ANALISIS PREDIKSI FINANCIAL DISTRESS DENGAN MENGGUNAKAN MODEL ALTMAN Z-SCORE PADA PERUSAHAAN RITEL TAHUN 2018-2020

Dian Pertiwi, Alvianita Gunawan Putri

Abstract


The retail sector is one of the sectors affected by the covid-19 pandemic. Giant is one of the hypermarkets that has closed several outlets from 2019 to 2021 permanently closed. This is due to suboptimal financial performance and exacerbated by the impact of the covid-19 pandemic. The purpose of this study is to analyze financial distress predictions in the retail sector. This study uses a sample of retail public sector companies that run hypermarket, superstore and minimarket businesses. The research analysis technique used the original Altman Z-Score model, which was developed in 1968. This study indicates generally companies are in the “safe” zone for 2018 and 2019, except for HERO, which is in the “gray” zone. Furthermore, in 2020, several companies are still in the "safe" zone, except MIDI and RALS shifting to the "gray" zone and even HERO shifting to the "distress" zone. The implications of the results of this study provide information for retail companies to pay attention to their financial conditions so that they can determine long-term strategies to have long business sustainability.

Keywords


Financial distress; Altman Z-Score; Retail; Covid-19 pandemic

Full Text:

PDF

References


Altman, E. I. (1968). Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy. The Journal Of Finance, XXIII(4), 589–609.

Altman, E. I. (2005). An Emerging Market Credit Scoring System For Corporate Bonds. Emerging Market Review, 6, 311–323.

Altman, E. I., & Hotchiks, E. (2006). Corporate Financial Distress and Bankruptcy (Third). John Wiley & Sons, Inc. https://doi.org/10.1007/978-3-319-67355-4_2

Altman, E. I., Hotchiks, E., & Wang, W. (2019). Corporate Financial Distress, Restructuring, and Bankruptcy (Fourth). John Wiley & Sons, Inc.

Ardian, A. V., Andini, R., & Raharjo, K. (2017). Pengaruh Rasio Likuiditas, Rasio Leverage, Rasio Aktivitas, dab Profitabilitas Terhadap Financial Distress. Jurnal Ilmiah Mahasiswa Akuntansi Universitas Panandaran, 3(3).

Bodroastuti, T. (2009). The Influence of Corporate Governance Structure to Financial Distress. Jurnal Ilmu Ekonomi ASET, 11(2), 1–15.

BPS. (2021). Pertumbuhan Ekonomi Indonesia Triwulan IV-2020. Www.Bps.Go.Id, 13, 12. https://www.bps.go.id/pressrelease/2021/02/05/1811/ekonomi-indonesia-2020-turun-sebesar-2-07-persen--c-to-c-.html

Carmassi, C., & Alessandra, P. (2014). Financial Distress and Bankruptcy : Tools for preserving the Soundness of Financial System. LUISS Guido Carli. https://tesi.luiss.it/15689/1/176421.pdf

CNN Indonesia. (2020). Dampak Resesi Corona Mengalir ke Berbagai Sektor. CNN Indonesia. https://www.cnnindonesia.com/ekonomi/20200908105412-532-543899/dampak-resesi-corona-mengalir-ke-berbagai-sektor

CNN Indonesia. (2021). Daftar Gerai Giant yang Tutup. CNN Indonesia. https://www.cnnindonesia.com/ekonomi/20210305102841-92-614067/daftar-gerai-giant-yang-tutup

Dewi, R. K. (2020). Mengenal Apa Itu PSBB, Aturan, Daerah Yang Menerapkan Hingga Sanksinya. Kompas. https://www.kompas.com/tren/read/2020/04/14/093800065/mengenal-apa-itu-psbb-aturan-daerah-yang-menerapkan-hingga-sanksinya?page=all

Dwijayanti, S. (2010). Penyebab, Dampak, Dan Prediksi Dari Financial Distress Serta Solusi Untuk Mengatasi Financial Distress. Jurnal Akuntansi Kontemporer, 2(2), 191–205.

Fitri, R. A., & Syamwil, S. (2020). Pengaruh Likuiditas, Aktivitas, Profitabilitas dan Leverage Terhadap Financial Distress (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018). Jurnal Ecogen, 3(1), 134. https://doi.org/10.24036/jmpe.v3i1.8532

Gusman, H. (2020). Enam Bulan COVID-19 RI: Sektor Kesehatan & Ekonomi Masih Buruk. Tirto.Id. https://tirto.id/enam-bulan-covid-19-ri-sektor-kesehatan-ekonomi-masih-buruk-f3eu

Hastuti, R. T. (2018). Analisis Komparasi Model Prediksi Financial Distress Altman, Springate, Grover Dan Ohlson Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2013. Jurnal Ekonomi, 20(3), 446. https://doi.org/10.24912/je.v20i3.405

Iramani, R. (2008). Model Prediksi Financial Disress Perusahaan Go Public di Indonesia (Studi pada Sektor Manufaktur). Jurnal Aplikasi Manajemen, 6.

Kieso, D. E., Weygant, J. J., & Warfield, T. D. (2014). Intermediate Accounting IFRS Edition (2nd Ed). John Wiley & Sons, Inc.

Lord, J., Landry, A., Savage, G. T., & Weech-Maldonado, R. (2020). Predicting Nursing Home Financial Distress Using the Altman Z-Score. Inquiry (United States), 57. https://doi.org/10.1177/0046958020934946

Muhammad, M., Aditia Mahardika, & Rizka Amalia. (2020). Corona Virus Pandemic Impact on Sales Revenue of Micro Small and Medium Enterprises ( MSMEs ) in Pekalongan City, Indonesia. Journal of Vocational Studies on Applied Research, 2(1), 7–10. https://ejournal2.undip.ac.id/index.php/jvsar/article/view/7600

Nurhakliza, S. (2020). Sembilan Sektor Paling Parah Kena Dampak, No.2 Rugi hingga USD812 Juta. Idxchannel.Com. https://www.idxchannel.com/market-news/foto/sembilan-sektor-paling-parah-kena-dampak-no2-rugi-hingga-usd812-juta

Oktaviani, B., Hizai, A., & Mirdah, A. (2020). Ukuran Perusahaan Terhadap Financial Distress Terdaftar di Bursa Efek Indonesia. Jambi Accounting Review ( JAR ), 1(April), 20–34.

Pratama, A. (2021). Bos Hero Ungkap Alasan Tutup Gerai Giant. Idxchannel.Com. https://www.idxchannel.com/market-news/bos-hero-ungkap-alasan-tutup-gerai-giant

Puspitasari, D. M., Roespinoedji, D., & Napitupulu, S. (2020). Applicability of Altman Model in Predicting Financial Distress : Evidence from Rural Bank in Indonesia. Solid State Technology, 63(3).

Sembiring, L. J. (2021). Giant Tutup, Centro Pailit, Kapan “Mimpi Buruk” ini Berakhir? CNBC Indonesia. https://www.cnbcindonesia.com/market/20210529172959-17-249273/giant-tutup-centro-pailit-kapan-mimpi-buruk-ini-berakhir

Septiani, N. M. I., & Dana, I. M. (2019). Pengaruh Likuiditas, Leverage, Dan Kepemilikan Institusional Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate. E-Jurnal Manajemen Universitas Udayana, 8(5), 3110. https://doi.org/10.24843/ejmunud.2019.v08.i05.p19

Sidik, S. (2020). Emiten dari Sektor Ini Paling Sengsara Hadapi Efek Covid-19. CNBC Indonesia. https://www.cnbcindonesia.com/market/20200512130429-17-157880/emiten-dari-sektor-ini-paling-sengsara-hadapi-efek-covid-19

Sidik, S. (2021). Sayonara Gerai Giant! Ternyata Separah Ini Kinerja HERO. CNBC Indonesia. https://www.cnbcindonesia.com/market/20210525135916-17-248255/sayonara-gerai-giant-ternyata-separah-ini-kinerja-hero

Stephanie, Lindawati, Suyanni, Christine, Oknesta, E., & Afiezan, A. (2020). Pengaruh Likuiditas, Leverage dan Ukuran Perusahaan Terhadap Financial Distress Pada Prusahaan Properti dan Perumahan. Costing: Journal of Economic, Business and Accounting, 3.

Sugianto, D. (2019). BEI Desak HERO Jelaskan Kabar Penutupan 6 Gerai Giant. Detik Finance. https://finance.detik.com/berita-ekonomi-bisnis/d-4598979/bei-desak-hero-jelaskan-kabar-penutupan-6-gerai-giant

Tanjung, P. R. (2020). Comparative Analysis Of Altman Z-Score, Springate, Zmijewaki and Ohlson Models ini Predicting Financial Distress. EPRA International Journal of Multidisciplinary Research (IJMR)-Peer Reviewed Journal, 6(3). https://doi.org/https://doi.org/10.36713/epra4162

Ullah, H., Wang, Z., Abbas, M. G., Zhang, F., Shahzad, U., & Mahmood, M. R. (2021). Association of Financial Distress and Predicted Bankruptcy: The Case of Pakistani Banking Sector. Journal of Asian Finance, Economics and Business, 8(1), 573–585. https://doi.org/10.13106/jafeb.2021.vol8.no1.573

Yuniati, M., & Amini, R. (2020). Analisis Dampak Covid-19 Terhadap Daya Beli Masyarakat Ntb. Jurnal Penelitian Manajemen, 2(2), 362–368. www.kelaspintar.id.lbkg/inspirasi/pengaruh-covid-19/terhadap/-perekonomian-




DOI: http://dx.doi.org/10.32497/keunis.v9i2.2636

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 The Author(s)

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

KEUNIS
P-ISSN: 2302-9315
E-ISSN: 2714-7274

Adress:
Finance and Banking Diploma Program
Politeknik Negeri Semarang
Jl. Prof. H. Soedarto S.H., Tembalang, Semarang Postal Code 50275

AboutFor AuthorFor Reviewer
-Focus and Scope-Online Submission-Reviewer User Manual
-Editorial Team-Author Guideline 
-Peer Reviewer-Template (Indonesia / English)For Editor
-Indexing-How to Submit Article -Editor User Manual
-Contact  

Flag Counter

Web Analytics View My Stats

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.