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All Journal Kompak : Jurnal Ilmiah Komputerisasi Akuntansi JURNAL LENTERA BISNIS
Nadia, Ananta Arta
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Economics, Econometrics & Finance Education Social Sciences

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Analisis Metode Springate Dalam Memprediksi Kebangkrutan Pada Perusahaan Asuransi Yang Terdaftar  di BEI Purwantoro, Aletha Kevina Putri; Nadia, Ananta Arta; Anggraeni, Dwi; Alamsyah, Naditha Ersa Auryn; Ramadhan, Yanuar
Kompak :Jurnal Ilmiah Komputerisasi Akuntansi Vol. 18 No. 2 (2025): Kompak : Jurnal Ilmiah Komputerisasi Akuntansi
Publisher : Universitas Sains dan Teknologi Komputer

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/kompak.v18i2.2901

Abstract

Unstable financial conditions in insurance companies can serve as an early indicator of potential bankruptcy, which may have wide-ranging impacts on policyholders, shareholders, and the overall stability of the financial sector. Therefore, early detection of bankruptcy risk is critically important. This study aims to evaluate the effectiveness of the Springate model in identifying potential bankruptcy among insurance companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The Springate model was chosen due to its simplicity and its ability to provide quantitative insights into a company's financial condition. Data were collected from the annual financial statements of 16 companies selected through purposive sampling based on the completeness and consistency of their financial reporting. The model applies the S-Score calculation as the basis for classifying companies into financial distress or non-financial distress categories. The analysis revealed that six companies consistently exhibited signs of financial difficulty, with three of them identified as being in a state of financial distress for three consecutive years. Meanwhile, the other ten companies demonstrated stable and healthy financial conditions throughout the observation period. These findings indicate that the Springate model is reasonably practical as an early detection tool for bankruptcy risk, particularly in the insurance sector, which is influenced by various internal factors such as risk management, as well as external factors like economic fluctuations and government regulations. Therefore, this model can be utilized as a decision-support tool for both management and investors in making strategic financial decisions.
MENINGKATKAN NILAI PERUSAHAAN MELALUI STRATEGI INDUSTRI HIJAU, PROFITABILITAS, DAN CORPORATE SOCIAL RESPONSIBILITY: PERAN LEVERAGE SEBAGAI VARIABEL MEDIASI Nadia, Ananta Arta; Indrati, Menik
JURNAL LENTERA BISNIS Vol. 15 No. 2 (2026): JURNAL LENTERA BISNIS, Mei 2026
Publisher : POLITEKNIK LP3I JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34127/jrlab.v15i2.2169

Abstract

This study aims to examine the effect of green industry strategy, profitability, and corporate social responsibility on firm value with leverage as a mediating variable in companies listed in the LQ45 index during the 2021–2024 period. This research employs a quantitative approach using secondary data obtained from annual financial reports, sustainability reports, and PROPER rating data published by the Ministry of Environment and Forestry. The research sample was selected using purposive sampling, resulting in 20 companies with a total of 80 observations during the study period. Data analysis was conducted using panel data regression with the assistance of EViews 12 software. The selection of the best model was determined through the Chow test, Hausman test, and Lagrange Multiplier test to identify the most appropriate estimation model for each equation. The results indicate that green industry strategy and profitability have a negative and significant effect on leverage, while corporate social responsibility has no significant effect on leverage. In testing their impact on firm value, green industry strategy and profitability show no significant effect, corporate social responsibility has a negative and significant effect, and leverage has a positive and significant effect on firm value. The Sobel test results reveal that leverage mediates the relationship between green industry strategy and profitability and firm value, but does not mediate the relationship between corporate social responsibility and firm value. These findings suggest that investors respond more strongly to corporate financing structure decisions than to non-financial signals such as environmental strategies and social disclosures. Optimally managed leverage is perceived as a signal of financial strength that enhances market confidence and firm value, while CSR activities are still viewed as short-term costs that have not yet generated direct economic benefits.
Co-Authors Alamsyah, Naditha Ersa Auryn Dwi Anggraeni Menik Indrati Purwantoro, Aletha Kevina Putri Yanuar Ramadhan