Comparative Analysis of Financial Distress Models in Predicting Bankruptcy during Covid-19 Pandemic

Dede Hertina; Farida Wulan Dari

doi:10.30741/wiga.v12i4.900

Authors

Dede Hertina Widyatama University
Farida Wulan Dari Widyatama University

DOI:

https://doi.org/10.30741/wiga.v12i4.900

Keywords:

Covid-19, Financial Distress, Bankruptcy Prediction, Construction, Building Sector

Abstract

This study aims to determine whether there is a difference between the financial distress models in predicting bankruptcy, and the most accurate financial distress models bankruptcy in construction and building companies listed on Indonesia’s Stock Exchange for the 2020-2021 period. The financial distress models used in this research are Springate, Taffler, and Zmijewski. The research population consisted of 18 companies and the sample was taken as many as 16 companies using purposive sampling method. The data research was collected from the company’s financial statement. This research uses a descriptive comparative method by conducting the Kruskal Wallis test to determine the difference between the Springate, Taffler, and Zmijewski. The results showed that there is a significant difference between the financial distress models in predicting bankruptcy predictions for the construction and building companies listed on Indonesia’s Stock Exchange for the 2020-2021 period. The most accurate model in bankruptcy prediction is the Taffler model with an accuracy rate of 100% and the error rate of 0%. Zmijewski has 81,25% of accuracy rate and 18,75% of error. Then the lowest accurate model in bankruptcy prediction is the Springate model with 12,50% of accuracy and 87,50% of error rate.

Downloads

Download data is not yet available.

References

Amalia, R. (2019). Analisis Perbandingan Financial Distress Pada Perusahaan Konstruksi Di Bursa Efek Indonesia Tahun 2014-2018. ECONOS Jurnal Ekonomi dan Sosial, 10(1), 22-31.

Anugrah, M. D. (2019). Analisis Model Altman, Taffler, Dan Zmijewski Dalam Memprediksi Perusahaan Yang Delisting Secara Paksa Karena Kegagalan Keuangan Dari Bursa Efek Indonesia Periode 2010-2014. TECHNOBIZ : International Journal of Business, 2(1), 38–45. https://doi.org/10.33365/tb.v2i1.283

Arafa, A., Mohamed, A., Saleh, L., & Senosy, S. (2021). Psychological impacts of the COVID-19 pandemic on the public in Egypt. Community Mental Health Journal, 57(1), 64-69. https://doi.org/10.1007/s10597-020-00701-9

Faisal, M. F. A. (2022). Analisis Perbandingan Model Pendeteksi Financial Distress. Jurnal Riset Terapan Akuntansi, 6(1), 35-43. https://doi.org/10.5281/zenodo.6474721

Fauzi, S. E., Sudjono, & Saluy, A. B. (2021). Comparative Analysis Of Financial Sustainability Using The Altman Z-Score, Springate, Zmijewski And Grover Models For Companies Listed At Indonesia Stock Exchange Sub-Sector Telecommunication Period 2014-2019. Jurnal Riset Terapan Akuntansi, 6(1), 35-43. https://doi.org/10.31219/osf.io/2kjv6

Gunawan, D., & Warninda, T. D. (2022). Prediksi Financial Distress Menggunakan Model Taffler Dan Grover Pada Perusahaan Yang Terdampak Pandemi Covid-19. Jurnal Bisnis, Manajemen, dan Teknososiopreneur, 1(1), 1-15. https://doi.org/10.31326/bimtek.v1i1.1109

Herlina, M. T., & Murhadi, W. R. (2021). Financial Distress Prediction Models In Property Sector Companies Listed In Indonesia Stock Exchange. IPTEK Journal of Proceedings Series, 1, 228-234. http://dx.doi.org/10.12962/j23546026.y2020i1.8492

Hertina, D., & Kusmayadi, D. (2020). Comparative Analysis Of The Altman, Springate, Grover And Zmijewski Models As Predicting Financial Distress. Palarch’s Journal Of Archaeology Of Egypt/Egyptology, 17(5), 552-561.

Kason, K., Angkasa, C., Gozali, Y. G., Wijaya, R. A., & Hutahean, T. F. (2020). Analisis Perbandingan Keakuratan Memprediksi Financial Distress dengan Menggunakan Model Grover, Springate dan Altman Z-Score pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia pada Tahun 2013-2017. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(3), 441-458. https://doi.org/10.31955/mea.v4i3.438

Listyarini, F. (2020). Analisis Perbandingan Prediksi Kondisi Financial Distress Dengan Menggunakan Metode Altman, Springate, Dan Zmijewski. Jurnal Bina Akuntansi, 7(1), 1-20. https://doi.org/10.52859/jba.v7i1.71

Mulyati, S., & Ilyasa, S. (2020). The Comparative Analysis Of Altman Z-Score, Springate, Zmijewski, And Internal Growth Rate Model In Predicting The Financial Distress (Empirical Study On Mining Companies Listed On Indonesia Stock Exchange 2014-2017). KINERJA, 24(1), 82-95. https://doi.org/10.24002/kinerja.v24i1.3231

Nirmalasari, L. (2018). Analisis Financial Distress Pada Perusahaan Sektor Property, Real Estate Dan Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen Bisnis Indonesia (JMBI), 7(1), 46–61.

Paramita, R. W. D., Rizal, N., Sulistyan, R. B., Taufiq, M., & Dimyati, M. (2021b). Optimizing the Creative Industry Through the Development of the Triple Helix Model. IJEBD (International Journal of Entrepreneurship and Business Development), 4(5), 655-661. https://doi.org/10.29138/ijebd.v4i5.1514

Permatasari, D., Samsudin, A., & Komariah, K. (2019). Analisis Financial Distress Dengan Metode ZMIJEWSKI. Journal Of Management And Bussines (JOMB), 1(1), 74-87. https://doi.org/10.31539/jomb.v1i1.658

Prakoso, W. H., Ulupui, I. G. K. A., & Perdana, P. N. (2022). Analisis Perbandingan Model Taffler, Springate, Dan Grover Dalam Memprediksi Kebangkrutan Perusahaan. Jurnal Akuntansi, Perpajakan, Dan Auditing - JAPA, 3(1), 1-15.

Resfitasari, E., Gumelar, T. M., Ulhaq, A., & Rusmayanti, N. (2021). Analisis Prediksi Financial Distress Dengan Metode Altman Z-Score Pada PT. Waskita Karya Tbk. Jurnal Aktiva : Riset Akuntansi dan Keuangan, 3(3), 131-140. https://doi.org/10.52005/aktiva.v3i3.123

Tanjung, P. R. S. (2020). Comparative Analysis Of Altman Z-Score, Springate, Zmijewski And Ohlson Models In Predicting Financial Distress. EPRA International Journal Of Multidisciplinary Research (IJMR), 6(3), 126-137. https://doi.org/10.36713/Epra4162

Widiasmara, A., & Rahayu, H. C. (2019). Perbedaan Model Ohlson, Model Taffler Dan Model Springate Dalam Memprediksi Financial Distress. Inventory: Jurnal Akuntansi, 3(2), 141–158. https://doi.org/10.25273/inventory.v3i2.5242