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All Journal JURNAL PENDIDIKAN TAMBUSAI International Journal of Social Science, Education, Communication and Economics Jurnal Management Risiko dan Keuangan Academy of Social Science and Global Citizenship Journal
Khairunnisa, Nabila
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Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Journal : Jurnal Management Risiko dan Keuangan

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ANALISIS POTENSI FINANCIAL DISTRESS BERDASARKAN MODEL PREDIKSI ALTMAN MODIFIKASI Khairunnisa, Nabila; Rahardjo, Toto
Jurnal Management Risiko dan Keuangan Vol. 1 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.2.04

Abstract

The objective of this research is to predict the potential of financial distress in cement companies listed on the Indonesia Stock Exchange in the period of 2016-2020. Using saturated sampling method, all five companies were selected as the sample, who were observed for five years. This quantitative study uses discriminant analysis. The variables of this research were referred to the study of Edward I. This study uses the modified Altman consisting of working capital to total assets (WC/TA), retained earnings to total assets (RE/TA), earnings before interest and taxes to total assets (EBIT/TA), and book value of equity to book value of debt (BVE/BVD). The results of the analysis suggest that the four variables above are able to significantly distinguish cement companies that are under financial distress and those which are not because the F test and the Wilks’ Lambda test resulted in the significance value of < 0.05. In addition, WC/TA ratio is the dominant predicting variable in differentiating the two groups of companies as it has the highest loading value, i.e. 0.840.
Co-Authors Alfarizi, Muhammad Raihan Berlian, Gazanovva Fidrayani Fidrayani Jadidah, Ines Tasya Liza, Levi Lauren Nirfalini Aulia, Dwira Salma, Siti Sapitri, Wira Toto Rahardjo Zahrah, Wahyuni