Financial Distress Analysis Using the Altman Z-Score Model on Textile Companies in Indonesia Stock Exchange

Ashila Fajriani Kamila, Umarul Faruq, Subairi Subairi

Abstract


This study aims to analyze the level of financial distress among textile companies listed on the Indonesia Stock Exchange. The novelty of this research lies in its use of recent post-pandemic data and its specific focus on the Indonesian textile industry—an economically significant sector that has received limited scholarly attention. Using a descriptive quantitative approach, the study employs secondary data in the form of financial statements. Eight textile companies were selected based on data availability. The Altman Z-Score model is applied to evaluate financial health and classify companies into three categories: distress, grey, and safe zones. The results reveal that only one company is in the safe zone, two are in the grey zone, and five are in the distress zone. Theoretically, these findings reinforce the relevance of the Altman Z-Score model in the context of emerging markets. Practically, the study underscores the urgent need for enhanced financial management and the implementation of early warning mechanisms to prevent bankruptcy in the textile sector

Keywords


Altman Z-Score; Indonesia Stock Exchange; Financial Distress; Textile Industry,

Full Text:

PDF

References


Abadi, M. T., & Misidawati, D. N. (2023). Prediksi Kebangkrutan Perusahaan (Teori, Metode, Implementasi). Zahir Publishing.

Agus, A., & Sutanto, E. (2024). Signalling theory. Jurnal Manajemen Dan Akuntansi, 1(4), 254–260. https://doi.org/10.4337/9781839104503.00033.

Anggraeny, A. D., & Suryana, A. (2022). Pengaruh Analisis Kebangkrutan Model Altman Z-score Terhadap Harga Saham Pada Perusahaan Manufaktur di Bursa Efek Indonesia Sebelum dan Saat Pandemi Covid-19 (Studi Kasus Tahun 2019-2020). Neraca: Jurnal Akuntansi Terapan, 3(2), 85–99.

Bandi, M. H., Nurmalina, R., & Hayatie, M. . (2023). Analisis Kebangkrutan Menggunakan Metode Springate (Studi Kasus Pada PT. Garuda Indonesia Tbk Tahun 2018-2020). ECONBANK: Journal of Economics and Banking, 5(1), 75–84. https://doi.org/10.35829/econbank.v5i1.286

BPS. (2025). (Seri 2010) Laju Pertumbuhan PDB Seri 2010 (Persen), 2025. Badan Pusat Statistik. https://Www.Bps.Go.Id/Id/Statistics-Table/2/MTA0IzI=/Pertumbuhan-Ekonomi--Triwulan-i-2025.

CRIF. (2024). Indonesia’s Textile Industry: Challenges and Hopes Amidst the Crisis. CRIF. Https://Www.Id.Crifasia.Com/Resources/Industry-Insights/Indonesia-s-Textile-Industry-Challenges-and-Hopes-amidst-the-Crisis/?Utm_source=chatgpt.Com.

Dhany, U. R., Elly, M., & Rahman, D. (2022). Kajian Mengenai Financial Distress Melalui Analisis Model Zmijewski Score Pada Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Kompetitif, 1(2), 208–212. https://doi.org/10.35446/bisniskompetif.v1i2.1103.

Fadilah, I. (2024). Dihantam Badai PHK, Jumlah Buruh Tekstil Sisa Segini. DetikFinance.

Isaac-Roque, D., Caicedo-Carrero, A., & Muñoz-Álvarez, A. . (2023). Capacidad predictiva del modelo altman z-score en empresas declaradas en reorganización empresarial. Apuntes de Economía y Sociedad, 4(1), 129–141. https://doi.org/10.5377/aes.v4i1.16451

Muchtar, K. (2021). Hadang Delisting, Ini Yang Dilakukan Panasia Indo Resources (HDTX) Kedepan. EmitenNews.Com.

Anita, N., & Rohma, F. F. (2020). Efek Mediasi Slack Detection dan Keadilan Distributif terhadap Hubungan Partisipasi Anggaran dan Senjangan Anggaran. Akuntabilitas, 14(1), 87-102.

Ogbu, J., Mathias, D., & Peter, J. (2023). Effect Of Turnaround Strategies On Sustainable Growth Of Abuja Electircity Distribution Company. 1(1), 171–191.

Prima, B. (2021). Begini Strategi Argo Pantes (ARGO) tahun ini untuk mengurangi ekuitas negatif. kontan.co.id.

Purwanto, N. P. (2024). Masa Depan Industri Fashion.

Qalbiyani, N., Karim, N. ., & Astuti, W. (2022). Analisis Prediksi Kebangkrutan Pada Perusahaan Manufaktur Sub Sektor Tekstil Tahun 2016-2020 Dengan Metode Altman Modifikasi. Jurnal Riset Mahasiswa Akuntansi, 2(1), 100–111. https://doi.org/10.29303/risma.v2i1.188

Qotimah, K., Kalangi, L., & Korompis, C. (2023). Pengaruh Analisa Fundamental Terhadap Return Investasi Pada Saham Second Liner Di Sektor Energi Periode 2019-2022 Yang Terdaftar Di Bursa Efek Indonesia The Effect of Fundamental Analysis on Investment Return In Second Liner Share In The Energy Sector For. Jurnal EMBA, 11(3), 12–26.

Ranjani, S. C. M., & Windarto, A. P. (2023). Penerapan Teknik Neural Network dalam memprediksi Perkembangan Impor Kelompok Industri Tekstil dengan Metode Backpropagation. Journal of Informatics Management and Information Technology, 3(1), 24–34. https://doi.org/10.47065/jimat.v3i1.252

Rastika, D. M. (2022). Analisis Rasio Keuangan dan Prediksi Kebangkrutan dengan Model Altman Z-Score pada Perusahaan Semen Tahun 2016-2019. Jurnal Acitya Ardana, 2(2), 122–130. https://doi.org/10.31092/jaa.v2i2.1349.

Rahmawati, S. N., & Rohma, F. F. (2024). Pengaruh kepemilikan keluarga dan tata kelola perusahaan terhadap kinerja berkelanjutan. Nominal: Barometer Riset Akuntansi dan Manajemen, 13(2), 159-169.

RI, B. K. S. D. (2022). Buletin APBN.

Sahir, S. H. (2021). Metodologi Penelitian (Cetakan 1). Penerbit KBM Indonesia.

Sibanda, L. S., & Tapera, J. (2025). An Assessment of the Altman Z Score on Predicting Corporate Failure. A Case of Insolvent Financial Companies Listed on the Zimbabwe Stock Exchange. Journal of Economics and Behavioral Studies, 17(1), 55-71.

Sitorus, M., & Yulita, S. M. (2023). Analisis Potensi Kebangkrutan Pada PT. Prima Mulia Engineering dengan Metode Altman Z-Score untuk Periode 2017-2020. Jurnal Teknologi Dan Manajemen, 21(1), 1–8. https://doi.org/10.52330/jtm.v21i1.69.

Sriwati, N. K., & Garatu, T. (2023). Analisis Financial Distress dengan Metode Altman Z-Score Pada Pt Garuda Indonesia Tbk. Ekomen.

Sucipto, V. H. P. B., Maramis, J. B., Untu, V. N., Pasar, R., Covid, T., Indonesia, D. I., & Industri, P. (2022). Reaksi Pasar Terhadap Covid 19 Di Indonesia Pada Industri Pariwisata, Restoran Dan Hotel Di Bursa Efek Indonesia. Jurnal EMBA, 10(4), 260–266.

Tania, S., Pratiwi, L. N., & Laksana, B. (2021). Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score Modifikasi pada PT Inti (Persero). Indonesian Journal of Economics and Management, 1(3), 628–633. https://doi.org/10.35313/ijem.v1i3.3077.

Ulmasruroh, D. A. (2020). Manajemen Sumber Daya Manusia Pada Organisasi Bisnis. 3(2), 8–11.

Vauzi, M. R. (2023). Konversi Utang, Argo Pantes (ARGO) Tunaikan Private Placement RP 1,61 Triliun. EmitenNews.Com.

Wati, Y. (2025). BEI Cabut Paksa Emiten Properti HDTX, Bersiap Buy Back Saham. Kabarbursa.com.

Yonatan, A. (2025). Impor Tekstil Indonesia Kembali Naik pada 2024. GoodStats. https://data.goodstats.id/statistic/impor-tekstil-indonesia-kembali-naik-pada-2024-gf5WX

Yunianto, T. K. (2024). Impor Ilegal Bikin 60 Perusahaan Tekstil Bangkrut, 250 Ribu Pekerja Kena PHK. Marketeers. https://www.marketeers.com/impor-ilegal-bikin-60-perusahaan-tekstil-bangkrut-250-ribu-pekerja-kena-phk/




DOI: https://doi.org/10.21107/infestasi.v21i1.29827

Refbacks

  • There are currently no refbacks.


Copyright (c) 2025 Ashila Fajriani Kamila, Umarul Faruq, Subairi Syamsuri

Creative Commons License

This journal is licensed under a Creative Commons Attribution 4.0 International License.