Main Article Content
Abstract
As one type of industry included in the Jakarta Islamic Index, the manufacturing industry is one of the companies that has a better level of economic stability compared to other types of companies. In addition, the manufacturing companies in JII increase the attractiveness for Muslim investors in investing. Information regarding the Company's financial condition is of concern to investors before making an investment. One of the important pieces of information that is the center of attention for a company is profit information. A review of the profits of manufacturing companies registered with JII shows a fluctuating trend and some have consistently decreased in the 3 years of observation. This condition will become increasingly severe and result in financial distress if early anticipation of the Company's financial condition is not carried out. To ensure this condition, this research was carried out to look at the financial distress conditions of manufacturing companies in JII. The analytical methods used are the Almant Z Score method and the Zmijewski method. This type of research is quantitative descriptive. The population is manufacturing companies registered with JII consecutively for 3 years and experiencing fluctuating and decreasing profit trends. The research sample consisted of seven companies. The results of the analysis using the Almant Z-Score model found that there were 3 companies in the Gray Area category of financial distress and 4 others in the safe category of financial distress. Meanwhile, the results of the analysis using the Zmijewski model show that the entire sample is in good financial health.
Keywords
Article Details
References
- Altman, E. I. (1968). Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
- Bilondatu, D. N., Dungga, M. F., & Selvi. (2019). Analisis Model Altman Z-Score, Springate, dan Zmijewski Sebagai Metode dalam Memprediksi Kondisi Kebangkrutan pada PT. Garuda Indonesia, Tbk Periode 2014-2018. JAMIN : Jurnal Aplikasi Manajemen Dan Inovasi Bisnis, 2(1), 40–52. https://doi.org/10.47201/jamin.v2i1.35
- Gupita, Norma, Sri Widyawati Soemoedipiro & Nina Woelan Soebroto. (2020). Analisis Perbandingan Model Almant Z-Score, Springate, Zmijewski dan Grover dalam Memprediksi Financial Distress (Studi pada Perusahaan Sektor Infrastruktur yang terdaftar di BEI periode 2015-2019). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan, 3(1), 145-162.
- Harahap, Lily Rahmawati, Shara Wulandari, Ellys Thoyib, and R. Y. Effendy. 2020. “Penggunaan Metode Altman Z-Score Dalam Analisis Risiko Keuangan PT. BTPN Syariah, Tbk.â€. Jurnal Ilmu Manajemen, 10 (1): 15- 24. https://doi.org/10.32502/jimn.v10i1.2454.
- Hutauruk, Martinus Robert. (2017). Akuntansi Perusahaan Jasa: Aplikasi Zahir Accounting. Versi 6. Yogyakarta: Indeks.
- Hutauruk, Martinus Robert, Mansyur Mansyur, Muhammad Rinaldi & Yisar Renza Situru. (2021). Financial Distress pada Perusahaan yang terdaftar di Bursa Efek Indonesia. Jurnal Perbankan Syariah, 2(2), 237-246.
- Kembery dan Ardiansyah Rasyid. 2023. Faktor-faktor yang mempengaruhi financial distress pada Perusahaan manufaktur di BEI. Jurnal Multiparadigma Akuntansi. Vol.V, No.2, Hal: 985-991
- Kurniawati, Nimas dan Frank Aligahr.2021. Struktur Kepemilikan, Komisaris Independen, Ukuran Perusahaan dan Financial Distress pada Perusahaan Manufaktur di Indonesia.JAPP: Jurnal Akuntansi, Perpajakan dan Portofolio. Vol. 01, No.02, Hal:81-97.
- Lemieux, Victoria. 2013. Financial Analysis and Risk Management: Data Governance, Analytics and Life Cyrcle Management. Berlin: Springer.
- Adnan, M. A., & Kurniasih, E. (2000). Analisis Tingkat Kesehatan Perusahaan untuk Memprediksi Potensi Kebangkrutan dengan Pendekatan Altman (Kasus pada Sepuluh Perusahaan di Indonesia]. Jurnal Akuntansi dan Auditing Indonesia, 4(2), 131–135.