Predicting financial distress in hospitality companies listed on the IDX (2019-2023) with the alt man z-score model
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Published:
Aug 30, 2024
Keywords:
Altman Z-Scoret, Financial Distress, Hospitality
Section
Economy
Statistics Article
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Abstract
The impact of the global pandemic on the hospitality industry has been significant, with notable fluctuations in room occupancy rates during the pandemic. This undoubtedly has a significant impact on the revenue of hospitality companies. In order to ascertain the financial resilience of hospitality service companies listed on the Indonesia Stock Exchange (IDX) during the period 2019-2023, researchers conducted a study entitled 'Predicting Financial Distress in Hospitality Companies Listed on the IDX (2019-2023) with the Altman Z-Score Model'. This study employed a descriptive approach with quantitative methods, utilising 10 samples of hospitality service companies listed on the Indonesia Stock Exchange. The findings of this study indicate that the impact of the pandemic has had a significant effect on the financial health of hospitality companies. This is demonstrated by the findings of the Altman Z-Score model, which was used to predict the likelihood of bankruptcy for hospitality companies. The results demonstrate that the proportion of companies experiencing financial distress increased from 10% in 2019 to 40% in 2023. In 2019, financial distress was observed in only 10% of companies, while in 2020, the onset of the pandemic in Indonesia led to an increase to 20%. This figure continued to rise, reaching 40% by 2023.
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How to Cite
Dengang, A. . and Oktafiani, F. (2024) “Predicting financial distress in hospitality companies listed on the IDX (2019-2023) with the alt man z-score model”, Jurnal Mantik, 8(2), pp. 997-1006. doi: 10.35335/mantik.v8i2.5427.
References
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Pratama, M. I. P. (2021). Anlalisis Finlanlcial Distress Denlganl Menlggunlakanl Model Altmanl (Z-Score), Danl Grover (G-Score) Pada Subsektor Pariwisata, Perhotelanl, Danl Restoranl Yanlg Terdaftar Di Bursa Efek Inldonlesia Tahunl 2015-2019. Jurnlal Ekonlomi Danl Bisnlis, 7(2), 107–115.
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Rissi, D. M., & Hermanl, L. A. (2021). Penlgaruh Likuiditas , Profitabilitas , Finlanlcial Leverage , danl Arus Kas Operasi Dalam Memprediksi Konldisi Finlanlcial Distress. Akunltanlsi Danl Manlajemenl, 16(2), 68–86. https://akunltanlsi.pnlp.ac.id/jam
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Saputri, F. NL., Dwi Kartikasari, E., Lailiyah, E. H., Ahmad, I., Lamonlganl, D., & Lamonlganl, A. D. (2021). PERBANLDINLGANL METODE ALTMANL Z-SCORE DANL ZMIIJEWSKI UNLTUK MEMPREDIKSI FINLANLCIAL DISTRESS (Studi Pada Perusahaanl Sektor Tranlsportasi yanlg Terdaftar di Bursa Efek Inldonlesia) COMPARISONL OF ALTMANL Z-SCORE ANLD ZMIIJEWSKI METHODS FOR PREDICTINLG FINLANLCIAL DISTRESS (Study onl Tranlsportationl Sector Companlies Listed onl the Inldonlesia Stock Elhanlge). Jurnlal Media Komunlikasi Ilmu Ekonlomi, 38(Desember), 48. www.idx.co.id.
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Taufiq Abadi, M. (2022). Potenlsi finlanlcial distress perusahaanl sektor hotel, restoranl danl pariwisata syariah selama masa panldemi Covid-19. Serambi, 4(3), 209–222. https://doi.org/10.36407/serambi.v4i3.708
Wijaya, B.K., Marianli, W. E. (2021). Warmadewa Manlagemenlt anld Businless Journlal, 3 (1). Warmadewa Manlagemenlt anld Businless Journlal, 3(Februari 2021), 49–59. https://ejournlal.warmadewa.ac.id/inldex.php/wmbj
Armadanli, A., Fisabil, A. I., & Salsabila, D. T. (2021). Anlalisis Rasio Kebanlgkrutanl Perusahaanl pada Masa Panldemi Covid-19. Jurnlal Akunltanlsi, 13, 99–108. https://doi.org/10.28932/jam.v13i1.3197
Aryo, B., & Trisnlanlinlgsih, S. (2021). Penlggunlaanl Model Altmanl Z-Score, Sprinlgate, Zmijewski Danl Grover Dalam Memprediksi Finlanlcial Distress. Seminlar NLasionlal Akunltanlsi Danl Call for Paper (SENLAPANL), 1(2), 754–769. https://doi.org/10.33005/senlapanl.v1i2.152
Benly Mahardika, & Supanlji Setyawanl. (2022). Anlalisis Kebanlgkrutanl Perusahaanl Otomotif Dimasa Panldemi Covid-19 Menlggunlakanl Anlalisis Model Altmanl Z-Score, Zmijewski, Danl Grover. Jurnlal Cakrawala Ilmiah, 1(7), 1659–1670. https://doi.org/10.53625/jcijurnlalcakrawalailmiah.v1i7.1783
Cipta, R. S., & Wibowo, D. (2021). Anlalisa Finlanlcial Distress Menlggunlakanl Metode Altmanl (Z–Score) Unltuk Memprediksi Kebanlgkrutanl (Pada Perusahaanl Pelayaranl Terdaftar Bei 2016-2019). JIMENL: Jurnlal Inlovatif Mahasiswa Manlajemenl, 1(2), 124–138.
Erawanl, P. R., & Wahyunli, M. A. (2021). Anlalisis Laporanl Keuanlganl Dalam Memprediksi Kebanlgkrutanl Denlganl Model Sprinlgate Danl Model Grover Pada Perusahaanl Pertambanlganl. JIMAT (Jurnlal Ilmiah Mahasiswa Akunltanlsi) Unliversitas Penldidikanl Ganlesha, 12(02), 625–634.
Esomar, M. J. F., & Christianlty, R. (2021). Dampak Panldemi Covid-19 terhadap Kinlerja Keuanlganl Perusahaanl Sektor Jasa di BEI. Jkbm (Jurnlal Konlsep Bisnlis Danl Manlajemenl), 7(2), 227–233. https://doi.org/10.31289/jkbm.v7i2.5266
Fajarsari, H. (2022). Anlalisis Finlanlcial Distress denlganl Perhitunlganl Model Altmanl ( Z-Score ) pada Perusahaanl Sub Sektor Hotel , Restoranl danl Pariwisata selama Panldemi Covid-19. Jurnlal Ilmanl: Jurnlal Ilmu Manlajemenl, 10(2), 49–57. https://journlals.stimsukmamedanl.ac.id/inldex.php/ilmanl/article/view/23%0A
Frihatnli, A. A., Sudirmanl, I., & Manldacanl, F. (2021). Anlalisis Kinlerja Keuanlganl Perhotelanl Akibat Panldemi Covid-19. Jurnlal Ilmiah Manldala Educationl, 7(3), 2019–2022. https://doi.org/10.58258/jime.v7i3.2125
Gupita, NL., Soemoedipiro, S. W., & Soebroto, NL. W. (2020). Anlalisis Perbanldinlganl Model Altmanl Z-score, Sprinlgate, Zmijewski danl Grover dalam Memprediksi Finlanlcial Distress (Studi pada Perusahaanl Sektor Inlfrastruktur yanlg Terdaftar di BEI Periode 2015-2019 ). Jurnlal Aktual Akunltanlsi Keuanlganl Bisnlis Terapanl, 3(1), 145–162. https://jurnlal.polinles.ac.id/inldex.php/akunlbisnlis/article/view/2148
Idi, C. M., & Borolla, J. D. (2021). Anlalisis Finlanlcial Distress Menlggunlakanl Metode Altmanl Z–Score pada PT. Goldenl Planltationl Tbk. Periode 2014-2018. PUBLIC POLICY (Jurnlal Aplikasi Kebijakanl Publik & Bisnlis), 2(1), 102–121. https://doi.org/10.51135/publicpolicy.v2.i1.p102-121
Inldriyanlto, E., & Izzati, H. NL. (2022). Anlalisis Penlgaruh Finlanlcial Inldicators Danl Ukuranl Perusahaanl Terhadap Prediksi Finlanlcial Distress Pada Perusahaanl. AkunlNLas, 19(2), 72–83.
Janlnlah Halawanli Es Lubis, M. (2024). Anlalisis Z Score Dalam Memprediksi Finlanlcial Distress. Equilibrium: Jurnlal Penlelitianl Penldidikanl Danl Ekonlomi, 21(01), 1. https://journlal.unliku.ac.id/inldex.php/Equilibrium
Pinlastiti, C., NLugraha, H. S., & Prabawanli, B. (2023). Penlgaruh Rasio Keuanlganl terhadap Finlanlcial Distress di Masa Panldemi Covid-19 pada Perusahaanl Perhotelanl yanlg Terdaftar pada Bursa Efek Inldonlesia. Jurnlal Ilmu Adminlistrasi Bisnlis, 12(1), 122–130. https://doi.org/10.14710/jiab.2023.37180
Pratama, M. I. P. (2021). Anlalisis Finlanlcial Distress Denlganl Menlggunlakanl Model Altmanl (Z-Score), Danl Grover (G-Score) Pada Subsektor Pariwisata, Perhotelanl, Danl Restoranl Yanlg Terdaftar Di Bursa Efek Inldonlesia Tahunl 2015-2019. Jurnlal Ekonlomi Danl Bisnlis, 7(2), 107–115.
Resfitasari, E., Taofik Muhammad Gumelar, Anldinli Ulhaq, & NLinla Rusmayanlti. (2022). Anlalisis Prediksi Finlanlcial Distress Denlganl Metode Altmanl Z-Score Pada PT. Waskita Karya Tbk. Jurnlal Aktiva?: Riset Akunltanlsi Danl Keuanlganl, 3(3), 131–140. https://doi.org/10.52005/aktiva.v3i3.123
Ridhawati, R., & Suryanltara, A. B. (2023). Menlakar Tinlgkat Keakuratanl Prediksi Finlanlcial Distress melalui Tiga Model Prediksi Pada Inldustri Otomotif. Valid Jurnlal Ilmiah, 20(2), 42–51.
Rissi, D. M., & Hermanl, L. A. (2021). Penlgaruh Likuiditas , Profitabilitas , Finlanlcial Leverage , danl Arus Kas Operasi Dalam Memprediksi Konldisi Finlanlcial Distress. Akunltanlsi Danl Manlajemenl, 16(2), 68–86. https://akunltanlsi.pnlp.ac.id/jam
Sahnliar, D. D., NLugroho, T. R., Isnlainli, NL. F., & Baidlowi, I. (2023). Anlalisis Laporanl Keuanlganl Unltuk Memprediksi Tinlgkat Kebanlgkrutanl Denlganl Menlggunlakanl Model Altmanl Z-Score, Grover danl Zmijewski(Studi dokumenltasi pada Perusahaanl Tranlsportasi danl Logistik yanlg terdaftar di Bursa Efek Inldonlesia periode 2018 -2022 ). Jurnlal Mutiara Ilmu Akunltanlsi (JUMIA), 1(4), 119–130.
Saputri, F. NL., Dwi Kartikasari, E., Lailiyah, E. H., Ahmad, I., Lamonlganl, D., & Lamonlganl, A. D. (2021). PERBANLDINLGANL METODE ALTMANL Z-SCORE DANL ZMIIJEWSKI UNLTUK MEMPREDIKSI FINLANLCIAL DISTRESS (Studi Pada Perusahaanl Sektor Tranlsportasi yanlg Terdaftar di Bursa Efek Inldonlesia) COMPARISONL OF ALTMANL Z-SCORE ANLD ZMIIJEWSKI METHODS FOR PREDICTINLG FINLANLCIAL DISTRESS (Study onl Tranlsportationl Sector Companlies Listed onl the Inldonlesia Stock Elhanlge). Jurnlal Media Komunlikasi Ilmu Ekonlomi, 38(Desember), 48. www.idx.co.id.
Sari, T. NL., & Setyanlinlgsih, P. R. A. (2022). Anlalisis Finlanlcial Distress danl Finlanlcial Performanlce Sebelum danl Selama Panldemi Covid-19 pada Perusahaanl Manlufaktur. Jurnlal Riset Akunltanlsi Mercu Buanla, 8(1), 53–65.
Syaharmsanl, S. (2021). Anlalisis Laporanl Keuanlganl Sebagai Dasar Unltuk Menlilai Kinlerja Perusahaanl Pada Pt. NLarasinldo Mitra Perdanla. Juripol, 4(2), 283–295. https://doi.org/10.33395/juripol.v4i2.11151
Taufiq Abadi, M. (2022). Potenlsi finlanlcial distress perusahaanl sektor hotel, restoranl danl pariwisata syariah selama masa panldemi Covid-19. Serambi, 4(3), 209–222. https://doi.org/10.36407/serambi.v4i3.708
Wijaya, B.K., Marianli, W. E. (2021). Warmadewa Manlagemenlt anld Businless Journlal, 3 (1). Warmadewa Manlagemenlt anld Businless Journlal, 3(Februari 2021), 49–59. https://ejournlal.warmadewa.ac.id/inldex.php/wmbj
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