Analysis of Differences Between Altman's and Zmijewski's Models in Predicting Financial Distress
Keywords:
Altman Model, Zmijewski Model, Financial DistressAbstract
This study aims to see the comparation between Altman model and the Zmijewski model in forecasting financial problems in transportation corporation indexed on the Indonesia Stock Exchange (IDX) during 2019- 2021. This research used descriptive quantitative method and select the sample using purposive sampling method, which is using certain criteria to select the sample. To test the hypothesis about the difference between two models, the research data is testing with wilcoxon test. The findings showed that there was no substantial difference between the Altman model and the Zmijewski model in forecasting financial problems in corporations indexed on the IDX during 2019-2021. However, the Zmijewski model is more accurate in forecasting financial problems in transportation corporations indexed on the IDX during that period.This research is important because it can help companies take the right steps when facing financial problems that can lead to bankruptcy.
Downloads
References
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance , 589–609.
Antoniawati,A& Purwohandoko.P. (2022) Analisis Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Financial Distress pada Perusahaan Transportasi yang Terdaftar di BEI Tahun 2018-2020. Jurnal Ilmu Manajemen Vol 10 No.1. Jurnal Manajemen Fakultas Ekonomika dan Bisnis Universitas Negeri Surabaya.
Ashraf, S., Felix Elisabete G, S., & Serrasqueiro, Z. (2019). Do Tradisional Financial Distress Prediciton Models Predict the Early Warning Signs of Financial Distress? . Journal of Risk and Financial Management.
Azzahra, S. Z., & Pangestuti, D. C. (2022). Analisis Tingkat Akurasi Model Prediksi Financial Distress pada Perusahaan sektor transportasi dan Logistik. AKUNTABEL: Jurnal Akuntansi Dan Keuangan, 19(1).
Fahmi, I. (2012). Analisis Laporan Keuangan (2nd ed.). Alfabeta.
Fauzan, M., & Purwanto, A. (2017). Pengaruh Pengungkapan CSR, Timelines, Profitabilitas, Pertumbuhan Perusahaan Dan Resiko Sistematik Terhadap Earning Response Coefficient (ERC). Diponegoro Journal of Accounting, 6, No. 1, 1–15
Kasmir. (2012). Analisis Laporan Keuangan. PT.Raja Graffindo Persada.
Melina, I., & Susetyo, A. (2021). Analisis Perbandingan Model Altman, Springate, dan Zmijewski untuk Memprediksi Kebangkrutan pada Perusahaan Tekstil dan Garmen. Jurnal Ilmiah Manajemen Bisnis Dan Akuntansi.
Ningtias,Restifa dan Jaeni.(2022).Analisis Dampak Pandemi Covid 19 terhadap kinerja keuangan pada Perusahaan transportasi yang terdaftar di Bursa Efek Indonesia (BEI) Periode 2019-2022.Jurnal Ilmiah Komputerisasi Akuntansi.Vol.15. No.2.pg.454-464.
Nirmalasari, L. (2018). Analisis Financial Distress Pada Perusahaan Sektor Property, Real Estate Dan Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia Skripsi. Accounting and Management Journal, 1 (1), 23–43.https://doi.org/10.33086/amj.v1i1.70
Nilasari, Devy dan Haryanto,Mulyo .(2018).Memprediksi Perusahaan yang berpotensi mengalami masalah keuangan dengan model Altman, Springate, dan Zmijewski. Diponegoro Journal of Management.Vol 7.No.2.Tahun 2018.pg.1-11.
Noviyana,S,dkk (2022). Pengaruh Profitabilitas, Likuiditas, dan Leverage terhadap Financial Distress.Jurnal Ekonomi dan Bisnis.Vol 11 No.3. November 2022.
Rahmawati, D., & Khoiruddin, M.2017. Pengaruh Corporate Governance dan Kinerja Keuangan dalam Memprediksi Kondisi Financial Distress. In Management Analysis Journal. 6(1), 15-23. https://doi.org/https:// doi.org/10.15294/maj.v6i1.8184.
Rudianto. (2013). Akuntansi Manajemen Informasi untuk Pengambilan Keputusan Strategis. Erlangga.
Robiansyah.A,dkk.(2022). Analisis Perbandingan Model Altman, Springate, Zmijewski, dan Grover dalam Memprediksi Kebangkrutan Perusahaan di Bursa Efek Indonesia.Jurnal Ekombis Review.
Rudianto. (2013). Akuntansi Manajemen Informasi untuk Pengambilan Keputusan Strategis. Erlangga.
Syafri, S. (2019). Analisis Kritis atas Laporan Keuangan. PT.Raja Grafindo Persada.
Whitaker, R. B. (1999). The Early Stages of Financial Distress. Journal of Economics and Finance.
Wruck, K. H. (1990). Financial distress, reorganization, and organizational efficiency. Journal of Financial Economics.
Zmijewski, Mark E.1984. Methodological issues related to the estimation of financial distressprediction models. Journal of Accounting Research 22: 59–82. [CrossRef]
https://databoks.katadata.co.id
https://www.cnbcindonesia.com/news/20200828104326 -4-182671/ update-sri-mulyani-soal-krisis-ekonomi-akibat-corona-simak
https://mediaindonesia.com/ekonomi/419333/imbas-pandemi-covid-19- garuda-rugi-rp36-triliun-selama-2020
https://www.liputan6.com/bisnis/read/4417903/dampak-pandemi- corona-covid-19-pendapatan-blue-bird-anjlok-70-persen?page=2
