FAKTOR YANG MEMPENGARUHI HARGA SAHAM DENGAN FORMULA ALTMAN Z-SCORE PADA PERUSAHAAN MAKANAN DAN MINUMAN

Abstract

This study aims to examine the effect of financial ratios using the Altman Z-Score method on stock prices in food
and beverage companies listed on the Indonesia Stock Exchange in 2017-2020. Financial ratios are measured by
working capital, retained earnings, income before tax, market value of equity, and sales, while stock prices are
measured using closing stock prices.This study uses a quantitative approach. The sampling method used is
purposive sampling on a sample of 40 food and beverage companies from 10 companies listed on the Indonesia
Stock Exchange in 2017-2020. The analytical method used is multiple linear regression analysis using the SPSS
version 21. The results showed that working capital had a negatif and insignificant effect on stock prices, retained
earnings had a positive and significant effect on stock prices, income before tax had a positive and insignificant
effect on stock prices, market value of equity had a negatif and insignificant effect on stock prices, and sales have a
negatif and insignificant effect on stock prices. Meanwhile, the Altman Z-Score shows that there are no companies
that went bankrupt from 2017-2020, in the gray area in 2020 it decreased by 10% and in non-bankruptcy in 2020
it increased by 10%.