Bankruptcy Prediction Analysis Using the Altman Z-Score Model of Toll Road Service Providers in Indonesia
DOI:
https://doi.org/10.47768/gema.v16i2.202404Keywords:
Altman Z-Score Model, Bankruptcy analysis, Bankruptcy predictionAbstract
One method that can be used to analyze bankruptcy prediction is Altman Z-Score, which is equipped with a cut-off point to classify bankruptcy conditions. This study uses the Altman Z-Score model to analyze and predict bankruptcy in toll road service provider companies in Indonesia from 2018 to 2022. The author conducts quantitative research using a comparative descriptive analysis method. The author will analyze the financial statements of PT Jasa Marga (Persero) Tbk and PT Citra Marga Nusaphala Persada Tbk, which are engaged in providing toll road services in Indonesia. The results show that the financial condition of PT Jasa Marga (Persero), Tbk. is in the danger zone and black zone, while PT Citra Nusaphala Persada Tbk. is in the safe zone and black zone. These fluctuations indicate that there are financial risks to watch out for. The results of this study provide knowledge to investors and company management about the financial health of toll road companies. The results of this study can be seen by management as they make decisions about anticipating and managing the risk of bankruptcy. Further research can compare toll road service providers in China and Malaysia. These two countries are interesting to study because they have the same characteristics as Indonesia, namely trying to encourage economic growth through the provision of toll road infrastructure that boosts their economy.
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