Predicting Potential Bankruptcy PT. Wismilak Inti Makmur, Tbk Using The Altman Z-Score Method
Abstract views: 98
,
PDF (Bahasa Indonesia) downloads: 75
Abstract
Indonesia is one of the countries that are still pro and contra towards cigarettes. Cigarettes are considered one of the dangerous products for public health and safety, but on the other hand the cigarette industry is the largest contributor to tax revenue in Indonesia. This study aims to determine the company's financial performance and to determine the potential for bankruptcy using the Altman z-score method at PT. Wismilak Inti Makmur Tbk. The type of research is descriptive quantitative while the population is all financial reports published by companies and the sample is financial statements for 2017-2021. Data collection techniques using the method of documentation. The data analysis technique used the modified Altman z-score method. Based on the results of the analysis and discussion of the modified altman z-score, it can be concluded that the company's financial condition for the 2017-2021 period is in good or healthy condition because the Z-score value is > 2.6. Even though in 2021 the z-score will decrease slightly, it is not at risk of going bankrupt. Suggestions for companies, in order to maintain financial performance every year in order to stay in good health
Downloads
References
Arikunto, S. (2002). Research Procedure A Practical Approach. PT. Rineka Cipta, Jakarta.
Brigham, Eugene and Joel F Houston. 2001. Financial Management II. Jakarta : Salemba Empat
Budianto, R.A. 2012. Communication Patterns Between Parents And Students Who Are Addicted To Smoking In Surabaya (Descriptive Study of Communication Patterns Between Parents And Students Who Are Addicted To Smoking in Surabaya). Dissertation. “VETERAN” National Development University Postgraduate Program. Surabaya
Fakhrurozie. 2007. Analysis of the Effect of Bankruptcy Using the Altman Z-Score Method on the Stock Prices of Banking Companies on the Jakarta Stock Exchange. digilib.unnes.ac.id
Hanafi et al. 2012. Analysis of Financial Statements. Yogyakarta : UPP AMP YKPN
Harahap, Sofyan Syafri. 2010. Critical Analysis of Financial Statements. King Grafindo Persada. Jakarta
Kasmir. 2014. Analysis of Financial Statements. King Grafindo Persada. Jakarta. Kayo, E.S. 2012. IDX Cigarette Sub Sector (52) – Manufacturing Industry
Kordestani, Gholamreza., Biglari, Vahid and Bahktiari, Mehrdad. 2011. Ability of combinations of cash flow components to predict financial distress. Verslas : Toerija ir practica Vol 12 No 3 pp : 277-285
Kurniati, D. 2020. Sri Mulyani: 2021 Cigarette Excise Tariff Rises 12.5%! Here are the details. https://news.ddtc.co.id/sri-mulyani-tarif-cukai-rokok-2021-Naik-125-ini-perrinciannya-26199?page_y=716 Accessed December 16, 2020
Lakshan, AMI and Wijekoon, WMHN. 2013. The use of financial ratios in predicting corporate failure in Sri Lanka. GSTF journal on business review Vol 2 No 4 pp : 37-43
Lesmana, R. 2003. Guidelines for Assessing Performance for Tbk Companies, Foundations, BUMN, BUMD, and Other Organizations, First Edition. Jakarta: Elex Media Komputindo
Methili, P., et all. 2014. Comparative Analysis of Bankruptcy Potential Using the Altman, Springate, and Zmijewski Z-Score Method, in the Cosmetic Industry Listed on the Indonesia Stock Exchange. Udayana University Accounting E-Journal. Volume : 7-1
Rachmat, M. 2010. Development of the National Tobacco Economy: Developed Country Policies and Lessons for Indonesia. Agricultural Policy Analysis. Vol 8: 67-83
Ramadhani AS., N. Lukviarman. 2009. Comparison of Prediction Analysis Using the First Altman Model, Revised Altman, and Modified Altman with Company Size and Age as Explanation (Study on Manufacturing Companies Listed on the Indonesia Stock Exchange). Journal of Business Strategy 13 (1):15-28
Saputri, Hesly Amelia and Krisnawati, Astrie. 2020. Comparative analysis of modified Altman z-score, springate, zmijewski, bankometer, grover and RGEC models in predicting financial distress (empirical study on banking companies listed on the Indonesia Stock Exchange in 2011-2016). E-proceeding of management Vol 7 No 1 April 2020 pp : 555-575
Sugiyono. 2010. Educational Research Methods Approach Quantitative, Qualitative and R & D. Bandung: Cv. Alpha Beta
Sumarni, Siti. 2019. Analysis of the factors that cause stock prices to fall in net profit and earnings per share to increase (a case study on a manufacturing company in the consumer goods sector listed on the Indonesia Stock Exchange in 2015-2018). Published thesis. Faculty of economics and business, Muhammadiyah University of Palembang
Swari, R.C. 2020. Various Types of Vapes (Electric Cigarettes) Plus the Dangerous Risks You Need to Know. https://hellosehat.com/living-healthy/stop-smoking/vape-rokok-electric/#gref. Retrieved December 16, 2020
Tambunan, R.W., Dwiatmanto, and M.G.W. Endang. 2015. Prediction Analysis of Company Bankruptcy Using the Altman Method (Z-Score) (Study on Listed Cigarettes Subsector and Delisting Companies on the Indonesia Stock Exchange in 2009 – 2013). Journal of Business Administration (JAB) Vol. 2:4 year 2015
Toto, P. 2011. Analysis of Financial Statements Theory and Applications. Jakarta : PPM
Yusuf, A. Muri. 2005. Research methodology (fundamentals of scientific inquiry)
The journal operates an Open Access policy under a Creative Commons Non-Commercial Share-Alike license. All articles published Open Access will be immediately and permanently free for everyone to read and download.
• Creative Commons Attribution-NonCommercial (CC-BY-NC)
Shafin: Finance and Sharia Accounting Journal by http://http://ejournal.iainmadura.ac.id/index.php/shafin is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Based on a work at http://ejournal.iainmadura.ac.id.
