An Analysis of Bankruptcy Likelihood on Coal Mining Listed Firms in the Indonesian Stock Exchange: An Altman, Springate and Zmijewski Approaches

Salim, M. Noor; Sudiono,

doi:10.15604/ejef.2017.05.03.008

Cited by 6 publications

(6 citation statements)

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“…Management effectiveness is seen from the profits generated on company sales and investments or in other words, profitability ratios are ratios that describe the company's ability to earn profits through all available capabilities and sources such as sales activities, cash, capital, number of employees, number of branches and etc. Profitability can be used to assess a company's ability to generate returns on its share capital, "Return on asset shows the use of assets held to generate profits per dollar" (Salim et al, 2017) The author in this study saw the phenomenon based on theory and the results of previous research, the possibility of corporate fundamental factors of financial ratios, namely liquidity (CR), profitability (ROA), and solvability (DER) of the company influence the company's stock returns with dividend payout ratio ( DPR) as an intervening variable. A number of studies have been conducted to analyze the influence of fundamental factors on the value of companies with various sectors that have been chosen to be the object of research.…”

Section: Introductionmentioning

confidence: 99%

Financial Performance of the Manufacturing Sector Consumptive Goods Sub-Sector in Indonesia

Salim

Santosyah

2020

Int. J. Eng. Tech. Mgmt. Res.

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This study aims to examine and analyze the influence of Current Ratio (CR), Return On Assets (ROA) and Debt to Equity Ratio (DER) on Dividend Payout Ratio (DPR) and its impact on Stock Return on Manufacturing Companies of Consumptive Goods Sub-sector listed in Indonesian Stock Exchange in the period of 2012 until 2016. The data used are secondary data in the form of company's financial statements obtained from Indonesia Stock Exchange. The sample of this study using purposive sampling method and obtained 14 companies that meet the criteria set. The method of data analysis using panel data regression analysis, then tested the best model and classical assumption test. The result of data analysis show that partially CR and DER have an insignificant negative effect to Stock Return and ROA has an insignificant positive effect to Stock Return. Furthermore, partially CR has an insignificant positive effect to DPR, ROA has an insignificant negative effect to DPR and DER has a significant negative effect to DPR. Simultaneously CR, ROA and DER have an insignificant positive effect to Stock Return but simultaneously CR, ROA and DER have a significant positive effect to Stock Return.

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Section: Introductionmentioning

confidence: 99%

Financial Performance of the Manufacturing Sector Consumptive Goods Sub-Sector in Indonesia

Salim

Santosyah

2020

Int. J. Eng. Tech. Mgmt. Res.

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“…Bankruptcy is a condition when the company has insufficient funds to run its business (Salim, 2017).. Defenisition other bankruptcy according to (Jabeur, 2017) a situation in which cash flows generated by companies fail to meet obligations toward their financial and nonfinancial partners…”

Section: Bankruptcymentioning

confidence: 99%

Bankruptcy Prediction By Using The Grover Method

Saragih¹,

Sinambela²,

Sari³

2019

Proceedings of the Proceedings of the 1st International Conference on Economics, Management, Accounting and Business, ICEMAB 20

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This study aimed to determine and analyze prediction of bankruptcy in telecommunication companies listed on the Indonesia Stock Exchange by using the Grover method. The approach of this research was a descriptive approach. The population in this study was telecommunication companies listed on the Indonesia Stock Exchange, namely five companies. The sampling technique in this study was purposive sampling, so that four selected companies were sampled. Data collection technique in this study was documentation technique. The data analysis technique in this study was descriptive, using the Grover method to predict bankruptcy. The Grover method formula was: 1,650X1 + 3,404X3 -0,016ROA + 0,057. This study used three financial ratios, including: Working Capital to Total Assets (X1), Earning Before Interest and Tax (X3), and Return On Assets (ROA). The Grover method categorized companies as bankrupt with G-Score was equal to or less than -0.02 (G ≤ -0.02). G-Score for companies which were not bankrupt was equal to or more than 0.01 (G 1 0.01). Companies with G-Score between the upper and lower limits were in the gray area. The findings showed that company that never had a G-Score bankrupt category was PT Telekomunikasi Indonesia Tbk , while companies that had had a G-Score bankrupt category were PT Indosat Tbk from 2013 to 2017, PT Smartfren Telecom Tbk from 2012 to 2017, and PT XL Axiata Tbk from 2015 to 2017. And there had been an increase in the number of companies which were predicted to experience bankruptcy.

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“…There are at least five models that can be used in estimating bankruptcy that have been obtained from various research conducted by experts who focus on bankruptcy in various companies around the world. These models include the Altman Z-Score Model, Springate Model, Zmijewski Model, Foster Model, and Grover Model (Salim and Sudiono, 2017). According to Tiryaki (2021), although there are many financial failure predictive models in the literature, it is unclear which model predicts better than the other.…”

Section: Introductionmentioning

confidence: 99%

Bankruptcy Prediction And Its Effect On Stock Prices As Impact Of The COVID-19 Pandemic

Kesuma

Defung

Kusumawardani

2021

TSSJ

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As COVID-19 pandemic hit the world since early 2020, one business sector in many countries that struggling to survive is tourism and its derivatives, such as restaurants and hotels. This study aims to examine the accuracy of the Springate and Grover models in predicting bankruptcy, as well as the effect on stock prices of tourism, restaurant, and hotel sector in Indonesia. The results show that all sample tourism, restaurant, and hotel companies are bankrupt under the Springate model, whilst according to Grover's model the findings are varied during the study period. Furthermore, the Grover model is implied to be more accurate than the Springate model. The effect of both prediction models on stock price appears dissimilar. Springate's prediction model suggests a positive and significant effect on stock prices, whereas there is no strong evidence about the effect of Grover’s prediction model.

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An Analysis of Bankruptcy Likelihood on Coal Mining Listed Firms in the Indonesian Stock Exchange: An Altman, Springate and Zmijewski Approaches

Cited by 6 publications

References 1 publication

Financial Performance of the Manufacturing Sector Consumptive Goods Sub-Sector in Indonesia

Financial Performance of the Manufacturing Sector Consumptive Goods Sub-Sector in Indonesia

Bankruptcy Prediction By Using The Grover Method

Bankruptcy Prediction And Its Effect On Stock Prices As Impact Of The COVID-19 Pandemic

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