Analisis Perbandingan Model Springate, Zmijewski, Dan Altman Dalam Memprediksi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

Abstract

Financial Distress can be interpreted as a phase of the decline in financial conditions experienced by a company. One of the indicators is the inability of the company to pay off its debts that are due, which is caused by losses suffered by the company in several years. This study aims to analyze and predict financial distress in companies listed on the Indonesia Stock Exchange that have suffered for several years and to find out which prediction models can indicated the best financial distress. The populations in this study are manufacturing companies listed on the Indonesia Stock Exchange in 2015-2017. The sample in this study was determined based on the purposive sampling method and obtained a sample of 16 companies, the final observation in this study were 48 observations. The data in this study were analyzed using the Springate, Zmijewski, and Altman models. This study concludes that for sample analyzed by the Springate and Altman models, the majority are classified as having indicated financial distress and for those analyzed by the Zmijewski model only a small proportion classified as having financial distress. Furthemore, for the best predictive model in indicating financial distress is the Springate model

The Pengaruh Karakteristik Dewan Direksi Terhadap Financial Distress: Pada Perusahaan BUMN di Indonesia Tahun 2015 – 2019

“…Financial distress diartikan sebagai fase penurunan kondisi keuangan yang dialami suatu perusahaan. Idikasinya salah satunya adalah ketidakmampuan perseroan untuk melunasi utangnya yang telah jatuh tempo yang disebabkan oleh kerugian yang dialami perseroan selama beberapa tahun (Supriati et al, 2019). Penyebab financial distress yaitu faktor ketidakcukupan modal atau kekurangan modal, besarnya beban utang dan bunga serta mengalami kerugian yang besar (Setiawan & Amboningtyas, 2018).…”

Comparative Analysis of Bankruption Prediction Models in Property and Real Estate Sector Companies Listed on the IDX 2017-2019

“…Among the many bankruptcy analyzes, the model that is often used is the Altman Z-Score [2]. However, some studies show that the Altman Z-Score method does not have the highest accuracy when compared to other measurement methods such as the Springate S-Score [3], [4].…”

Analisis Prediksi Finansial Distress dengan Metode Altman Z-Score dan Springate Sebelum dan Selama Covid- 19

“…Penelitian perihal alat untuk menditeksi adanya kebangkrutan pada suatu perusahaan telah banyak dilakukan dan salah satu model analisis bisnis yang sering digunakan yaitu Altman Z-Score (Awaliah & I, 2016) (Kurniawan, Hariadi, Sulistyaningrum, & Kristanto, 2021). Namun beberapa hasil penelitian menyatakan metode Altman Z-Score memiliki akurasi yang paling rendah jika dibandingan dengan metode pengukuran lainnya seperti Springate (Supriati, Bawono, & Anam, 2019). Penelitian lain Adnan & Arisudhana (2012) menyatakan hasil analisis antara model Altman Z-Score dan Springate pada perusahaan properti dan memberikan kesimpulan yang kontradiksi.…”