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All Journal Jurnal Manajemen dan Bisnis Sriwijaya MIX : Jurnal Ilmiah Manajemen Adzkiya : Jurnal Hukum dan Ekonomi Syariah JAAF (Journal of Applied Accounting and Finance) KONSEP DAN TUJUAN PADA TINJUAN BISNIS SYARIAH Nusantara Science and Technology Proceedings Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) International Journal of Accounting & Finance in Asia Pasific Journal of International Conference Proceedings Cendikia Pendidikan
Chandra Setiawan
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Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Mathematics Medicine & Pharmacology Social Sciences

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Evaluating the Effectiveness of Financial Distress Prediction Models in the Property and Real Estate Sector Chandra Setiawan; Febriana Valentina Gultom
International Journal of Accounting and Finance in Asia Pasific (IJAFAP) Vol 8, No 3 (2025): October 2025
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/ijafap.v8i3.4132

Abstract

Financial distress poses a serious threat to Indonesia’s property and real estate sector, requiring reliable prediction models to prevent bankruptcy and maintain economic stability. This study compares the predictive accuracy of four classical financial distress models (Altman Z-Score, Zmijewski X-Score, Springate S-Score, and Grover G-Score) using data from 30 IDX-listed firms (150 observations) from 2020 to 2024. A quantitative approach was applied through descriptive statistics, Kolmogorov-Smirnov normality tests, Kruskal-Wallis, and Mann-Whitney U tests, with cash flow patterns as the benchmark of financial distress. The results show significant differences among the models (p0.001), confirming H1, with the Zmijewski X-Score achieving the highest accuracy (79%), followed by Altman (76%), Grover (72%), and Springate (29%). The Zmijewski model’s logistic regression approach and emphasis on leverage make it the most effective predictor for firms in volatile market conditions, supporting H2. These findings highlight that model performance depends on economic context, emphasizing the need for continuous validation in emerging markets. The Zmijewski X-Score offers practical value for investors, managers, and policymakers in strengthening financial resilience and early distress detection.
Co-Authors ChandraSetiawan Chongmi An Febriana Valentina Gultom Hanifah Fathinah Heni Verawati Mulfi Rahman Nemisia Freitas de Jesus Pereira Perina Amelia Qu Yumeng Shinta Amalina Hazrati Havidz Suhendar Yosy Triyani