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"[ABSTRAKPenelitian ini bertujuan untuk menganalisis bagi perusahaan untuk dapat mengantisipasi kebangkrutan. Penelitian ini menggunakan dari rasio-rasio keuangan dari tahun 2010 sampai 2014.Pada penelitian ini dalam melakukan analisis menggunakan model Altman untuk memprediksi kebangkrutan yang di batasi pada perusahaan-perusahaan pengembang properti. Dimana sampel yang digunakan adalah 35 perusahaan dengan menggunakan rasio-rasio keuangan sebagai indikator atas keadaan likuiditas, efisien, leverage, dan probabilitas perusahaan.Pemodelan ini menggunakan metode analisis diskriman untuk memperoleh model yang baik. Hasil dari analisis diskriminan ini didapat rasio yang berpengaruh yaitu Working Capital, Total liabilities, Retain Earning , Total Asset, MVE,EBIT terhadap kebangkrutan.

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ABSTRACTThis study aimed to analyze for companies to be able to anticipate bankruptcy. This study use financial ratios from 2010 to 2014. In this research using Altman model for bankruptcy in the limit on property development companies. The samples used were 35 companies using financial ratios as an indicator of the state of liquidity, efficient, leverage, and the probability of the company. This modeling a method discriminant analysis to obtain a good model. Results of discriminant analysis is obtained that affect the ratio current assets, current liabilities, net income, Retain Earnings, Total Assets, Operating Income, Net Sales for bankruptcy.;This study aimed to analyze for companies to be able to anticipate bankruptcy. This study use financial ratios from 2010 to 2014. In this research using Altman model for bankruptcy in the limit on property development companies. The samples used were 35 companies using financial ratios as an indicator of the state of liquidity, efficient, leverage, and the probability of the company. This modeling a method discriminant analysis to obtain a good model. Results of discriminant analysis is obtained that affect the ratio current assets, current liabilities, net income, Retain Earnings, Total Assets, Operating Income, Net Sales for bankruptcy.;This study aimed to analyze for companies to be able to anticipate bankruptcy. This study use financial ratios from 2010 to 2014. In this research using Altman model for bankruptcy in the limit on property development companies. The samples used were 35 companies using financial ratios as an indicator of the state of liquidity, efficient, leverage, and the probability of the company. This modeling a method discriminant analysis to obtain a good model. Results of discriminant analysis is obtained that affect the ratio current assets, current liabilities, net income, Retain Earnings, Total Assets, Operating Income, Net Sales for bankruptcy.;This study aimed to analyze for companies to be able to anticipate bankruptcy. This study use financial ratios from 2010 to 2014. In this research using Altman model for bankruptcy in the limit on property development companies. The samples used were 35 companies using financial ratios as an indicator of the state of liquidity, efficient, leverage, and the probability of the company. This modeling a method discriminant analysis to obtain a good model. Results of discriminant analysis is obtained that affect the ratio current assets, current liabilities, net income, Retain Earnings, Total Assets, Operating Income, Net Sales for bankruptcy., This study aimed to analyze for companies to be able to anticipate bankruptcy. This study use financial ratios from 2010 to 2014. In this research using Altman model for bankruptcy in the limit on property development companies. The samples used were 35 companies using financial ratios as an indicator of the state of liquidity, efficient, leverage, and the probability of the company. This modeling a method discriminant analysis to obtain a good model. Results of discriminant analysis is obtained that affect the ratio current assets, current liabilities, net income, Retain Earnings, Total Assets, Operating Income, Net Sales for bankruptcy.]"

"Kepailitan berakibat pada dijatuhkannya harta kekayaan debitur pailit ke dalam harta pailit berdasarkan undang-undang. Penelitian ini memiliki maksud untuk mengetahui pertimbangan Majelis Hakim dalam putusan No. 09/Pdt.Sus.GLL/2019/ PN.Niaga.Jkt.Pst jo No. 8/Pdt.Sus-Pembatalan Perdamaian/2017/PN.Niaga.Jkt.Pst jo No. 65/Pdt.Sus. PKPU /2012/PN.Niaga.Jkt.Pst yang dikaitkan dengan Undang-Undang No. 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang, Undang-Undang Pokok Agraria, dan Peraturan Pemerintah No. 24 Tahun 1997 tentang Pendaftaran Tanah. Penelitian ini bertujuan untuk mengetahui status objek harta pailit pada tanah yang berstatus jual beli pada gugatan hal-hal lain untuk memperoleh kepastian mengenai pelaksanaan tugas dan kewenangan Kurator dalam hal melaksanakan tugasnya memasukkan harta kekayaan debitur pailit ke dalam harta pailit. Penelitian menggunakan teknik normatif yang mengaitkan peraturan perundang-undangan pada kasus. Penelitan menghasilkan data berupa: Pertimbangan hukum hakim tidak sesuai dengan ketentuan peraturan perundang-undangan yang berlaku.

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Bankruptcy could results debtor's assets to fall to bankruptcy property based on the law. This study aims to determine the consideration of the Panel of Judges in the verdict review No. 09/Pdt.Sus.GLL/2019/ PN.Niaga.Jkt.Pst jo No. 8/Pdt.Sus-Cancellation of Peace/2017/PN.Niaga.Jkt.Pst jo No. 65/Pdt.Sus. PKPU /2012/PN.Niaga.Jkt.Pst associated with Law no. 37 of 2004 concerning Bankruptcy and Suspension of Payment, the Basic Agrarian Law, and Government Regulation no. 24 of 1997 concerning Land Registration. This study to find out the status of bankruptcy property. This study aims to find out about the status of the object in bankruptcy assets on land with a buying and selling status in bankruptcy’s other lawsuit in order to obtain certainty regarding the implementation of the duties and authority of curator in carrying out duties to put assets of the bankrupt debtor into bankruptcy property. The research uses a normative technique that links the laws and regulations to the case. The research produces data in the form of: The judge's legal considerations are not in accordance with the provisions of the applicable laws and regulations. "

"ABSTRAKRasio keuangan sebagai hasil pengolahan data laporan keuangan dapatdigunakan sebagai alat untuk memprediksi terjadinya kepailitan perusahaan jikadikombinasikan dengan metode prediksi yang tepat. Hasil prediksi ini bukanhanya dapat digunakan bagi manajemen perusahaan, namun pihak-pihak lain pundapat menggunakannya sebagai sarana untuk membantu pengambilan keputusan,misalnya keputusan investasi bagi investor, maupun keputusan berkenaan denganpembinaan perusahaan bagi regulator. Penelitian ini bertujuan untuk mendeteksirasio keuangan yang berfungsi sebagai prediktor kepailitan suatu perusahaan,khususnya industri perusahaan pembiayaan. Selain itu, penelitian ini berusahamenentukan model prediksi yang dapat digunakan regulator perusahaanpembiayaan untuk meningkatkan fungsi pembinaan dan pengawasan terhadapindustri tersebut.

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ABSTRACTFinancial ratios from financial statement combined with the appropriate predictionmethod can be used as a tool to predict the occurence of bankruptcy. Bankruptcyprediction is not only usefull for company’s management, but also for otherstakeholders, such as in decision making investment for investor, or guidanceindustry’s regulator. The purpose of this research, is to determine ratios that canpredict the occurance of a company’s bankruptcy, particularly in the financecompanies industry. In addition, this study also aim to determine the predictionmodel that is appropriate to be apllied by the regulator of finance companiesindustry in Indonesia."

"PT. AKR Corporindo Tbk adalah perusahaan terbuka yang bergerak di bidang distribution, logistic dan chemical trading di Indonesia. PT. AKR Corporindo Thk merupakan produsen terbesar di Asia Pasitik dan No. 2 di dunia dalam menyediakan bahan baku Sorbitol dan turunannya.Selama tahun 2002 sampai dengan 2005, baik revenue maupun net profit yang diperoleh PT. AKR. menunjukkan kenaikan kinerja dari tahun ke tahun akan tetapi peningkatan revenue dan net profit perusahaan tidak diikuti dengan peningkatan dari earning per share yang dihasilkan oleh perusahaan. Nilai EPS PT. AKA terus menurun dari tahun ke tahun sejak tahun 2003 yaitu sebesar Rp. 259/lembar saham, Rp. 248/1embar di tahun 2004 dan Rp. 191/embar saham di tahun 2005. Perolehan nilai EPS dihitung berdasarkan net profit tahun berjalan dibagi dengan jumlah rata-rata tertimbang saham biasa.Adapun misi yang dimiliki oleh PT AKR Corporindo yaitu berkomitnien untuk meningkatkan nilai stakeholder melalui pertumbuhan yang stabil dan pengoperasian bisnis yang excellent menjadi sejalan dengan apa yang dikatakan dalam ilmu corporate finance, dimana tujuan dan tugas manajemen dalam suatu perusahaan adalah meningkatkan kesejahteraan pemegang saham dengan cara meningkatkan nilai perusahaan.Tujuan dari karya akhir ini adalah untuk menganalisa kinerja PT. AKR dengan menggunakan metode EVA dan MVA serta memprediksi kebangkrutan perusahaan.

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PT. AKR Corporindo Tbk is a public company which operates in distribution, logistic and chemical trading in Indonesia. PT AKR Cot Corporindo Tbk is the largest supplier for Sorbitol and derivatives starch in Asia Pacific and No. 2 in the world.

Since 2002 until 2005, both performance of PT AKR 's revenue and net profit have been increasing front year to year, however the incremental has not been followed with the increasing of earning per share. In contrary, the EPS of PT AKR has been declining from year to year since 2003 which was Rp. 259/share, Rp. 248/share in 2004 and Rp. 191/share in 2005. The computation of EPS was based on the net income divided by the weighted average number of ordinary shares.

PT. AKR Corporindo's mission which is committed to building stakeholder value through sustainable growth and operational excellence is harmonized with the corporate finance discipline, where the purpose and duty of the management was to maximize the wealth of the stakeholder by increasing the value of the firm.

The purpose of this thesis is to analyze the management performance of PT AKR by utilizing the method of EVA and MVA as well as to predict the financial distress by applying the Altman 's Z-Score. Altman's Z-Score method is utilized in order to predict the company's condition to the possibility of bankruptcy (financial distress). EVA method is the tool to measure how much value has been created for the shareholders while the MVA method is to analyze the company's successful of the post invested capital and how success that investment in the glare from investors? of view.

The result showed that company's Z-Score has been declining -since 2002 to 2005 which was finally staved in grey area where the company has the possibility of experiencing the financial distress. Z-Score has been decreased due to the increasing of the short term debt for the working capital improvement.

The result of EVA showed the negative value in 2002-2003 but their increased positively in 2004-2005 which indicates that the management has succeeded to create the value.

In the contrary, the negative EVA in 2007-7005 indicates that the company's invested capital was higher compare to the market value of company's equity. Nevertheless, the MVA has shown that the trend will positively growth and therefore indicates that investor' trust has been raised towards the ability of PT. AKR to create the added value of the investment."

"Penelitian ini bertujuan untuk menganalisis BUMN non jasa keuangan untuk dapat mengantisipasi kebangkrutan dan mendapatkan hasil antara Altman Z Score dan KEP-100/MBU/2002. Penelitian ini menggunakan rasio-rasio keuangan dari tahun 2016-2018. Penelitian ini bersifat kuantitatif dengan menggunakan sumber data sekunder dari laporan internal perusahaan dan website resmi lainnya. Hasil yang didapatkan dengan metode Altman Z Score di tahun 2016 terdapat 4 BUMN yang diprediksi bangkrut, di tahun 2017 terdapat 7 BUMN yang di prediksi bangkrut, dan di tahun 2018 terdapat 6 BUMN yang diprediksi bangkrut. Adapun dengan metode KEP-100/MBU/2002 tidak ada perusahaan yang berada di kategori tidak sehat. Penelitian ini diharapkan berguna bagi para pengambil keputusan di BUMN untuk menghadapi tantangan dan meningkatkan performa perusahaan.

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Focus of this research is to analyze performance of nonfinancial sector state owned enterprises (SOE's) in Indonesia using Altman Z Score's bankruptcy prediction analysis and The Decree No. KEP-100/MBU/2002 issued by Ministry of Stated Owned Enterprises of Indonesia on June 2002 in order to find main factors that cause potential bankruptcy in the company and as a reference for company's performance improvement. This research is quantitative with the use of data from company's financial report from 2016-2018. The result based on Altman Z Score shows that in 2016 4 SOE's are predicted bankrupt, in 2017 7 SOE's are predicted bankrupt and in 2018 6 SOE's are predicted bankrupt. Whilst using KEP-100/MBU/2002 there is no SOE predicted bankrupt. This study could be used by SOE's decision makers to tackle the challenge and improve company's performance."

"Financial distress dapat dianggap sebagai peringatan dini masalah yang dapat menyebabkan kebangkrutan. Memprediksi kebangkrutan menjadi salah satu hal yang dapat dilakukan perusahaan untuk menemukan keadaan kesehatan keuangan perusahaan. Sebanyak 585 firm-year pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia dijadikan sampel untuk penelitian ini di mana 113 di antaranya dikategorikan dalam kondisi financial distress. Model prediksi kebangkrutan dapat diperiksa untuk menilai situasi ekonomi perusahaan untuk tujuan lebih lanjut. Altman dan Ohlson adalah beberapa peneliti terkenal yang modelnya dirujuk untuk mengevaluasi kesehatan perusahaan.

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Financial distress can be regarded as an early warning of trouble that can lead to bankruptcy. Predicting bankruptcy becomes one thing that companies can do to discover the state of the company's financial health. A total of 585 firm-years of manufacturing companies that listed in Indonesia Stock Exchange are sampled for this research where 113 of them are categorized in financial distress state. Bankruptcy prediction models may be examined to assess a company's economic situation for further purposes. Altman and Ohlson are some of notable researchers to which their models are referred to evaluating the health of companies."

"Krisis ekonomi dan moneter yang melanda Indonesia sejak medio 1997 telah merontokkan sejumlah perusahaan di Indonesia, endemi kebangkrutan ini telah memberikan kerugian yang besar bagi para stakeholders perusahaan-perusahaan tersebut, mulai dari pemegang saham yang rugi karena nilai saham perusahaannya jatuh bebas, kreditur yang tidak dapat menagih piutangnya, sampai pegawai yang terpaksa di PHK-kan.Kebangkrutan massal tersebut menyadarkan masyarakat tentang pentingnya prediksi keadaan perusahaan di masa yang akan datang. Karena prediksi ini dilakukan oleh masyarakat umum maka data yang dipergunakan dalam prediksi tersebut haruslah data yang mudah diperoleh, seperti laporan keuangan yang dipublikasikan setiap tahunnya.Sebenarnya telah ada beberapa pemndelan prediksi kebangkrutan perusahaan yang umum dipakai, namun model-model tersebut dibuat berdasarkan data-data di negara lain dan pada tahun yang berbeda, sehingga sedikit banyak kurang sesuai dengan keadaan di Indonesia.Penelitian untuk memodelkan prediksi kebangkrutan ini dibatasi pada perusahaan-perusahaan dalam industri barang konsumsi, namun tidak tertutup kemungkinan dipergunakan pada industri lainnya. Sampel yang dipakai adalah dari 40 pemsahaan dalam kurun waktu 1999 sampai 2004, dan menggunakan 22 rasio-rasio keuangan sebagai indikator atas keadaan likuiditas, efisiensi, leverage, dan profitabilitas perusahaan.Penelitan ini menggunakan data tahun 2000 sebagai tahun dasar dan menghasilkan model:Z = 0.948X, +0.697X5 -1.195X5 +1.319X15 +4.599X17 dimana:Xa total liability/ total shareholder's equityX5 : long term liability/ long term liability + total shareholder's equityX6 : total liability/ total assetX15 net sales/ working capitalX17 net income/net salesModel diskriminan ini menunjukkan akurasi yang cukup balk jika diuji menggunakan sampel data tahun 2000 sampai 2004, dengan akurasi rata-ratanya berturut-turut adalah 100.00%, 97.44%, 97.44%, 97.37%, dan 91.89%.Penelitian ini menyimpulkan bahwa persamaan dengan data tahun 2000 sebagai tahun dasar merupakan prediksi kebangkrutan yang cukup akurat untuk perssaaan dalam industri barang konsumsi di Indonesia dengan menggunakan data tahun 1999-2004.

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Economic and monetary crises which came to Indonesia since mid 1997 have pulled several companies into bankruptcy. This bankruptcy endemic forced those companies' stakeholder to suffer a major loss, shareholders who suffer loss because their stock prices are free-falling, creditors who can't redeem their debt, and last but not least, employees who loss their job because their companies are bankrupt.

This massive bankruptcy endemic notices people about the importance of company future predictions. Since everybody should be able to do this prediction, therefore every data which required doing the prediction should be easily found, for example, financial report published on the internet.

There are some company bankruptcy models commonly used, but those models are built based on data from different countries and in different year. Therefore those models might not be suitable for Indonesia.

This research to model bankruptcy prediction is limited to companies under consumer goods industry, nonetheless it can be built using data from other industries. Samples to be used are from 40 companies from 1999 to 2004, also there are 22 financial ratios as indicator for liquidity, efficiency, leverage, and company profitability.

This research uses data from financial year 2000 as base year, and the research results:

Z = 0.948X4 +0.697X5 -1.195X5 +1.319X15 + 0.599X17 where:

X4 : total liability/ total shareholder's equity

X5 : long term liability/ long term liability + total shareholder's equity

A 6 : total liability) total asset

X15 : net sales/ working capital

X17 : net income/ net sales

This discriminate model shows a high accuracy when tested using data from year 2000 to 2004, with average accuracy consecutively, 100.00%, 97.44%, 97.44%, 97.37% and 91.89%.

This research concludes that model with year 2000 as base year is an accurate bankruptcy prediction for companies in consumer goods industry in Indonesia using data from year 1999-2004."

"Industri penerbangan global telah menderita berbagai masalah finansial ditandai dengan kerugian kumulatif selama periode tahun 2001 sampai 2009. Sejak saat itu, sudah lebih dari 350 maskapai penerbangan telah mengajukan kebangkrutan. Tujuan dari penelitian ini adalah untuk membuat prediksi bangkrut dan tidak bangkrut menggunakan pendekatan model Altman Z Score, regresi logistik, dan analisis diskriminan dengan multi-year basis. Model prediksi dibuat dengan bantuan lima rasio keuangan yaitu Total Debt to Total Asset, Quick Ratio, Cash to Current Liabilities, Retained Earning to Total Asset, dan Sales to Total Asset. Uji simulasi statistik regresi logistik dan analisis diskriminan dilakukan dengan metode simultan. Model baru yang dikembangkan menggunakan titik cutoff untuk membedakan apakah suatu maskapai diklasifikasikan dalam kelompok bangkrut atau kelompok tidak bangkrut. Hasil akhir memperlihatkan model prediksi yang baru menunjukkan tingkat akurasi keseluruhan lebih tinggi dibandingkan dengan model Altman Z Score dan Kroeze Score.

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The global airline industry has suffered from financial problems marked by cumulative losses over the period from 2001 to 2009. Since then, more than 350 airlines have filed for bankruptcy. The purpose of this study is to make a prediction of bankrupt and non-bankrupt using an approach to Altman Z Score models, logistic regression, and discriminant analysis with the multi-year model. The prediction model created with the help of five financial ratios: Total Debt to Total Assets, Quick Ratio, Cash to Current Liabilities, Retained Earnings to Total Assets and Sales to Total Assets. Simulation of statistic test on logistic regression and discriminant analysis performed by the simultaneous method. The new model was developed using a cut-off point to distinguish whether an airline classified in the group of bankrupt or non-bankrupt. The final results show that the new prediction model shows an overall higher degree of accuracy than Altman Z Score and Kroeze Score model."

"Penelitian ini bertujuan untuk menganalisis prediksi kebangkrutan pada perusahaan di sektor konstruksi yang terdaftar pada Bursa Efek Regional Asia Tenggara (Filipina, Indonesia, Malaysia, dan Thailand). Metode prediksi kebangkrutan yang digunakan adalah model KMV (Kealhofer, McQuown and Vasicek) yang dibuat oleh Moodys. Dari hasil studi menujukan bahwa tingkat probability of default perusahaan sektor konstruksi di Bursa Efek Indonesia berada di posisi paling rendah jika dibandingkan dengan perusahaan sektor konstruksi di Bursa Efek Regional Asia Tenggara.

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This research is aimed to analyze bankruptcy prediction on company who listed in Regional Stock Exchange of South East Asia (Filipina, Indonesia, Malaysia, and Thailand). KMV (Kealhofer, McQuown and Vasicek) method who published by Moodys used to predict the bancrupty. The results of this research found that level of probability of default construction sector companies in Indonesia Stock Exchange is in the lowest position when compared with the construction sector companies in Southeast Asia Regional Stock Exchange."

"Masa pandemi COVID-19 yang berawal pada bulan Maret 2020 ini sudah banyak membuat tekanan di masyarakat, khususnya tekanan ekonomi. Berbagai peraturan ditetapkan, dalam rangka menekan angka penyebarannya, sehingga membuat banyak aktivitas terganggu, karena masyarakat dituntut untuk melakukan aktivitasnya dari rumah saja yang membuat aktivitas usaha tidak dapat dijalankan secara maksimal. Dalam usahanya beradaptasi, tidak jarang perusahaan gagal mencapai tujuannya dan menimbulkan kerugian operasional pada tahun berjalan. Kerugian yang dialami tidak jarang membawa perusahaan pada kebangkrutan. Namun data mencatatkan sebaliknya. Pada kuartal III tahun 2021, BPS mencatat pertumbuhan industri manufaktur sebesar 3,68 persen, peningkatan yang cukup baik di tengah banyaknya kasus COVID-19 di Indonesia. Penelitian ini ingin membuktikan apakah sektor manufaktur menunjukkan geliat positif selama pandemi dengan menggunakan metode Springate dan Altman. Perhitungan kondisi keuangan yang dilakukan pada perusahaan manufaktur yang terdaftar di BEI tahun 2016-2020 menunjukkan bahwa metode Springate mengelompokkan 282 observasi ke dalam kategori sehat dan 283 lainnya masuk ke dalam kategori distress. Sedangkan metode Altman mengelompokkan 235 observasi masuk kategori sehat, 136 observasi masuk kategori gray zone, dan 194 lainnya masuk kategori distress. Hasil penelitian juga menunjukkan bahwa metode Springate memiliki tingkat konsistensi yang lebih tinggi dibandingkan dengan metode Altman

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The COVID-19 pandemic, which began in March 2020, has created a lot of pressure on the community, especially economic pressure. Various regulations were enacted, in order to reduce the number of spreads, thus disrupting many activities, because people were required to carry out their activities from home which made business activities unable to run optimally. In its efforts to adapt, it is not uncommon for companies to fail to achieve their goals and incur operational losses in the current year. Losses experienced not infrequently bring the company to bankruptcy. However, the data says otherwise. In the third quarter of 2021, BPS recorded a manufacturing industry growth of 3.68 percent, a fairly good increase in the midst of the large number of COVID-19 cases in Indonesia. This study wants to prove whether the manufacturing sector shows a positive stretch during the pandemic by using the Springate and Altman methods. Calculations of financial conditions carried out on manufacturing companies listed on the IDX in 2016-2020 show that the Springate method groups 282 observations into the healthy category and another 283 into the distress category. While the Altman method groups 235 observations into the healthy category, 136 observations in the gray zone category, and 194 others into the distress category. The results also show that the Springate method has a higher level of consistency than the Altman method."