APLIKASI ALTMAN Z-SCORE UNTUK MEMPREDIKSI KEBANGKRUTAN PERUSAHAAN KOSMETIK DAN KEPERLUAN RUMAH TANGGA

Abstract

This research is aimed to predict the bankcruptcy of cosmetics and household appliances companies which are listed in Indonesia Stock Exchange by using altman z-score discriminant analysis. The data analysis has been carried out by using the secondary data in the form of financial data reports of the company from 2012 to 2016. The sample collection technique has been carried out by using saturated sample. The research samples are 5 companies. The z-score value has been calculated by using 5 ratios, i.e. working capital ratio to the total assets (X1), the retained earnings ratio to the total assets (X2), the earning ratio before interest and taxes to the total assets (X3), the capital market value ratio to the total book value of debt (X4) and the sales ratio to the total assets (X5). It can be cocluded from the result of the research which has been conducted by using the altman z-score model that only one of five companies is predicted to be in the healthy category i.e. PT. Unilever Indonesia, Tbk and the remaining four companies are predicted in the bankruptcy category i.e. PT. Akasha Wira International, Tbk, PT Martina Berto, Tbk, PT Mustika Ratu, Tbk. and PT Mandom Indonesia, Tbk.
Keywords: Altman Z-Score analysis, Bankcruptcy prediction, Cosmetics companies