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All Journal Jurnal Pendidikan dan Kewirausahaan LETS: Journal of Linguistics and English Teaching Studies Jurnal Manajemen Perbankan Keuangan Nitro Aurelia: Jurnal Penelitian dan Pengabdian Masyarakat Indonesia Journal of Economics, Entrepreneurship, Management Business and Accounting Padaidi: Journal of Tourism Dedication Padaidi: Journal of Tourism Dedication Kajian Ilmiah Mahasiswa Administrasi Publik (KIMAP)
Yahya, Muh
Unknown Affiliation
Humanities Computer Science & IT Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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BANKRUPTCY ANALYSIS USING THE GROVER AND ZMIJEWSKI METHOD AT PT ENVY TECHNOLOGIES INDONESIA TBK FOR THE PERIOD 2022-2024 Sudirman; Yahya, Muh; Lutfi, Anugrah
Jurnal Manajemen Perbankan Keuangan Nitro Vol. 1 No. 4 (2025): Special Volume for International Collaboration
Publisher : LP2M IBK Nitro

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Abstract

Bankruptcy in technology companies, both startups and public companies, is a common problem due to liquidity pressures, capital structure imbalances, failed business strategies, and external factors such as global economic turmoil and regulatory changes. This study aims to analyze the bankruptcy potential of PT Envy Technologies Indonesia Tbk using the Grover (G-Score) and Zmijewski (X-Score) models. Data are taken from the company's financial statements for the 2022–2024 period obtained through the Indonesia Stock Exchange. The analysis shows that the company is in an unhealthy financial condition, with low profitability, high debt, and weak liquidity. Although ROA improved in 2024, this condition was not enough to offset the significant financial burden. Governance issues such as alleged corruption, late financial reporting, and OJK sanctions exacerbate the situation. This study recommends comprehensive restructuring, operational efficiency, debt renegotiation, increased liquidity, a focus on core business lines, and management transparency to avoid bankruptcy or liquidation.
Co-Authors Adita Taufik Widianto, Adita Taufik AGUS AGUS Amir, Fitriani Baharudin, Riski Aprilianti Basora, Basora darwis darwis, darwis Devilla, Rego Elpisah Ernawati Ernawati Fadliani, Fadliani Hery Widijanto Ihyani Malik Lutfi, Anugrah Masri Ridwan, Masri Mattunruang, Andi Aris Rahmayanti, Firda Sudirman Suharto Suharto Yunus, Irham Maulana Yunus, Muh