Bankruptcy Level Research Articles

Analisis Tingkat Kebangkrutan Dengan Menggunakan Metode Altman Z-Score, Springate Dan Internal Growth Rate Pada Pt Bentoel Internasional Investama Tbk

This study aims to determine how the level of bankruptcy at PT Bentoel Internasional Investama Tbk from 2016 to 2020 using the Altmatn Z-Score, Springate, and Internal Growth Rate methods. Companies, investors and creditors are expected to consider the results of this analysis. The type of research used in this research is descriptive research, in predicting bankruptcy the researcher uses multivariate analysis. This study uses secondary data from the company's financial statements listed on the Indonesia Stock Exchange. To measure financial performance, researchers analyzed the ratios contained in the three models.The results of the analysis of the company's bankruptcy rate using the Altman Z-Score method in 2016 were the company was in the "not bankrupt" category while for 2017, 2018, 2019 the company was in the "grey area" category and in 2002 the company was categorized as "bankrupt". The results of the analysis of the bankruptcy rate as measured by the springate method show that in 2016 and 2020 the company was categorized as "bankrupt" and for 2017, 2018 and 2019 the company was categorized as "not bankrupt". For the results of measuring the bankruptcy rate using the Internal Growth Rate method in 2016, 2017, 2018 and 2019 the company was categorized as "bankrupt" and for 2020 the company was included in the "not bankrupt" category.

ANALISIS TINGKAT KEBANGKRUTAN PADA PERUSAHAAN RITEL SEKTOR SANDANG YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018-2020

Running a business in the Retail sector in the Clothing Sector is very risky for bankruptcy, therefore it is necessary to use an analytical tool that 95% can produce accurate and reliable results such as the Altman Z-Score, in order to easily predict the level of bankruptcy in the company. This study examines retail companies in the clothing sector by taking 3 samples from the sector companies. This study aims to determine: the bankruptcy of PT. Matahari Department Store Tbk, PT. Mitra Adiperkasa Tbk and PT. Ramayana Lestari Sentosa Tbk as a Retail Company in the Clothing Sector Listed on the Indonesia Stock Exchange in 2018-2020. The hypothesis is accepted this is due to the phenomenon of the problem of the start of the shopping boom online and there is also a COVID-19 pandemic lockdown in 2020, and the fierce competition factor, the lack of employees or workers and increasingly sophisticated technological factors make businessmen in the retail sector of the clothing sector experience the potential for bankruptcy

Optimal dividends under Markov-modulated bankruptcy level

This paper proposes and studies an optimal dividend problem in which a two-state regime-switching environment affects the dynamics of the company's cash surplus and, as a novel feature, also the bankruptcy level. The aim is to maximize the total expected profits from dividends until bankruptcy. The company's optimal dividend payout is therefore influenced by four factors simultaneously: Brownian fluctuations in the cash surplus, as well as regime changes in drift, volatility and bankruptcy levels. In particular, the average profitability can assume different signs in the two regimes. We find a rich structure of the optimal strategy, which, depending on the interaction of the model's parameters, can be either of barrier-type or of liquidation-barrier type. Furthermore, we provide explicit expressions of the optimal policies and value functions. Finally, we complement our theoretical results by a detailed numerical study, where also a thorough analysis of the sensitivities of the optimal dividend policy with respect to the problem's parameters is performed.

Analisis restukturisasi usaha koperasi dalam upaya mempertahankan keberlangsungan usaha

KKB UKOPIN is a primary cooperative located in the Sumedang Regency area. There are nine business units that are run which are included in the real sector and services, where four of these nine units experience losses. Ups and downs in running a business will still exist, so the health of the cooperative is very important to note so that the cooperative does not experience ongoing financial difficulties that will later experience bankruptcy. This study aims to analyze the restructuring of cooperative businesses to maintain business continuity in bankruptcy. This study uses the Altman Z-Score method to assess the level of cooperative bankruptcy. The results of the analysis obtained will be used to determine the business restructuring efforts carried out by the UKOPIN KKB management to be able to maintain and develop their business. The types of data used are primary and secondary data. In this research, the data analysis method used is the descriptive analysis method. The results of this study: the authors obtained the results of the assessment using the Altman Z-Score KKB UKOPIN method for the last five years, being in a safe zone, but cooperatives must make improvement efforts through actions that cover all aspects to maintain cooperative businesses.

ANALISIS LAPORAN KEUANGAN SEBAGAI ALAT PREDIKSI TINGKAT KEBANGKRUTAN PERUSAHAAN DENGAN MENGGUNAKAN MODEL ALTMAN

The economic crisis that occurred in 1997 until now has not been resolved. Many companies are experiencing financial difficulties that delay obligations that can lead to bankruptcy. Bankruptcy risk for a company can actually be seen and measured through financial statements to predict financial difficulties. The purpose of this study is to find out the potential level of bankruptcy of manufacturing companies listed on the Indonesia Stock Exchange based on the Altman Z-Score method for the period 2010-2019. This type of research is descriptively quantitative. Sampling uses purposive sampling techniques with a sample of 5 manufacturing companies of eating and beverage subsectors. The data analysis method used is altman Z-Score bankruptcy analysis. The results showed the percentage of companies potentially bankrupt by 30%, companies that entered in good health by 32%, and companies that were in grey area condition by 38%. Of the 5 companies, 3 companies have entered a potentially bankrupt condition with a z-score of less than 1.81, namely AkashaWira International Tbk, Prasida Aneka NiagaTbk and TigaPilar Sejahtera Food Tbk. Of the 5 companies 4 companies have entered the grey area where the company's Z-score value is between 1.81-2.99, namely AkashaWira International Tbk, Prasida Aneka NiagaTbk, Three Pillars of Sejahtera Food Tbk, and Indofood SuksesMakmurTbk. Only Ultrajaya Milk Industry & Trading Company Tbk has been in the healthy category for ten consecutive years where the company's Z-score value is always above 2.99.

DETERMINAN POTENSI KEBANGKRUTAN PERUSAHAAN PADA MASA PANDEMI COVID-19

<em>The impact of the COVID-19 pandemic has a real and broad impact on all industries in Indonesia, which has the potential to increase the level of corporate bankruptcy (financial distress). This study aims to examine the effect of financial ratios on financial distress conditions in various industrial sub-sectors on the Indonesia Stock Exchange during the pandemic and before the pandemic. The study begins with the creation of a financial distress prediction model using the Logistics Regression Model with the input of financial and macroeconomic ratio data during 2016 – 2020. The financial distress prediction model will be used to measure the level of financial distress during the Pandemic and Pre-Pandemic Periods. Empirical testing shows that the pandemic affects the ability of financial ratios to predict the bankruptcy. In the pre-pandemic only debt ratio and sales growth were significant in predicting bankruptcy, but during the pandemic cash flow was also could predict the bankruptcy. During the pandemic, sales growth became the most important because it was the aspect most affected by the restrictions on consumer social and economic activities.</em>

The Effect of Corporate Social Responsibility and Board Gender Diversity on Bankruptcy: Evidence from Korea

This study investigates whether corporate social responsibility (CSR) activities and board gender diversity affect bankruptcy. The core issue focuses on the moderating effect between CSR activities and board gender diversity on bankruptcy. Using 4,654 firmyear observations from a sample of 581 non-financial firms listed on the Korean Stock Exchange over the period 2009–2017, we employ the fixed effect estimation and two-way fixed effect estimation of panel analysis to control endogenous. We find firms engaging more in CSR activities reduce the level of bankruptcy, but board gender diversity does not reduce the level of bankruptcy due to tiny portion of female director in the boardroom. The moderating effect on the relationship between CSR activities and board gender diversity reduce the level of bankruptcy. This result indicates that the influence of female directors on the boards of Korean listed firms is not yet strong but board gender diversity with good CSR activities positively operate to reduce the level of bankruptcy.

PREDIKSI TINGKAT KEBANGKRUTAN SEBELUM DAN SELAMA PANDEMI COVID-19 MENGGUNAKAN METODE ALTMAN Z-SCORE

The purpose of this study was to examine differences in the level of bankruptcy in transportation companies listed on the IDX before and during the Covid-19 pandemic. This type of research is quantitative using purposive sampling technique which produces 57 samples. The data collection technique used a study of documentation obtained from the IDX's official website, namely www.idx.co.id. Data analysis used SPSS version 21 software. The results showed that the company that had the highest bankruptcy rate in the 2018-2020 period was BLTA due to a decrease in all financial ratios, while the company that had the lowest bankruptcy rate was SAPX because the company managed to increase its solvency and profitability ratios. The results of other studies are that there is no difference in the level of bankruptcy before and during the Covid-19 pandemic. This means that the company has a bankruptcy rate that is not much different from before and during the Covid-19 pandemic because the company is able to adapt by implementing strategies that are in accordance with the conditions of the Covid-19 pandemic.

Assessment of the credit risk of Poland based on sovereign credit default swap spreads during the Covid-19 pandemic

Motivation: SCDS contracts, based on treasury bonds, are used to assess credit risk. Observation of changes in these instruments provides information on the current economic situation of individual countries. By correlating them with the economic assessment of individual countries, SCDS indicate the risk level of bankruptcy of a given country and thus play an informative role on the global financial market.
 Aim: The objective of the study is to investigate the impact of the Covid-19 pandemic on the level of credit risk in Poland. This aim will be achieved by determining the level and the dynamics of changes of SCDS spreads, and by identifying the determinants of changes in the level of SCDS spreads before and after the pandemic. The study hypothesises that as a result of the supply and demand shocks caused by the outbreak of the Covid-19, the level of Polish SCDS spreads increased due to macroeconomic factors.
 Results: The results of the study confirmed that due to the panic, Poland’s credit risk increased dynamically in the first stage of the Covid-19. However, over time, the level of credit risk in Poland decreased. Nevertheless, the reduction in Poland’s credit risk is accompanied by an increase in public debt, with a simultaneous deterioration in macroeconomic indicators. This evidence suggests that SCDS spreads are not capable of reflecting the foundations of the economy during uncertainty. The results of this study indicate that the fundamental determinants of credit risk changes occurred before and during the pandemic. However, the results showed that the magnitude of their impact on credit risk is different. Multiple linear regression analysis also showed that during the Covid-19, macroeconomic factors showed a significantly higher degree of correlation with credit risk compared to non-economic factors directly related to the effects of the pandemic.

ANALISIS KEBANGKRUTAN PERUSAHAAN SUB SEKTOR COAL MINING DI BURSA EFEK INDONESIA

This study aims to determine the level of potential bankruptcy of a company. In this study, the company under study is coal mining sector listed on the IDX SMC Liquid. The companies include PT Adaro Energy Tbk (ADRO), PT Indika Energy Tbk(INDY), PT Indo Tambangraya Megah Tbk (ITMG) and PT Bukti Asam Tbk (PTBA). To research the company, researchers use 2 methods, namely the method of Altman and Grover and as a first step in knowing the bankruptcy signal of the company early. This type of research is descriptive quantitative. The data source used is secondary data. Population in this research is coal mining on IDX SMC Liquid issuer amounting to 4 coal mining company in period 2017-2020. The sample of research is using probability sampling method. The results of this study indicate that there are 2 methods used and generally have differences in the results of calculations, as well as publicly listed coal mining companies doesn’t have the potential to experience bankruptcy. Of the 2 methods used that are most accurate in determining the prediction of freedom is the Grover method.

MANAGEMENT OF ECONOMIC SECURITY OF ENTERPRISES SYSTEM IN THE CONDITIONS OF COVID-19

Purpose. The purpose of the article is to prove the interdependence of economic security of public catering establishments from the adoption of anti-crisis decisions by the heads of such establishments in the conditions of Covid-19 and their support by public authorities. This approach will help create opportunities for public catering establishments, attract innovation, etc., but also find effective ways to adapt their business to non-standard conditions, taking into account the components of economic security in the context of the Covid19 pandemic. Design/methodology/approach. The structure of the economic security system of public catering establishments is characterized, which is a set of various measures to protect all functional components from possible risks (internal and external), requires a system-integrated approach taking into account the objects of protection, use of safety and available protection resources. The anti-crisis management mechanisms of the economic security of enterprises are structured. We envisage the presence of the following elements: organizational structure, indicators, and evaluation criteria, as well as management mechanisms aimed at using regulatory and legal support of economic security of enterprises, tools, and levers; information support; methods of provision; functions of the organization, management and implementation of effective forms and methods of construction and development of economic security. Threats to the economic security of the enterprise are systematized, which depend on typical factors and involve state financial regulation, including finding solutions to the Covid-19 pandemic; search for highly professional staff; building reliable protection of commercial classified information; developing reliable suppliers of raw materials; ensuring stable demand for own products; providing the company with appropriate technological and production equipment. The analysis of indicators of subjects’ activity in the field of public catering is carried out. It is defined that the enterprises are susceptible to changes in the social and economic environment and are dependent on a financial situation in the country. The growth of trade in this industry was realized due to the rising cost of raw materials, not due to an increase in visitors’ number. The amount of money spent by Ukrainians on basic meals in comparison with the minimum wage remains unsatisfactory, which also has an impact on the opportunity to visit public catering establishments. The conducted SWOT analysis of the catering industry gives grounds to claim a high level of bankruptcy. At the same time, making prompt anti-crisis management decisions and using their reputation (image) helps the establishments avoid bankruptcy. Findings. It is concluded that anti-crisis management should be a pivotal element to manage public catering establishments, as it helps to anticipate and minimize risks, prevents bankruptcy. The hypothesis offered that public dining establishments’ operation significantly depends on the economic conditions that have arisen due to the spread of coronavirus infection Covid-19 can be considered proven. Practical implications. The results of this research help practitioner, namely the owners of public dining establishments, who are trying to adapt to the new management conditions in the context of Covid-19 and theorists. The obtained results provide an opportunity to build the own business strategy, which will contribute to the formation of the enterprise’s required level of economic security. Originality/value This research shows that the information used to determine public dining establishments’ effectiveness has expected results, although their collection methods differed. In analyzing the results, the authors offer their vision for assessing the interdependence of enterprises’ economic security from anti-crisis decisions that help public dining establishments resist the actions of existing destructive factors in the conditions of Covid-19.

Faktor-Faktor Yang Mempengaruhi Tingkat Kebangkrutan Pada Perbankan Syariah Periode 2013-2019

This research was conducted using banking financial statements for seven years, namely the period 2013 - 2019 from banks engaged in the financial sector. The analytical method used is financial ratio analysis
 By using financial ratio analysis, it can be seen that the LDR, NPL, CAR and NIM affect the level of bankruptcy in banks this can occur due to internal factors contained in a bank. Then the conclusion is that the LDR, NPL, CAR and NIM affect the bank's bankruptcy level.
 It can be seen in the financial statements of the results of the LDR, NPL, CAR and NIM produced by banks increasing and decreasing during the research period, this has caused the bankruptcy rate of banks to also increase and decrease. The banking industry tries to maintain its Z-score by maintaining the value of the LDR, NPL, CAR and NIM variables on the financial statements, although the factors produced are not too large and even below average, the factors have increased. The number of factors in the financial statements that are affected by the level of financial ratios and income that has decreased due to banks that have not been able to emphasize their income.
 Banks conduct policies well by maintaining health and profit growth in terms of financial statements.
 
 
 Keywords: LDR, NPL, CAR, NIM and Bank's Bankruptcy Rate

ANALISIS EFISIENSI PENGGUNAAN MODAL KERJA PADA PT. BANK MANDIRI SYARIAH (PERSERO) TBK 2012-2016

Data analysis techniques used is descriptive. Based on the results of the study indicate that the liquidity ratio of the company PT. Bank Mandiri Syariah (Persero) Tbk has a high value of more than 100%, meaning that the company PT. Bank Mandiri Syariah (Persero) Tbk is able to fulfill obligations in a timely manner and the company PT. Bank Mandiri Syariah (Persero) Tbk can be said in the company's activities is not financed by debt Solvency ratios measured through capital Adequacy ratio, debit to equity ratio and debit to asset ratio indicate that the company is able to manage its capital to reduce the level of corporate bankruptcy in the future. The profitability ratio of a company that has a value that is not high enough is measured through the ratio of return on assets, return on equity and net profit margin. Bank Mandiri Syariah (Persero) Tbk.

Government policy and cigarette industry performance in Indonesia

The objective of this study is to examine the level of performance differences of cigarette industry companies listed on the Indonesia Stock Exchange (IDX) before and after the implementation of government policy that called PP. 109 in 2012. The research was conducted by using paired t-test. The results showed that there were significant differences in the level of bankruptcy and profitability potential before and after the application of PP. 109 of 2012. The results of the study failed to find any significant differences in the level of liquidity and solvency before and after the application of PP. 109 of 2012. The implications of this study based on the conclusions of the research results indicate that the application of PP No. 109 of 2012 needs to be reviewed again and need other solutions that can be done to maintain the operational sustainability of tobacco companies.

Ekosistem MSP i podrška finasiranja banaka u Srbiji

There is increasing awareness that the current liquidity crisis could lead to a solvency crisis, as many SMEs compensate declining revenues by taking on more debt, often with government support. In 2020 the level of insolvencies and bankruptcies were kept in check, the number of bankruptcies is expected to spike in 2021. This raises the question of efficiency of ecosystem, about policy approaches to support SMEs in need of finance, while not overburdening them with debt, what motivated the authors of the paper to research the banking loans as the access to external sources of finance within the SMEs ecosystem support. Also is analyzed the quality of the sub-dimensions, the legal and regulatory framework, collateralization options, credit information systems and the financial literacy. Descriptive statistical methods, as well as field and desk research, were used in the elaboration of the results. Key results confirmed that SMEs create more lucrative returns to the whole national economy in the improved access to finance if provided with better service models enabled by technology and new propositions as clients - the hypothesis of the research.

The indications level of bankruptcy by Altman Z-Score calculation method (case study on subsidiaries of PT Kereta Api Indonesia Persero)

This study aims to observe the condition of several companies that are affiliated as subsidiaries of PT Kereta Api using the Altman Z-Score to predict the indication of bankruptcy. The indication of bankruptcy is a way to the company to make a decision regarding the strategy that needs to be taken. In this research, the indication of bankruptcy commonly used the category that is included in the Altman Z score model. This includes quantitative research with a goal to detect and analyze the object of the research which is based on the secondary subject of Financial Reporting about the sign of bankruptcy of the company by using Altman Z-Score model. This research method used descriptive and quantitative approach. The research results show that from six Subsidiaries Companies of PT Kereta Api Indonesia (Indonesian railway companies) that are analyzed as the sample in this research, there are 3 companies that are regarded as “healthy companies” (companies that has a stable condition), a company that is included in grey area (predicted to experience a bankruptcy) and two companies that are included in more dangerous area or indicated as companies that have almost experienced a bankruptcy. JEL Classification: C63, D59, G33.

Алгоритм антикризового управління підприємства

The article devotes to the study of the enterprise crisis management process. In recent years, a large number of enterprises in Ukraine have suffered losses. This result related to both the internal problems in the country and the emergence of a new coronavirus crisis. Thus, in the conditions of unstable development of both world and domestic economy, the formation of the crisis management system is important for enterprises. Thus, the enterprise crisis management algorithm offered, which takes into account the peculiarities of the activity of small, medium and large business entities. The algorithm consists of the following stages: diagnostics of the business entity (small, medium, large), determining the crisis and its causes, developing a strategy to eliminate the threat, developing crisis measures to eliminate the threat, implementation of selected measures and monitoring their implementation, identifying the reasons for the ineffectiveness of measures (in case of overcoming the crisis) and eliminating the threat. There is a significant difference in crisis management between different businesses at the diagnostic stage. For small businesses, the diagnosis consists of assessing revenue, profitability, working capital. Diagnosis of medium-sized enterprises should be comprehensive and cover all areas of enterprise activity. Diagnosis of large enterprises consists of both comprehensive diagnostics and models for assessing the level of bankruptcy. Crisis management strategies and measures for small, medium and large businesses are common; however, the choice should take into account the possibility of their implementation in a particular enterprise. Depending on the stage of the crisis, the recommended strategies and crisis management measures. In consequence of the proposed algorithm, the company will be able to timely identify and overcome threats, and ensure continuous monitoring of its activities. It was indicated the practical significance of the above algorithm, which consists in early detection and consistent overcoming of problems in the activity of domestic enterprises in an unstable economic environment.

A financing model with rebate contract in a capital-constrained supply chain

In a two-level supply chain that includes one supplier and one capital-constrained retailer, this paper investigates a new bank financing model (Model N), in which, the supplier requires the retailer to order a quantity that is not less than a specified minimum ordering quantity (MOQ), rebates the per unit excess that sells over the MOQ, and promises to provide a partial warranty for the bank credit risk if the revenue is below the bankruptcy level of the retailer with the MOQ. This study shows that retailer’s optimal order quantity increases with MOQ level and decreases with rebate rate, while supplier’s optimal wholesale price shows an opposite tendency. Compared to the traditional bank financing model (Model T), the model N with an appropriate rebate contract will result in a larger order quantity of retailer. Furthermore, model N would benefit the entire supply chain and a Pareto zone of MOQ (or rebate rate) exists, in which, model N outperforms model T for each player. The numerical experiments are performed to illustrate that with increasing the marginal production cost of supplier, the MOQ level is decreasing while rebate rate is increasing in the Pareto zone.

Strategic management of organizational resources using predicting the organization's bankruptcy level: New approach using Monte Carlo Simulation

Abstract Purpose: There are several methods to predict organization bankruptcy; each of them has different accuracy. Another considerable note in investigating organization bankruptcy is the data considered for the study. The goal of this study is to determine which model is the most accurate in predicting organization bankruptcy. Research methodology: In this study, the initial data were used to compare predicting Monte Carlo processes that simulate bankruptcy models to compare models and results more accurately. Simulated data coefficient modification of Mckee, CA-SCORE, Springate, Zmijewski, Shirata, and Altman methods were implemented in some healthy and bankrupt organizations. After that, the results of each modified model were considered to determine the predicting bankruptcy accuracy. Results: Using the final Mckee's method, predicting organization bankruptcy was done in an organization and the results show that the given organization is on a trend of bankruptcy in 2025. Limitations: This research was only described in knowledge-based organizations. Contribution: The Mckee genetic method is more accurate than other methods. Also, modifying coefficient and by using simulated data shows that CA-SCORE and Shirata methods are not able to predict the organization's bankruptcy by using simulated data.

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI FINANCIAL DISTRESS PADA PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aims to examine whether financial ratios have an influence on financial distress. The dependent variable in this study is financial distress which is measured using a dummy variable. The independent variables in this study are CAR, NPL, ROA, ROE and capital structure. In addition, this study also uses the Altman model to determine the level of bankruptcy in banks This study also uses dummy variables to find out which banks are healthy and unhealthy. Hypothesis testing of this study was carried out using logistic regression analysis. This study provides statistical results that show that the CAR has a negative and significant effect on financial distress, ROA has a negative and significant effect on financial distress and the capital structure has a positive and significant effect on financial distress. Whereas NPL and ROE do not have an influence on financial distress.