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All Journal Assets : Jurnal Ekonomi, Manajemen dan Akuntansi Kontribusia : Research Dissemination for Community Development An-Nashiha: Journal of Broadcasting and Islamic Comunication Studies Busyro : Jurnal Dakwah dan Komunikasi Islam Journal of Sharia (JOSH) Jurnal Adijaya Multidisiplin Maeswara: Jurnal Riset Ilmu Manajemen dan Kewirausahaan Neraca: Jurnal Ekonomi, Manajemen dan Akuntansi Jurnal Ekonomi Bisnis dan Kewirausahaan Fundamentum: Jurnal Pengabdian Multidisiplin Kesejahteraan Bersama : Jurnal Pengabdian dan Keberlanjutan Masyarakat Pemberdayaan Masyarakat: Jurnal Aksi Sosial
Hadi Ismanto
Unknown Affiliation
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Public Health Social Sciences Other

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EVALUASI AKURASI MODEL FINANCIAL DISTRESS ALTMAN, SPRINGATE, ZMIJEWSKI PADA KASUS DELISTING DI BURSA EFEK INDONESIA Darul, Achmad; Rahmat Agus Santoso; Muhammad Rosyihuddin; Hadi Ismanto
Assets: Jurnal Ekonomi, Manajemen, dan Akuntansi Vol 15 No 2 (2025): Assets : Jurnal Ekonomi, Manajemen dan Akuntansi
Publisher : Universitas Islam Negeri Alauddin Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/assets.v15i2.63085

Abstract

The forced delisting incident on the Indonesia Stock Exchange (IDX) in 2025 illustrates that several issuers had already shown signs of financial distress before their removal from trading. This condition emphasizes the relevance of reliable prediction models that function as early warning instruments for investors, regulators, and corporate decision makers. This study investigates the predictive accuracy of three financial distress models  Altman Z-Score, Springate S-Score, and Zmijewski X-Score  in identifying distress among companies that were forcibly delisted from the IDX in 2025. The research adopts a quantitative descriptive-comparative approach using a purposive sampling method and consists of eight delisted companies. The analysis relies on the firms’ most recent financial statements before delisting and classifies their conditions according to the criteria of each model. The results show that the Altman Z-Score and Springate S-Score models both achieved an identical accuracy rate of 87.5%, while the Zmijewski X-Score model recorded only 12.5% accuracy. The finding suggests that the Altman and Springate models are more responsive to short-term distress signals related to liquidity, profitability, and operational performance, whereas the Zmijewski model is less sensitive to short-term deterioration. Overall, the analysis confirms that Altman and Springate serve as more effective early warning tools for detecting potential financial distress in the Indonesian capital market. The study provides an empirical reference for developing improved early detection mechanisms to support risk mitigation and strengthen financial decision-making for stakeholders.
Start Up Talk to Entrepreneur: Merubah Mindset Shift dari Follower Menjadi Owner Hadi Ismanto; Vembri Aulia Rahmi; Muhammad Rosyihuddin
Kesejahteraan Bersama : Jurnal Pengabdian dan Keberlanjutan Masyarakat Vol. 3 No. 1 (2026): Januari: Kesejahteraan Bersama : Jurnal Pengabdian dan Keberlanjutan Masyarakat
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62383/bersama.v3i1.2783

Abstract

This Community Service (PkM) activity was implemented in the form of an entrepreneurship seminar. This seminar strategically raised the theme "Changing the Mindset Shift from Follower to Owner", with the crucial aim of facilitating a paradigm shift in participants from mere passive consumers or followers to active and empowered business owners (owners). The implementation of PkM is based on the reality of the high unemployment rate among educated people and the urgency of global economic challenges that demand mental transformation and strengthening of practical skills. The main target group of this activity included students of entrepreneurship study programs from various universities in East Java as well as representatives of Micro, Small, and Medium Enterprises (MSMEs) operating in the Gresik area, ensuring the relevance of the material to academic and practical needs. This seminar featured two credible expert speakers in the field of entrepreneurship. The implementation method focused on interactive delivery of material, followed by a focused discussion session to maximize knowledge absorption. The results achieved showed a significant increase in understanding among participants, not only regarding the importance of instilling an entrepreneurial mindset but also mastery of practical aspects of business, including digital marketing implementation strategies and concrete steps in starting or developing a business unit. Through this intervention, PkM is expected to be able to provide a real contribution to accelerating the creation of new, innovative entrepreneurs and strengthening the sustainable entrepreneurial ecosystem in East Java
Co-Authors Abdullah Mujaddid Achmad Muharram Ahsani Taqwim Achmad Naufal Hanif Pasaribu Achmat Faridzi Akhmad Afandi Ardiansah Aries Kurniawan Beni Dwi Komara Darul, Achmad Fatarisa Ramadhani Yusuf Fittrotun Nur Afidah Ifahda Pratama Hapsari Indro Kirono Klarista Mayang Sari Maftuh Masyhuri Muhammad Razzaq Yogie Setiawan Muhammad Rosyihuddin Oktafio Rizky Fernanda Rahmat Agus Santoso Rossiana Cendra Kasih Shafa Zurike Salsabilla Tresno Antoko Vembri Aulia Rahmi Vembri Aulia Rahmi