained from the company’s published annual financial statements. The Zmijewski model was selected because of its effectiveness in assessing companies with unstable financial conditions and its ability to provide a more accurate reflection of financial distress compared to other models. The analysis process involved calculating the X-Score for each year within the observation period and interpreting the results according to the criteria of the model. The findings indicate that for the entire study period, the calculated X value was consistently greater than or equal to zero. This outcome signifies that the company is in a condition classified as potentially bankrupt. Furthermore, the model demonstrated 100% accuracy in describing the company’s actual financial situation, since PT Argo Pantes Tbk consistently recorded net losses throughout the period of analysis. These losses were not incidental but reflected a long-term pattern of weak financial performance, limited profitability, and declining competitiveness in the textile industry. The results highlight that PT Argo Pantes Tbk has been operating under severe financial distress for a prolonged period, with no indication of recovery during the years observed. The persistent losses and negative financial indicators reinforce the conclusion that the company is in an unhealthy condition. The study confirms the applicability and reliability of the Zmijewski X-Score as a bankruptcy prediction tool in the Indonesian context, particularly for firms experiencing prolonged instability. Overall, the study provides valuable insights into financial distress analysis and underscores the importance of early bankruptcy prediction models in supporting stakeholders, investors, and regulators in making informed decisions.
Co-Authors Masayu Adisya Auradinda Pratiwi Nur Adni Putri Chantika Septini Kumalaputri Sukma Ayu Yulia Pebrianti Yusleli Herawati