Analysis of Bankruptcy Prediction and The Effect on Stock Return in Go-Public Food and Beverage Companies in The Indonesia Stock Exchange

The purpose of the study is to examine how the bankruptcy prediction using Altman Z-Score model and Zmijewski X-Score Model could influence the stock return. The study uses a purposive sampling method which criteria uses is food and beverage company listed in Indonesia stock exchange in the 2018-2020 period. In this research there is only 50 data of companies eligible for sampling. The study results show that Altman Z-Score model does not affect the stock return. And this research implication that Zmijewski X-Score model affect the stock return, with coefficient of determination 0.096 which mean that Zmijewski X-Score has an effect on stock returns of 9.6%. The study given an contribution to give a consideration and illustration in bankruptcy analysis and decision for the investor to invest in food and beverage companies in Indonesia. Keyword: Bankcruptcy Prediction, Altman Z-Score, Zmijewski X-Score, Stock Retur