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