STUDI POTENSI KEBANGKRUTAN PADA PERUSAHAAN INDUSTRI PROPERTI YANG GO PUBLIC DI BURSA EFEK INDONESIA

Abstract

This study aims to determine and calculate the score of bankruptcy using Altman model, Springate and Zmijewski. In addition, this study also aims to analyze whether there are significant differences of these models, as well as test the effect on stock prices in the property industry companies that go public on the stock exchange Indonesia. Variables used in this research is the Altman Z-Score, Springate methods, methods Zmijewski, bankruptcy prediction scores and stock prices. The samples used were 34 property companies listed on the Indonesia Stock Exchange from 2013 to 2014 period. Sampling with purposive sampling technique. In this study, researchers used a method of analysis Altman Z-score, Springate and Zmijewski to test potential bankruptcy. Furthermore, using a different test engineering analysis Kruskal Wallis test and test the effect of using multiple regression with the help of Microsoft Excel program and the social science statistical package (SPSS) 20.0 VERSION. The results showed using Altman model there are 15 industrial firms potentially bankrupt property, Springate models there are 19 companies that could potentially bankrupt, while the model Zmijewski no company that could potentially bankrupt. In addition the results showed a significant difference between the analysis using a model Altman, Zmijewski Springate and in assessing the company’s bankruptcy in the property industry. Then the next research results showed that no significant relationship between scores for bankruptcy against the company’s share price on the property industry. Keywords: Altman Z-score, Springate and Zmijewski, bankruptcy and stock prices.