Financial distress analysis using modified altman z-score model on PT.PLN (Persero) during the Covid-19 pandemic
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Published:
Aug 30, 2023
Keywords:
Financial Distress Analysis, Modified Altman Z-Score Model, PT. PLN (Perusahaan Listrik, Negara) Persero The Covid-19 Pandemic
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Decision Support System
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Abstract
During the Covid 19 Pandemic, many companies experienced financial problems and had the potential to go bankrupt. Companies feel this private and state-owned condition, one of which is PT. PLN. As a form of anticipation of bankruptcy, a system is needed that can provide an early warning—financial distress analysis at PT. PLN during the Covid-19 Pandemic can be done by analyzing the Modified Z-Score Model. From the calculation of Z-Score in 2019, it is 3,688. Where Z > 2.60 indicates that PT PLN's financial condition is in the safe zone. Where, PT. PLN in 2019 is in good health and has a tiny possibility of bankruptcy. In 2020, the calculation of Z-Score 2020 was more than 2.60, which is 3.4971. So in 2020, the financial condition of PT. PLN is also in the safe zone and less likely to go bankrupt. Meanwhile, based on the results of the Z-Score calculation in 2021, PT. PLN is 1.6727, where the Z-Score is 1.10 < Z < 2.6. Based on these values, PT. PLN is in a gray zone, where the company is vulnerable. In this condition, the company experiences financial problems that must be handled appropriately
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How to Cite
Listya, K., Liniarti, S. . and Nasution, R. S. A. . (2023) “Financial distress analysis using modified altman z-score model on PT.PLN (Persero) during the Covid-19 pandemic”, Jurnal Mantik, 7(2), pp. 1238-1245. doi: 10.35335/mantik.v7i2.4024.
References
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Subana, M. (2009). Statistik Pendidikan. Pustaka Setia.
Sugiyono. (2019). Metodologi Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Tania, S., Pratiwi, L. N., & Laksana, B. (2021). Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score Modifikasi pada PT Inti (Persero). Indonesian Journal of Economics and Management, 1(3), 628–633. https://doi.org/10.35313/ijem.v1i3.3077
Yusra, I., Hadya, R., & Fatmasari, R. (2019). The Effect of Retained Earnings on Dividend Policy from the Perspective of Life Cycle. 203(Iclick, 2018), 216–220. https://doi.org/10.2991/iclick-18.2019.44
Ariesta, R. W., Suhadak, & Nuzula, N. F. (2015). The Analysis Of Property And Real Estate Financial Performance Using Altman (Z-Score) To Predict Bankruptcy ( Study on Listing and Delisting Companies in Indonesian Stock Exchange ). Jurnal Administrasi Bisnis, 26(1), 1–6.
Bani, B. (2022). Analisa Pengaruh Net Working Capital dan Net Sales Terhadap Earning Before Interest and Tax (EBIT) Pada PT Indofood Sukses Makmur Tbk. JEM?: Jurnal Eekonomi Dan Manajemen, 8(1), 38–47. http://journal.stiepertiba.ac.id/index.php/jem/article/view/141
Dahmash, F. N., Alshurafat, H., Hendawi, R., & Alzoubi, A. B. (2023). The Retained Earnings Effect on the Firm s Market Value?: Evidence from Jordan.
Juliawan, I. W., Wiguna, D. G. E. S., & Bawa, P. W. (2020). Analisis Aktivitas Belajar Daring Mahasiswa BK IKIP PGRI Bali Pada Pandemi Covid-19. Prosiding Seminar Nasional Webinar Nasional Universitas Mahasaraswati Denpasar, 134–142.
Khaddafi, M., Heikal, M., & Nandari, A. (2017). International Journal of Economics and Financial Issues Analysis Z-score to Predict Bankruptcy in Banks Listed in Indonesia Stock Exchange. International Journal of Economics and Financial Issues, 7(3), 326–330. http:www.econjournals.com
Kurniawati, L. dan, & Kholis, N. (2016). Analisis Model Predeksi Financial Distress Pada Perusahaan Perbankan Syariah di Indonesia. Seminar Nasional Dan The 3rd Call for Syariah Paper, 145–153. http://hdl.handle.net/11617/7341
Listiani, N. M. (2017). Pengaruh Kreativitas Dan Motivasi Terhadap Hasil Belajar Mata Pelajaran Produktif Pemasaran Pada Siswa Kelas Xi Smk Negeri 2 Tuban. Jurnal Ekonomi Pendidikan Dan Kewirausahaan, 2(2), 263. https://doi.org/10.26740/jepk.v2n2.p263-275
Marlina, E. (2020). Pengembangan Model Pembelajaran Blended Learning Berbantuan Aplikasi Sevima Edlink. Jurnal Padegogik, 3(2), 104–110. https://doi.org/10.35974/jpd.v3i2.2339
Melia, Y., & Febrimaiko, L. (2023). Analisis Kebangkrutan Pada PT Tiphone Mobile Indonesia. MABIS: Jurnal Manajemen Bisnis Syariah, 3(1), 1–14. https://doi.org/10.31958/mabis.v3i1.9052
Ningsih, S., & Fitri Permatasari, F. (2018). Analysis Method of Altman Z Score Modifications To Predict Financial Distress on the Company Go Public Sub Sector of the Automotive and Components. International Journal of Economics, Business and Accounting Research (IJEBAR), 2(03). https://doi.org/10.29040/ijebar.v2i3.339
Nirmalasari, L. (2018). Analisis Financial Distress Pada Perusahaan Sektor Property, Real Estate Dan Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen Bisnis Indonesia Edisi 1, 46–61.
Prof.Dr.Sugiyono. (2015). Metode penelitian pendidikan (pendekatan kuantitatif , kualitatif dan r & d. 456.
Purnama, D., Harjadi, D., & Juwita, J. (2021). Total Aset, Risiko Bisnis, Pertumbuhan Aset Dan Profitabilitas Terhadap Harga Saham. Medikonis, 12(2), 33–41. https://doi.org/10.52659/medikonis.v12i2.46
Purnamasari, D., & Kristiastuti, F. (2018). Analisis Prediksi Financial Distress Menggunakan Model Altman Z-Score Modifikasi. Manners, I(2), 107. www.idx.co.id,
Putri, W. S., Setiawan, I., Akuntansi, J., Bandung, P. N., & Barnas, B. (2020). Z-Score dan Zmijewski pada PT Prasidha Aneka Niaga Tbk Periode 2014-2018 Bankruptcy prediction using Altman Z-Score and Zmijewski at PT Prasidha Aneka Niaga Tbk. Indonesian Journal of Economics and Management, 1(1), 1–10.
Rudianto. (2013). Akuntansi Manajemen: Informasi Untuk Pengambilan Keputusan Strategis. Erlangga.
Sagho, M. F., & Merkusiwati, N. K. L. A. (2015). Penggunaan Metode Altman Z-Score Modifikasi Untuk Memprediksi Kebangkrutan Bank Yang Terdaftar Di Bursa Efek Indonesia. E-Jurnal Akuntansi, 11(3), 730–731. https://ojs.unud.ac.id/index.php/Akuntansi/article/download/12789/9292
Samsi, N. (2022). THE FINANCIAL DISTRESS STRATEGY TO PREDICT THE BANKRUPTCY OF SOEs MANUFACTURING CLUSTERS DURING THE COVID-19 PANDEMIC FOR THE FISCAL YEAR 2020-2021. 977–991.
Subana, M. (2009). Statistik Pendidikan. Pustaka Setia.
Sugiyono. (2019). Metodologi Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Tania, S., Pratiwi, L. N., & Laksana, B. (2021). Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score Modifikasi pada PT Inti (Persero). Indonesian Journal of Economics and Management, 1(3), 628–633. https://doi.org/10.35313/ijem.v1i3.3077
Yusra, I., Hadya, R., & Fatmasari, R. (2019). The Effect of Retained Earnings on Dividend Policy from the Perspective of Life Cycle. 203(Iclick, 2018), 216–220. https://doi.org/10.2991/iclick-18.2019.44
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