ANALISIS MODEL ALTMAN Z-SCORE TERHADAP INDIKASI FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR KOSMETIK DAN KEPERLUAN RUMAH TANGGA YANG TERDAFTAR DI BURSA EFEK INDONESIA

Putri Putri; Munawaroh Munawaroh; Tata  Rustandi

doi:10.46306/ncabet.v3i1.115

Authors

Putri Putri Universitas Bina Bangsa
Munawaroh Munawaroh Universitas Bina Bangsa
Tata Rustandi Universitas Bina Bangsa

DOI:

https://doi.org/10.46306/ncabet.v3i1.115

Keywords:

Kesulitan Keuangan, Altman Z-Score, Working Capital to Total Assets, Retained Earnings to Total Assets, Ebit to Total Assets, Book Value of Equity to Total Liabilities, dan Sales to Total Assets

Abstract

This study aims to determine the indication of financial distress using the calculation of the Altman Z-Score model in manufacturing companies in the cosmetics and household utilities sub-sector listed on the Indonesia Stock Exchange for the 2018-2022 period. This study will use descriptive research methods with a qualitative approach using research objects, namely as many as 6 manufacturing companies in the cosmetics and household utilities sub-sector listed on the Indonesia Stock Exchange. The results showed that PT. Martina Berto Tbk with an average Z-Score obtained in 2018-2022 of 0.338 (Distress Zone), which means that the company is in a condition of financial distress. Companies with the category of being in standard financial condition (Grey Zone) with an average Z-Score value , namely PT. Mustika Ratu Tbk amounted to (2,642), and PT. Kino Indonesia Tbk amounted to (1,898). While PT. Unilever Indonesia Tbk (3,259), PT. Akasha Wira International Tbk (3,981), and PT. Mandom Indonesia (4,896) shows the average Z-Score in a healthy financial condition (Safe Zone). The conclusion in this study is that the Altman Z-Score model can be used to calculate an indication of the level of financial distress in a company. The results of the calculation analysis of the Altman Z-Score model of companies that are indicated to have financial difficulties are PT. Martina Berto Tbk. Policy carried out by PT. Martina Berto Tbk is business transformation, increasing marketing and promotion, expanding distribution cooperation, and divesting assets. The impact of this policy is that in 2021 the company recorded positive performance improvements

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