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The Zmijewski Model as an Early Indicator of Financial Distress in Retail Companies Listed on the Indonesia Stock Exchange Alam, Deni Surya; Mugayat, Ali; Sukartini, Mery
Studi Ilmu Manajemen dan Organisasi Vol 6 No 4 (2026): Januari
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/simo.v6i4.4975

Abstract

Purpose: This study aims to evaluate the effectiveness of the Zmijewski Model as an early warning tool for detecting financial distress in retail companies listed on the Indonesia Stock Exchange. Methodology/approach: The research focuses on 7 companies in the food and staples retailing subsector, using the Zmijewski Model developed in 1984, which includes three financial ratios: current ratio (CR), debt to equity ratio (DER), and return on assets (ROA). The analysis uses annual financial statements, applying a descriptive quantitative approach to calculate and interpret the X-scores. Results/Findings: The results indicate that the Zmijewski Model accurately predicts financial distress. Companies with positive X-scores are at higher risk of financial problems, while those with positive scores are considered stable. Conclusions: The Zmijewski Model proves to be an effective tool in identifying early signs of financial distress using basic financial ratios, aiding managers and investors in making better financial decisions. Limitations: The model does not account for external factors such as market conditions or economic crises, which could impact a company’s financial stability. Contribution: This study contributes to financial management and accounting by demonstrating how a simple model can be utilized to detect financial distress early, benefiting investors, company managers, auditors, and researchers in the field.
Influence of Employee Well-Being and Mental Health on Employee Performance at BULOG, Cirebon City Pratama, Fito Ramdhan; Qodriah, Sari Laelatul; Sukartini, Mery
BIMA Journal (Business, Management, & Accounting Journal) Vol. 6 No. 2 (2025)
Publisher : Perkumpulan Dosen Muda (PDM) Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37638/bima.6.2.1343-1354

Abstract

Purpose: This research investigates the impact of Employee Well-Being and Mental Health on Employee Performance at BULOG in Cirebon City, aiming to examine how these factors affect work outcomes.. Methodology: A quantitative approach was employed, utilizing surveys administered to 49 employees at BULOG Cirebon. The sample size was determined using a saturated sampling technique (census), considering that the total accessible population consisted of only 49 employees, allowing for comprehensive data coverage and minimizing sampling error. The collected data were analyzed using multiple regression to evaluate the relationship between well-being, mental health, and performance. Results: The findings reveal that both Employee Well-Being and Mental Health significantly enhance employee performance. Higher levels of well-being and mental health were associated with increased productivity, better work quality, and greater organizational commitment. Findings: Employee well-being, which includes physical, psychological, and social dimensions, positively influences job satisfaction and performance. Mental health, particularly in terms of stress management, is crucial in mitigating burnout and improving focus. Novelty: This research is distinctive in its investigation of the effects of Employee Well-Being and Mental Health on Employee Performance within BULOG, a government logistics entity in Cirebon, an area that has been relatively under-explored in existing literature. Beyond addressing this contextual gap, the study contributes theoretically by enriching the understanding of how psychological and well-being factors influence performance within public sector organizations, offering insights that extend and refine existing models of employee performance in government logistics settings. Originality: The originality of this study stems from its focus on a public sector organization, BULOG, and its examination of how both physical and psychological aspects of well-being and mental health influence employee performance, offering new insights into human resource management practices in governmental organizations. Conclusion: Fostering a work environment that prioritizes employee well-being and mental health is essential for boosting performance, reducing turnover, and enhancing productivity, especially in high-pressure settings. Type of Paper: Empirical research paper based on quantitative analysis examining the interrelationship between employee well-being, mental health, and performance.