ANALISIS MODEL ALTMAN Z-SCORE PADA PERUSAHAAN PULP DAN KERTAS GO PUBLIC

Abstract

This research is meant to find out the prediction of bankruptcy potency by using Altman’s Z-Score analysis method on the pulp and paper companies which are listed in Indonesia Stock Exchange. The purposive sampling (based on purpose) has been used as the sample collection technique. The sample collection has been carried out by using the determined criteria which is the companies have published their financial statement during 2010 – 2013 periods and these companies have been listed in Indonesia Stock Exchange. Therefore, 7 companies i.e.: PT Alkindo Naratama Tbk, PT Fajar Surya Wisesa Tbk, PT Indah Kiat Pulp & Paper Tbk, PT Toba Pulp Lestari Tbk, PT Kertas Basuki Rachmat Indonesia Tbk, PT Suparma Tbk, and PT Pabrik Kertas Tjiwi Kimia Tbk have been obtained. The result of Altman’s Z-Score model research describes that there is one company in health condition, two companies in prone to bankruptcy condition, and four companies in bankrupt condition. Companies in prone to bankruptcy and bankruptcy condition should immediately improve their financial performance so the bankruptcy does not occur.
Keywords: The Prediction of Bankruptcy, Altman’s Z-Score, Pulp & Paper Companies