ANALISIS PREDIKSI KEBANGKRUTAN DENGAN METODE ALTMAN Z-SCORE (STUDI PADA SUBSEKTOR BATUBARA YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020-2024)
Keywords:
Altman Z-Score, bankruptcy prediction, coal sub-sector,, Indonesia Stock ExchangeAbstract
This study aims to analyze the financial health of coal sub-sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024 using the Altman Z-Score model. The research applies a descriptive quantitative approach with comparative analysis on eight selected companies, based on purposive sampling. Data were obtained from audited annual financial reports published on the IDX. The findings reveal variations in company financial conditions. PT Bayan Resources Tbk (BYAN) and PT Indo Tambangraya Megah Tbk (ITMG) consistently fall within the safe zone, indicating stable performance. Conversely, PT Bumi Resources Tbk (BUMI) and PT Indika Energy Tbk (INDY) remain in distress due to high debt burdens and profitability decline. The Z-Score trends also fluctuate in line with global coal prices and national energy policy shifts. The results highlight that the Altman Z-Score serves as an effective early-warning tool to anticipate bankruptcy risks in the coal sector. The implications emphasize the importance of strengthening capital structure, cost efficiency, and business diversification for companies, while providing useful references for investors and academics.
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