Analisis Financial Distress pada Perusahaan Perkebunan di Bursa Efek Indonesia Periode 2018-2021

Abstract

The company is an organization whose main goal is to get the maximum possible profit by reducing excessive production costs, but to get it there are certainly many obstacles faced by the company, both external and internal constraints. The capital structure of plantation companies is an important thing to study, because it has its own uniqueness when compared to other corporate sectors, where in the plantation sector the capital structure comes from debt or loans in the form of Investment Credit (IC) obtained from banks or other financial institutions. If the company continues to experience a decline in profits, a company will soon experience financial difficulties or financial distress. This study aims to predict and analyze how the financial distress of companies in the plantation sector are listed on the Indonesia Stock Exchange in 2018-2021 using the Altman modified Z-Score, Springate, Zmijewski and Grover method and to find out how the paired sample t test comparison analysis technique in testing the accuracy of financial distress predictions in the modified Z-Score Altman method, Springate, Zmijewski and Grover in plantation sector companies listed on the Indonesia Stock Exchange for 2018-2021. The data analysis method used was Altman's modified Z-Score, Springate, Zmijewski, Grover, and paired sample t-test. Based on the results of assessing financial distress, the most accurate method for predicting financial distress in plantation sector companies listed on the Indonesia Stock Exchange is the Springate method with the highest accuracy rate of 85.00%, then the Altman Z Score method with an accuracy rate of 57. 50%, the Grover method with an accuracy rate of 38.75% and Zmijewski with an accuracy rate of 17.50%