ANALISIS PERBANDINGAN MODEL PREDIKSI FINANCIAL DISTRESS PADA SUB SEKTOR PERKEBUNAN

Abstract

This research is meant to find out whether there is prediction model difference of Altman, Springate, and Zmijewski
in predicting the condition of financial distress on plantation companies in 2012-2014 periods. And to find out
which model is the most accurate in predicting the condition of financial distress of plantation companies in 2012-
2014 periods. The samples collection has been carrie out by using purposive sampling technique. The independent
variables in this research is Altman, Springate, and Zmijewski model whereas the dependent variable dependent in
this research is financial distress. The data analysis has been carried out by using one way ANOVA difference test
and accuracy level. Based on the result of the research it can be concluded that the existence of the prediction model
difference of Altman, Springate, and Zmijewski in predicting the condition of financial distress on plantation
companies in 2012-2014 periods which are listed in Indonesia Stock Exchange. The result of the research has found
that Zmijewski has accuracy level 82% whereas Altman model has accuracy level 55% and Springate has accuracy
level 45%. It shows that Zmijewski model is the most accurate model in predicting the condition of financial distress
on plantation companies which are listed in Indonesia Stock Exchange
Keywords: Financial distress, altman, springate, zmijewski