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All Journal BAKI (Berkala Akuntansi dan Keuangan Indonesia) Jurnal Ilmiah Ekonomi Islam AKUNSIKA: Jurnal Akuntansi dan Keuangan Jurnal Riset dan Aplikasi: Akuntansi dan Manajemen IIJSE
Hirman, Akhmad Akram
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Journal : BAKI (Berkala Akuntansi dan Keuangan Indonesia)

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FINANCIAL DISTRESS AND INDONESIAN MANUFACTURING STOCK PRICES: A ZMIJEWSKI-GROVER MODEL Hirman, Akhmad Akram; Taskurun; Al Qadri, Andi Ramdan
Berkala Akuntansi dan Keuangan Indonesia Vol. 10 No. 1 (2025): Berkala Akuntansi dan Keuangan Indonesia
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/baki.v10i1.58919

Abstract

This study aims to test and analyze the effect of financial distress on stock prices using two models, namely Zmijewski (1984) and Grover (2001), on manufacturing companies, especially in the textile sector, electronic and computer products, automation and transportation, paper, and chemical products. This research design is Descriptive Statistics. The sample consisted of 53 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2023, with 318 data. The sampling method used is a quantitative descriptive technique. The data analysis method applied is multiple linear regression analysis. The results showed that financial distress, as measured by two models, namely Zmijewski (1984) and Grover (2001), has a significant negative effect on stock prices, where the X-score value has a more significant influence than the G-score in reducing the stock price.
Co-Authors - Hamidah, - Al Qadri, Andi Ramdan Diana Putri Encep Sopandi, Encep HAMIDAH Hamidah . Hutabarat, Devi Natalia Judijanto, Loso Rahman, Zakiyyah Iftinaan Sugeng, Santoso Sukirman, Anna Sutrisna Taskurun Taskurun, Taskurun Wati, Sulaiha