Analisis Altman Z-Score DalamMemprediksi Financial Distress Dan Dampaknya Terhadap Nilai Perusahaan Pada Sektor Consumer Non-Cylicals Di Bursa Efek Indonesia Tahun 2022-2024

Altman Z-Score Analysis in Predicting Financial Distress and Its Impact on Firm Value in the Consumer Non-Cyclicals Sector on the Indonesia Stock Exchange 2022–2024

Penelitian ini mengkaji pengaruh Altman Z-Score terhadap nilai perusahaan (Tobin's Q) pada sektor consumer non-cyclicals di BEI periode 2022–2024, menggunakan desain kuantitatif-kausal dengan 169 observasi firm-year hasil purposive sampling. Variabel kontrol meliputi likuiditas (Current Ratio), arus kas operasi (log natural), dan leverage (DER). Hasil regresi linear berganda menunjukkan Altman Z-Score berpengaruh positif dan signifikan terhadap nilai perusahaan (β = 0,043; p < 0,001), yang mengindikasikan bahwa kondisi keuangan yang lebih sehat meningkatkan kepercayaan investor dan nilai Tobin's Q.

This study examines the effect of the Altman Z-Score on firm value (Tobin's Q) in the consumer non-cyclicals sector on the Indonesia Stock Exchange (IDX) during the 2022–2024 period, using a quantitative-causal research design with 169 firm-year observations obtained through purposive sampling. Control variables include liquidity (Current Ratio), operating cash flow (natural logarithm), and leverage (Debt-to-Equity Ratio). The results of multiple linear regression analysis show that the Altman Z-Score has a positive and significant effect on firm value (β = 0.043; p < 0.001), indicating that a healthier financial condition increases investor confidence and results in a higher Tobin's Q value.