Analisis Z-Score dalam Memprediksi Financial Distress dan Dampaknya terhadap Value of the Firm
DOI:
https://doi.org/10.47065/arbitrase.v6i3.3112Keywords:
Z-Score; Financial Distress; Value of the Firm; Tobin’s Q; Consumer CyclicalsAbstract
This study aims to analyze the ability of Z-Score in predicting financial distress and to examine its effect on the value of the firm in consumer cyclicals companies listed on the Indonesia Stock Exchange in 2022-2024. Financial distress is measured using the Altman Z-Score model and the value of the firm is measured using Tobin’s Q. This study uses a quantitative approach with multiple linear regression tested based on the categories of distress zone, grey zone, and safe zone. The data used is secondary data in the form of company annual reports. The results show that the Z-Score is capable of measuring and classifying the level of financial health of companies into three categories of zones. A total of 26 companies are in the safe zone, while 11 are in the distress zone, and 3 are in the grey zone, indicating that their financial condition requires monitoring and improvement. For companies in the distress zone, the Z-Score has no effect on the value of the firm because the risk of bankruptcy has already been anticipated by the market. For companies in the grey zone, the Z-Score has a negative effect on the value of the firm, indicating that even though the score has improved, the still-unstable financial condition is perceived as carrying risk. Meanwhile, for companies in the safe zone, the Z-Score has a positive effect on the value of the firm because a healthy financial condition is viewed as a positive signal that can boost market confidence.
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