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All Journal Jurnal Ekonomi & Bisnis PNJ (JEKBIS PNJ) Eksistansi Patria Artha Journal of Accounting Dan Financial Reporting Jurnal Riset Terapan Akuntansi Jurnal Akuntansi AKTIVA Golden Ratio of Finance Management Madani: Multidisciplinary Scientific Journal
Hartati, Sukmini
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Journal : Golden Ratio of Finance Management

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Prediction of Bankruptcy Risk Using Financial Distress Analysis Rachma Sari, Kartika; Martini, Rita; Almira, Nadya; Hartati, Sukmini; Husin, Farida
Golden Ratio of Finance Management Vol. 2 No. 2 (2022): April - September
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v2i2.127

Abstract

Financial distress analysis using X-Score Zmijewski model, Z-Score Altman model, and S-Score model Springate is intended to determine the potential for bankruptcy at PT. Hero Supermarket, Tbk. Secondary data was used in the 2016-2020 financial statements. The results of the calculation of the X-Score method from 2016 - 2019 were in a non-financial distress condition, but in 2020 they were in a distressed situation. This follows the X-Score principle, which focuses on the company's liabilities. We decrease the safe zone to the danger zone from the Z-Score method. In the S-Score process, the company can go bankrupt. The analysis results of the three ways conclude that the company is experiencing financial difficulties. Fast and appropriate handling is needed to fix its condition, and management must improve financial performance. Company management must improve financial conditions, significantly reducing total liabilities every year. The actual existing company liabilities are not more significant than the income earned, so that the level of losses that will be experienced will be reduced. Furthermore, the company should conduct a company evaluation of efforts to improve operational and financial performance as response to the company’s financial condition. So that, the economic distress experienced can be appropriately resolved.
Comparison of Financial Distress Predictions With Altman, Springate, Zmijewski, and Grover Models Martini, Rita; Raihana Aksara, Rana; Rachma Sari, Kartika; Zulkifli, Zulkifli; Hartati, Sukmini
Golden Ratio of Finance Management Vol. 3 No. 1 (2023): October - March
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grfm.v3i1.216

Abstract

Several predictive models of financial distress and corporate bankruptcy have been developed. In this study, the Altman model (Z-Score), the Springate model (S-Score), the Zmijewski model (X-Score), and the Grover model (G-Score) were used. These methods are used to analyze the potential for financial difficulties which in the end to determine the potential for bankruptcy at PT Garuda Indonesia (Persero) Tbk. The secondary data used is in the form of financial statements for 2018-2020. The results of the bankruptcy prediction using the Altman model resulted in PT Garuda Indonesia (Persero), Tbk being in the bankrupt area, which experienced financial difficulties in 2018 to 2020. The Springate model was in a distress position and went bankrupt in 2018 and 2020, while in 2019 is in the gray area. Then the Zmijewski model is in a state of bankruptcy, which is experiencing financial difficulties and has the potential to go bankrupt in three years. Grover's model shows the company was in a state of bankruptcy in 2018 and 2020, and safe in 2019.
Co-Authors A.A. Ketut Agung Cahyawan W Adi Wijaya Alfarishi, Ahmad Fauzan Almira, Nadya Amelia, Dhea Putri endah widyastuti Firmansyah F Heni Pujiastuti Husin, Farida Juliansyah, Arista MUHAMMAD HUSNI MUBAROK Nuri Aslami Oktoarida, Anggeraini Putri amelia, Dhea Rachma Sari, Kartika Raihana Aksara, Rana Rosy Armaini Salsabillah, Dillah