METODE ALTAMAN Z-SCORE UNTUK MEMPREDIKSI KEBANGKRUTAN INDUSTRI TOBACCO YANG TERDAFTAR DI BEI

Abstract

This research is meant to find out the prediction of the potency of bankruptcy by using Altman Z-Score analysis
at the tobacco companies which are listed in Indonesia Stock Exchange. The sample collection technique has been
done by using purpposive sampling, the sample has been selected by using the criteria in which the companies
should have published their financial statement in 2010-2014 periods and they have been listed in Indonesia
Stock Exchange. Therefore, four companies have been selected, i.e.: PT. Gudang Garam Tbk, PT. Handjaya
Mandala Sampoerna Tbk, PT. Bentoel International Investama Tbk, PT. Wismilak Inti Makmur Tbk. It has been
found from the result of Altman Z-Score model shows that one company which is categorized in healthy
condition is PT. Handjaya Sampoerna Tbk, and the two companies are categorized in prone to bankruptcy are
PT. Gudang Garam Tbk and PT. Wismilak Inti Makmur Tbk, and one company is categorized in condition that
is potential to bankrupt is PT. Bentoel International Investama Tbk. The companies which are categorized in
prone to brankruptcy and have the potency to bankrupt should immediatelly impropve their financial
performance in order to avoid bankruptcy. Meanwhile, the companies which are categorized in the healthy
category should maintain and increase their financial performance in order to avoid the bankruptcy in the
following periods.

Keywords: Bankruptcy Prediction, Altman’s Z-Score, Tobacco Companies