PENGARUH ALTMAN Z-SCORE DAN SPRINGATE S-SCORE SEBAGAI ALAT PREDIKSI KEBANGKRUTAN TERHADAP RESPON INVESTOR

Abstract

This research examine the effect of bankruptcy prediction of Altman Z-Score and Springate S-Score on the investors responses was proxy with stock price at manufacturing company listed in The Indonesia Stock Exchange in the 2018-2020 period. Furthermore, the research population consisted of 198 manufacturing companies listed on The Indonesia Stock. Moreover, the research collection method used purposive sampling with 20 companies sample. This research was quantitative with multiple linear regression analysis to find out the effect of Altman Z-Score and Springate S-Score on the investors responses was proxy with stock price. The research result concluded that Altman Z-Score had positive effect on the investors response, meant that the greater of Z value it would increased the stock price, and vice versa if the Z value obtained small so that the stock price was decrease. Meanwhile, the variable of Springate S-Score did not affect the investors response, meant that the size of S value was not followed by an increase in stock prices or a decrease in stock.