DETECTING FRAUDULENT FINANCIAL STATEMENT AND PREDICTING CORPORATE BANKRUPTCY

Viola - Viola

Abstract


A negative equity company would likely encounter two financial problems, which are bankruptcy and fraud. This research aims to detect fraud indicators in the financial statements of negative equity companies by using Beneish M-Score and predict the bankruptcy of negative equity companies by using Altman Z-Score. This is a qualitative study with a quantitative type of data that is collected through companies' financial statements. Purposive sampling is applied to determine the research samples. 28 companies with negative equity that is listed on the IDX website are analyzed by using Altman Z-Score and Beneish M-Score. Result shows that the percentage of distress company for manufacturing company in 2015 to 2017 is 87.5% while the non-distress is 12.5%. In 2018, the percentage of distress company is 83.33% while non-distress is 16.67%. However, in 2019, all companies are in distress zone of 100%. The Z-Score for non-manufacturing company shows that in 2015 and 2019 the percentage of distress and non-distress is 50%. While in 2016 and 2018 the percentage of distress company 75% while non-distress is 25%. Lastly, in 2017, the percentage of distress company is 100% with no company in non-distress zone. The percentage of manipulator company for 2015 and 2018 is 78.57%, non-manipulator is 21.43%. While in 2016 the manipulator company is 96.43%, non-manipulator is 3.57%. In 2017, the manipulator company is 89.29%, non-manipulator is 10.71%. As for 2019, the manipulator company is 46.43% and the non-manipulator company is 53.57%. During 2015-2019, 89.29% of companies are in the distress zone, 10.71% of companies are in the non-distress zone. While the rate of manipulator company is 96.43% and non-manipulator company is 3.57%.

Keywords


Altman Z-Score; Beneish M-Score; fraudulent financial statements; bankruptcy

References


Adelin, V., & Fauzihardani, E. (2013). Pengaruh Pengendalian Internal, Ketaatan pada Aturan Akuntansi dan Kecenderungan Kecurangan Terhadap Perilaku Tidak Etis. 259-276.

Albrecht, S. W., Albrecht, C. O., Albrecht, C. C., & Zimbelman, M. F. (2011). Fraud Examination. Cengage Learning.

Amri, A., & Hasniawati, A. P. (2014, April 3). Rugi habis-habisan, ekuitas BTEL negatif. Diambil kembali dari investasi.kontan.co.id: https://investasi.kontan.co.id/news/rugi-habis-habisan-ekuitas-btel-negatif

Andriani, P., Suarsa, A., & Yuniati. (2019). Pengaruh Pengendalian Internal Terhadap Kualitas Laporan Keuangan Pada PDAM Tirtawening Kota Bandung. 26-41.

Barsky. (2003). Analyst Tools for Detecting Financial Reporting Fraud, Commercial Lending Review. 5.

Beneish, M. D. (September 1999). The Detection of Earnings Manipulation. Financial Analysts Journal, 24-36.

Beneish, M. D., Lee, M., C. C., & Nichols, D. C. (2000). Earnings Manipulation and Expected Returns. Financial Analyst Journal, 57-82.

Brigham, E. F., & Joel, H. F. (2001). Manajemen Keuangan. Jakarta: Erlangga.

Christy, Y. E., & Stephanus, D. S. (Maret 2018). Pendeteksian Kecurangan Laporan Keuangan dengan Beneish M-Score pada Perusahaan Perbankan Terbuka. Jurnal Akuntansi Bisnis, Vol. 6, No. 1, 19-41.

Elliott, R. K., & Willingham, J. J. (1980). Management Fraud: Detection and Deterrence. Virginia: Petrocelli Books.

Ibrahim, N. (2019). Beneish M-Score and Altman Z-Score To Predict Financial Statement Fraud and Financial Performance (Study Case of PT Garuda Indonesia Tbk).

Institute, E. M. (2020, September 24). Hati-hati Saham Ekuitas Negatif! Ini Daftar Sahamnya. Diambil kembali dari id.investing.com: https://id.investing.com/analysis/hatihati-saham-ekuitas-negatif-ini-daftar-sahamnya-200223349

Irianto, G. (Juli 2003). Skandal Korporasi dan Akuntan. Jurnal Lintasan Ekonomi, Vol. XX, No. 2, 104-114.

Jogloabang. (2020, January 17). PP 87 tahun 2019 tentang Perusahaan Asuransi Berbentuk Usaha Bersama. Diambil kembali dari jogloabang.com: https://www.jogloabang.com/ekbis/pp-87-2019-perusahaan-asuransi-berbentuk-usaha-bersama

Kartikasari, R. N., & Irianto, G. (2010). Penerapan Model Beneish (1999) dan Model Altman (2000) Dalam Pendeteksian Kecurangan Laporan Keuangan. Jurnal Akuntansi Multiparadigma, 323-340.

Lesmana. (2003). Pedoman Menilai Kinerja Untuk Perusahaan Tbk, Yayasan, BUMN, BUMD, dan Organisasi lainnya. Dalam Lesmana, Pedoman Menilai Kinerja Untuk Perusahaan Tbk, Yayasan, BUMN, BUMD, dan Organisasi lainnya (hal. 174). Jakarta: Elex Media Computindo.

Mavengere, K. (2015). Predicting Corporate Bankruptcy and Earnings Manipulation Using The Altman Z-Score and Beneish M-Score. The Case of Z Manufacturing Firm in Zimbabwe. International Journal of Management Sciences and Business Research , 8-14.

Ofori, E. (2016). Detecting Corporate Financial Fraud Using Modified Altman Z-Score and Beneish M-Score. The Case of Enron Corp. Research Journal of Finance and Accounting, Vol. 7, No. 4, 59-65.

Prastowo, D., & Juliaty, R. (2002). Analisis Laporan Keuangan: Konsep dan Aplikasi. Yogyakarta: UPP AMP YKPN.

Pratomo, M. N. (2020, Juli 15). 10 BUMN dengan Ekuitas Negatif, Jiwasraya hingga Merpati Masuk Daftar. Diambil kembali dari market.bisnis.com: https://market.bisnis.com/read/20200715/192/1266105/10-bumn-dengan-ekuitas-negatif-jiwasraya-hingga-merpati-masuk-daftar

Rafie, B. T. (2019, Desember 24). Analis: Hindari saham-saham ekuitas negatif karena secara teknis sudah bangkrut. Diambil kembali dari investasi.kontan.co.id: https://investasi.kontan.co.id/news/analis-hindari-saham-saham-ekuitas-negatif-karena-secara-teknis-sudah-bangkrut

Sandi, F. (2020, July 9). Kasus Pailit Perusahaan Makin Marak Saat Corona, Tanda Apa? Diambil kembali dari CNBC Indonesia: https://www.cnbcindonesia.com/news/20200709202850-4-171599/kasus-pailit-perusahaan-makin-marak-saat-corona-tanda-apa

Santosa, S., & Ginting, J. (2019). Evaluasi Keakuratan Model Beneish M-Score Sebagai Alat Deteksi Kecurangan Laporan Keuangan (Kasus Perusahaan Pada Otoritas Jasa Keuangan di Indonesia). Majalah Ilmiah Biijak, 75-84.

Taherinia, M., & Talebi, R. (2019). Ability of Fraud Triangle, Fraud Diamond, Beneish M Score, and Altman Z Score to Predict Financial Statement Fraud. Journal of Economic and Social Research, Vol. 18, Special Issue. 2, 213-226.

Tanusdjaja, H., & Kurniawan, F. M. (2018). Analisis Komparasi Metode Altman Z-Score_Financial Ratio dan Metode Beneish M-Score Model_Data Mining Dalam Mendeteksi Fraudulent Financial Reporting. Jurnal Muara Ilmu Ekonomi dan Bisnis, 14-28.

Usman, R. (2004). Dimensi Hukum Kepailitan Di Indonesia. Gramedia Pustaka Utama.

Yanuar, Arif, S., & Soenarno, N. (2009). Akuntansi dan Pelaporan Keuangan. Jakarta: Grasindo.

Zuhra, W. N., & Pramisti, N. Q. (2016, Juli 24). Menutupi Luka Bumiputera. Diambil kembali dari tirto.id: https://tirto.id/menutupi-luka-bumiputera-bvMA


Refbacks

  • There are currently no refbacks.