Prediction of financial distress using the altman z-score method: It’s impact on stock prices of companies in the properties and real estate subsector
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Published:
Jun 30, 2025
Keywords:
Altman Zscore, Financial Distress, Stock Price
Section
Articles
Statistics Article
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Abstract
This research seeks to asses the precence of Prediction Financial Distress using the Altman Zscore Method: it’s Effect on Stock Prices of Companies in the Properties and Real Estate Subsector Listed on the Indonesia Stock Exchange for the Period 2015-2023. The research method used is quantitative Associative. The data analysis technique used is descriptive statistics and simple and multiple linear analysis using SPSS ver.23. The test results show that all companies in 2015-2019 were in a safe condition but financially vulnerable since 2020-2023 have been in the gray zone even though they are not yet in the acute distress category. The variables Net Working Capital to Total Assets (WCTA), Retained Earning to Total Assets (RETA), Earning Before Interest and Tax to Total Assets (EBITA), Market Value Of Equity to Book Value Of Debt (MVEBVL) and Sales to Total Assets (STA) together do not have a significant effect on stock prices with a significance value of 0.970409 greater than 0.05.
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How to Cite
Amelia, R. W., Nofiana, L., & Ludvy, A. (2025). Prediction of financial distress using the altman z-score method: It’s impact on stock prices of companies in the properties and real estate subsector. Indonesia Accounting Research Journal, 12(4), 227–233. https://doi.org/10.35335/iacrj.v12i4.484
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Wijnen, M., Loyens, S., Smeets, G., Kroeze, M., & van der Molen, H. (2017). Students’ and teachers’ experiences with the implementation of problem-based learning at a university law school. Interdisciplinary Journal of Problem-Based Learning, 11(2).
Brigham, E. F., & Gapenski, L. C. (1996a). Basic Financial Management. Dryden Press.
Brigham, E. F., & Gapenski, L. C. (1996b). Basic Financial Management. Dryden Press.
Calero, N., Muñoz, J., Cox, P. W., Heuer, A., & Guerrero, A. (2013). Influence of chitosan concentration on the stability, microstructure and rheological properties of O/W emulsions formulated with high-oleic sunflower oil and potato protein. Food Hydrocolloids, 30(1), 152–162.
Darsono, & Ashari. (2005). Manajemen Keuangan Perusahaan. Andi Offset.
Dumilah (2021), Manajemen Keuangan Teoritik dan Praktik, Surabaya: Cipta Media Nusantara (CMN), hal. 4
Endri, E., Suharti, T., Sundarta, I., & Rinda, R. T. (2022). The Accuracy of Financial Distress Prediction During the COVID 19 Pandemic on Healthcare Sub Sector Companies. Jurnal Ekonomi Dan Kebijakan Kesehatan, 15(2), 85–96.
Effendi, N. I., Nelvia, R., Wati, Y., Sufyati, Putri, D. E., Fathur, A., Wulandari, I., Seto, A. A., Kurniawan, M. Z., Puspitasari, D., Sesario, R., Arumingtyas, F., Santoso, D. A., & Putra, D. I. G. C. (2022). Manajemen Keuangan. PT. Global Eksekutif Teknologi
Fauzi, S. E., Sudjono, & Saluy, A. B. (2021). Comparative Analysis of Financial Sustainability Using Altman Z Score, Springate, Zmijewski and Grover for Telecommunications Companies in IDX (2014–2019). Journal of Economics and Business, 4(1), 57–78.
Grant, R. M. (2016). Contemporary Strategy Analysis (9th ed.). Chichester, UK: Wiley.
Hasan, dkk (2022). Manajemen Keuangan, Cetakan Pertama, Banyumas: CV Pena Persada 2022, h.2
Hutauruk, D. R., & Silalahi, S. (2021). Prediction of Financial Distress with Z-Score Model in Real Estate and Property Companies in Indonesia. Jurnal Riset Akuntansi Multiparadigma, 12(1), 67–76.
Indriyatni, D. L., Irawati, H., Fauzan, Candera, M., Hartoto, I., & Ardana, Y. (2022). Manajemen Keuangan Lanjutan (A. Jibril (ed.)). PT. Nasya Expanding Management.
Jariah, A., Irdiana, S., & Lukiana, N. (2021). Accuracy of Bankruptcy Predictions of Real Estate Companies in Indonesia Based on the Altman, Springate, Zmijewski, and Grover Models. Assets: Jurnal Ilmiah Ilmu Akuntansi, Keuangan Dan Pajak, 8(2), 121–130.
Kamila, N., Ferli, O., Sari, K. P. D., Sari, L. P., & Salma, P. A. (2023). Measuring Financial Distress in the Property and Real Estate Sector Listed on the Indonesian Stock Exchange. OIKOS: Jurnal Kajian Pendidikan Ekonomi Dan Ilmu Ekonomi, 4(2), 145–156.
Krishnatama, D., Prita, S., & Sudarno, S. (2019a). Analisis Potensi Kebangkrutan Perusahaan Menggunakan Metode Altman Z Score pada Perusahaan Sektor Properti & Real Estate di BEI. E-Jurnal Ekonomi Bisnis Dan Akuntansi, 6(2), 114–119.
Krishnatama, D., Prita, S., & Sudarno, S. (2019b). Analisis Potensi Kebangkrutan Perusahaan Menggunakan Metode Altman Z Score pada Perusahaan Sektor Properti & Real Estate di BEI. E-Jurnal Ekonomi Bisnis Dan Akuntansi, 6(2), 114–119.
Land, K. C., Lovell, C. K., & Thore, S. (1994). Chance-constrained data envelopment analysis. Vi (October 2017).
Miles, M. E., & McCue, T. E. (1982). Historic Returns and Risk for Real Estate Investment. Journal of Portfolio Management, 8(3), 13–17. https://doi.org/10.3905/jpm.1982.408868
Morita, H., & Seiford, L. M. (1999). Characteristics on Stochastic Dea Efficiency: Reliability and Probability Being Efficient. Journal of the Operations Research Society of Japan, 42(4), 389–404. https://doi.org/10.15807/jorsj.42.389
Nofiana, L., Yunanti, S., & Amelia, R. W. (2021). Analysis of Bank Health Level at PT Bank Central Asia Tbk Based on the RGEC Method for the 2015-2019 Period. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 4(4), 8215-8225.
Sugiyono. (2017). Metode Penelitian Kuantitatif dan R&D. Bandung: Alfabeta.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D, Bandung: ALFABETA.
Sujai dkk (2022), Manajemen Keuangan, Batam:CV.Rey Media Grafika 2022,
Syahyunan. (2013). Manajemen Keuangan (Perencanaan, Analisis, dan Pengendalian Keuangan). USU. Press: Medan
Wahyuni Amelia, R. (2023). ANALISIS FINANCIAL DISTRESS DENGAN METODE ALTMAN Z SCORE PENGARUHNYA TERHADAP HARGA SAHAM. JORAPI: Journal of Research and Publication Innovation, 1(2). http://openjournal.unpam.ac.id/index.php/JOAIIA/index
Wheaton, W. C. (1999). Real Estate "Cycles": Some Fundamentals. Real Estate Economics, 27(2), 209–230. https://doi.org/10.1111/1540-6229.00771
Wijnen, M., Loyens, S., Smeets, G., Kroeze, M., & van der Molen, H. (2017). Students’ and teachers’ experiences with the implementation of problem-based learning at a university law school. Interdisciplinary Journal of Problem-Based Learning, 11(2).
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