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Pengaruh Analisis Kebangkrutan Model Altman terhadap Harga Saham Perusahaan Manufaktur

Management Analysis Journal · Vol. 3 No. 1 (2014)

DOI
10.15294/maj.v3i1.3354
ISSN
2502-1451, 2252-6552
Published
2014-06-11
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

Abstract This study aims to help investors determine the health of companies listed in DES during 2008-2013 period by using the first model of Altman Z – Score, Z = 1.2 X1 + 1.4 X2 + 3.3 X3 + 0.6 X4 +0.999 X5, and analyze Z - Score influence on stock prices. The stock price was taken on 28th day after the company published financial statements. 36 manufacturing companies were sampled by purposive sampling. Z - Score calculation results showed that there were 2 potentially bankrupt companies, 9 companies in grey category, and 25 other companies are healthy. Simple regression analysis results showed that the value of the Z - Score does not affect the stock price. However, the result of the simultaneous multiple regression analysis on financial ratios of the Z - Score affects the stock prices, partially showed the ratio of WC/TA and S/TA negatively affect the stock price; ratio EBIT/TA have a positive effect on stock prices; ratio of RE/TA and MVE/BVD has no effect on stock prices. Keywords: Altman Z - Score, Financial Ratios of Z - Score, Share Price. Abstrak Penelitian ini bertujuan untuk membantu investor mengetahui tingkat kesehatan perusahaan manufaktur yang terdaftar dalam DES periode 2008-2013 dengan menggunakan model Altman Z-Score pertama yaitu Z = 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 +0,999X5 dan menganalisis pengaruh Z-Score terhadap harga saham. Harga saham diambil hari ke-28 setelah laporan keuangan perusahaan dipublikasikan. 36 perusahaan manufaktur diambil sebagai sampel berdasarkan purposive sampling. Hasil penghitungan Z-Score menunjukkan terdapat 2 perusahaan berpotensi bangkrut, 9 perusahaan masuk kategori grey/ rawan, dan 25 perusahaan lainnya sehat. Hasil analisis regresi sederhana menunjukkan nilai Z-Score tidak berpengaruh terhadap harga saham. Namun, hasil analisis regresi berganda secara simultan rasio keuangan pembentuk Z-Score berpengaruh terhadap harga saham, secara parsial menunjukkan rasio WC/TA dan S/TA berpengaruh negatif terhadap harga saham; rasio EBIT/TA berpengaruh positif terhadap harga saham; rasio RE/TA dan MVE/BVD tidak berpengaruh terhadap harga saham. Keywords: Altman Z-Score, Rasio Keuangan Pembentuk Z-Score, Harga Saham

Collaboration network of the authors

40 authors · 71 co-authorship links

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  • State University of Semarang
  • Universitas Gadjah Mada
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles
Siti MursidahAffiliation unknown6
Cahya WulandariState University of Semarang3
Ricky Dermawan FauziAffiliation unknown3
Lidiadni SeptantriAffiliation unknown3
Muhamad Sayuti HassanAffiliation unknown2
Ngabiyanto NgabiyantoAffiliation unknown1
Margareta RahayuningsihAffiliation unknown1
S MartonoAffiliation unknown1
Suminar SuminarAffiliation unknown1
Tsabit Azinar AhmadAffiliation unknown1
Andre Setyo NugrohoAffiliation unknown1
Ketut SudarmaAffiliation unknown1
Ascariena RafindaAffiliation unknown1
Rini Setyo WitiastutiAffiliation unknown1
Yumna Wardatul NafiahAffiliation unknown1
Muhammad Sayuti HassanAffiliation unknown1
Mamduh Mahmadah HanafiUniversitas Gadjah Mada1
Hadri KusumaAffiliation unknown1
Asma Hakimah Ab HalimAffiliation unknown1
Nurma WaddahAffiliation unknown1
Sri MuliawatiAffiliation unknown1
Srianingsih SrianingsihAffiliation unknown1
Ely Pramuji UtamiAffiliation unknown1
Diah RahmawatiAffiliation unknown1
Eva Rosa Dewi SutinoAffiliation unknown1
Muftiai TastaftianAffiliation unknown1
Purwaningsih PurwaningsihAffiliation unknown1
Muhamad Naufal Nur RidhaAffiliation unknown1
Fitriana Dwi PrasetyowatiAffiliation unknown1
Indah Roikhatul JannahAffiliation unknown1
Rini Listia MugiartiAffiliation unknown1
Wiwit Nur MaftuchoAffiliation unknown1
Vega Rut HarlinaAffiliation unknown1
Karina Chandra DewiAffiliation unknown1
Akhmad BandanujiAffiliation unknown1
Eva Yuni RisnaeniAffiliation unknown1
Helmi Khairunnisa Putri KaylsiAffiliation unknown1
Mahardika Dandy NugrahaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, first harvested 6 Nov 2026, last seen 6 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Pengaruh Analisis Kebangkrutan Model Altman terhadap Harga Saham Perusahaan Manufaktur</dc:title>
	<dc:creator>Adrian, Andromeda</dc:creator>
	<dc:creator>Khoiruddin, Moh</dc:creator>
	<dc:description xml:lang="en-US">Abstract
This study aims to help investors determine the health of companies listed in DES during 2008-2013 period by using the first model of Altman Z – Score, Z = 1.2 X1 + 1.4 X2 + 3.3 X3 + 0.6 X4 +0.999 X5, and analyze Z - Score influence on stock prices. The stock price was taken on 28th day after the company published financial statements. 36 manufacturing companies were sampled by purposive sampling.
Z - Score calculation results showed that there were 2 potentially bankrupt companies, 9 companies in grey category, and 25 other companies are healthy. Simple regression analysis results showed that the value of the Z - Score does not affect the stock price. However, the result of the simultaneous multiple regression analysis on financial ratios of the Z - Score affects the&amp;nbsp; stock prices, partially showed the ratio of WC/TA and S/TA negatively affect the stock price; ratio EBIT/TA have a positive effect on stock prices; ratio of RE/TA and MVE/BVD has no effect on stock prices.
Keywords: Altman Z - Score, Financial Ratios of Z - Score, Share Price.
&amp;nbsp;
Abstrak
Penelitian ini bertujuan untuk membantu investor mengetahui tingkat kesehatan perusahaan manufaktur yang terdaftar dalam DES periode 2008-2013 dengan menggunakan model Altman Z-Score pertama yaitu Z = 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 +0,999X5 dan menganalisis pengaruh Z-Score terhadap harga saham. Harga saham diambil hari ke-28 setelah laporan keuangan perusahaan dipublikasikan. 36 perusahaan manufaktur diambil sebagai sampel berdasarkan purposive sampling.
Hasil penghitungan Z-Score menunjukkan terdapat 2 perusahaan berpotensi bangkrut, 9 perusahaan masuk kategori grey/ rawan, dan 25 perusahaan lainnya sehat. Hasil analisis regresi sederhana menunjukkan nilai Z-Score tidak berpengaruh terhadap harga saham. Namun, hasil analisis regresi berganda secara simultan rasio keuangan pembentuk Z-Score berpengaruh terhadap harga saham, secara parsial menunjukkan rasio WC/TA dan S/TA berpengaruh negatif terhadap harga saham; rasio EBIT/TA berpengaruh positif terhadap harga saham; rasio RE/TA dan MVE/BVD tidak berpengaruh terhadap harga saham.
Keywords: Altman Z-Score, Rasio Keuangan Pembentuk Z-Score, Harga Saham</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2014-06-11</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.unnes.ac.id/sju/maj/article/view/3354</dc:identifier>
	<dc:identifier>10.15294/maj.v3i1.3354</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 3 No 1 (2014): Management Analysis Journal</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v3i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/3354/3052</dc:relation>
</oai_dc:dc>