Analisis Altman Z-Score dalam Memprediksi Kebangkrutan Perusahaan Sebelum dan Selama Pandemi COVID-19

Sofi Isma Mahmuda, Yayat Supriyatna, Heraeni Tanuatmodjo

Abstract


This research aims to describe and compare of Altman Z-Score’s analysis to predict bankruptcy in hotel, restaurant, and tourism sub-sector companies listed on the Indonesia Stock Exchange. The Altman Z"-Score is a model for predicting bankruptcy based on a combination of liquidity that is measured by WC/TA, the profitability ratio that is measured by RE/TA and EBIT/TA, and the solvency ratio that is measured by BVE/TL. The research methods used were descriptive and comparative.  The study was conducted on 30 hotels, restaurants and tourism sub-sector companies during 2018-2021.The results showed that during the COVID-19 pandemic, 43.33% of companies were in the safe zone, 13.33% of the companies were in the gray zone, and 43.33% of the companies were in the danger zone. Based on the hypothesis testing, it shows that there are significant differences in the prediction value of bankruptcy using the Altman Z”-Score before and during the COVID-19 pandemic.

Keywords


Bankruptcy Prediction, COVID-19 Pandemic, Altman Z”-Score

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References


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