Analysis Of The Effect Of The Altman Z-Score Method On Financial Distress
DOI:
https://doi.org/10.51601/ijersc.v3i1.254Keywords:
WCTA, RETA, EBITTA, MVETL,STA, Altman z-scoreAbstract
This study aims to determine the effect of the Altman z-score method on financial
distress with the independent variables namely WCTA, RETA, EBITTA, MVETL, and
STA on the dependent variable, namely Financial Distress. In manufacturing
companies listed on the Indonesia Stock Exchange for the period 2016-2020. Based
on the research results that have been described previously, it can be concluded
that:In calculating the Altman z-score method in the research year the company is
categorized: Safe : CTRA company for 3 years of research, Gray Area : SQBB
company for 5 years research, Financial distress: BTEK and AISA companies for 3
years of research. The ratio of Working Capital to Total Assets (WCTA) has a
significant effect on Financial Distress. The ratio of Retained Earnings to Total
Assets (RETA) has no significant effect on Financial Distress. The ratio of Earnings
Before Interest and Taxes to Total Assets (EBITTA) has a significant effect on
Financial Distress. The Market Value of Equity to Total Liability (MVETL) ratio has
no significant effect on Financial Distress.Ratio of Sales to Total Assets (STA) has a
significant effect on Financial Distress. Recommendations for companies to
maintain financial ratios (WCTA, RETA, EBTTA, MVETL, and STA) so that
companies avoid bankruptcy and can still strive to create improvements to financial
ratios (WCTA, EBITTA, and STA) based on research these ratios have a significant
effect to financial distress. For researchers to be able to further develop research
similar to financial distress such as bankruptcy risk, as well as analysis of financial
ratios that can be expanded to do better. In this case, it is not only the types of food
and beverage industry companies, but also other types of industrial companies.
Subsequent research can use a period of more than five years so that it is expected
to be a useful comparison basis for further research.
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