Financial Distress, Bankruptcy Analysis and Implications For Stock Prices of Consumer Goods Companies in Indonesia | Susilowati | RELEVANCE : Journal of Management and Business

Financial Distress, Bankruptcy Analysis and Implications For Stock Prices of Consumer Goods Companies in Indonesia

Etty Susilowati(1*), John Marlintong Simangunsong(2)
(1) Budi Luhur University
(2) 
(*) Corresponding Author
DOI : 10.22515/relevance.v2i2.1862

Abstract

Penelitian ini bertujuan untuk menganalisis financial distress dan kebangkrutan melalui metode Altman Z-Score serta pengaruhnya terhadap harga saham pada perusahaan barang konsumsi yang terdaftar di Bursa Efek Indonesia untuk periode 2012 hingga 2017. Pengambilan sampel ditentukan dengan teknik purposive sampling sedangkan pengolahan data dilakukan melalui perangkat lunak Eviews dan Microsoft Excel. Hasil penelitian menunjukkan bahwa kebangkrutan hanya terjadi di Indofarma Tbk (INAF) pada tahun 2017. Secara bersamaan, Z-score memiliki pengaruh yang signifikan terhadap harga saham dan hasil regresi data panel mengkonfirmasi bahwa Pendapatan Sebelum Bunga dan Pajak (EBIT) terhadap Total Aset memiliki pengaruh signifikan dengan kontribusi 38,25% terhadap harga saham.


Keywords : Financial Distress, Harga Saham, Altman Z-Score

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