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ANALISIS ALTMAN Z-SCORE, GROVER SCORE, SPRINGATE, DAN ZMIJEWSKI SEBAGAI SIGNALING FINANCIAL DISTRESS (Studi Empiris Industri Barang-Barang Konsumsi di Indonesia) Primasari, Niken Savitri
JURNAL AKUNTANSI DAN MANAJEMEN Vol 1 No 1 (2017): Accounting and Management Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/amj.v1i1.70

This study purpose to determine whether there are differences among Altman model, Springate model and Zmijewski model to predict financial distress, and to find out which the Financial Distress prediction model has the most excellent implementation in Indonesia manufacture industry. Comparison of those six models were made by analyzing the accuracy of each model, by using the real condition of a company’s net income. The data used in the form of annual financial statements published by the company on the Indonesia Stock Exchange website. The sample in this study consisted of 116 financial data from 29 companies in Consumer Goods Industry. All companies are listed in Indonesia Stock Exchange Market at period 2012 - 2015. The company does not conclude yet, whether there is a prediction model that best suit the measurement. This cause by: (1) every model have its own superiority and weakness, (2) the company sample characteristic differences (company sector, company size) also influence the choice of prediction model being used, (3) the company financial ratio as independent variable used in bankruptcy prediction. Since the financial statements are reflecting the company’s financial ability of the signaling, the researchers limited the industry with the highest value of EPS and PER. This is done to avoid confounders in the proof of the accuracy of the model, Springate model, Ohlson model and Zmijewski model to predict financial distress. The data obtained from the Annual Financial Statements, IDX Fact Book and the Indonesian Capital Market Directory. In this study will be used t test, additional testing is done to see the feasibility of the model by observing the F test results and test the coefficient of determination (R2), R2 value used to examine differences among Altman, Grover, Springate and Zmijewski models in predicting financial distress. The analytical tool used is the One Way ANOVA with level of significance 5 %. The results from this research showed that any prediction model used in this study can be used to predict Financial Distress, particularly the Altman Z-Scores, which have the greater R2 analysis. Only Grover G-Score models have insignificant value t test and F-test is greater than the probability cannot be used to predict corporate Financial Distress. The results also showed that the most accurate model is the model Altman Z-Score. At the end of the study was to try predict 29 firms sample used listed on the Stock Exchange with Altman model. Predicted results showed that five companies are expected to experience Financial Distress in the future.

Mapping Research on Sovereign Bonds: A Bibliometric Analysis of Emerging Market Economies Judijanto, Loso; Marjuki, Marjuki; Primasari, Niken Savitri
West Science Interdisciplinary Studies Vol. 3 No. 01 (2025): West Science Interdisciplinary Studies
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsis.v3i01.1636

This study employs bibliometric analysis to map the scholarly landscape of sovereign bond research, focusing on the themes, geographic distribution, and evolution of the discourse from traditional financial analyses to contemporary issues like sustainability. Utilizing data from prominent academic databases, the research identifies key nodes and linkages within the global network of sovereign bond studies, highlighting the central roles of the United States and the United Kingdom, alongside the growing influence of emerging markets such as China and India. The analysis reveals a significant shift in research focus towards sustainability and green bonds, reflecting broader trends in global finance towards responsible investing. The study underscores the importance of interdisciplinary collaboration and the integration of diverse perspectives from both developed and developing nations to enhance the understanding and management of global financial systems.

Mapping Research on Sovereign Bonds: A Bibliometric Analysis of Emerging Market Economies Judijanto, Loso; Marjuki, Marjuki; Primasari, Niken Savitri
West Science Interdisciplinary Studies Vol. 3 No. 01 (2025): West Science Interdisciplinary Studies
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsis.v3i01.1636

This study employs bibliometric analysis to map the scholarly landscape of sovereign bond research, focusing on the themes, geographic distribution, and evolution of the discourse from traditional financial analyses to contemporary issues like sustainability. Utilizing data from prominent academic databases, the research identifies key nodes and linkages within the global network of sovereign bond studies, highlighting the central roles of the United States and the United Kingdom, alongside the growing influence of emerging markets such as China and India. The analysis reveals a significant shift in research focus towards sustainability and green bonds, reflecting broader trends in global finance towards responsible investing. The study underscores the importance of interdisciplinary collaboration and the integration of diverse perspectives from both developed and developing nations to enhance the understanding and management of global financial systems.

Strategic Agility and Organizational Resilience: How Adaptive Strategies Drive Business Continuity in Dynamic Environments Artis; Jalaluddin, T.; Primasari, Niken Savitri; Coryanata, Isma
Journal Management & Economics Review (JUMPER) Vol. 3 No. 7 (2026): January
Publisher : Malaqbi Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59971/jumper.v3i7.849

This study examines the role of strategic agility in enhancing organizational resilience and ensuring business continuity within dynamic and uncertain environments. Drawing on dynamic capability theory, the research investigates how adaptive strategies—such as rapid decision-making, resource flexibility, and proactive sensing—enable organizations to withstand disruptions and maintain operations. Using a quantitative research design with structural equation modeling (SEM), the findings reveal that strategic agility exerts a significant positive effect on both organizational resilience and business continuity. Additionally, organizational resilience is shown to strongly influence business continuity and mediates the relationship between strategic agility and continuity outcomes. These results demonstrate that agility enables organizations to anticipate change, while resilience operationalizes these capabilities to absorb shocks and recover effectively. The model exhibits strong explanatory power and robust validity, reinforcing the interdependence between agility and resilience as essential strategic capabilities. This study contributes to the literature by offering an integrated framework for understanding how adaptive strategies enhance organizational stability and performance in volatile contexts. Practical implications are also provided to guide leaders in embedding agility and resilience into strategic planning and operational processes.

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