Bankruptcy Prediction Analysis Using Altman Z-Score Model on Companies Affected by Consumer Boycott on the Indonesia Stock Exchange (Idx) 2019-2023 Period
Analisis Prediksi Kebangkrutan Menggunakan Model Altman Z-Score pada Perusahaan yang Terdampak Boikot Konsumen di Bursa Efek Indonesia (BEI) Periode 2019-2023
DOI:
https://doi.org/10.21070/ups.8180Keywords:
Bankruptcy, Financial Ratios, Altman Z-Score, Consumer BoycottAbstract
This study aims to analyze the impact of financial ratios on the prediction of bankruptcy of companies affected by consumer boycotts on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The method used is the Altman Z-Score model, which combines four financial ratios: Working Capital to Total Assets (WCTA), Retained Earnings to Total Assets (RETA), Earnings Before Interest and Taxes to Total Assets (EBITTA), and Market Value of Equity to Book Value of Total Liabilities (MVEBVL). The data used are the financial statements of companies listed on the IDX and affected by the boycott, which were collected through documentation techniques. The analysis was conducted using SPSS software to calculate Z-Score and test hypotheses. The results of the analysis show that all of the financial ratios have a positive and significant impact on bankruptcy prediction.
Downloads
References
A. Jaelani and Y. Nursyifa, “Perilaku Konsumen Islam Terhadap Boikot Produk Israel,” 2024.
“Aksi Boikot Produk Terafiliasi Israel Dorong Masyarakat Beralih ke Produk Lokal,” Tempo.
E. Mardeson and H. Mardesci, “Fenomena Boikot Massal (Cancel Culture) di Media Sosial The Phenomenon of Cancel Culture on Social Media,” Jun. 2022.
M. Fadillah, A. Jam, and M. Muchran, “Dampak Pemboikotan Produk yang Berafiliasi Israil pada Kinerja Keuangan yang Terdaftar Di Bei (Tahun 2023),” Jun. 2024.
H. Novanti, “Yudishtira Journal: Indonesian Journal of Finance and Strategy Inside Tantangan dan Peluang: Analisis Dampak Boikot Terhadap Kinerja Saham Perusahaan yang Terlibat Kontroversi Isu Israel,” Yudishtira Journal : Indonesian Journal Of Finance Strategy Inside, 2023, doi: 10.53363/yud.v3i3.85.
I. Prawira, R. E. Irawan, and K. Karen, “Objektivitas Tiga Media Siber Indonesia: Studi Konten Berita Konflik Israel-Palestina,” JWP (Jurnal Wacana Politik), vol. 6, no. 2, p. 95, Oct. 2021, doi: 10.24198/jwp.v6i2.35073.
J. Septian Putra, R. Saaulia, and S. Adnis, “Yasser Arafat dan Konflik Palestina-Israel (Tinjauan Sejarah),” Khazanah: Jurnal Sejarah dan Kebudayaan Islam, vol. 10, no. 1, pp. 1–12, May 2020, doi: 10.15548/khazanah.v10i1.265.
Mentari Puspadini, “Nasib Terkini Saham yang Terimbas Boikot Israel,” CNBC Indonesia, Nov. 2023.
A. Pujiastuti, “Mengungkap Dampak Boikot Terhadap Nilai Pasar Perusahaan,” Dec. 2023.
M. Handayani, “Pengaruh Gerakan Boikot Produk Pendukung Israel terhadap Perdagangan Saham di Indonesia,” Jurnal Akademi Akuntansi Indonesia Padang, vol. 4, no. 1, pp. 106–114, Jul. 2024, doi: 10.31933/z7bftz98.
Simanjutak Niskon Daniel, “Analisis Kinerja Keuangan PT Sarimelati Kencana Tbk Tahun 2022-2023 Daniel Niscon Simanjuntak,” Jun. 2024. [Online]. Available: www.jurakunman.stiesuryanusantara.ac.id
F. Fenoria, “Boikot Produk Israel Meningkat, Usaha dan Bisnis Indonesia Potensi Kena Dampak .”
S. W. Ningsih, “Analisis Rasio Keuangan Terhadap Financial Distress Dengan Nilai Perusahaan Sebagai Variabel Intervening Pada Perusahaan Property dan Real Estate Tbk,” Jurnal Manajerial Bisnis, vol. 6, no. 2, pp. 136–146, Mar. 2023, doi: 10.37504/jmb.v6i2.510.
Sardiyo, I. M. Kesuma, A. Andrinaldo, and N. Triwulan, “Analisis Prediksi Kebangkrutan pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (BEI),” Jurnal Media Ekonomi (JURMEK), vol. 28, Mar. 2023.
G. S. J. Kurniawan Rahmad, “Prediksi Kebangkrutan Perusahaan Berdasarkan Analisa Model Altman Z-Score Studi Kasus pada PT. BFI Finance Indonesia tbk periode 2016-2020,” Jurnal Mahasiswa Akuntansi Poltekba, 2021.
E. Susilawati, “Analisis Prediksi Kebangkrutan dengan Model Alman Z-Score pada Perusahaan Semen yang Terdaftar di Bursa Efek Indonesia Periode 2012-2018,” FAIRVALUE: JURNAL ILMIAH AKUNTANSI DAN KEUANGAN, vol. 2, Jul. 2019, [Online]. Available: https://www.cnbcindonesia.com/market/20180719130047-17-24349/industri-semen-
V. Silvianti and S. Aslamiyah, “Analysis Of Bankruptcy Prediction Using The Altman Z-Score Method For The 2019-2022 Period (Case Study At Pt X In East Java) (Studi Kasus Pada Pt X Di Jawa Timur)id 2 *Corresponding Author,” 2024. [Online]. Available: http://journal.yrpipku.com/index.php/msej
D. R. A. Tamudia, J. Morassa, and H. R. N. Wokas, “Pengaruh Working Capital To Total Assets (Wcta), Retained Earning To Total Assets (Reta), Earnings Before Interest and Tax To Total Assets (Ebitta), Book Value Of Equity To Book Value Of Total Debt (Bvetd) Terhadap Financial Distress (Studi Pada Perusahaan Konstruksi Yang Terdaftar Di Bei Tahun 2017-2021),” 2022.
P. Renalita and S. Tanjung, “Comparative Analysis of Altman Z-Score, Springate, Zmijewski and Ohlson Models in Predicting Financial Distress,” EPRA International Journal of Multidisciplinary Research (IJMR)-Peer Reviewed Journal, 2020, doi: 10.36713/epra2013.
S. Sembiring and C. Sinaga, “Analisis Akurasi Model Altman, Grover, Springate, Zmijewski Dalam Memprediksi Kondisi Financial Distress (Studi Empiris pada Perusahaan Ritel yang Terdaftar di Bursa Efek Indonesia,” JRAK, vol. 8, no. 2, pp. 299–311, Sep. 2022.
M. Kinanti, D. Putri Anggraini, and R. Kusumastuti, “Analisis Prediksi Kebangkrutan Dengan Menggunakan Metode Altman Z-Score (Studi kasus pada PT. Acset Indonusa Tbk dan PT. Nusa Kontruksi Enjiniring Tbk),” Manajemen Kreatif Jurnal (MAKREJU), vol. 1, no. 3, pp. 1–14, Aug. 2023, doi: 10.55606/makreju.v1i1.1597.
M. Zaky, “Analisis Financial Distress dengan menggunakan metode Altman Z-Score Untuk Memprediksi Kebangkrutan pada PT. Ramayana Lestari Sentosa Tbk (RALS) periode 2017-2021,” Apr. 2022.
R. Aini, A. Idris, and R. Ayuanti, “Analisis Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score,” Competitive Jurnal Akuntansi dan Keuangan, vol. 6, 2022.
K. D. Setyaningrum, A. D. R. Atahau, and I. M. Sakti, “Analisis Z-Score dalam Mengukur Kinerja Keuangan untuk Memprediksi Kebangkrutan Perusahaan Manufaktur pada Masa Pandemi COVID-19,” Jurnal Riset Akuntansi Politala, vol. 3, no. 2, pp. 74–87, Dec. 2020, doi: 10.34128/jra.v3i2.62.
V. D. Anisa, “Analisis Variabel Kebangkrutan terhadap Financial Distress dengan Metode Altman Z- Score,” 2019.
J. Muclish and S. Alang, “Comparison Analysis Of Bankruptcy Prediction Model Using Springate And Altman Z-Score Model At Pt Gajah Tunggal Tbk,” Jurnal Bisnis Dan Manajemen, vol. 8, no. 2, pp. 11–21, 2021, [Online]. Available: http://e-journal.stie-aub.ac.id
A. Kurniadi, “Analisis Rasio Keuangan Untuk Memprediksi Financial Distress Perusahaan Manufaktur Di BEI,” Jurnal Ilmiah Manajemen Kesatuan, vol. 9, no. 3, pp. 495–508, Dec. 2021, doi: 10.37641/jimkes.v9i3.511.
N. Hikmah and K. Mutmainah, “Determinan Prediksi Kebangkrutan dengan Metode Altman Z-Score,” Journal of Economic, Business and Engineering (JEBE), vol. 3, no. 1, 2021, [Online]. Available: www.idx.co.id
Mm. Ali, T. Hariyati, M. Yudestia Pratiwi, and S. Afifah, “Metodologi Penelitian Kuantitatif Dan Penerapan Nya Dalam Penelitian,” 2022.
Karlingsih, “Analisis Financial Distress Dengan Altman Z-Score,” Competitive Jurnal Akuntansi dan Keuangan, vol. 5, 2021.
R. Sumolang, “Analisis Prediksi Kebangkrutan Perusahaan Properti Yang Terdaftar di BEI Dengan Model Altman Z-Score,” Productivity, 2021.
M. Wulansari, “Analisis Kinerja Keuangan dengan Metode Altman Z ± Score dan Springate pada Industri Otomotif yang Terdaftar di Bei,” Jurnal Manajemen dan Bisnis, vol. 03, Jan. 2022.
S. Tania, L. N. Pratiwi, and B. Laksana, “Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score Modifikasi pada PT Inti (Persero) Prediction of bankruptcy using altman z-score modification method on PT Inti (Persero),” Indonesian Journal of Economics and Management, vol. 1, no. 3, pp. 628–633, Jul. 2021.
Ricka Mullia Suatin, “Produk Susu Nestle Diboikot, Ini 6 Referensi Susu Lokal Asli Buatan Indonesia,” Jun. 2024.
A. I. Alifya et al., “Analisis Dampak Gerakan Boikot Produk Pro-Israel Terhadap Penjualan Starbucks dan Kopi Lokal Di Indonesia,” Jurnal Ekonomi, Manajemen dan Akuntansi, Jun. 2024, [Online]. Available: http://jurnal.kolibi.org/index.php/neraca
I. Solihah, M. Huda, V. Yani, and F. Rahmawati, “Pengaruh Aksi Boikot Produk yang Berafiliasi Israel terhadap Kinerja Keuangan Perusahaan di PT. Unilever Indonesia,” EKOMA : Jurnal Ekonomi, vol. 4, no. 3, Mar. 2025, [Online]. Available: www.idx.co.id
R. T. Ariska, M. Arief, and Prasetyo, “The Effect Of Gender Diversity and Financial Ratios on Financial Distress in Manufacturing Companies Indonesia,” Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, vol. 5, 2021, [Online]. Available: www.idx.co.id
D. R. A. Tamudia, J. Morasa, and H. R. N. Wokas, “Pengaruh Working Capital To Total Assets (Wcta), Retained Earning To Total Assets (Reta), Earnings Before Interest and Tax To Total Assets (Ebitta), Book Value Of Equity To Book Value Of Total Debt (Bvetd) Terhadap Financial Distress (Studi Pada Perusahaan Konstruksi Yang Terdaftar Di Bei Tahun 2017-2021),” 2022.
Y. Ramadhan, Marindah, and Marindah, “Financial Distress Analysis in an Indonesia Textile Company,” 2021. doi: DOI10.18502/kss.v5i5.8846.
C. Randi, M. Ihsan, and A. Hendrani, “Mendeteksi financial distress perusahaan sektor ritel go public di Indonesia menggunakan model grover,” Jurnal Ilmiah Akuntansi dan Keuangan, vol. 5, no. 4, p. 2022, 2022, [Online]. Available: https://journal.ikopin.ac.id/index.php/fairvalue
A. A. Toly, R. Permatasari, and E. Wiranata, “The Effect of Financial Ratio (Altman Z-Score) on Financial Distress Prediction in Manufacturing Sector in Indonesia 2016-2018,” 2020. [Online]. Available: www.idx.co.id
Karlingsih, “Analisis Financial Distress dengan Model Altman Z-Score,” Competitive Jurnal Akuntansi dan Keuangan, 2021.
G. D. Natalia and E. Sulistyowati, “Pengaruh Kinerja Keuangan Terhadap Potensi Kebangkrutan Masa Pandemi Covid-19 (pada Perusahaan Manufaktur yang Terdaftar di Bei,” 2020. [Online]. Available: www.news.detik.com
Downloads
Additional Files
Posted
License
Copyright (c) 2025 UMSIDA Preprints Server
This work is licensed under a Creative Commons Attribution 4.0 International License.
