Analysis of Potential Financial Distress Using the Altman Method (Z-Score), Springate Method (S-Score), and Zmijewski Method (X-Score) in Food and Beverage Companies Listed on the Indonesia Stock Exchange in 2019-2022
DOI:
https://doi.org/10.61098/jems.v2i2.194Keywords:
Financial Distress, Altman (Z-Score), Springate (S-Score), Zmijewski (X-Score), Food and BeverageAbstract
This study aims to find out whether there is a score difference between Altman, Springate, and Zmijewski's methods in predicting Financial Distress, as well as to find out which prediction model is the most accurate in predicting Financial Distress in manufacturing companies in the food & beverage subsector. The data used in this study is the company's financial statements published on the Indonesia Stock Exchange. The sample in this study is 6 food and beverage companies listed on the Indonesia Stock Exchange for the 2019-2022 period. The sampling technique using nonprobability sampling is purposive sampling. This study compares the scores of three financial distress prediction models using the accuracy of the prediction model by considering the level of accuracy and type of error. The results of this study show that there is a difference between the three prediction models. Zmijewski's model is the best with an accuracy rate of 1% and an error type of 0%, the second is the springate model with an accuracy rate of 0.958% and an error type of 0.041%, and the last is the Altman model with an accuracy rate of 0.083% and an error type of 0.916%.
Downloads
References
Adriansyah, M. (2020). Analisis Perbandingan Metode Altman Z-Score, Springate dan Zmijewski untuk Penilaian Potensi Kebangkrutan Perusahaan pada Perusahaan BUMN Sektor Pertanian. 1–125.
Armadani, A., Fisabil, A. I., & Salsabila, D. T. (2021). Analisis Rasio Kebangkrutan Perusahaan pada Masa Pandemi Covid-19. Jurnal Akuntansi, 13, 99–108. https://doi.org/10.28932/jam.v13i1.3197
Dewi, L. S., Harly, A. Y., & Basri, H. (2022). Studi Komparatif Potensi Financial Distress pada Industri Rokok di BEI (Model Zscore Gover dan X Score Zmijewski). Ekonomis: Journal of Economics and Business, 6(1), 161. https://doi.org/10.33087/ekonomis.v6i1.480
Fernado, E., Tjhin, S. W. H., Mulyono, & Meiyarni. (2021). A Proposed Model to Measure the Influence Factor of Adoption for Online Investment Application. Proceedings - 2nd International Conference on Computer Science and Engineering: The Effects of the Digital World After Pandemic (EDWAP), IC2SE 2021. https://doi.org/10.1109/IC2SE52832.2021.9792113
Fernando, E., Hidayat, D., Pangaribuan, C. H., Gatc, J., & Stephanie, S. (2022a). The Measurement Analysis of University Support, Online Learning Tools, and Technical Support on Online Learning Satisfaction during COVID-19 Pandemic. Proceedings - 2022 9th International Conference on Information Technology, Computer and Electrical Engineering, ICITACEE 2022, 107–110. https://doi.org/10.1109/ICITACEE55701.2022.9924041
Fernando, E., Hidayat, D., Pangaribuan, C. H., Gatc, J., & Stephanie, S. (2022b). The Measurement Analysis of University Support, Online Learning Tools, and Technical Support on Online Learning Satisfaction during COVID-19 Pandemic. 2022 9th International Conference on Information Technology, Computer, and Electrical Engineering (ICITACEE), 107–110. https://doi.org/10.1109/ICITACEE55701.2022.9924041
Goestjahjanti, F. S., Pasaribu, S. B., Novitasari, D., Azz, I. K. H., & Winanti, W. (2023). The Role of Export in Boosting Indonesia’s GDP during Crisis: Macroeconomic Conditions. Etikonomi, 22(2), 369–388. https://doi.org/10.15408/etk.v22i2.32381
Kemala Octisari, S., Asih, R., & Priyatama, T. (2022). Faktor-faktor yang Mempengaruhi Financial Distress pada Perusahaan Pertambangan yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2016-2019. Majalah Imiah Manajemen Dan Bisnis, 19(2), 70–77. https://doi.org/10.55303/mimb.v19i2.155
Nasri, R., Aini, N., & Sunarti. (2020). Pengukuran Financial Distress dengan Model Foster , Grover dan Ohlson ( Studi Empiris pada Perusahaan Property dan Real Estate ). Seminar Nasional Penelitian LPPM UMJ, 1–19.
Peng, W., Berry, E. M., & Nutrition, H. (2018). The Concept of Food Security. In Encyclopedia of Food Security and Sustainability. Elsevier. https://doi.org/10.1016/B978-0-12-812687-5.22314-9
Prayoga, M. H., & Titik Aryati. (2023). Pengaruh Kualitas Audit, Financial Distress Dan Audit Tenure Terhadap Opini Audit Going Concern. Jurnal Ekonomi Trisakti, 3(1), 1289–1298. https://doi.org/10.25105/jet.v3i1.16081
Rohyana, C., & Arrahman, A. (2022). Pengaruh Aktiva Tetap Dan Modal Terhadap Laba Bersih Pada Perusahaan Perbankan 2015-2019. Land Journal, 3(1), 49–59. https://doi.org/10.47491/landjournal.v3i1.1748
Triyono, H., & Ahmar, N. (2024). Meta Analisis Hasil Prediksi Kegagalan Perusahaan dengan Pendekatan 4 Model Prediksi Kebangkrutan. 5(3), 465–478.
Usmadi, U. (2020). Pengujian Persyaratan Analisis (Uji Homogenitas Dan Uji Normalitas). Inovasi Pendidikan, 7(1), 50–62. https://doi.org/10.31869/ip.v7i1.2281
Waluyo edy, S. A. J. E. (2024). Analisis data sampel menggunakan uji hipotesis penelitian perbandingan pendapatan menggunakan uji anova dan uji t. Ekonomi Dan Bisnis, 2(30218365), 775–785.
Wiwit Cahyatil Chasanah. (2020). Bimbingan Mental Spiritual Korban Penyalahgunaan Napza Di Institusi Penerima Wajib Lapor Pesantren Rehabilitasi Sosial ( Ipwl-Prs ) Napza Al- Ma ’ Laa Grobogan Universitas Islam Negeri Walisongo. 100.
Yosandra, D. S. A., & Sembiring, F. M. (2022). FAKTOR – FAKTOR YANG MEMPENGARUHI FINANCIAL DISTRESS (Studi pada beberapa Badan Usaha Milik Negara di Indonesia). Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, Dan Akuntansi, 14(1), 22–41. https://doi.org/10.35313/ekspansi.v14i1.3629
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Adella, Winanti, Mega Indri Nurwati, Fida Maulida Natswa, Ilham Sidiq, Fajar Riyanto, Istajib Kulla Himmyázz
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
