Finansha: Journal of Sharia Financial Management
Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management

ALTMAN Z-SCORE ANALYSIS OF FINANCIAL DISTRESS IN ISSI-LISTED COSMETICS AND HOUSEHOLD MANUFACTURING SECTOR

Yuningsih, Firda (Unknown)
Suherman, Usep Deden (Unknown)
Suhendi (Unknown)



Article Info

Publish Date
20 May 2025

Abstract

This study aims to examine the application of the Altman Z-Score model in assessing financial distress and financial conditions of manufacturing companies in the cosmetics and household needs sub-sectors listed on the Indonesian Sharia Stock Index (ISSI) from 2013 to 2022. Employing a descriptive quantitative approach, the study selects its sample through purposive sampling from the population of relevant manufacturing firms within the ISSI. The findings demonstrate that the Altman Z-Score model effectively analyzes financial distress in these companies. Among the firms studied, PT Akasha Wira Internasional Tbk, PT Mustika Ratu Tbk, PT Unilever Indonesia Tbk, and PT Mandom Indonesia Tbk exhibit healthy financial conditions, whereas PT Martina Berto Tbk shows signs of financial distress. This research provides practical implications for companies by offering a reliable predictive tool to identify potential bankruptcy risks, enabling proactive financial management and strategic decision-making based on current conditions and future prospects.

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Journal Info

Abbrev

finansha

Publisher

Subject

Economics, Econometrics & Finance

Description

This journal aims to broaden and create innovative concepts, theories, paradigms, perspectives, and methodologies within the scope mentioned above. The scope of this journal will include but is not limited to Islamic economics, sharia business, Islamic banking, Islamic capital market, Islamic wealth ...