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All Journal Economics and Digital Business Review Jurnal Publikasi Ilmu Manajemen
Rifal Richard Pangemanan
Pakistan Adventist Seminary and College
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Financial Stress-Test of the Palm Oil Industry: Bankruptcy Prediction Using the Modified Altman Z-Score During the Downturn Phase Harke Revo Leonard Polii; Sandra J.R. Kainde; Rifal Richard Pangemanan
Economics and Digital Business Review Vol. 7 No. 1 (2026)
Publisher : STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/ecotal.v7i1.3605

Abstract

This study aims to predict the bankruptcy potential of Plantation Sub-Sector companies listed on the Indonesia Stock Exchange (IDX) during the critical downturn cycle of 2017-2019. This period serves as a stress-test window following the commodity boom. Employing a descriptive quantitative approach, the research analyzes secondary data from 10 companies selected through purposive sampling. The primary analytical tool is the Modified Altman Z-Score model. The results indicate severe financial distress within the sector due to price volatility and aggressive downstreaming policies. Specifically, out of the 10 sampled companies, only 1 company was classified as "Healthy" (Z > 2.60), 1 company was identified as "Vulnerable" or in the grey area (1.10 < Z < 2.60), and 8 companies were predicted to be "Bankrupt" (Z < 1.10). These empirical findings suggest a critical vulnerability in the plantation sector, highlighting an urgent need for financial restructuring and strategic management improvements to navigate post-boom challenges and ensure long-term sustainability. Keywords: Bankruptcy Prediction, Modified Altman Z-Score, Plantation Sub-Sector, Financial Distress.
Determinants of Gold Investment Decisions Under Economic Uncertainty Abdul Syukur; Fery Riyanto; Febrianur Ibnu Fitroh Sukono Putra; Yohannes Vianney Ario Nugroho; Rifal Richard Pangemanan
Jurnal Publikasi Ilmu Manajemen Vol. 5 No. 2 (2026): Juni: Jurnal Publikasi Ilmu Manajemen
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jupiman.v5i2.6820

Abstract

Increasing global economic uncertainty and the growing accessibility of digital investment platforms have encouraged individuals to choose gold as a relatively safe investment instrument. This study aims to examine the effect of Risk Tolerance on gold investment decisions and investigate the mediating role of Investment Education among gold investors in Semarang City. A quantitative approach with a crosssectional survey design was employed. Data were collected from 200 respondents with knowledge or experience in gold investment using a purposive sampling technique. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLSSEM). The results indicate that Risk Tolerance has a positive and significant effect on gold investment decisions. Investment Education also has a positive and significant effect on gold investment decisions. However, Risk Tolerance does not significantly influence Investment Education. Furthermore, Investment Education does not mediate the relationship between Risk Tolerance and gold investment decisions. These findings suggest that gold investment decisions are primarily influenced directly by investors’ risk tolerance, while investment education serves as an independent factor that enhances the quality of investment decisionmaking.
Co-Authors Abdul Syukur Febrianur Ibnu Fitroh Sukono Putra Fery Riyanto Harke Revo Leonard Polii Sandra J.R. Kainde Yohannes Vianney Ario Nugroho