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PENGGUNAAN THE ZMIJEWSKI MODEL, THE ALTMAN MODEL, DAN THE SPRINGATE MODEL SEBAGAI PREDIKTOR DELISTING

Jurnal Keuangan dan Perbankan, Volume 16, Nomor 1, Januari 2012
Journal from JIPTUNMERPP / 2012-08-31 09:52:09
Oleh : Mila Fatmawati, Diploma 3 of Finance and Banking Merdeka University Malang (jurkeubank@yahoo.com)
Dibuat : 2012-01-01, dengan file

Keyword : Delisting, the Zmijewski model, the Altman model, the Springate model

The purpose of this study was to investigate empirical evidence that the Zmijewski model, the Altman model, and
the Springate models could be used as a predictor of delisting the company. Object of this study was to remove the
list of companies that trade shares (delisted) in Indonesia Stock Exchange in 2003-2009. As a benchmark for
companies delisted at the top used companies that were still listed on the Stock Exchange with the same number
and kind of business field. Comparison samples were taken randomly over the same period with the company
delisted. The method of analysis used logic regression. The results found that from the three delisting of predictor
models, only the Zmijewski models that could be used to predict the company delisted in the period of observation,
while the Altman model and the Springate models could not be used as predictive models delisting. It is because
The Zmijewski model emphasized amounts of debt in predict delisting. The bigger the debt was, it would be more
accurate in predicting as the company’s delisting. Meanwhile, the Altman model and the Springate model
emphasized more on profitability measures. The smaller the profitability was, the more precisely to predict
company’s delisting. Condition of delisting the company that became object of observation company trends was
still able to get profit, but it had a relative amount of debt.

Deskripsi Alternatif :

The purpose of this study was to investigate empirical evidence that the Zmijewski model, the Altman model, and
the Springate models could be used as a predictor of delisting the company. Object of this study was to remove the
list of companies that trade shares (delisted) in Indonesia Stock Exchange in 2003-2009. As a benchmark for
companies delisted at the top used companies that were still listed on the Stock Exchange with the same number
and kind of business field. Comparison samples were taken randomly over the same period with the company
delisted. The method of analysis used logic regression. The results found that from the three delisting of predictor
models, only the Zmijewski models that could be used to predict the company delisted in the period of observation,
while the Altman model and the Springate models could not be used as predictive models delisting. It is because
The Zmijewski model emphasized amounts of debt in predict delisting. The bigger the debt was, it would be more
accurate in predicting as the company’s delisting. Meanwhile, the Altman model and the Springate model
emphasized more on profitability measures. The smaller the profitability was, the more precisely to predict
company’s delisting. Condition of delisting the company that became object of observation company trends was
still able to get profit, but it had a relative amount of debt.

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PropertiNilai Properti
ID PublisherJIPTUNMERPP
OrganisasiD
Nama KontakDra. Wiwik Supriyanti, SS
AlamatJl. Terusan Halimun 11 B
KotaMalang
DaerahJawa Timur
NegaraIndonesia
Telepon0341-563504
Fax0341-563504
E-mail Administratorperpus@unmer.ac.id
E-mail CKOwsupriyanti@yahoo.com

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  • Editor: Wiwik Supriyanti, Dra. SS.