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ALTMAN Z-SCORE ANALYSIS OF FINANCIAL DISTRESS IN ISSI-LISTED COSMETICS AND HOUSEHOLD MANUFACTURING SECTOR

Finansha: Journal of Sharia Financial Management · Vol. 6 No. 1 (2025) · hlm. 19–34

DOI
10.15575/fjsfm.v6i1.39335
ISSN
2774-2687, 2775-0868
Terbit
2025-05-20
Penerbit
UIN Sunan Gunung Djati Bandung
Bahasa
eng

Abstrak

This study aims to examine the application of the Altman Z-Score model in assessing financial distress and financial conditions of manufacturing companies in the cosmetics and household needs sub-sectors listed on the Indonesian Sharia Stock Index (ISSI) from 2013 to 2022. Employing a descriptive quantitative approach, the study selects its sample through purposive sampling from the population of relevant manufacturing firms within the ISSI. The findings demonstrate that the Altman Z-Score model effectively analyzes financial distress in these companies. Among the firms studied, PT Akasha Wira Internasional Tbk, PT Mustika Ratu Tbk, PT Unilever Indonesia Tbk, and PT Mandom Indonesia Tbk exhibit healthy financial conditions, whereas PT Martina Berto Tbk shows signs of financial distress. This research provides practical implications for companies by offering a reliable predictive tool to identify potential bankruptcy risks, enabling proactive financial management and strategic decision-making based on current conditions and future prospects.

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19 penulis · 46 tautan kepenulisan bersama · 1 lintas organisasi

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  • Sunan Gunung Djati State Islamic University Bandung
  • Padjadjaran University
  • University of Indonesia
  • Afiliasi tidak diketahui
  • Organisasi berbeda
  • Organisasi sama
  • Afiliasi tidak diketahui
  • Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel
Tampilkan sebagai tabel
Rekan penulisOrganisasiArtikel bersama
Iwan SetiawanPadjadjaran University2
Ade PonirahAfiliasi tidak diketahui1
Dimas HardiansyahAfiliasi tidak diketahui1
Ateng Kusnandar AdisaputraAfiliasi tidak diketahui1
Rahayu Kusuma DewiAfiliasi tidak diketahui1
NurhaetiAfiliasi tidak diketahui1
Muhamad Manarul HidayatAfiliasi tidak diketahui1
Hendra SyafriAfiliasi tidak diketahui1
Hasbi Abdul Al-Wahhab KHAfiliasi tidak diketahui1
Ricky HamzahAfiliasi tidak diketahui1
Neneng HartatiAfiliasi tidak diketahui1
Dewy Revina NadilaAfiliasi tidak diketahui1
Rifki IsmalUniversity of Indonesia1
Irfan Syauqi BeikAfiliasi tidak diketahui1
Hermanto SiregarAfiliasi tidak diketahui1
Reza MustafaAfiliasi tidak diketahui1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/finansha/oai, pertama di-harvest 7 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">ALTMAN Z-SCORE ANALYSIS OF FINANCIAL DISTRESS IN ISSI-LISTED COSMETICS AND HOUSEHOLD MANUFACTURING SECTOR</dc:title>
	<dc:creator>Yuningsih, Firda</dc:creator>
	<dc:creator>Suherman, Usep Deden</dc:creator>
	<dc:creator>Suhendi</dc:creator>
	<dc:subject xml:lang="en-US">Altman Z-Score</dc:subject>
	<dc:subject xml:lang="en-US">Financial Distress</dc:subject>
	<dc:description xml:lang="en-US">



This study aims to examine the application of the Altman Z-Score model in assessing financial distress and financial conditions of manufacturing companies in the cosmetics and household needs sub-sectors listed on the Indonesian Sharia Stock Index (ISSI) from 2013 to 2022. Employing a descriptive quantitative approach, the study selects its sample through purposive sampling from the population of relevant manufacturing firms within the ISSI. The findings demonstrate that the Altman Z-Score model effectively analyzes financial distress in these companies. Among the firms studied, PT Akasha Wira Internasional Tbk, PT Mustika Ratu Tbk, PT Unilever Indonesia Tbk, and PT Mandom Indonesia Tbk exhibit healthy financial conditions, whereas PT Martina Berto Tbk shows signs of financial distress. This research provides practical implications for companies by offering a reliable predictive tool to identify potential bankruptcy risks, enabling proactive financial management and strategic decision-making based on current conditions and future prospects.



</dc:description>
	<dc:publisher xml:lang="en-US">UIN Sunan Gunung Djati Bandung</dc:publisher>
	<dc:date>2025-05-20</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/finansha/article/view/39335</dc:identifier>
	<dc:identifier>10.15575/fjsfm.v6i1.39335</dc:identifier>
	<dc:source xml:lang="en-US">Finansha: Journal of Sharia Financial Management; Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management ; 19-34</dc:source>
	<dc:source>2774-2687</dc:source>
	<dc:source>2775-0868</dc:source>
	<dc:source>10.15575/fjsfm.v6i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/finansha/article/view/39335/14185</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 Firda Yuningsih, Usep Deden Suherman, Suhendi</dc:rights>
</oai_dc:dc>