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All Journal OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Jurnal Kajian Ilmiah Akuntansi Fakultas Ekonomi UNTAN (KIAFE)
Akwilia, Asteria
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Economics, Econometrics & Finance Education Social Sciences

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Pengaruh Struktur Modal, Ukuran Perusahaan, dan Pertumbuhan Penjualan terhadap Nilai Perusahaan dengan Intervening Kinerja Keuangan Akwilia, Asteria; Espa, Vitriyan; Desyana, Gita
OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Vol 9 No 2 (2025): OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi
Publisher : Fakultas Keguruan Dan Ilmu Pendidikan Universitas Pasundan

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Abstract

Company value is the main factor that describes market conditions on the performance and possibilities of a company. The purpose of this study is to analyze the effect of capital structure, company size, and sales growth on company value, with financial performance intervening. Research with associative quantitative analysis using secondary data, namely the annual financial reports of companies in the Fast-Moving Consumer Goods sector published on the Indonesia Stock Exchange (IDX) from 2022–2024. The sample was selected through a purposive sampling method, in 30 companies that met the criteria and a sample of 90. Using path analysis techniques to find out the direct and indirect relationships of each variable. The results of this study prove that partially, capital structure and company size do not affect company value or financial performance. Sales growth does not have a direct effect on company value, but affects financial performance, which then has a significant impact on company value. Simultaneously, capital structure, company size, and sales growth do not affect financial performance, but significantly affect company value through financial performance as an intervening variable.
PERBANDINGAN MODEL ALTMAN, SPRINGATE, DAN ZMIJEWSKI DALAM MEMPREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN CONSUMER NON-CYCLICALS Akwilia, Asteria
Jurnal KIAFE Vol. 4 No. 2 (2026): August 2026
Publisher : Undergraduate Program in Accounting, Department of Accounting, Faculty of Economics and Business, Universitas Tanjungpura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/kiafe.v4i2.111698

Abstract

This study aims to analyze differences in financial distress prediction results generated by the Altman, Springate, and Zmijewski models and to determine which model yields the highest accuracy for non-cyclical consumer sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The study employs a descriptive-comparative quantitative approach using secondary data derived from corporate financial statements. A purposive sampling method was used, resulting in a sample of 70 companies, yielding 210 observations over the three-year period. Analysis was conducted using descriptive statistics, the Kruskal-Wallis test, and model accuracy testing. The Kruskal-Wallis test results yielded an H-value of 403.470 with a significance level of < 0.001, indicating significant differences in the prediction results among the three models. Accuracy test results revealed that the Altman model achieved 37.62% accuracy, the Springate model 80.00%, and the Zmijewski model 89.52%. Consequently, the Zmijewski model demonstrated the highest accuracy and the lowest error rate. These findings suggest that the selection of a prediction model should take into account sector characteristics and the specific ratio components employed; furthermore, the results provide valuable information for companies, investors, and stakeholders regarding the early detection of financial distress.  
Co-Authors Desyana, Gita Vitriyan Espa