Year: 2025 | Month: May | Volume: 12 | Issue: 5 | Pages: 122-126
DOI: https://doi.org/10.52403/ijrr.20250515
Detecting Potential Company Bankruptcy Using the "Modified Altman Z-Score Model" (Case Study on PT GoTo Gojek Tokopedia Tbk Company, Period 2021-2023)
Firman Faturahman1, M. Anas2, Dyah Ayu Paramitha3
1Department of Economics and Business, 2Department of Economic and Business, 3Department of Economic and Business Management College, Nusantara PGRI University, Kediri City, Indonesia.
Corresponding Author: Firman Faturahman
ABSTRACT
This study aims to analyze the financial health and potential bankruptcy of PT GoTo Gojek Tokopedia Tbk for the period of 2021 to 2023 using the "Altman Z-Score" model.This research is based on the phenomenon of technology companies that should have benefited during the pandemic, but instead suffered losses during the pandemic and after the pandemic.This study uses a quantitative-descriptive method that analyzes secondary data in the form of financial statements of PT GoTo Gojek Tokopedia Tbk for the period of 2021 to 2023 which come from the Indonesia Stock Exchange (IDX) website and the official website of the company PT GoTo Gojek Tokopedia Tbk.The research results that the company's Z-Score value has decreased sharply, from 9.10 in 2021 which is in the healthy category, to 6.89 in 2022, and finally -6.70 in 2023 which is classified as bankrupt. This decline was caused by the deterioration of 4 (four) main financial ratios, namely the ratio of working capital to total assets, retained earnings to total assets, EBIT to total assets, and the market value of equity to liabilities.
Keywords: “Altman Z-score; Financial Performance; Bankruptcy”
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