Open AccessAnalisis Model Altman, Grover, dan Zmijewski dalam Memprediksi Financial Distress Perusahaan pada Industri Manufaktur di Indonesia
Author(s) -
Luthfi Jauharotul Husna
Publication year - 2021
Publication title -
eksos
Language(s) - English
Resource type - Journals
eISSN - 2721-8953
pISSN - 1693-9093
DOI - 10.31573/eksos.v17i1.272
Subject(s) - bankruptcy , stock exchange , research object , current asset , debt , actuarial science , financial distress , business , profit (economics) , working capital , debtor , earnings before interest and taxes , economics , finance , creditor , business administration , financial system , microeconomics
This research was conducted to analyze the model altman score, grover score, zmijewski score, in predicting financial distress in the manufacturing industry. This type of research in this research is quantitative with descriptive methods. The object of this research is a company that has been delisted from the Indonesia Stock Exchange in the 2015-2018 period. The object-taking technique in this study was purposive sampling, amounting to 16. The results of this study indicate that the Altman model has an accuracy rate of 25%, Grover has an accuracy rate of 6.25%, Zmijewski has an accuracy rate of 50%. From the three bankruptcy analysis models used in this study it can be concluded that the Zmijewski model is best used as a bankruptcy detector with an accuracy rate of 50%. This is because a company that goes bankrupt has a tendency to generate a small net capital of its total assets, the company's ability to generate profit before interest and taxes from its assets is getting smaller, the lower the level of company sales using all of its assets, and the less likely the profit before tax can be cover current debts owned by the company.