ANALISIS VARIABEL KEBANGKRUTAN TERHADAP FINANCIAL DISTRESS DENGAN METODE ALTMAN Z- SCORE

Vindy Dwi    Anisa; Suhermin  Suhermin

Vindy Dwi Anisa
Suhermin Suhermin

Keywords: financial distress, discriminant analysis, financial ratio of Atlman Z-score model

Abstract

This research is to test the prediction of financial distress of a company by using Altman Z-scoremodel and theories from Brigham and Houston, and about the influence of Working to Total AssetsRatio, Retained to Total Assets Ratio, Earning Before Interest and Taxes to Total Assets ratio andBook Value of Equity to Total Liabilities Ratio to the Financial Distress. This research is a causalresearch and the population is all Mining Companies which are listed in the IDX in 2012-2014periods. The sample collection technique has been done by using purposive sampling and 38companies have been selected as samples.The result of the process by using SPSS 20 has generated Zequation = -1.229 + 0.070

X1 + 0.793

X2 + 0.234

X3 + 1.869

X4. Meanwhile, the discriminantmodel which has been formed shows that its validation level is quite high which is 91.00%. In thisresearch the variables of Net Working Capital to Total Assets (X1), Retained Earning to TotalAssets (X2), Earning before Interest and Tax to Total Assets (X3), and Book Value of Equity toTotal Liability (X4) have positive influence to the financial distress.

Keywords: financial distress,discriminant analysis, financial ratio of Atlman Z-score model