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"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."

"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."

"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."

"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."

"Sejumlah studi menunjukkan peningkatan jumlah perusahaan yang masuk dalam kategori zombie firm dalam satu dekade terakhir terutama pada masa pandemi COVID-19. Perusahaan-perusahaan zombi memenuhi ciri-ciri perusahaan yang memenuhi kriteria kebangkrutan. Hal ini mengindikasikan bahwa para investor perlu memperhitungkan kondisi ini sebelum melakukan strategi investasinya. Begitu pula, para manajemen perusahaan perlu untuk waspada akan kemungkinan perusahaan yang dipimpinnya masuk dalam kategori zombi sebelum mengambil langkah-langkah jenis pendanaan untuk pengembangan bisnisnya. Saat ini ada beberapa model identifikasi kebangkrutan yang lazim digunakan seperti Altman Z-score dan Merton Naïve Model. Kedua model tersebut memiliki keterbatasan dalam penggunaannya terutama adanya asumsi-asumsi dan kondisi yang melekat pada setiap model. Penelitian ini bertujuan untuk menganalisis model zombie firm untuk kasus di Indonesia. Pertanyaan penelitian utama yang diajukan adalah apakah model zombie firm dapat menjadi alternatif untuk mengukur risiko kebangkrutan suatu perusahaan. Penelitian ini menggunakan data sekunder yang tersedia terhadap perusahaan-perusahaan non-finansial yang terdaftar dalam Bursa Efek Indonesia sejak tahun 2011 hingga 2020. Penelitian ini juga dilakukan untuk menganalisis dinamika risiko kebangkrutan berdasarkan model zombie firm serta untuk mengetahui kemungkinan sebuah perusahaan apakah akan keluar dari status zombi-nya di tahun-tahun mendatang. Hasil penelitian menunjukkan adanya konsistensi antara hasil perhitungan indikasi perusahaan yang memiliki risiko kebangkrutan zombie firm dengan model kebangkrutan Altman Z-score atau Merton Naïve Model. Hasil penelitian juga menggambarkan dinamika tren hubungan antara variabel zombie firm model terhadap kenaikan atau penurunan jumlah perusahaan yang terindikasi sebagai zombi. Pada akhir bagian pembahasan, dengan menggunakan Wilcoxon Sum Rank Test, hasil penelitian menunjukkan kecenderungan perusahaan keluar dari status zombi untuk tahun-tahun tertentu.

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Some studies show increment in terms of numbers of companies that entered the status of zombie firm in last decade, especially during COVID Period. Zombie firms fit all the criteria for a company that has a high risk of bankruptcy. This indicates that investors need to consider a company’s zombie status before doing their investment strategy in such a company. Company management also needs to be aware of their company to not fall to this status before doing a funding strategy type to expand their business. Currently, there are several models that can be used as default risk identification, such as Altman Z-score and Merton Naïve Model. However, both models have its own limitations and assumptions that are attached to each model. This research aims to analyze zombie firms’ model for Indonesia case. Main research question is whether zombie firm model can be used as alternative for identification of a company default risk. This research uses secondary data that is available for all non-financial sector companies, traded on Indonesian Stock Exchange since 2011 – 2020. In this research, we also analyze the dynamic of default risk based on zombie firms and the probability of whether a company can recover from its zombie status in future years. Result show that there are consistencies between zombie firm models against its comparing model: Altman Z-score or Merton Naïve Model. The results also show trend dynamic between zombie firm variables regarding increase or decrease numbers of identified zombies. At the end of discussion, by using Wilcoxon Sum Rank Test, results show some tendencies that companies recover in certain years."

""ABSTRAK"The debtor must be insolvent rsquo; merupakan asas hukum kepailitan yang menekankan kepailitan hanya dapat dijatuhkan kepada debitur insolven. Tidak diaturnya asas tersebut secara tekstual dalam UUKPKPU nomor 37 tahun 2004 mendorong hakim untuk tidak mempertimbangkannya dalam membuat suatu putusan. Hal ini memberikan peluang dipailitkannya debitur yang solven. Secara khusus, permasalahan yang dibahas adalah ketaatan hakim terhadap asas tersebut dalam membuat putusan. Penelitian ini menggunakan metode penelitian normatif legal research dan perbandingan hukum comparative law . Adapun pengumpulan data dilakukan dengan studi dokumen dan wawancara. Data yang telah terkumpul dianalisis secara kualitatif. Analisis dilakukan dengan pendekatan hukum dan pendekatan ekonomi untuk mengukur kesehatan keuangan debitur dengan Altman Z-score sebagai model insolvency test. Berdasarkan hasil analisis terhadap 4 putusan pengadilan niaga, 2 putusan kepailitan tidak mempertimbangkan adanya asas ini, yaitu dengan dipailitkannya Telkomsel yang kondisi keuangannya masih solven serta tidak dipertimbangkannya status insolvensinya Garuda. Analisis ini menunjukkan adanya inkonsistensi dalam menerapkan asas the debtor must be insolvent dalam putusan hakim niaga. Inkonsistensi penerapan terjadi karena asas tersebut tidak dijadikan sebagai syarat pengajuan proses kepailitan dan PKPU dalam undang-undang. Selain itu, asas juga masih sulit diterapkan oleh hakim karena belum diaturnya instrumen insolvency test yang dapat digunakan untuk menilai kondisi keuangan debitur. Untuk itu, asas tersebut harus diformulasikan secara tekstual dalam undang-undang sebagai sebuah syarat pengajuan permohonan agar hakim lebih terikat terhadap asas tersebut untuk dipertimbangkan dalam membuat putusan. Perubahan ketentuan dalam undang-undang ini harus dilakukan agar tercipta keadilan yang seimbang bagi kreditur dan debitur. "

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""ABSTRACT" lsquo The debtor must be insolvent 39 is the principle of bankruptcy law that emphasizes bankruptcy is only able to be imposed to the insolvent debtor. The non regulation of the principle textually in UUKPKPU number 37 of 2004 encourages the judge not to consider it in making decision. This provides an opportunity for solvent debtor to be bankrupted. In particular, the issue discussed is the adherence of judges to the principle in making decisions. This method of research conducted was based on legal research and comparative law approach. Data were collected through the study of documents and conducting series of interviews, which were then qualitatively analyzed. The analysis was conducted by legal approach and economic approach to measure the financial health of the debtor with Altman Z score as the insolvency test instrument. Based on the analysis of four commercial court decisions, two bankruptcy decisions do not consider the existence of this principle that is with the bankrputcy status of Telkomsel with the solvent condition and not considered of Garuda insolvency status. This analysis shows the inconsistency in applying lsquo the debtor must be insolvent principle rsquo in the decision of commercial judges. The inconsistency of implementation occurs because the principle is not used as requirement for filing bankruptcy proceedings and moratorium in the law. In addition, the principle is also still difficult to apply by the judge because the insolvency test instrument that could be used to assess the financial condition of the debtor has not been regulated. For that reason, the principle should be formulated in a textual manner as a requirement for filing an application for judges to be more attached to the principle to be considered in making a decision. The changes to the provisions of this law should be taken to create fair equity for creditors and debtors."

"Metode Altman's Z-Score Emerging Market Score ini umumnya digunakan untuk mengindentifikasi apakah perusahaan akan mengalami kebangkrutan atau tidak, apakah perusahaan tersebut sehat atau tidak dengan mengukur kinerja dari perusahaan tersebut. Dari 159 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia, diambil sekitnr 150 pernsahaan yang ambil bagian dalam perhitungan Altman's Z-Score Emerging Market Score yang disetiap tahunnya diiakukan perhitungan dan penyusunan ulang portfolio. Dari hasil analisis dengan menggunakan regresi, ditemukan bahwa Altman's Z-Score Emerging Market Score bepengaruh negatif terhadap nilai return portfolio, yang tidak berpengaruh signifikan terhadap nominal return dan berpengaruh signifikan terhadap abnormal return.

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Altman's Z-Soore Emerging Market Score method use for Indentified company bankruptcy or financial distres and also to identified company health that will reflect company prospectus in the future. From 159 manufacture company listed on Bursa Efek Indonesia, only left 150 perusabaan that taking part on Altman's Z-Score Emerging Market Score calculation. Altman's Z-Score Emerging Market Score calculated every year, so it cause re-arrange of portfolio based on rating from larger Altman's Z-Score Emerging Market Score value to Iower value, Result from single regression found that Altman's Z-Score Emerging Market Score in contrast to portfolio return, and significant to nominal return and not significant to abnormal return.

"

"[ABSTRAKTesis ini membahas studi kasus permohonan kepailitan PT. Mandala Airlines yang diajukan secara sukarela. Pembahasan terhadap PUTUSAN NOMOR 48/PDT.SUS.PAILIT /2014/PN.NIAGA.JKT.PST) meliputi beberapa aspek hukum terkait perlindungan terhadap para pemegang saham PT. Mandala Airlines diantaranya aspek hukum kepailitan dan aspek hukum perusahaan. Pada kasus perkara kepailitan P.T Mandala Airlines menjadi menarik untuk dibahas mengingat justru pada saat proses kepailitan berlangsung, para pemegang saham yang notabenenya justru mayoritas malah tampil menjadi pemohon keberatan dalam proses tersebut. Pada akhirnya, putusan kepailitan tetap dijatuhkan oleh Majelis Hakim dalam perkara ini, sekalipun asas kelangsungan usaha yang dikedepankan oleh pemohon keberatan telah dikedepankan. Namun karena semua persyaratan untuk dijatuhkannya pailit bagi pemohon telah memenuhi persyaratan sebagaimana ditentukan dalam Pasal 2 ayat (1) juncto Pasal 8 ayat (4) Undang-Undang Kepailtan, maka sesederhana pembuktiannya pula, PT Mandala Airlines akhirnya memperoleh putusan pailit tersebut. Pokok permasalahan dalam tesis ini adalah mencari informasi dan menganalisa bagaimana proses pengajuan pailit atas permohonan sendiri oleh suatu badan hukum perseroan terbatas serta bagaimana pula hukum positif Indonesia memberikan perlindungan hukum bagi pemegang saham badan hukum perseroan dalam proses kepailitan. Dan tesis ini menjawab dua pokok permasalahan tersebut dimana proses pengajuan pailit atas permohonan sendiri memiliki mekanisme/tata cara yang sama dengan proses pengajuan pailit oleh kreditor dan Undang-Undang Kepailitan Indonesia tidak mengatur tentang perlindungan hukum bagi pemegang saham (shareholder) perseroan terbatas dalam proses pailit, tetapi tetap membuka pintu bagi pihak berkepentingan untuk melakukan upaya hukum terhadap putusan pailit.

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ABSTRACTThis thesis discusses case studies of insolvency petition PT. Mandala Airlines submitted voluntarily. Discussion on verdict number 48/PDT.SUS.PAILIT.2014/ PN.NIAGA.JKT.PST consisting some aspects of the law regarding the protection of shareholders PT. Mandala Airlines including aspects of bankruptcy/insolvency law and legal aspects of the company. The case of PT Mandala Airlines bankruptcy case will be rather interesting to be reviewed considering the fact that, just when bankruptcy proceedings take place, the shareholders who appears to be the majority is actually the applicants who objects in that process. At the end, the decision of bankruptcy still being uphold by the Judges in this case, even if the principle of continuity of effort being put forward by the applicant, objections has been put onward. However, since all the qualifications to have the bankruptcy case being filed towards the applicants has been fulfilled, as stated in Section 2 Verse (1) juncto Section 8 Verse (4) Indonesian Law of Insolvency/Bankruptcy, it will as easily be proven PT. Mandala Airlines will eventually receive the verdict for that insolvment. Literature research, secondary data and verbal interviews as primary resource with all parties involve such as notary, and curator will be uphold for information gathered in PT. Mandala Airlines bankruptcy case as writing methods throughout this thesis. This thesis discuss two major problem, first, how the process of filing for bankruptcy voluntarily (company) and how the Indonesian positive law provides a legal protection for shareholder in bankruptcy proceedings. And this thesis also provides answer for the two main issues where the process of filing for bankruptcy voluntarily has the same mechanism/ procedure the process of filing for bankruptcy by creditors; and Indonesia Bankruptcy Act does not regulate a specific legal protection for shareholders (company) in the process of bankruptcy, but there’s a chance for interested parties to take legal actions against the bankruptcy decision.;This thesis discusses case studies of insolvency petition PT. Mandala Airlines submitted voluntarily. Discussion on verdict number 48/PDT.SUS.PAILIT.2014/ PN.NIAGA.JKT.PST consisting some aspects of the law regarding the protection of shareholders PT. Mandala Airlines including aspects of bankruptcy/insolvency law and legal aspects of the company. The case of PT Mandala Airlines bankruptcy case will be rather interesting to be reviewed considering the fact that, just when bankruptcy proceedings take place, the shareholders who appears to be the majority is actually the applicants who objects in that process. At the end, the decision of bankruptcy still being uphold by the Judges in this case, even if the principle of continuity of effort being put forward by the applicant, objections has been put onward. However, since all the qualifications to have the bankruptcy case being filed towards the applicants has been fulfilled, as stated in Section 2 Verse (1) juncto Section 8 Verse (4) Indonesian Law of Insolvency/Bankruptcy, it will as easily be proven PT. Mandala Airlines will eventually receive the verdict for that insolvment. Literature research, secondary data and verbal interviews as primary resource with all parties involve such as notary, and curator will be uphold for information gathered in PT. Mandala Airlines bankruptcy case as writing methods throughout this thesis. This thesis discuss two major problem, first, how the process of filing for bankruptcy voluntarily (company) and how the Indonesian positive law provides a legal protection for shareholder in bankruptcy proceedings. And this thesis also provides answer for the two main issues where the process of filing for bankruptcy voluntarily has the same mechanism/ procedure the process of filing for bankruptcy by creditors; and Indonesia Bankruptcy Act does not regulate a specific legal protection for shareholders (company) in the process of bankruptcy, but there’s a chance for interested parties to take legal actions against the bankruptcy decision., This thesis discusses case studies of insolvency petition PT. Mandala Airlines submitted voluntarily. Discussion on verdict number 48/PDT.SUS.PAILIT.2014/ PN.NIAGA.JKT.PST consisting some aspects of the law regarding the protection of shareholders PT. Mandala Airlines including aspects of bankruptcy/insolvency law and legal aspects of the company. The case of PT Mandala Airlines bankruptcy case will be rather interesting to be reviewed considering the fact that, just when bankruptcy proceedings take place, the shareholders who appears to be the majority is actually the applicants who objects in that process. At the end, the decision of bankruptcy still being uphold by the Judges in this case, even if the principle of continuity of effort being put forward by the applicant, objections has been put onward. However, since all the qualifications to have the bankruptcy case being filed towards the applicants has been fulfilled, as stated in Section 2 Verse (1) juncto Section 8 Verse (4) Indonesian Law of Insolvency/Bankruptcy, it will as easily be proven PT. Mandala Airlines will eventually receive the verdict for that insolvment. Literature research, secondary data and verbal interviews as primary resource with all parties involve such as notary, and curator will be uphold for information gathered in PT. Mandala Airlines bankruptcy case as writing methods throughout this thesis. This thesis discuss two major problem, first, how the process of filing for bankruptcy voluntarily (company) and how the Indonesian positive law provides a legal protection for shareholder in bankruptcy proceedings. And this thesis also provides answer for the two main issues where the process of filing for bankruptcy voluntarily has the same mechanism/ procedure the process of filing for bankruptcy by creditors; and Indonesia Bankruptcy Act does not regulate a specific legal protection for shareholders (company) in the process of bankruptcy, but there’s a chance for interested parties to take legal actions against the bankruptcy decision.]"

"Prediksi potensi kebangkrutan bank berbasis rasio keuangan adalah topik penelitian yang tiada henti diteliti. Upaya ini dilakukan agar dapat menemukan model prediksi yang dianggap mampu menjelaskan tingkat kesehatan bank, mampu memprediksi dan mendeteksi secara dini potensi kebangkrutan bank, menemukan formula yang bisa diterapkan untuk semua bank, demi menyelamatkan bank dan sekaligus menciptakan kemakmuran perekonomian negara terkait dengan peran perbankan sebagai tulang punggung perekonomian negara. Hal ini dimungkinkan dengan bantuan teknik statistik berbasis model regresi logistik multinomial—variabel dependen bersifat kategorik sebagai suatu fungsi dari sejumlah variabel independen. Model prediksi potensi kebangkrutan bank yang dikembangkan dalam penelitian ini menemukan bahwa rasio keuangan mengenai capital adequacy sebuah bank adalah signifikan secara statistik (signifikan dalam dua fungsi logit) dalam mendeteksi secara dini potensi kebangkrutan bank. Ini terbukti dari ketepatan prediksi yang bisa diraih, yaitu bank gagal (bank likuidasi) (BL) adalah 75%, bank dalam penyelamatan (BDP) adalah 62.50%, dan bank sehat (bank survive) (BS) adalah 97.14%. Rasio keuangan dipercaya memiliki andil dalam model prediksi kebangkrutan sebesar 89.36%.

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Prediction of potential bank bankruptcy based on financial ratios is a continuing research. This study is aimed to provide prediction model capable of explaining bank's health, predicting or detecting early potential bankruptcy of bank, finding formula that can be applied to all banks, promoting sound banking and simultaneously creating economic prosperity of the country considering that bank is the country's economic infrastructure. Statistical technique based on multinomial logistic regression model is used as method to test the model with categorical dependent variables given a set of independent variables. It is found that financial ratio related to bank's capital adequacy is statistically significant (in two logit functions) in providing early detection of potential bank insolvency. The accuracy of predictions by the model is 75% for failed banks (BL), 62.50% for banks classified under special surveillance or banks in resolution (BDP), and 97.14% for healthy banks (BS). Financial ratios are believed to have contributed to the bankruptcy prediction model by 89.36%."