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Ilma Wulansari Hasdiansa
Fakultas Ekonomi Dan Bisnis, Program Studi Manajemen, Universitas Negeri Makassar
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Analisis Potensi Financial Distress Menggunakan Metode Altman Z-Score, Springate, dan Zmijewski pada Perusahaan Nikel yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024 Aditya Fajri Mustakim; Anwar Anwar; Ilma Wulansari Hasdiansa; Nurman Nurman; Annisa Paramaswary Aslam
OPTIMAL Jurnal Ekonomi dan Manajemen Vol. 5 No. 4 (2025): Desember OPTIMAL: Jurnal Ekonomi dan Manajemen
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/optimal.v5i4.8276

Abstract

This study aims to analyze the potential for financial distress in nickel companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period using three bankruptcy prediction models: Altman Z-Score, Springate, and Zmijewski. The primary focus is to identify nickel companies experiencing potential bankruptcy, compare the prediction outcomes among the three models, and determine which model demonstrates the highest level of accuracy in predicting financial distress. This research employs a quantitative approach with a comparative method, in which the sample consists of nine nickel companies selected through purposive sampling based on specific criteria. The analytical techniques used include the Wilcoxon Signed Rank Test to examine differences in prediction results between the models (Altman–Springate, Altman–Zmijewski, and Springate–Zmijewski) and an Accuracy Test to evaluate which model provides the most reliable predictions. The findings reveal significant differences among the models, indicating that Altman, Springate, and Zmijewski produce predictions that are not entirely consistent across companies, thereby reflecting the inherent strengths and limitations of each approach. Furthermore, the accuracy test results indicate that the Zmijewski model achieves the highest level of accuracy in predicting financial distress among nickel companies during the observation period, followed by the Altman model, while the Springate model demonstrates the lowest accuracy. These results highlight the importance of selecting the most appropriate predictive model when assessing corporate financial health, particularly within the nickel industry, which is characterized by high market volatility and business risks, thus providing valuable insights for companies, investors, and stakeholders in making strategic decisions to mitigate bankruptcy risk and ensure business sustainability.
Co-Authors Abadi, Rahmat Riwayat Adam Ramadhan Aditya Fajri Mustakim Agung Widhi Kurniawan Ahmad Farhan Ahmad Farhan, Ahmad Aisyah Abidin Akmal Hidayat Akmar Akilah Kautsar Al Maududi Bahmar Alim Bahri Amalia Kasim Andi Anggi Kemalasari Andi Anggi Kemalasari Andi Ardiansyah Sonda Andi Muhammad Irfan Andi Mustika Amin Andi Nailah Quin Azisah Alisyahbana Andika Isma Annajmi Rauf Annajmi Rauf Annisa Nur Awalia Annisa Paramaswary Aslam Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Anwar Ramli Anwar Ramli Arvina Nabila Ardhana Ashabul Kahfi Ashabul Kahfi Ashabul Kahfi, Ashabul Aslam, Annisa Paramaswary Badirun Basir Basri Bado Basri Bado Brilianty Sekar Amalia Burhanuddin Burhanuddin Burhanuddin Burhanuddin Burhanuddin Burhanuddin Burhanuddin Chalid Imran Musa Chalid Imran Musa Chalid Imran Musa Chaulidiah Rini Widyastuti Deddy Ibrahim Rauf Deswalantri Deswalantri Deswalantri Deswalantri Eliagus Telaumbanua Elsafitri Elsafitri Eva Yuniarti Utami Eva Yuniarti Utami Fachry Abda El Rahman Fahira Kamilia Salsabila Fajriani Azis Faslul Rahman Hajar Dewantara Hajar Dewantara Halek Mu'min Hardiyanti, Andi Aryani Hasbiah, Siti Hasbiah, Sitti HERY PURNOMO Hety Budiyanti Hety Budiyanti Ika Wahyu Pratiwi Ika Wahyu Pratiwi Ilham Alfian Ramadhan Ramelan Indah Wati Indah Wati Irwandi Isma Azis Riu Isma Azis Riu Johnson, Nur Atifah Septira M. Ikhwan Maulana Haeruddin M. Ikhwan Mualana Haeruddin M. Miftach Fakhri Maizul Rahmizal Malik, A. Jihan Rahmadani Marnoto Marsena Limbong Mas'ud Mas'ud Masdar Ryketeng Mubin, Muh. Ibnu Muh. Ibnu Mubin Muh. Ibnu Mubin Muh. Yushar Mustafa Muh. Yusuf Kholiq M Muhammad Fadel Dinero Muhammad Ilham Wardhana Haeruddin Muhammad Isbar Pratama Muhammad Muhajirin Chinsa Muhammad Rakib Muhammad Zuhdi Muhammad Zuhdi Muhammad Zuhdi Muhlis Muhlis Musa, Muhammad Ichwan Mutmainna, Nur Novarianti Novarianti Novarianti Novarianti Nulthazam Sarah NUR ALAMSYAH Nur Alamsyah Nur Andini Sudirman Nur Andini Sudirman Nur Annisa Nur Fadilah Ayu Sandira Nur Fitri Nurdin Nurhaedah Nurhaedah Nurhaedah Nurhayani Nurhayani Nurman Nurman Nurman Nurul Afiah Almunawarah Nurul Aszizah Adelia Putri Nur Nurul Fadilah Aswar Nurul Fadilah Aswar Petrus Jacob Pattiasina Petrus Jacob Pattiasina Pratiwi, Ika Wahyu Putra, Muh Al Fatah Arief Putri Ramadhani, Putri Putri, Annisa Mawaddah Arief Raudhatul S. Firzanah Rauf, Deddy Ibrahim Regina Regina Regina Reski Aulia Ramadani Rezky Amalia Hamka Rezky Amalia Hamka Ridwan Sya’rani Rima Andhani Riska Fauzia Riyanti, Apriani Rully Arifiansyah Rully Arifiansyah Ruma, Zainal Ryketeng, Masdar Sah, Nurul Alfadiza Siska Handayani Siti Auliyani Saleh Siti Auliyani Saleh Siti Hasbiah Siti Hasbiah Sitti Hasbiah Sitti Hasbiah Sitti Hasbiah Sitti Hasbiah Sitti Hasbiah Sitti Hasbiah Soemarno Hidayatullah. S Soemarno Hidayatullah. S Sopi Sopi Sopi St Halija Sulpiani Sulpiani Sumarsih . . Suyatno Karim Swastika, Alya Syahrul, Khaidir Taslim Dangga Tawe, Amiruddin Tenri Sayu Puspitaningsih Dipoatmodjo Ukie Tukinah Ukie Tukinah, Ukie Uswha Dwi Masrurah Widhi Nugraha S.D. Windarsari, Wiwin Riski Winria Putri Intia Zainal Ruma Zainal Ruma