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All Journal Jurnal Akuntansi dan Keuangan
Safi'ah Safi'ah
Universitas Islam Madura
Social Sciences

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Prediksi Potensi Financial Distress PT Waskita Karya Periode 2020–2024 dengan Pendekatan Multi-Model Ika Oktaviana Dewi; Imam Wahyudi; Ismi Fitri Aulia; Nailah Aka Kusuma; Safi'ah Safi'ah; Tini Lestari; Faisol Fahad; Fathorrahman Fathorrahman; Desy Liana Putri
Jurnal Akuntansi dan Keuangan Vol 15, No 2 (2026)
Publisher : Universitas Budi Luhur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36080/jak.v15i2.4579

Abstract

This study aims to analyze the Financial Distress condition of PT Waskita Karya during the 2020–2024 period using the Altman Z-Score, Springate, Zmijewski, and Grover models. This research is important because state-owned construction companies have high leverage characteristics and complex liquidity pressure risks, while studies on Financial Distress in Indonesia’s construction sector remain limited and generally employ only a single prediction model. This study used a descriptive quantitative approach with secondary data obtained from the company’s annual financial statements. The results indicate that high leverage, weak liquidity, and low profitability caused the company to experience Financial Distress. The Altman Z-Score, Springate, and Zmijewski models consistently classified the company as financially distressed, while the Grover model categorized the company as healthy during 2020–2023 and financially distressed in 2024. This study confirms that a multi-model approach provides a more comprehensive evaluation of a company’s financial condition.
Co-Authors Desy Liana Putri Faisol Fahad Fathorrahman Fathorrahman Imam Wahyudi Ismi Fitri Aulia Nailah Aka Kusuma Oktaviana Dewi, Ika Tini Lestari