Determinants of Stock Delisting (Analysis of Bankruptcy and Liquidity Ratios on Stock Delisting)
Keywords:
Stock Delisting, Altman Z-Score, Springate, Zmijewski, Current RatioAbstract
This literature review analyzes bankruptcy and liquidity ratios on stock delisting. An update from previous research is that this study is expected to produce findings and innovations regarding the role of bankruptcy analysis and liquidity ratios on delisting of company shares. In the end, this research is expected to provide data and evidence of factors related to the determination of stock delisting. The bankruptcy analysis that the author discusses is bankruptcy analysis with the Altman Z-Score method, Springate method and Zmijewski Method. And the liquidity ratio that the author will discuss is the current ratio. Based on previous research, bankruptcy analysis using the Altman Z-Score, Springate and Zmijewski methods is said to be an indicator to assess the bankruptcy of a company and ultimately affect the delisting of the company's shares on the Indonesia Stock Exchange. And the most accurate method which has a percentage of 95% in predicting bankruptcy is the Altman Z-Score method. The Springate method has an accuracy rate of 92.5%. While the Zmijewski method is 94.9%. For the liquidity ratio, the authors try to conclude from previous research that the liquidity ratio measured using the current ratio has an influence on the company's financial distress, where financial distress is a condition where the company is said to be almost bankrupt.
References
Aghajani, V. and Jouzbarkand, M., 2012. The Creation of Bankruptcy Prediction Model Using Springate and SAF Models. Journal of Accounting Research, 54, pp.6-8.
Altman, E.I., (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The journal of finance, 23(4), pp.589-609.
Aminian, A., Mousazade, H., dan Khoshkho, O. 2016. Investigate the Ability of Bankruptcy Prediction Models of Altman and Springate and Zmijewski and Grover in Tehran Stock Exchange. Vol 7, No. 4
Aprilia, Zefanya (2024), ’Bursa Suspensi Saham Waskita Karya (WSKT), Ini Alasannya’ diakses 21 September 2024, https://www.cnbcindonesia.com/market/20240516164954-17-538785/bursa-suspensi-saham-waskita-karya--wskt--ini-alasannya
Atmini, S. dan Wuryan, A. (2005). Manfaat Laba dan Arus Kas untuk Memprediksi Kondisi Financial Distress pada Perusahaan Textile Mill Products dan Appareal and Other Textile Products yang Terdaftar di Bursa Efek Jakarta. SNA VIII: hal 460-474
Bernardin, D. E. Y., & Indriani, G. (2020). Fiancial Distress : Laverage, Likuiditas, Aktivitas Dan Ukuran Perusahaan Dimoderasi Profitabilitas. Jurnal Financia, 1(1), 38–49.
Eduardus Tandelilin, (2017). Pasar Modal “Manajemen Portofolio dan Investasi” (G. Sudibyo (ed.)). Yogyakarta: PT. Kanisius
Effendi, R (2018), ‘Analisis Prediksi Kebangkrutan dengan Metode Altman, Springate, Zmijewski, Foster, dan Grover, pada Emitmen Jasa Transportasi’, Jurnal Akuntansi, Manajemen dan Bisnis, ISSN 2335-5483 Vol 4. No 3. 2018
Hamud Balfas, (2006). Hukum Pasar Modal Indonesia, Jakarta: PT Tata Nusa, hlm. 306.
Imanzadeh, P., Maran-Jouri, M., dan Sepehri, P. 2011. A study of the Application of Springate and Zmijewski Bankcruptcy Prediction Models in Firms Accepted in Tehran Stock Exchange. Australian Journal of Basic and Applied Sciences, Vol. 5 No. 11.
Jensen, M., C., dan W. Meckling, (1976), Theory of the firm: Managerial behavior, agency cost and ownership structure, Journal of Finance Economic 3: 305-360.
Kasmir (2019), ’Analisis Laporan Keuangan’, Rajawali Pers, Depok
Kumar, Radhar G. 2012. A Comparison of Bankruptcy Models. International Journal of Marketing, Financial Service and Management Research. Vol. 1, No. 4.
Kutum, Imad. 2015. Predicting the Financial Distress of Non-Banking Companies Listed on the Palestine Exchange (PEX), Vol.6, No.1.
Nugroho, T., Murni, S., Untu, V.S (2022), ‘Analisis Potensi Kebangkrutan Perusahaan Menggunakan Metode Altman Z- Score pada Perusahaan Food and Beverage yang Terdaftar di BEI Periode 2018-2020, Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, Vol 10. No 1. 2022
Otoritas Jasa Keuangan, (20244), ‘Delisting Saham’, diakses 21 September 2024, https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/40683
Pemerintah Indonesia, (1945), ‘Undang - Undang Dasar Pasal 33 ayat 1 (Amandemen)’, Jakarta.
Pemerintah Indonesia, (2017), ‘Undang - Undang No 17 Tahun 2003 tentang Komponen Keuangan.
Prameswari, A dan Yunita, I (2018). Prediksi Kebangkrutan dengan Metode Altman Z-Score, Springate, dan Zmijewski pada Perusahaan Delisting di Bursa Efek Indonesia (BEI). Jurnal Riset Akuntansi Kontemporer. Vol 10. No 1 ISSN 2088-5091
Putri, D. S. & E. N. (2016). Pengaruh Rasio Keuangan Dan Ukuran Perusahaan Terhadap Financial Distress. Jurnal Eksplorasi Akuntansi, 33(2), 2083–2098.
Rajendra, Rizqi (2024), ’Duh Waskita (WSKT) Terancam Delisting, 7.1 Miliar Saham Publik Nyangkut’, https://market.bisnis.com/read/20240509/192/1764161/duh-waskita-wskt-terancam-delisting-71-miliar-saham-publik-nyangkut
Setiyawan, E., & Musdholifah. (2020). Pengaruh struktur kepemilikan, profitabilitas, likuiditas, leverage dan nilai tukar terhadap financial distress pada perusahaan yang terdaftar di idx tahun 2016-2017. Jurnal Ilmu Manajemen, 8(2011), 51–66.
Simanjuntak, C., Titik, F., & Aminah, W. (2017). Pengaruh Rasio Keuangan Terhadap Financial Distress ( Studi Pada Perusahaan Transportasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015 ). E-Proceeding of Management, 4(2), 1580–1587.
Springate, G.L., (1978). Predicting the possibility of failure in a Canadian firm: discriminant analysis (Doctoral dissertation, Simon Fraser University.).
Stephanie, Lindawati, Suyani, Christine, Oknesta, E., & Afiezan, A. (2020). Pengaruh Likuiditas, leverage dan ukuran perusahaan terhadap financial distress pada perusahaan properti dan perumahan. Journal of Economic, Business and Accounting, 3 Nomor 2, 2597–5234.
Zmijewski, M.E., (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting research, pp.59-82.
Zulfa, M. Z. (2018). the Ability of Profitability to Moderate the Effect of Liquidity, Leverage and Operating Capacity on Financial Distress (Empirical Study on Retail Companies Registered on Idx 2012-2017). Prosiding Business and Economics Conference in Utilizing of, 310–323.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Jurnal Penelitian Ekonomi Dan Akuntansi
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
2.png){kind=logo}
_(1)1.jpg)
.png)
_(1)_(1).jpg)
1.png)
1.png)
.png)
11.png)
2.png){kind=logo}
