ANALISIS METODE ALTMAN Z-SCORE, SPRINGATE, DAN ZMIJEWSKI UNTUK MEMPREDIKSI FINANCIAL DISTRESS

Abstract

This research aimed to find out the measurement of financial distress and the prediction method, from which was the most accurate among Altman Z-score method, Springate, and Zmijewski in order to predict the financial distress. While, the sample collection technique used purposive sampling. Moreover, there were 33 samples companies which were listed on Indonesia Stock Exchange 2012-2017. Furthermore, the data analysis technique used Altman Z-Score, Springate, and Zmijewski. The result from those three analysis techniques, it obtained different result.The research result concluded, as follows: (a)The result of Altman Z-Score, showed only one company had financial distress; (b)The result of springate showed there werw 11 companies were categorized into health condition; (c) Meanwhile, the research result of zmijewski concluded there were six companies were categorized into the healty condition and 5 companies were categorized into financial distress condition. On the other hand, from those three analysis techniques, Altman Z-Score and springate were the most accurates ones in order to predict the financial distress this is because the Altman Z-Score method has an accuracy rate of 81,81% and the accuracy of the Springate method is 100%.
Keyword: altman z-score, springate, zmijewski, financial distress