PREDIKSI KEBANGKRUTAN DENGAN MENGGUNAKAN METODE ALTMAN Z-SCORE DAN SPRINGATE PADA PERUSAHAAN KOSMETIK YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

This research aimed to predict bankruptcy of cosmetics companies which were listed on Indonesia Stock Exchange with Altman Z-score and Springate analysis. Besides, it aimed to analyze the difference between prediction result of Altman Z-score and Springate. While, the data were secondary, in the form of companies’ financial statement 2015-2018. The research was descriptive. Moreover, the data collection technique use purposive sampling. In line with, there were 5 companies as sample. Furthermore, the research result, from Altman Z-score, concluded there was only 1 company was categorized as healthy, i.e. PT Unilever Indonesia, Tbk. Meanwhile, four other companies which were categorized as bankrupt prone namely PT Kino Indonesia, Tbk, PT Martina Berto, Tbk, PT Mustika Ratu, Tbk, PT Mandom Indonesia, Tbk. In addition, from Springate, it concluded there was a difference of prediction result that there was one company which was categorized as potentially bankrupt namely PT Martina Berto, Tbk. Additionally, there was two companies was categorized as bankrupt prone, i.e. PT Kino Indonesia, Tbk, and PT Mustika Ratu, Tbk. For two other companies, namely PT Mandom Indonesia, Tbk, and PT Unilever Indonesia, Tbk were categorized as healthy. In brief, the difference of prediction result between Altman Z-score and Springate was caused as there was difference of usage of financial ratio and bakruptcy criteria.
keywords: bankruptcy, altman z-score, springate