Financial Distress Zones of Land Transportation Companies Listed on the Indonesia Stock Exchange Using Altman Z-Score
DOI:
https://doi.org/10.55538/ifr.v5i2.124Keywords:
Financial Distress, Bancruptcy Prediction, Altman Z-scoreAbstract
Passenger land transportation has gained increasing attention in recent years, particularly in relation to corporate financial performance. This study aims to evaluate the financial condition of passenger land transportation sub-sector companies listed on the Indonesia Stock Exchange using the Altman Z-Score method. A descriptive quantitative approach with purposive sampling is employed, resulting in seven selected companies. The study utilizes secondary data obtained from corporate financial statements covering the period from 2019 to 2023. Financial ratios, including working capital, retained earnings, profitability, capital structure, and asset utilization, are analyzed to generate Z-Score values and classify firms into the safe zone, grey zone, and distress zone. The results indicate that four companies fall within the distress zone, one is classified in the grey zone, and two are categorized in the safe zone. These findings highlight varying levels of financial resilience within the passenger land transportation sub-sector.
References
Altman, E. (1968). Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
Altman, E. I., Iwanicz-Drozdowska, M., Laitinen, E. K., & Suvas, A. (2017). Financial Distress Prediction in an International Context: A Review and Empirical Analysis of Altman’s Z-Score Model. Journal of International Financial Management & Accounting, 28(2), 131–171. https://doi.org/https://doi.org/10.1111/jifm.12053
Amalia, S. F., & Iskak, J. (2023). Analisis Altman (Z-Score) untuk Memprediksi Financial Distress pada Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia. Open Journal Systems, 18(4), 957–964.
Badan Pusat Statistik. (2024). Pertumbuhan ekonomi transportasi dan pergudangan Indonesia triwulan IV 2022–2023. BPS.
Bapepam, B. P. P. M. dan L. K. (2005). Pedoman penyajian dan pengungkapan laporan keuangan emiten.
Chantika, N. A. P., Herawati, Y., & Divianto. (2025). Analisis Penerapan Metode Altman Z-Score untuk Prediksi Kebangkrutan PT Kimia Farma Tahun 2019 – 2023. Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis Dan Digitak, 2(3). https://doi.org/https://doi.org/10.61132/jimakebidi.v2i3.758
Hanafi, M. M. (2004). Manajemen keuangan (Edisi 1). BPFE.
Kliestik, T., Belas, J., Valaskova, K., & Nica, E. (2020). Earnings management in V4 countries?: the evidence of earnings smoothing and inflating. Economic Research-Ekonomska Istraživanja, 0(0), 1–19. https://doi.org/10.1080/1331677X.2020.1831944
Maulana, F. (2024). Financial Distress Assessment Through Altman Z-Score. Journal of Economics and Business UBS, 13(1), 227–240. https://doi.org/https://doi.org/10.52644/joeb.v13i1.1493
Mulya, I. P., Murjana, I. M., & Irianto. (2024). Analisis Perbandingan Dan Tingkat Akurasi Metode Altman Z-Score, Zmijewski, Springate Dan Grover Dalam Memprediksi Kebangkrutan Perusahaan. Jurnal Ilmiah Manajemen, 3(1), 269–279.
Prayat, R., Fai, P., Kamila, H. R., & Irwandi, F. G. (2023). The Role of the Altman Z-Score Method in Predicting Corporate Bankruptcy. Innovation of Economics and Management, 3(1), 1–4. https://doi.org/https://doi.org/10.32764/income.v3i1.5000
Prusak, B. (2018). Review of Research into Enterprise Bankruptcy Prediction in Selected Central and Eastern European Countries. International Journal of Financial Studies, 6(3), 60. https://doi.org/https://doi.org/10.3390/ijfs6030060
Rachelia, M., & Jefri, R. (2025). Bankruptcy Prediction Analysis of Media and Entertainment Subsector Industry in 2022-2024 Using Altman Z-Score Model 1). International Journal of Economic Research and Financial Accounting (IJERFA), 3(4), 976–983. https://doi.org/https://doi.org/10.55227/ijerfa.v3i4.341
Sembiring, S., & Sinaga, H. W. C. (2022). Analisis Akurasi Model Altman, Grover, Springate, Zmijewski Dalam Memprediksi Kondisi Financial Distress (Studi Empiris Pada Perusahaan Ritel yang Terdaftar di Bursa Efek Indonesia). Jurnal Riset Akuntansi Dan Keuangan, 8(2), 299–311.
Sugiono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Susiana, R. A., & Purwanti, L. (2021). Prediksi Tingkat Kebangkrutan Sebelum dan Selama Pandemi Covid-19 Menggunakan Metode Altman Z-Score. Tera Ilmu Komunikasi, 22(2), 79–95. https://doi.org/https://doi.org/10.21776/tema.22.2.79-95
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Ifa Nurmasari, Diana Riyana Harjayanti, Siti Nur’aidawati, Joshua Husatya Macpal
This work is licensed under a Creative Commons Attribution 4.0 International License.
