Analisis Financial Distress Dengan Model Altman Z-Score Pada PT Binakarya Jaya Abadi Tbk Sebelum dan Pasca Pandemi COVID-19

Muhammad Abdul Hanafi1 Elfreda Aplonia Lau Purwanti

Abstract


The purpose of this research is to find out and analyze: 1)The potential for financial distress using the Altman model (Z-Score) at PT Binakarya Jaya Abadi Tbk before the COVID-19 pandemic (2019 quarter III). 2) The potential for financial distress using the Altman model (Z-Score) at PT Binakarya Jaya Abadi Tbk after the COVID-19 pandemic (2022 quarter III)

The analytical tool used is a modified Altman model (Z-Score) with the formula Z= 6,56 X1 + 3,26 X2 + 6,72 X3 + 1,05 X4 with the indicator X1=Net Working to Total Asset, X2=Retained Earnings to Total Asset, X3=Earnings Before Interest and Taxes to Total Asset and X4= Book Value Equity to Total Liabilty.

The results of the study concluded that PT Binakarya Jaya Abadi Tbk before the COVID-19 pandemic was in the status of a safe zone and did not experience financial distress while PT Binakarya Jaya Abadi Tbk after the COVID-19 pandemic entered a dangerous zone (financial distress) which if allowed to go bankrupt.

Keywords


Financial Distress, Model Altman Z-Score, Altman Z-Score Modifikasi

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References


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DOI: https://doi.org/10.31293/jma.v12i2.6934

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