Altman Z-Score, Springate, and Zmijewski Methods’ Analysis for Predicting Financial Distress In Manufacturing Companies Listed On The Indonesia Stock Exchange

Hendra  Wahyudi; Agustin Hari  Prastyowati; Nanda  Widaninggar; R. Dino Bayu  Sagara

doi:10.31967/prmandala.v3i0.483

Hendra Wahyudi STIE Mandala
Agustin Hari Prastyowati STIE Mandala
Nanda Widaninggar STIE Mandala
R. Dino Bayu Sagara STIE Mandala

DOI: https://doi.org/10.31967/prmandala.v3i0.483

Abstract

This study aims to determine the condition of manufacturing companies in the consumer goods industry listed on the Indonesia Stock Exchange based on the results of bankruptcy predictions using the Altman Z-Score, Springate, and Zmijewski methods. The data used in this study is secondary data in the form of audited financial statements of companies listed on the Indonesia Stock Exchange. The data period for this research started in 2014-2018. The data processing method uses the Altman Z-Score, Springate, and Zmijewski methods. The results of this study indicate that in the Altman Z-Score and Springate models there are several companies that are predicted to go bankrupt and are in the gray area. Using Zmijewski's analysis, all samples are estimated to be in a non-bankrupt condition. The results of this study indicate that in the Altman Z-score and Springate models there are several companies that are in a state of bankruptcy and are in the gray area. Likewise, if using the Zmijewski model analysis, all company samples are in a healthy condition.

Keywords : Bankruptcy, Altman Z-score model, Springate model, Zmijewski model.