Kebangkrutan Perusahaan Menggunakan Model Altman dan Zavgren pada Perusahaan Food And Beverages

Authors

  • Yeni Agustina Universitas Sebelas Maret
  • Rahmawati Rahmawati Universitas Sebelas Maret

DOI:

https://doi.org/10.21512/tw.v11i1.696

Keywords:

company bankruptcy, altman model, zavgren model, food and beverages

Abstract

The purpose of this research is to show the illustration of the financial performance in food and beverages companies during the years 2001, 2002, 2003, 2004, and 2005. Since the Indonesian economic crisis which began in middle 1997, most of industry sectors, including food and beverages companies, had some constraints in producing and actualizing their products. One of the important things in making decisions for company managers, creditors, and the future investors is the bankruptcy analysis model to predict company’s bankruptcy. This research used two models developed by Edward I. Altman (Model Z-Score) and Christine V. Zavgren (Logit Model). The result of this research is, generally, the financial conditions of the food and beverages companies are in bad conditions. This situation is connected with the low profitability, liquidity, and activity rates of those companies.

Dimensions

Plum Analytics

Author Biographies

Yeni Agustina, Universitas Sebelas Maret

Jurusan Akuntansi, Fakultas Ekonomi

Rahmawati Rahmawati, Universitas Sebelas Maret

Jurusan Akuntansi, Fakultas Ekonomi

References

Agustiono dan Puspitosari, D.I. (April, 2004). Analisis z-score dalam memprediksi kebangkrutan bank go public di Bursa Efek Jakarta (BEJ). Jurnal Eksekutif, 1(1).

Altman, E. (September, 1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, vol. 4.

Altman, E., Haldeman, R., and Narayanan, P. (June, 1977). ZETA analysis: A new model to identify bankruptcy risk of corporations. Journal of Banking and Finance, vol. 5.

Altman, E., Hartzell, J., and Peck, M. (1995). Emerging markets corporate bonds: A scoring system, New York: Salomon Brothers Inc.

Anonym. (January, 1968). Alternative accounting measures as predictors of failure. Accounting Review.

Anonym. (May, 1989). How a bankruptcy model could be incorporated as an analytical procedure: A logistic analysis. The CPA Journal Online.

Anonym. (1983). The prediction of corporate failure. The State of the Art, Journal of Accounting Literature 2, p. 1-37.

Anonym. (July, 2000). Predicting financial distress of companies: Revisiting the z-score and zeta models. Journal of Banking and Finance.

Beaver, W. (January, 1967). Financial ratios as predictors of failures," in empirical research in accounting, selected studies. Journal of Accounting Research.

Deakin, E.B. (1994). A discriminant analysis of predictors of business failure. Journal of Accounting Research.

Fisher, L. (June, 1959). Determinants of risk premiums on corporate bonds. Journal of Political Economy.

Gibson, B.N. (1998). Bankruptcy prediction: The hidden impact of derivatives. Journal of Banking and Finance, vol. 6.

Hananto. (1984). Analisis laporan keuangan, edisi 1, Yogyakarta: BPFE.

Harahap, S.S. (2001). Teori akuntansi edisi revisi, Jakarta: PT Raja Grafindo Persada.

Hendricks, D. (April, 1996). Evaluation of value-at-risk models using historical data. Economic Policy Review, New York: FRBNY.

Jensen, R. (April 1998). Legal settlement exit value amortization rate accounting for custom interest rate swaps having no market trading. Retrieved from

www.trinity.edu/~rjensen/231wp/231wp.html.

Lo, A.W. (March, 1986). Logit versus discriminant analysis: A specification test and application to corporate bankruptcies. Journal of Econometrics 31, p. 151-179.

Mastuti, S., dan Supardi. (2003). Validitas penggunaan z-score altman untuk menilai kebangkrutan pada perusahaan perbankan go publik di Bursa Efek Jakarta. Kompak, No.7, Januari-April, 68-93.

Setyorini dan Halim, A. (2002). Studi potensi kebangkrutan perusahaan publik di Bursa Efek Jakarta tahun 1996-1998. Kompak, No.5, Mei, 221-239.

Stickney, C.P. (1996). Financial reporting and statement analysis, 3rd ed., Ft. Worth, TX: The Dryden Press.

Sularso, S. (2003). Buku pelengkap penelitian akuntansi: Sebuah pendekatan replikasi, Yogyakarta: BPFE.

Supardi dan Mastuti, S. (2003). Validitas penggunaan z-score altman untuk menilai kebangkrutan pada perusahaan perbankan go publik di Bursa Efek Jakarta. Kompak, No.1, Januari-April, 68-69.

Wilopo. (2001). Prediksi kebangkrutan bank. Jurnal Riset Akuntansi Indonesia, 4(2), Mei, p.181-198.

Zavgren, C.V. (1985). Assessing the vulnerability to failure of american industrial firms: a logistic analysis. Journal of Business Finance and Accounting, 12, p.19-46.

Zmijewski, M.E. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research, 22, p.59-82.

Downloads

Published

2010-03-31

How to Cite

Agustina, Y., & Rahmawati, R. (2010). Kebangkrutan Perusahaan Menggunakan Model Altman dan Zavgren pada Perusahaan Food And Beverages. Journal The Winners, 11(1), 12-25. https://doi.org/10.21512/tw.v11i1.696
Abstract 1556  .
PDF downloaded 894  .