The Effect of Financial Distress Model Altman Z-Score on Stock Prices in Food and Companies Beverages Listed on the Indonesian Stock Exchange Period 2017-2021

The capital market has an important role in supporting a country's economy because the capital market has two functions at once, namely the economic function and the financial function. The capital market is a meeting place between parties who have excess funds (investors) and parties who need funds (companies) by buying and selling securities. The presence of the capital market has an important role for investors, both individual investors and business entities. They can channel the excess funds they have to invest, so that entrepreneurs can obtain additional capital funds to expand their business network from investors in the capital market. Issuers are parties conducting public offerings or companies that obtain funds through the capital market, both private and state-owned companies that seek capital from the stock exchange by issuing securities such as bonds, rights issues, warrants or shares (Malkan et al., 2021).

The capital market has an important role in supporting a country's economy because the capital market has two functions at once, namely the economic function and the financial function.The capital market is a meeting place between parties who have excess funds (investors) and parties who need funds (companies) by buying and selling securities.The presence of the capital market has an important role for investors, both individual investors and business entities.They can channel the excess funds they have to invest, so that entrepreneurs can obtain additional capital funds to expand their business network from investors in the capital market.Issuers are parties conducting public offerings or companies that obtain funds through the capital market, both private and state-owned companies that seek capital from the stock exchange by issuing securities such as bonds, rights issues, warrants or shares (Malkan et al., 2021).

INTRODUCTION
Because the capital market performs both the financial and the economic functions simultaneously, it plays a significant role in sustaining a nation's economy.Through the purchase and sale of securities, the capital market connects parties with excess capital-investors-and those in need of fundingcompanies.For investors, both private investors and corporate entities, the existence of the capital market is crucial.They can use their extra money to invest in other ventures, allowing entrepreneurs to raise more money from capital market investors to grow their network of businesses.Issuers are parties conducting public offerings or companies that obtain funds through the capital market, both private and state-owned companies that seek capital from the stock exchange by issuing securities such as bonds, rights issues, warrants or shares (Malkan et al., 2021).
Food and beverage companies are one of the businesses that significantly contributes to Indonesia's economic expansion.The Central Statistics Agency (BPS) released GDP data for the Indonesian Non-Oil and Gas Processing Industry in 2021, which demonstrate this.Table 1.1 shows the non-oil and gas processing in Indonesia in 2021.
167 of economic recession is still a hot topic of discussion.For Indonesia, the impact of the global economic slowdown has caused demand prices for commodities that are the mainstay of export value to fall, such as packaged shrimp products, instant coffee and processed foods, which are the mainstay of the most soughtafter products on the export market.In 2019-2020 issuers in the food and beverage subsector experienced poor growth, this can be observed according to information made public by the Indonesian Food and Beverage Entrepreneurs Association (GAPMMI), stating that in the first quarter of 2019, growth in food and beverage companies experienced slowdown caused by weakening company financial performance.In the first quarter, the company had difficulty increasing sales in line with ongoing price adjustments for food and beverage products.Apart from that, in the first quarter of 2020, food and beverage sales during the first three months of 2020 only grew by 2%, smaller than the same period in 2019 which grew by 3%.This figure missed the target set by GAPMMI, namely 2.5%.The decline in sales occurred in bottled drinking water and soft drinks (Aisyah, et al. 2022).
The phenomena that occur above will certainly have an impact on the growth of share prices in the food and beverage sector.According to Jogiyanto comprehensive, simple and detailed manner.The author can make subchapters in this section.According to market participants, the share price is the price that is present on the stock market at a specific moment and is based on the supply and demand of the relevant shares in the capital market (2015:167).The following is Table 1.2 Data on Share Price Growth of Food and Beverage Companies.
Table 1.2 indicates that the average share price growth exhibited a 2% decline in 2021, amounting to IDR 3,457-.Conversely, the share price growth increased from 2017 to 2020.In this case, there are 4 (four) companies that experienced negative (decreasing) share price growth, including PT Sariguna Primatirta Tbk (CLEO) by 10%, PT Buyung Poetra Sembada Tbk (HOKI) by 5%, PT Indofood CBP Sukses Makmur Tbk (ICBP) by 6%, PT Indofood Sukses Makmur Tbk (INDF) by 4%, while 2 (two) others experienced positive share price growth (increased) including PT Nippon Indosari Corpindo Tbk (ROTI) by 2% and PT Sekar Laut Tbk (SKLT) of 8%.It is believed that both internal and external factors have an impact on share price fluctuations.Production reports, product safety reports, sales reports, equity and debt financing announcements, company financial reports about profits, and other reports are examples of internal factors.External factors encompass a range of factors such as fluctuations in foreign exchange rates, inflation, insider trading, trading volume, stock prices, annual meeting reports, insider trading, domestic political unrest, exchange rate fluctuations, and more (Zulfikar, 2016:91).
Financial reports, according to Kasmir (2016:7), are documents that display the state of the company's finances either now or over a specific time frame.The primary information source for evaluating the health and financial performance of a company is its financial reports.An evaluation of the business's operations, development, and financial status is part of the financial report analysis process.Determining a company's profitability is the goal of financial report analysis.The capacity of a business to make money and sustain both short-and long-term profit growth is known as profitability.In addition, it is employed to determine the degree of a company's health and the degree of its financial condition over time, whether financial performance has increased or decreased (Alifiana and Maria, 2022).
Table 1.3 indicates a 2% decrease in the overall average profit growth, amounting to IDR 56,284,627,882,030.This decrease in profits occurred in 2018 and 2021, while in 2019-2020 profit growth increased.In this case, there were 2 (two) companies that experienced negative (decreasing) average profit growth, including PT Buyung Poetra Sembada Tbk (HOKI) at 28% and PT Nippon Indosari Corpindo Tbk (ROTI) at 14%.Meanwhile, 4 (four) other companies experienced positive profit growth (increased) including PT Sariguna Primatirta Tbk (CLEO) by 12%, PT Indofood CBP Sukses Makmur Tbk (ICBP) by 11%, PT Indofood Sukses Makmur Tbk (INDF) by 1%, and PT Sekar Laut Tbk (SKLT) by 5%.It is believed that a number of variables, such as the company's size, age, degree of leverage, sales volume, and amount of expenses incurred, affect both increases and decreases in profits.A company's profit margin has a significant impact on its ability to forecast financial distress conditions, as the size of the profit margin affects the likelihood that the business will face financial difficulties.Companies that experience a continuous decline in profits will result in losses which ultimately lead to financial difficulties, because the costs incurred are too high while the profits generated are lower.This will lead to conditions of financial distress (Putri and Erly, 2019).The following is Table 1.4 Data on Food and Beverage Company Debt Growth.
If the company's debt load keeps rising without corresponding increases in profits, creditors and investors will be very concerned about the company's financial stability.Companies that have a high level of debt growth will result in financial distress.Companies whose financing uses more debt may have a high risk of payment difficulties in the future.The debt borrowed by the company is also burdened with interest, so the company is at risk of experiencing financial difficulties.A company that cannot pay its debts when they are due indicates that the company is experiencing poor financial performance and is an indication of financial distress (Putri and Erly, 2019).The following is Table 1.5 data recapitulating the growth of share prices, profits and debt for food and beverage companies for the 2017-2021 period.Based on Table 1.5, it can be seen that overall average share price growth has decreased by 2%, profit growth has decreased by 2%.Meanwhile, debt growth increased by 18%.2018 saw uneven circumstances with regard to share prices, profits, and debt: while share prices increased, profits did not rise or debt did not decrease.Similarly, in 2018 and 2019, profits increased along with the rise in share prices, but debt did not decrease.In the meantime, circumstances that balance debt, earnings, and share prices will exist in 2021 where the decline in share prices is accompanied by a decline in profits and an increase in debt.
A decrease in profits and an increase in debt are characteristics of financial distress in a company which results in a decrease in share prices.If this is not resolved immediately there will be the potential for bankruptcy or liquidity.Therefore, it is important for an investor to first conduct an analysis of a company's financial performance before making an investment.One way that can be used to assess a company's level of financial distress is by assessing financial ratios.Ratio analysis The Altman Z-score model is often used in assessing company health and predicting company bankruptcy.Research conducted by Altman (1968) produced five ratios that were used to predict the level of bankruptcy of a company, namely the ratio Market value of equity to book value of liabilities (MVE/BVL), sales to total assets (S/TA), retained earnings to total assets (RE/TA), earnings before interest and taxes to total assets (EBIT/TA), and working capital to total assets (WC/TA) are the ratios.Every proportion of the Altman Z-score model explains the company's ability to manage its assets from various aspects (Patunrui and Sri, 2017).
Based on the description stated above, it shows that there are differences in the growth results of share prices, profits and debts each year, where a decrease in profits and debts will give rise to the possibility of financial distress levels and have an impact on the dependent variable of share prices.So, the author wants to know whether there is an influence of the Altman Z-Score model of financial distress on share prices in the Indonesia Stock Exchangelisted food and beverage companies.According to this theory, the food and beverage industry is one that can guide other economic sectors toward development.This indicates that investors are keen to invest in food and beverage businesses to prevent them from going out of business.This is especially true for food and beverage companies listed on the Indonesia Stock Exchange, which may face bankruptcy if they are unable to pay their debts to investors.In this instance, researchers associate changes in the stock prices of food and beverage companies with ratios that investors can utilize to guide their financial choices.This ratio is the Altman Z-Score model's financial distress ratio.Thus, the author is interested in taking the research title "The Influence of the Altman Z-Score Financial Distress Model on Share Prices in Food and Beverage Companies Listed on the Indonesian Stock Exchange 2017-2021".

LITERATURE REVIEW Financial Management
Sudana (2015:2) states that one aspect of business financial management that has to do with choosing long-term investments is financial management.Fahmi (2018:2), on the other hand, claims that financial management is a synthesis of science and art that examines, studies, and analyzes how a financial manager makes use of all available resources within the company to raise, manage, and allocate capital in order to maximize profits or prosperity for shareholders and ensure the company's long-term viability.According to Musthafa (2017:3), financial management clarifies a number of decision-making processes, including those involving investments, funding or meeting funding requirements, and dividend policy.

Financial Statements
According to Kasmir (2015:7), Financial reports display the state of the company's finances either now or over a specific time frame.Munawir (2015:21) asserts that financial reports, which are the end product of the accounting process, serve as a medium of communication between a company's financial data or activities and those who are interested in such data or activities.Financial reports are documents that outline a company's financial situation and can also serve as an example of the financial performance of the organization, according to Fahmi (2018: 123).Hanafi and Halim (2015:49) assert that financial reports, along with other data on the industry, economy, market share of the company, and management caliber, are a valuable source of information others.

Financial Distress
One of the first signs of a company's financial health before bankruptcy happens is financial distress.As a result, in order to understand its financial situation, every business must forecast financial hardship health condition so that it can take action to anticipate what could lead to bankruptcy.According to Rodoni and Ali (2015: 176), financial distress is a bad thing for a company due to bad business management (miss management).Meanwhile, according to Fahmi (2018: 158), A stage of declining financial circumstances preceding bankruptcy or liquidation is known as financial distress.According to Kamaludin (2015:4), one sign that a business is having financial difficulties is financial distress.Bankruptcy will ensue if it is not resolved right away.Financial distress, according to Utari et al. (2014: 273), is when a company's assets are unable to pay its debts.

Altman Z-Score Model
The Altman Z-Score model is an indicator for measuring a company's level of financial distress.Various studies have been conducted to examine the benefits that can be derived from analysis of financial ratios.One of the first academics to investigate the application of financial ratio analysis as a tool for anticipating corporate bankruptcy was Edward I. Altman of New York University.Altman's research yielded a formula known as Z-Score.This formula employs multiple discriminate analysis (MDA) in a ratio model.To create a comprehensive model, the MDA method requires multiple financial ratios related to company bankruptcy.Businesses can anticipate company bankruptcy by utilizing discriminant analysis and the final discriminant function based on the financial ratios used as variables (Patunrui and Sri, 2017).
According to Rudianto (2015:254), Z-Score analysis is a technique that combines multiple common financial ratios and assigns varying weights to each one in order to predict a company's bankruptcy.Altman As a result of his research, Edward 1 Altman first proposed Z-Score analysis in 1968.Five financial ratios that could be paired to identify bankrupt companies were discovered after 22 other ratios were chosen.conducting multiple studies under various circumstances using company objects.As a result, Altman created a number of formulas that are applicable to various businesses under various circumstances.According to this model, profitability is the factor that most affects bankruptcy.The 5 Z-Score ratios include Working Capital to Total Assets (WC/TA), Retained Earnings to Total Assets (RE/TA), Earnings Before Interest and Taxes to Total Assets (EBIT/TA), Market Value of Equity to Book Value of Liabilities (MVE/BVL) and Sales to Total Assets (S/TA).

Stock Price
The share price is the sum of money required to acquire documentation proving one's ownership or involvement in a business.Share prices fluctuate in the secondary market and in day-to-day stock trading activities.They can rise or fall.The price on the real market, which is the easiest price to ascertain because it represents the price of a share on the current market or in the event that the market is closed, is defined as the share price, according to Aziz et al. (2015: 80).subsequently the closing price is the market price.Conversely, as stated by Jogiyanto (2015: 167), the share price is the price that is present on the stock market at a specific moment that is decided by participants in the market by the demand and supply of the shares concerned in the capital market.Tandelilin (2016:341), stated that share prices are a reflection of investors' expectations regarding earnings factors, cash flow and the level of return required by investors, where these three factors are also greatly influenced by the macroeconomic conditions of a country as well as global economic conditions.

METHODOLOGY
Working capital to total assets (WC/TA), retained earnings to total assets (RE/TA), earnings before interest and taxes to total assets (EBIT/TA), market value of equity to book value of liabilities (MVE/BVL), sales to total assets (S/TA), and share price are the components of financial reports that are the subject of this study.The Indonesia Stock Exchange (BEI), which serves as a hub for information on Indonesian companies going public, and the food and beverage companies that use their official website are the subjects of this study namely www.idx.co.id, which is accessed via the internet and links deemed relevant.
The location of this research was carried out at the Indonesia Stock Exchange (BEI) Jakarta which is located at the Indonesia Stock Exchange Building Tower 1, Jalan Jenderal Sudirman Kavling.52 -53, South Jakarta.The observation period carried out in this research was the five year period 2017 -2021 because this time span was considered to provide a data picture that was in accordance with the needs of this research.The study presents the values of the minimum, maximum, average, and standard deviation for each variable, based on Table 1.6.The values of every variable in every research sample from 2017 to 2021 served as the source of data.The calculated average (mean) of the independent variable Working Capital to Total Assets (WC/TA) is 1.1172.Its minimum value is -1.0, its maximum value is 0.41.The calculated average (mean) of the independent variable Retained Earning to Total Assets (RE/TA) is 0.24773.Its minimum value is 0.01, its maximum value is 1.43.The independent variables Earnings Before Interest and Tax to Total Assets (EBIT/TA) have a minimum value of 0.01, a maximum value of 0.17, and a calculated average (mean) of 0.0802.The independent variable Market Value of Equity to Book Value of Assets Total Liabilities (MVE/BVL) has a minimum value of 0.12, a maximum value of 1.80, and a calculated average (mean) of 0.9837.The independent variable Sales to Total Assets (S/TA) has a computed average (mean) of 0.7725, a maximum value of 1.89, and a minimum value of 0.08.On the other hand, the dependent variable, the stock price, has an arithmetic average (mean) of 3,512.13, a maximum value of 11,150, and a minimum value of 181.The table also displays each variable's standard deviation value.A standard measure of deviation from the average (mean) is the standard deviation, which is a number that indicates the amount or degree of variation in a set of data.The data group is more varied the higher the standard deviation.Stock prices have the highest standard deviation in this table compared to other variables.This is because the stock prices in each sample in this study are more diverse compared to other variables.Based on Table 1.7, analysis of the results of the level of financial distress in food and beverage companies listed on the Indonesia Stock Exchange, the results of the analysis can be interpreted as follows:

Analysis of Financial Distress Levels
1. PT Sariguna Primatirta Tbk Table 1.7 shows that, for the year 2017, PT Sariguna Primatirta Tbk's Z-Score was 1.9348, meaning that it was operating in the gray area (1.8 < 2.99).2018 the company experienced an increase in its Z-Score of 3.8059, this was due to an increase in share prices on the capital market (4) which indicated the company was in a safe condition.Furthermore, in 2019-2021 the company experienced a decrease in Z-Score with values of 2. 3497, 2.4625, and 2.2034, this  decrease in all variables including working capital, sales, share value, EBIT, total assets, and retained earnings.

PT Buyung Poetra Sembada Tbk
PT Buyung Poetra Sembada Tbk's Z-Score for 2017 was 2.9329, as shown in Table 1.7.This means that the company is in the grey area (1.8 < 2.99).In 2018 and 2019 the company experienced an increase with ZScore values of 3.6866 and 3.5197, this condition shows that the company is in a safe condition (Z>2.99).Furthermore, in 2020 and 2021 the company experienced a decline with Z-Score values of 1.1092 and 2.3407, this condition indicates that the company is in the grey zone (1.8 < 2.99).This decrease in Z-Score occurred due to a decline in working capital, total assets, earnings retained, EBIT, share value, and sales, among other variables.

PT Indofood CBP Sukses Makmur Tbk
Table 1.7 shows that PT Indofood CBP Sukses Makmur Tbk's Z-Scores for the years 2017-2021 were 1.3474, 1.1543, 2.4654, 1.5907, and 1.5876.This condition suggests that the business is experiencing financial distress (Z<1.8).All of the variables-working capital, total assets, retained earnings, EBIT, share value, and sales-which change annually, are the root cause of this.

PT Indofood Sukses Makmur Tbk
Table 1.7 shows that PT Indofood Sukses Makmur Tbk's Z-Scores for the years 2017 through 2019 were 2.1587, 1.9336, and 2.2441.This means that the company is in the grey area (1.8 < 2.99).The company's Z-Score decreased in 2019-2021, with values of 1.5047 and 1.5886.All of the factors that contributed to the Z-Score decline were working capital, total assets, retained earnings, EBIT, share value, and sales.

PT Nippon Indosari Corpindo Tbk
According to Table 1.7, PT Nippon Indosari Carpindo Tbk had a Z-Score of 1.7781, 1.3484, 1.0968, 2.0958, and 2.1590 in 2017-2021.This indicates that the company is in a distressed state (Z<1.8).All of the following factors-working capital, total assets, retained earnings, EBIT, share value, and sales-are declining and increasing different rates yearly.

PT Sekar Laut Tbk
Table 1.7 shows that PT Multi Bintang Indonesia Tbk's Z-Score for the years 2017-2021 was 1. 2267, 2.4665, 1.4648, 1.1897, and 2.0178.This means that the company is in a distressed state (Z<1.8).All of the variables-working capital, total assets, retained earnings, EBIT, share value, and sales-are declining, with varying annual declines contributing to this.Table 4.4 below summarizes the findings of the Altman Z-Score level of financial distress analysis based on this description:  1.8, the results of the analysis of the average level of financial distress show that 3 companies are included in the gray area category, namely companies that are not experiencing distress and are not in a safe condition, the company will experience bankruptcy if it is not handled properly.The average Z-Score value between 1.8 and less than 2.99 (1.8<Z<2.99)for the years 2017-2021 indicates this.These businesses have Z-Score values of 2.5519, 2.7178, and 1.8859, respectively, and include PT Sariguna Primatirta Tbk (CLEO), PT Buyung Poetra Sembada Tbk (HOKI), and PT Indofood Sukses Makmur Tbk (INDF).
A variety of financial ratios show that companies in a gray area condition are a result of annual fluctuations in the company's financial performance, which exhibits annual declines and increases.like sales, total assets, and working capital.To stay out of financial distress, companies in this situation need to be able to enhance their financial performance.Drawing from the findings of studies carried out b Oktaviani and Purwanto (2020), it is stated that the grey area condition is a condition that has 2 possibilities for changes in conditions, the next can refer to financial distress or safe conditions depending on the company's financial management policy.

b. Distress Category
Based on Table 1.8, the results of the analysis of the average level of financial distress show that 3 companies are included in the distress category, namely companies that are experiencing financial distress or have the potential to go bankrupt.The average Z-Score value of less than 1.8 (Z<1.8) for the years 2017-2021 is indicative of this.With Z-Score values of 1.6291, 1.6956, and 1.6731, respectively, these businesses include PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Nippon Indosari Corpindo Tbk (ROTI), and PT Sekar Laut Tbk (SKLT).
Because of its extremely low sales and profit margin, SKLT has the lowest Z-Score value out of the three companies.Naturally, this affects the business's financial performance, which is fairly poor and shows the company is in a condition of financial difficulty.If this is not addressed immediately it will lead to bankruptcy.Of all the companies experiencing distress, the value of all the X ratios is quite low.This demonstrates that the business's financial performance is indeed not good, and a re-evaluation needs to be carried out so that the problem of financial difficulties can be resolved.Based on research conducted by Oktaviani and Purwanto (2020), it is stated that financial distress conditions occur due to a decrease in a number of financial ratio values, then it needs to be further improved.We can prepare the following linear equation model based on Table 4.5: Y=4259,610+4616,859 1+1263,279 2+47438,997 3+1587,540 4+6594,5255+€

Multiple Linear Regression Analysis
α is a constant when Y (share price) is the predicted dependent variable.The regression coefficients for β_1 (X_1 (WC/TA), β_2 (X_2 (RE/TA), β_3 (X_3 (EBIT/TA), β_4 (regression of X_4 (MVE/BVL), and β_5 (regression of X_5 (S/TA)) are as follows.The regression's interpretation is as follows: a. α = constant value of 4259.610 is positive, meaning that share prices have a positive effect on the variables WC/TA (1), RE/TA (2), EBIT/TA (3), MVE/BVL (4), and S/TA (5).This shows that for every increase in the variables WC/TA (1), RE/TA (2), EBIT/TA (3), MVE/BVL (4), and S/TA (5) the value is 0, then the stock price variable (Y) will experience an increase of 4259,610.b.The positive coefficient value 1 = 4616.859indicates that WC/TA has a favorable impact on share prices.This indicates that a rise in the share price (Y), valued at 4616,859 units, will occur in response to each increase in WC/TA.c.The positive coefficient value β2 = 1263.279indicates that RE/TA raises share prices.This indicates that a rise in share price (Y) with a value of 1263,279 units will occur in response to each increase in WC/TA.d. he positive coefficient value β3 = 4438.997indicates a positive relationship between EBIT/TA and share prices.This indicates that a rise in share price (Y) with a value of 4438,997 units will occur in response to each increase in EBIT/TA.e.The positive coefficient value β4 = 1587.540indicates that MVE/BVL has a favorable impact on share prices.This indicates that a rise in share price (Y) with a value of 1587,540 units will occur in response to each increase in MVE/BVL.f.The positive coefficient value β_5 = 6594.525indicates that S/TA has a favorable impact on share prices.This indicates that a rise in the share price (Y), valued at 6594,525 units, will occur in response to each increase in S/TA.4.7 shows that, despite the value being 2.598, the test results obtained with the F test were 85.888.In contrast, (85.888>2.598)has a significance F value of 0.00<0.05when compared.This entails demonstrating its acceptance and rejection.This leads to the conclusion that share prices of food and beverage companies listed on the IDX in 207-2021 are positively and significantly impacted by the Altman Z-Score model's financial distress variable.This is in line with research conducted by Maulida et al (2021), Safitri (2020), Sitorus et al (2020), Gantino and Jonathan (2020), Oktaviani and Purwanto (2020) who argue that the financial distress ratio of the Altman Zscore model has an effect positive and significant to stock prices.The analysis underlying the results of this research is based on the theory put forward by Beaver (1968) which states that investors recognize and adjust the new position of a company that is experiencing bankruptcy, which then provides financial ratios into stock prices.

Partial Test (Test Test)
Table 1 The computed t-value for WC/TA (X_1) is 1.672, which is less than the ttable of 2.064 (1.672 < 2.064) and has a significant value of 0.107 > 0.05.Thus, it can be said that while H_a is rejected, H_o is accepted.Because of this requirement, WC/TA has no bearing on share prices.This is consistent with studies by Maulida et al. (2021), Safitri (2020), and Oktaviani and Purwanto (2020), which contend that working capital to total assets (WC/TA) has no bearing on share prices.The analysis behind this hypothesis is that when an investor decides whether or not to invest, they genuinely don't take the ratio of working capital to total assets (WC/TA) into account.This is due to the fact that having enough working capital will not ensure that the business will continue to operate in the future.Businesses with significant working capital will be able to enhance their operational activities so that they run well and can indirectly create profitable conditions.Relatively low working capital will make investors consider other factors more and tend not to pay attention to the WC/TA ratio when making a decision to buy shares in a company.
b. Effect of RE/TA (X_2) on Share Prices (Y) RE/TA () has a value of 1.288, smaller than 2.064 (1.288 < 2.064) and a significant value 0.05 or higher (0.210 > 0.05).Thus, it is both approved and denied.Because of this requirement, RE/TA has no bearing on stock prices.This is consistent with studies by Safitri (2020), Kadim and Nardi (2018), and Dewi and Sayu (2022) that contend that stock prices are unaffected by retained earnings to total assets (RE/TA).According to the analysis supporting this theory, businesses will hold onto their profits in order to reinvest them in ventures that they believe will result in greater opportunities.In the event that the net loss exceeds retained earnings, retained earnings may be negative.The change in the total amount of retained earnings during the period is the result of the total net profit/loss and dividend payments during the period.Company management always maintains liquidity, not only in companies whose net profits are increasing, but even though their net profits are falling, issuers still distribute dividends.The company is able to generate retained earnings based on the total assets owned by the company.Therefore, investors tend not to pay attention to the RE/TA ratio and pay more attention to other ratios when making decisions to invest in shares.
c. Effect of EBIT/TA () on Share Price (Y) EBIT/TA () has a value of 5.364, greater than 2.064 (5.364 > 2.064) and a significant value smaller than 0.05 (0.000<0.05).So, it was rejected and approved.According to this requirement, share prices are significantly and favorably impacted by EBIT/TA.This is consistent with studies by Oktaviani and Purwanto (2020), Maulida et al. (2021), and Kadim and Nardi (2018), which contend that earnings before interest and tax (EBIT/TA) has a favorable impact on stock prices.This hypothesis is supported by the analysis that shows investors place a great deal of importance on a company's ability to turn a profit on the capital invested in its total assets.A high EBIT/TA ratio will show that the business is still making enough money to be able to manage its assets well.This will make investors consider their decision to invest, resulting in an increase in share prices.
d. Effect of MVE/BVL () on Share Prices (Y) MVE/BVL () has a value of 3.481, greater than 2.064 (3.481 > 2.064) and a significant value less than 0.05 percent (0.000<0.05).Thus, it is both accepted and rejected.According to this criterion, MVE/BVL significantly and favorably influences share prices.
As per Ahszhaffat and Nanang (2022), Oktaviani and Purwanto (2020), Maulida et al. (2021), and Safitri (2020) research, there is a positive correlation between stock prices and the Market Value of Equity to Book Value of Total Liabilities (MVE/BVL).The research's analysis suggests that when deciding which companies to invest in, investors will take the Market Value of Equity to Book Value of Liabilities (MVE/BVL) ratio into account.This is due to the fact that a company with a high Market Value of Equity to Book Value of Liabilities ratio may be more appealing to potential investors, which would raise the share price of the business.The company's financial situation is less sound the lower this ratio is.A positive Market Value of Equity to Book Value of Liabilities (MVE/BVL) ratio encourages investors to purchase shares of the company because it gives them the impression that it can finance its operations with its own funds.This ratio calculates the amount of asset depreciation that a business can experience before going bankrupt due to debt exceeding asset value.Debt comprises both short-term and long-term loans, whereas capital is the total market value of preferred shares and regular capital.
e. Effect of S/TA () on Share Prices (Y) S/TA () has a value of 8.543, greater than 2.064 (8.543 > 2.064) and a significant value less than 0.05 percent (0.000<0.05).Thus, it is both accepted and rejected.Given this circumstance, S/TA significantly and favorably affects share prices.This is in line with research conducted by Maulida et al (2021), Safitri (2020), Oktaviani and Purwanto (2020), Kadim and Nardi (2018) who argue that Sales to Total Assets (S/TA) has a positive effect on stock prices.The analysis underlying the results of this research is that investors will consider the Sales to Total Asset (S/TA) ratio in making decisions to invest in food and beverage companies.This is due to the fact that this ratio is an activity ratio that assesses how well the business can raise sales volume.High sales translate into high profits for the business.This will have an impact on investors' or in this case, investors' total present value of all cash flows that they will receive.Given that the share price represents the entire worth of the business, it is reasonable to assume that it will rise in tandem with an increase in sales.This ratio demonstrates how the business manages its resources to generate high levels of sales by allocating them as effectively as possible.In order to have an effect on rising share prices, investors will consequently pay closer attention to the S/TA ratio when making investment decisions.

CONCLUSIONS AND RECOMMENDATIONS
Predicting and observing the impact of the Altman Z-Score for financial distress on the stock prices of food and beverage companies listed on the IDX between 2017 and 2021 is the goal of this study.After describing the findings and debate, it is possible to draw the following conclusions: 1.The Altman Z-Score model predicts that three out of the six companies-PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Nippon Indosari Corpindo Tbk (ROTI), and PT Sekar Laut Tbk (SKLT)-will experience financial distress.The remaining three companies-PT Sariguna Primatirta Tbk (CLEO), PT Buyung Poetra Sembada Tbk (HOKI), and PT Indofood Sukses Makmur Tbk (INDF)-will see financial distress.2. The Altman Z-Score financial distress model has a simultaneous, significant, and positive effect on stock prices; in contrast, some research indicates that the EBIT/TA, MVE/BVL, and S/TA ratios, as well as the WC/TA and RE ratios/TA, have no effect on share prices.
In light of the analysis and discussion's findings, recommendations can be made as follows: 1.For companies that are classified as distressed companies, it is recommended that alternative improvements be made, such as taking policies and actions to improve the company's financial condition.
Corrective action can take the form of improving financial management by evaluating financial performance, both internally and externally, such as reducing the level of excessive use of debt and increasing sales.This needs to be done to save the business and maintain business continuity (going concern) as well as improve the performance of the company's share price in the capital market.Meanwhile, companies that are in Gray and safe zone conditions need to maintain and improve their financial performance to avoid financial distress and potential bankruptcy.
Companies are expected to be able to take action with high responsiveness to changes occurring in their surroundings, especially to the conditions of the Indonesian economy.This requires companies to be ready to carry out early detection of changes that occur, so that the company can take appropriate anticipatory action.2. For investors who want to invest in a company, it is recommended that they first carry out an analysis of the company's financial performance, such as carrying out a predictive analysis of the company's financial level using Z-Score because this will affect share price movements.
Remembering that the share price can be an identity of a company's value.3.For further researchers, based on the KD results of this study, it was discovered that WC/TA, RE/TA, EBIT/TA, MVE/BVL, and S/TA

Table 1 .
7 Results of Altman Z-Score Analysis of Financial Distress Levels for Food and Beverage Companies for the 2017-2021 Period was due to a

Table 1 .
8 Average Recapitulation of Financial Distress Analysis Results of Altman Z-Score for Food and Beverage Companies for the 2017-2021 Period

Table 1 .
8, which presents the average degree of financial distress among food and beverage companies listed on the Indonesia Stock Exchange, results of the analysis can be interpreted as follows: a. Arey Area CategoryBased on Table

Table 1 .
9 Multiple Linear Regression Test Results

Table 1 .
10 F Test Results .11 t Test Results