ANALYSIS OF BANKRUPTCY PREDICTION USING ALTMAN Z-SCORE METHOD IN COSMETIC SUBSECTOR COMPANIES IN 2020-2024
Keywords:
Cosmetics, Bankruptcy, Altman Z-ScoreAbstract
This study aims to analyze the potential bankruptcy of cosmetics subsector companies listed on the Indonesia Stock Exchange for the 2020-2024 period using the Altman Z-Score method. This study uses a descriptive quantitative method with secondary data in the form of annual financial reports of cosmetics subsector companies obtained from the Indonesia Stock Exchange, with an analytical tool in the form of the Altman Z-Score model to classify company conditions into healthy, gray area, and unhealthy categories. The results of the study indicate that most cosmetics subsector companies were in the healthy financial condition category during the study period. However, there were several companies that in certain years were in the gray area and unhealthy zone due to declining performance in profitability, liquidity, and efficiency of asset use. Fluctuations in the Z-Score value indicate financial risks that require more attention from company management. Theoretically, this study supports the use of the Altman Z-Score model as a relevant bankruptcy prediction tool for cosmetics subsector manufacturing companies in Indonesia, while practically the results of this study can be utilized by management and investors in strategic decision-making. The novelty of this research lies in the use of the latest post-pandemic financial data and the focus on the cosmetics subsector, which has been relatively limited in research using the Altman Z-Score model in Indonesia.
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