Judul: Analisis Perbandingan Model Grover dan Springate dalam Prediksi Kondisi Kebangkrutan Emiten Sektor Energi di Indonesia
Abstrak: Sektor energi merupakan sektor yang volatil. Hal tersebut dapat dibuktikan dengan harga komoditas energi yang berfluktuatif dan mudah dipengaruhi oleh faktor-faktor eksternal. Faktor-faktor tersebut diantaranya adalah pasokan- permintaan, nilai tukar mata uang, dan bencana non-alam seperti Pandemi Covid- 19. Seluruh faktor-faktor tersebut dapat menyebabkan ketidakstabilan harga enrgi yang akan berdampak pada penurunan laba perusahaan. Penurunan laba secara terus-menerus dapat mengakibatkan terjadinya kesulitan keuangan. Kesulitan keuangan yang terjadi merupakan salah satu tanda awal terjadinya kebangkrutan. Oleh karena itu, penelitian ini dilakukan untuk menganalisis hasil prediksi kondisi kebangkrutan emiten sektor energi di Indonesia terlebih lagi dengan tingkat volatilitas pasar yang tinggi. Selain itu, penelitian ini dilakukan karena mampu mengidentifikasi tahap awal pertanda kebangkrutan. Penelitian ini memprediksi kebangkrutan 21 perusahaan pada sektor energi di Indonesia dengan menggunakan Model Grover G-Score dan Model Springate S-Score. Perusahan sektor energi yang diteliti dipilih dengan berdasarkan kriteria-kriteria tertentu. Hasil penelitian menunjukkan bahwa terdapat indikasi bahwa faktor-faktor yang memengaruhi harga komoditas energi turut memengaruhi kinerja perusahaan. Hal tersebut dibuktikan dengan nilai G-Score dan S-Score pada sebagian perusahaan turut menunjukkan penurunan ketikan terjadi penurunan harga komoditas energi. Sebanyak 16 dari 21 perusahaan yang selalu berada dalam zona ‘safe’ berdasarkan Model Grover G-Score, sedangkan berdasarkan Model Springate S-Score hanya terdapat 4 dari 21 perusahaan yang berada dalam zona ‘safe’ pada periode 2017- 2021. Uji t-test dilakukan untuk menguji apakah terdapat perbedaan antara kedua model dan diperoleh hasil yang menyatakan bahwa terdapat perbedaan signifikan antara hasil analisis antara Model Grover G-Score dengan Model Springate S-Score pada taraf nyata 0,01., The energy sector is a volatile sector. This can be proven by fluctuating energy commodity prices and easily influenced by external factors. These factors include supply-demand, exchange rates, and non-natural disasters such as the Covid-19 Pandemic. All of these factors can cause energy price instability which will have an impact on decreasing company profits. A continuous decline in profits can result in financial distress. Financial distress that occured are one of the early signs of bankruptcy. Therefore, this study was conducted to analyze the predicted results of bankruptcy conditions of energy sector company in Indonesia, especially with a high level of market volatility. In addition, this study was conducted because it was able to identify the early stages of bankruptcy harbingers. This research predicted the bankruptcy condition of 21 companies in the energy sector in Indonesia using the Grover G-Score Model and Springate S-Score Model. The energy sector companies studied were selected based on certain criteria. The results show that there are indications that factors that affect energy commodity prices also affect company financial performance. This is evidenced by the G-Score and S-Score values in some companies also show a decrease when there is a decline in energy commodity prices. As many as 16 out of 21 companies are always in the 'safe' zone based on the Grover G-Score Model, while based on the Springate S-Score Model there are only 4 out of 21 companies that are in the 'safe' zone in the 2017-2021 period. The t-test was conducted to test whether there is a difference between the two models and obtained results that
Keyword: Bankruptcy Prediction Analysis, Grover G-Score, Indonesia Energy Sector, Springate S-Score

Judul: The Effect of Financial Performance and Macroeconomics on Financial Distress in The Energy Sector
Abstrak: Kondisi financial distress merupakan kondisi dimana keuangan perusahaan dalam keadaan tidak baik yang kemudian menjadi indikator awal terjadinya kebangkrutan atau sebagai early warning system bagi perusahaan untuk melakukan antisipasi atau restrukturisasi agar perusahaan tidak mengalami kebangkrutan dan likuidasi. Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan dan kinerja makroekonomi (suku bunga, pertumbuhan ekonomi, dan covid-19) terhadap financial distress pada masa sebelum dan selama pandemi Covid-19 pada perusahaan energi yang terdaftar di Bursa Efek Indonesia periode 2017 - 2021. Financial distress diukur melalui model probit yang dikembangkan oleh Zmijewski (1984). Teknik analisis data yang digunakan yaitu analisis regresi data panel dengan menggunakan bantuan EViews 12. Populasi dalam penelitian ini adalah perusahaan-perusahaan di sektor energi yang terdaftar di BEI. Hasil penelitian menunjukkan bahwa kinerja keuangan dan kinerja makroekonomi (suku bunga, pertumbuhan ekonomi, dan covid-19) berpengaruh terhadap financial distress. Secara parsial profitabilitas, likuiditas, leverage dan pertumbuhan penjualan berpengaruh terhadap financial distress, sedangkan aktivitas, arus kas dari operasi, suku bunga, pertumbuhan ekonomi, dan covid-19 tidak berpengaruh terhadap financial distress., The condition of financial distress is where the company's finances are in a bad condition which then becomes an early indicator of bankruptcy for companies to anticipate or restructure so that companies do not experience bankruptcy and liquidation. This study aims to analyze the influence of financial ratios and macroeconomic performance (interest rates, economic growth, and covid-19) on financial distress before and during the Covid-19 pandemic in energy companies listed on the Indonesia Stock Exchange for the period 2017 – 2021. Financial distress is measured through the probit model developed by Zmijewski (1984). The data analysis technique is panel data regression analysis using EViews 12. The population in this study is companies in the energy sector listed on the IDX. The results showed that financial ratios and macroeconomic performance (interest rates, economic growth, and covid-19) influence financial distress. Partially profitability, liquidity, leverage, and sales growth affect financial distress, while activity, cash flow from the operation, interest rates, economic growth, and covid-19 do not affect financial distress.
Keyword: Financial distress, Financial Ratios, Macroeconomic Performance, Zmijewski Probit Model, Covid-19

Judul: Posisi Filogenetik Kura-Kura Carettochelys Insculpta  (Reptillia: Testudinata)
Abstrak: Carettochelys insculpta is an endemic freshwater turtle of southern Papua and northern Australia. Phylogenetic position of this turtle is remain unresolved until now. Most of the research conducted show close relationships of C. insculpta and members of Trionychidae family. However, some of the research show distance between C. insculpta and members of Trionychidae family. This research is conducted to analyze phylogenetic relationship between C. insculpta and other members of Testudinata using 12S rRNA, 16S rRNA, and both gene as markers. DNA samples were obtained from three different organisms of C. insculpta. Two species used as outgroups were Alligator mississippiensis and Iguana iguana. Phylogenetic analysis was carried out using Neighbor-Joining method with Felsenstein 1981 (F81) modeltest. A polytomy tree of Testudinata was produced by using 12S rRNA gene. However, analysis using 16S rRNA and both genes as markers confirmed that C. insculpta was located between the Chelonidae and the Trionychidae family.
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