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FINANCIAL RATIO ANALYSIS USING ALTMAN Z-SCORE MODEL IN PREDICTING THE BANKRUPTCY CONDITIONS OF PUBLIC BANKING COMPANIES LISTED ON INDONESIAN STOCK EXCHANGE (DURING 2009 – 2011)
Abstrak (Bhs. Indonesia)
This research is entitled "Financial Ratio Analysis Using Altman Z-Score Model in Predicting Bankruptcy Conditions of Public Banking Companies Listed on Indonesian Stock Exchange (During 2009-2011)". The aims of research are to find out and to analyze the condition of go public banking companies listed on Indonesian Stock Exchange and to find out and to analyze the statistic difference between financial ratios of Altman's Z-score model of go public banking companies listed on Indonesian Stock Exchange. The method of research is empirical study during 2009 until 2011, with technique data analysis are Altman Z-score and comparison test. To test the first hypothesis, it uses the results of Altman Z-score revision and modification model and the result support hypothesis that the condition of banking companies listed on Indonesian Stock Exchange has a tendency to go bankruptcy, therefore the first hypothesis can be accepted. To test the second hypothesis uses the results of independent t-test and analysis of variance (ANOVA), there are statistic differences between the financial ratios of Altman's z-score models on the banking companies that is predicted in bankruptcy, grey area and no bankruptcy conditions. therefore the second hypothesis can be accepted. Based on the result of data analysis, it can be concluded that the condition of banking companies listed on Indonesian Stock Exchange has a tendency to go bankruptcy and there are statistic differences between the financial ratios of Altman's z-score models on the banking companies that is predicted in bankruptcy, grey area and no bankruptcy conditions. From the conclusions, it can be implied that banking companies listed on Indonesian Stock Exchange need to improve its financial performance to avoid financial difficulties (financial distress) that can lead to bankruptcy.
Abtrak (Bhs. Inggris)
This research is entitled "Financial Ratio Analysis Using Altman Z-Score Model in Predicting Bankruptcy Conditions of Public Banking Companies Listed on Indonesian Stock Exchange (During 2009-2011)". The aims of research are to find out and to analyze the condition of go public banking companies listed on Indonesian Stock Exchange and to find out and to analyze the statistic difference between financial ratios of Altman's Z-score model of go public banking companies listed on Indonesian Stock Exchange. The method of research is empirical study during 2009 until 2011, with technique data analysis are Altman Z-score and comparison test. To test the first hypothesis, it uses the results of Altman Z-score revision and modification model and the result support hypothesis that the condition of banking companies listed on Indonesian Stock Exchange has a tendency to go bankruptcy, therefore the first hypothesis can be accepted. To test the second hypothesis uses the results of independent t-test and analysis of variance (ANOVA), there are statistic differences between the financial ratios of Altman's z-score models on the banking companies that is predicted in bankruptcy, grey area and no bankruptcy conditions. therefore the second hypothesis can be accepted. Based on the result of data analysis, it can be concluded that the condition of banking companies listed on Indonesian Stock Exchange has a tendency to go bankruptcy and there are statistic differences between the financial ratios of Altman's z-score models on the banking companies that is predicted in bankruptcy, grey area and no bankruptcy conditions. From the conclusions, it can be implied that banking companies listed on Indonesian Stock Exchange need to improve its financial performance to avoid financial difficulties (financial distress) that can lead to bankruptcy.
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