Financial Distress Perusahaan Transportasi Logistik ISSI: Peran Altman Z-Score dan Islamic Social Reporting
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Published:
Nov 29, 2025
Keywords:
Altman Z-Score, Islamic Social Reporting, Financial Distress
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Abstract
This study aims to determine the effect of the Altman Z-Score prediction model and Islamic Social Reporting (ISR) on financial distress in transportation and logistics companies listed on the Indonesia Sharia Stock Index (ISSI). This study uses a descriptive quantitative approach with secondary data. The research population consists of all public companies engaged in the transportation and logistics sector listed on the Indonesia Sharia Stock Index (ISSI), totaling 28 companies in the period from 2020 to 2022. The research sampling method used purposive sampling, yielding 11 companies or 33 observation data. The analysis technique used in this study was multiple regression analysis. The results of this study show that both partially and simultaneously, Altman Z Score and Islamic Social Reporting (ISR) have a significant effect on Financial Distress. These two variables can explain 71% of financial distress, while the other 29% is explained by variables not mentioned in this study.
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How to Cite
Astuti, W. (2025). Financial Distress Perusahaan Transportasi Logistik ISSI: Peran Altman Z-Score dan Islamic Social Reporting. Jurnal Aplikasi Perpajakan, 6(2), 1-14. https://doi.org/10.29303/jap.v6i2.504
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References
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Elamer, A. A., Ntim, C. G., & Abdou, H. A. (2020). Islamic governance, national governance, and bank risk management and disclosure in MENA Countries. Business and Society, 59(5), 914–955.
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Liu, M.-Y., Chang, D., & Lee, H.-F. (2010). The default prediction power of the market-based approach relative to accounting variables-evidence for Taiwan and China. International Conference on Finance, Taipei, Taiwan.
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Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26, 184–199.
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Retnaningsih, S., Hariyanti, W., & Astuti, T. P. (2019). Pengaruh Pengungkapan Islamic Social Reporting (ISR) Terhadap Kinerja Keuangan pada Perbankan Syariah di Indonesia Tahun 2012-2016. AKTSAR, 2(2), 169–186.
Shahab, Y., Ntim, C. G., & Ullah, F. (2018). The brighter side of being socially responsible: CSR ratings and financial distress among Chinese state and non-state owned firms. Applied Economics Letters, 26(3), 180–186.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Thi, D., & Thuy. 2023. Literature review on Factors Affecting Financial Performance of firms. International Journal of Business and Management Invention (IJBMI), 12(6).
Tinoco, M. H., & Wilson, N. (2013). Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables. International Review of Financial Analysis, 30, 394–419.
Wahyuni, S., & Wahyuddin Abdullah, M. (2021). Akuntabilitas berbasis syariah enterprise theory dalam mewujudkan ekonomi sustainable. Balanca Jurnal Ekonomi Dan Bisnis Islam, 8(1), 41–54.
Whitaker, R. B. (1999). The early stages of financial distress. Journal of Economics and Finance, 23(2), 123–133.
Altman, E. I. (2000). Predicting financial distress of companies: Revisiting the z-score and zeta models. Journal of Banking & Finance, 1.
Ashraf, S., G. S. Félix, E., & Serrasqueiro, Z. (2019). Do traditional financial distress prediction models predict the early warning signs of financial distress? Journal of Risk and Financial Management, 12(2), 55.
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of Accounting Research, 4, 71–111.
Bungin, B. (2013). Metode Penelitian Kuantitatif (Komunikasi, Ekonomi, dan Kebijakan Publik serta Ilmu-ilmu Sosial Lainnya) (Edisi Kedua). Kencana Prenada Media Group.
Bursa Efek Indonesia. (2023). Indeks Saham Syariah. https://www.idx.co.id/id/idx-syariah/indeks-saham-syariah.
Cahyani, U. E., Ardiansyah, M., & Sunaryati. (2020). Islamic social reporting and financial distress in list of sharia securities. IQTISHADIA, 13(2), 138–156.
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures. Accounting, Auditing & Accountability Journal, 15(3), 282–311.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857.
Elamer, A. A., Ntim, C. G., & Abdou, H. A. (2020). Islamic governance, national governance, and bank risk management and disclosure in MENA Countries. Business and Society, 59(5), 914–955.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman.
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (Edisi ke-10). Semarang: Universitas Diponegoro.
Godfrey, P. C. (2009). The relationship between corporate philanthropy and shareholder wealth: a risk management perspective. Academy of Management Review, 30(4).
Gupta, K., & Krishnamurti, C. (2018). Does corporate social responsibility engagement benefit distressed firms? The role of moral and exchange capital. Pacific Basin Finance Journal, 50, 249–262.
Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan Nomor: kep-208/bl/2012 tentang Kriteria dan Penerbitan Daftar Efek Syariah, Otoritas Jasa Keuangan (2012).
Haniffa, R. (2002). Social reporting disclosure: An islamic perspective. Indonesian Management & Accounting Research, 1(2), 128–146.
Hofer, C. W. (1980). Turnaround strategies. Journal of Business Strategy, 1(1), 19–31.
Liu, M.-Y., Chang, D., & Lee, H.-F. (2010). The default prediction power of the market-based approach relative to accounting variables-evidence for Taiwan and China. International Conference on Finance, Taipei, Taiwan.
Mariani, D., Anggraeni, d., & Said. (2023). Analysis of Financial and Non-Financial Factors on Financial Distress in Brick Industry Energy Sector Companies. International Journal of Social Service and Research (IJSSR), 3(6).
Mulansari, R., & Setiyorini, W. (2019). Pengaruh Good Corporate Governance Dan Financial Indicators Terhadap Financial Distress Pada Perusahaan Property Dan Real Estate. _Jurnal Akuntansi Dan Perpajakan, 5(2), 115-26.
Nugrahati, Y. W. (2021). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Financial Distress dengan Mekanisme Corporate Governance sebagai Pemoderasi. Simposium Nasional Perpajakan, 1(1).
Nurhayati, Mufidah, A., & Kholidah, A. N. (2017). The determinants of financial distress of basic industry and chemical companies listed in Indonesia Stock Exchange. Review Of Management and Entreprenership, 01(02).
Othman, R., Thani, A. M., & Ghani, E. K. (2009). Determinants of islamic social reporting among top shariah-approved companies in Bursa Malaysia. ©️ Research Journal of Internatıonal Studıes-Issue, 12, 4.
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26, 184–199.
Rahmawati, A, I, E., & Hadiprajitno, P, B. (2015). Analisis Rasio Keuangan Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2013. Diponegoro Journal of Accounting, 4(2), 737-747.
Retnaningsih, S., Hariyanti, W., & Astuti, T. P. (2019). Pengaruh Pengungkapan Islamic Social Reporting (ISR) Terhadap Kinerja Keuangan pada Perbankan Syariah di Indonesia Tahun 2012-2016. AKTSAR, 2(2), 169–186.
Shahab, Y., Ntim, C. G., & Ullah, F. (2018). The brighter side of being socially responsible: CSR ratings and financial distress among Chinese state and non-state owned firms. Applied Economics Letters, 26(3), 180–186.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Thi, D., & Thuy. 2023. Literature review on Factors Affecting Financial Performance of firms. International Journal of Business and Management Invention (IJBMI), 12(6).
Tinoco, M. H., & Wilson, N. (2013). Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables. International Review of Financial Analysis, 30, 394–419.
Wahyuni, S., & Wahyuddin Abdullah, M. (2021). Akuntabilitas berbasis syariah enterprise theory dalam mewujudkan ekonomi sustainable. Balanca Jurnal Ekonomi Dan Bisnis Islam, 8(1), 41–54.
Whitaker, R. B. (1999). The early stages of financial distress. Journal of Economics and Finance, 23(2), 123–133.