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All Journal JURNAL AKTUAL AKUNTANSI KEUANGAN BISNIS TERAPAN (AKUNBISNIS) JAKED Applied Accounting and Management Review
Maria Theresia Heni Widyarti
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education

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Journal : Applied Accounting and Management Review

 1 
Analysis of Financial Distress Potential Using the Zmijewski Method in Coal Mining Subsector Companies Listed on the Indonesia Stock Exchange for the 2019-2023 Period Rosyada, Amalia Amrina Rosyada; Maria Theresia Heni Widyarti; Musyafa Alfarizi
Applied Accounting and Management Review (AAMAR) Vol. 4 No. 1 (2025): APPLIED ACCOUNTING AND MANAGEMENT REVIEW (AAMAR)
Publisher : Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/aamar.v4i1.6345

Abstract

Significant fluctuations in coal prices during the 2019-2023 period impacted the financial performance of coal mining subsector companies listed on the Indonesia Stock Exchange. This condition increased the risk of financial distress, which refers to financial difficulties that could potentially lead to bankruptcy if not properly addressed. This research aims to analyze, determine the accuracy level, and formulate strategies to address potential financial distress in 14 selected companies using the purposive sampling method. This descriptive quantitative research utilizes financial report data from 2019-2023, analyzed using the Zmijewski method, which involves the Return on Assets (ROA), Debt Ratio, and Current Ratio. The results indicate that, on average, companies remained in the non-financial distress category throughout the period. However, two companies, CNKO and DWGL, consistently experienced financial distress. Additionally, AIMS faced financial distress in 2023, BSML in 2019, and CBRE from 2019 to 2021. The accuracy rate of the Zmijewski X-Score method was 77%, with an error rate of 23%. Strategies for addressing financial distress include increasing ROA through operational efficiency, prudent debt management to reduce the Debt Ratio, and managing current liabilities, inventory, and receivables to improve the Current Ratio.
Bankruptcy Prediction Analysis Using The Springate S-Score Method in Automotive and Component Subsector Companies in 2019-2023 Ayu Anggraeni; Maria Theresia Heni Widyarti; Siti Arbainah
Applied Accounting and Management Review (AAMAR) Vol. 4 No. 2 (2025): APPLIED ACCOUNTING AND MANAGEMENT REVIEW (AAMAR)
Publisher : Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/aamar.v4i2.6702

Abstract

This study aims to analyze the financial condition of Automotive and Component Subsector Companies listed on the Indonesia Stock Exchange in 2019-2023. The sample companies used were 10 out of 18 companies taken using purposive sampling techniques. The research method used is quantitative descriptive, which examines secondary data in balance sheets and company income statements. The analysis was carried out using the Springate S-Score Method, which consists of 4 ratios: Working Capital to Total Assets, Earning Before Interest and Tax to Total Assets, Earning Before Tax to Current Liabilities, and Sales to Total Assets. The study results show that, on average, automotive and component subsector companies are in good health or have not gone bankrupt. So, the company needs to maintain its financial condition to avoid bankruptcy.
Co-Authors Alvianita Gunawan Putri Ardian Widiarto Ayu Anggraeni Hapzi Ali Hartono Hartono Iwan Budiyono Jati Handayani Mohamad Hasanudin Musyafa alfarizi Rosyada, Amalia Amrina Rosyada Septian Yudha Kusuma Siti Arbainah Siti Muariya Tutik Dwi Karyanti Zulaika Putri Rokhimah