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El Wafa, Faqih
Uinversitas Islam Negeri Antasari Banjarmasin
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Comparative Analysis of Modified Altman Z-Score and Springate Models in Predicting Financial Distress: Evidence from Property Companies Listed on the Indonesia Stock Exchange (2018-2022) Ilham, Muhammad; Asyahri, Yusuf; El Wafa, Faqih; Syaugi, Syaugi; Alfisah, Alfisah
Jurnal Manajemen Bisnis dan Keuangan Vol 7 No 1 (2026): April 2026
Publisher : https://jurnal.binamandiri.ac.id/

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51805/jmbk.v7i1.490

Abstract

This research aims to analyze differences in bankruptcy prediction results using two methods, the Altman Z-Score and Springate, for property companies listed on the Indonesian Stock Exchange during 2018-2022. This type of research is both quantitative and descriptive. Purposive sampling was used; four companies were selected according to the criteria, and those that regularly published their financial reports in 2018-2022 were included as samples in this research. The results show that the Modified Altman Z-Score provides a more realistic assessment of gradual financial deterioration. At the same time, the Springate model is overly sensitive to short-term declines in profitability and tends to overclassify firms as financially distressed during the pandemic. The findings suggest that the Modified Altman Z-Score is a more suitable early warning tool for financial distress in the property sector, with important implications for monitoring working capital and EBIT as key indicators of financial resilience.
Co-Authors Alfisah, Alfisah Anida Yuspa Annisa Anisykurlillah Annisa Mahfuzah ANNISA SAYYID Ansharullah Ansharullah Anwar Hafidzi Ar Ridha, Gt Syifa Noor Asyahri, Yusuf Atika Zahra Badrian Defina Armelia Febriyanti Dwi Jayanti Ratna Kumala Sari ERISSA NILASARI Faridah Faridah Faridah Faridah Hamdan Hamdan Huliyyah Ijati Nor Inayah Ilham Fajar Mariam Mariam Maulana, Satriya Mohd Hatta Md Hani Muhaimin Muhaimin Muhammad Ilham Muhammad Riza Hafizi Muhammad Rizali Muhammad Saleh Nanda, Azra Salsabila Pati Matu Jahra Radiansyah Radiansyah Rahmah Rahmah Rizali, Muhammad Salim, Anisa Diyanti Saputri, Rizki Aulia Satriya Maulana Sitti Rahmasari Syamsiar, Syamsiar Syaugi Syaugi