APLIKASI ALTMAN Z-SCORE SEBAGAI ALAT UKUR KINERJA KEUANGAN PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BEI

Abstract

This research aims to determine how the application Altman Z-Score as a measure of financial performance in
pharmaceutical companies. Altman Z-Score is a method used to predict the condition of the company in a
healthy, vulnerable or potentially bankrupt and show the prospects of future performance of the company.
Population used in this research as many as 10 pharmaceutical companies listed in Indonesia Stock Exchange
(IDX) during 2012-2016 period, based on the conditions that have been determined by the researchers then
obtained as many as 7 eligible pharmaceutical companies. Considering the number of population is relatively
small then 7 companies are examined all thereby method of sampling is using saturated sampling method. The
method of analysis used in this research using financial ratios with quantitative descriptive analysis using
Altman Z-Score application.The results of the application Altman Z-Score showed a healthy condition at the
company PT Taisho Pharmaceutical Tbk. Then at the company of PT. Kimia Farma Tbk, PT Kalbe Farma Tbk,
PT.Tempo Scan Pacific Tbk and PT. Merck Indonesia Tbk shows vulnerable condition as well as PT.Phyridam
Farma Tbk and PT.Indofarma Tbk company which are potentially bankrupt.
Keywords: Altman Z-Score,financial performance,pharmaceutical company