Abstract Analisis Diskriminan dalam Memprediksi Financial Distress dengan Menggunakan Metode Altman

ABSTRAK

Penelitian ini bertujuan untuk mengetahui pengaruh working capital to
total assets, retained earning to total assets, earnings before interest and taxes to
total assets, market value equity to book value of debt, sales to total assets dalam
membedakan kelompok financial distress dan nonfinancial distress dan untuk
mengetahui rasio keuangan yang paling dominan dalam memprediksi financial
distress menggunakan analisis diskriminan dengan metode Altman.
Populasi pada penelitian ini adalah semua perusahaan manufaktur sektor
industri barang konsumsi yang terdaftar di Bursa Efek Indonesia pada tahun 2011
sampai 2013 sebanyak 37 perusahaan. Sampel dipilih dengan menggunakan
metode purposive sampling yang telah ditentukan sehingga terpilih 8 perusahaan
dalam kondisi financial distress dan 8 perusahaan dalam kondisi nonfinancial
distress.
Hasil penelitian menunjukkan bahwa variabel working capital to total
assets, earnings before interest and taxes to total assets, market value equity to
book value of debt, sales to total assets berpengaruh positif dan signifikan dalam
membedakan kelompok financial distress dan nonfinancial distress. Sedangkan
variabel retained earning to total assets tidak dimasukkan ke dalam pengujian,
karena variabel ini tidak berbeda secara signifikan antara perusahaan yang
mengalami financial distress dan nonfinancial distress. Dan variabel working

capital to total assets merupakan variabel yang paling dominan dalam
memprediksi financial distress.

Kata kunci : Analisis diskriminan, Financial Distress, Metode Altman

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ABSTRACT

This study aims to determine the effect of working capital to total assets,
retained earnings to total assets, earnings before interest and taxes to total assets,
market value equity to book value of debt, sales to total assets in distinguishing
groups of financial distress and nonfinancial distress and to determine the most
dominant financial ratios to predict financial distress using discriminant analysis
method Altman.
The population in this study are all companies manufacturing consumer
goods industry sectors listed on the Indonesia Stock Exchange in 2011 through
2013 as many as 37 companies. Samples were selected using purposive sampling
method that has been determined so chosen 8 companies in financial distress and
8 companies in the nonfinancial distress condition.

The results showed that the variables of working capital to total assets,
earnings before interest and taxes to total assets, market value equity to book
value of debt, sales to total assets positive effect significant in distinguishing
groups of financial distress and nonfinancial distress. While the variable retained
earnings to total assets not included in the testing because these variables did not
differ significantly among companies experiencing financial distress and
nonfinancial distress. And variables working capital to total assets is the most
dominant variable in predicting financial distress.

Keywords: Discriminant analysis, Financial Distress, Method Altman

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