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All Journal Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis dan Digital Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis Jurnal Riset dan Inovasi Manajemen
Divianto Divianto
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Computer Science & IT 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.
Pengaruh Environmental, Social, dan Governance Disclosure Score terhadap Nilai Perusahaan Subsektor Perbankan Periode 2022-2024 Nahdiatuz Zahra; Divianto Divianto; Agung Anggoro Seto
Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis Vol. 5 No. 3 (2026): September : Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jupsim.v5i3.7907

Abstract

This study aims to examine the effect of EDS, SDS, and GDS on company value in the banking subsector listed on the Indonesia Stock Exchange during the 2022-2024 period. This study uses a quantitative method with a descriptive approach. The study population is banking subsector companies listed on the Indonesia Stock Exchange, with a sampling technique using purposive sampling resulting in 9 banking companies as research samples for three years of observation, namely 2022-2024. The data used are secondary data sourced from the company's annual report and Bloomberg. Data analysis was carried out using the panel data regression method. The results show that partially EDS has a significant effect on company value with a probability value of 0.0850. Meanwhile, SDS does not have a significant effect on company value with a probability value of 0.3655. GDS also does not show a significant effect on company value, with a probability value of 0.3325. Simultaneously, EDS, SDS, and GDS do not have a significant effect on company value, as indicated by the Prob (F-statistic) value of 0.174333.
EVALUASI KEBIJAKAN MANAJEMEN LIKUIDITAS DAN KEBIJAKAN MANAJEMEN MODAL KERJA MELALUI CASH CONVERSION CYCLE Putri Zahra Calista; Marieska Lupikawaty; Divianto Divianto
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 10 No 3 (2026): ON GOING
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v10i3.7809

Abstract

Ketidakpastian ekonomi global dan fluktuasi harga minyak kelapa sawit pascapandemi menuntut adanya pengelolaan likuiditas dan modal kerja yang efektif bagi perusahaan agribisnis. Penelitian ini bertujuan untuk menganalisis kondisi likuiditas dan modal kerja serta mengevaluasi kebijakan pengelolaan PT Laras Astra Kartika selama periode 2020–2024. Dengan menggunakan pendekatan deskriptif-kuantitatif dan data sekunder dari laporan keuangan tahunan, analisis ini menggunakan rasio likuiditas current ratio, quick ratio, cash ratio, dan perputaran kas, serta indikator modal kerja (modal kerja bersih, perputaran modal kerja, dan siklus konversi kas). Hasil penelitian menunjukkan adanya penurunan kinerja likuiditas, yang tercermin dari turunnya current ratio dari 1,03 menjadi 0,33 dan quick ratio menjadi 0,30 pada tahun 2024. Sementara itu, siklus konversi kas yang bernilai negatif dipengaruhi oleh tingginya jumlah hari utang dagang yang belum dilunasi days payable outstanding, yang mengindikasikan bahwa perusahaan menjaga likuiditas dengan menunda penyelesaian utang dagang. Temuan ini menyiratkan bahwa perusahaan menerapkan kebijakan agresif yang sangat bergantung pada penundaan kewajiban jangka pendek, sehingga meningkatkan risiko likuiditas. Perusahaan perlu memperkuat pengelolaan likuiditas dengan mengoptimalkan arus kas operasi, mempercepat penagihan piutang, mengelola utang dagang, menerapkan kebijakan modal kerja yang seimbang, serta mengintegrasikan komponen siklus konversi kas demi mencapai efisiensi operasional.
ANALISIS KINERJA KEUANGAN MENGGUNAKAN METODE EVA, MVA DAN FVA PADA PERUSAHAAN PERKEBUNAN KELAPA SAWIT BEI 2020-2024 Muhammad Firli; Divianto Divianto; Fernando Africano
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 10 No 3 (2026): ON GOING
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v10i3.7838

Abstract

Penelitian ini bertujuan menilai kinerja keuangan sejumlah perusahaan perkebunan kelapa sawit yang terdaftar pada Bursa Efek Indonesia dalam rentang 2020–2024, dengan memanfaatkan metode EVA, MVA, dan FVA. Berbekal data sekunder dari laporan keuangan tahunan sembilan perusahaan yang diseleksi melalui purposive sampling, penelitian ini menggunakan pendekatan deskriptif kuantitatif. Untuk mengukur sejauh mana setiap perusahaan mampu menciptakan nilai tambah ekonomi, pasar, dan finansial, dilakukan analisis data berupa perhitungan EVA, MVA, dan FVA. Hasilnya memperlihatkan bahwa kinerja keuangan perusahaan-perusahaan tersebut cenderung tidak seragam. Hanya beberapa perusahaan yang mampu secara berkelanjutan menghasilkan nilai tambah ekonomi berdasarkan EVA, sementara perusahaan lainnya terus mencatatkan nilai EVA negatif selama periode waktu tertentu. Sebagian besar perusahaan mencatatkan nilai negatif berdasarkan MVA, yang berarti nilai pasar mereka belum melampaui investasi modal yang mereka keluarkan. Meskipun beberapa perusahaan masih mencatatkan nilai negatif pada awal periode penelitian, sebagian besar perusahaan mencatatkan nilai positif berdasarkan FVA. Hasil penelitian ini menunjukkan bahwa penggunaan EVA, MVA, dan FVA secara bersamaan memungkinkan evaluasi yang lebih menyeluruh terhadap kinerja keuangan suatu perusahaan, karena masing-masing pendekatan tersebut menilai aspek yang berbeda dalam penciptaan nilai. Penelitian ini memberikan informasi yang bermanfaat bagi para investor untuk membantu pengambilan keputusan investasi, serta bagi manajemen perusahaan untuk menilai efektivitas penggunaan modal dan aset.
Co-Authors Africano, Fernando Agung Anggoro Seto Marieska Lupikawaty Masayu Adisya Auradinda Pratiwi Muhammad Firli Nahdiatuz Zahra Nur Adni Putri Chantika Putri Zahra Calista Septini Kumalaputri Sukma Ayu Yulia Pebrianti Yusleli Herawati