The analysis of financial distress using Altman Z-Score and Zmijewski X-Score models for food and beverage companies listed on Indonesia Stock Exchange

Theodora, Novella (2021) The analysis of financial distress using Altman Z-Score and Zmijewski X-Score models for food and beverage companies listed on Indonesia Stock Exchange. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

The objective of this research is to analyze the Altman Z-Score and Zmijewski X-Score to see if those models can be used in predicting financial distress for food and beverage companies that are listed on Indonesia Stock Exchange (IDX) for the period of 2017 to 2020. The independent variables used in this research are the Altman Z-Score and Zmijewski X-Score, and the dependent variable is financial distress, which is classified as a dummy variable. This research is descriptive-comparative research conducted under a quantitative approach using secondary data obtained from food and beverage companies listed on Indonesia Stock Exchange. Using a purposive sampling method, 16 food and beverage companies were chosen as samples, resulting in a total of 64 observations. The data analysis method used in this research is logistic regression analysis processed through Statistical Product and Service Solutions 25 (SPSS 25). The result of this research shows that the Altman Z-Score is an appropriate and the most accurate model in predicting financial distress of food and beverage companies listed in Indonesia Stock Exchange, while the Zmijewski X-Score is not, which means the Altman Z-Score is the most accurate model between Altman Z-Score and Zmijewski X-Score in predicting financial distress./ Penelitian ini bertujuan untuk menganalisis Altman Z-Score dan Zmijewski X-Score untuk melihat apakah model tersebut dapat digunakan dalam memprediksi kesulitan keuangan pada perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) periode 2017 hingga 2020. Variabel independen yang digunakan dalam penelitian ini adalah Altman Z-Score dan Zmijewski X-Score, dan variabel terikatnya adalah kesulitan keuangan yang tergolong variabel dummy. Penelitian ini merupakan penelitian deskriptif-komparatif yang dilakukan dengan pendekatan kuantitatif dengan menggunakan data sekunder yang diperoleh dari perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) dari tahun 2017 sampai tahun 2020. Dengan menggunakan metode purposive sampling, dipilih 16 perusahaan makanan dan minuman sebagai sampel, menghasilkan total 64 objek pengamatan. Metode analisis data yang digunakan dalam penelitian ini adalah analisis regresi logistik yang diproses melalui Statistical Product and Service Solutions 25 (SPSS 25). Hasil penelitian ini menunjukkan bahwa Altman Z-Score merupakan model yang aplikatif dan paling akurat dalam memprediksi kesulitan keuangan perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) dari tahun 2017 hingga 2020, sedangkan Zmijewski X-Score tidak, ini artinya Altman Z-Score merupakan model yang paling akurat diantara Altman Z-Score dan Zmijewski X-Score dalam memprediksi kesulitan keuangan.

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