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All Journal Al-Kharaj: Journal of Islamic Economic and Business
Lazura, Sofia
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Economics, Econometrics & Finance

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Bankruptcy Prediction Analysis Of Retail Companies Affected by Israeli Boycott Using Altman's Z-Score and Springate Lazura, Sofia; Harahap, Rahmat Daim; Syahbudi, Muhammad
Al-Kharaj: Journal of Islamic Economic and Business Vol. 7 No. 4 (2025): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v7i4.8545

Abstract

This study aims to analyze the potential bankruptcy of retail sub-sector companies affected by the Israeli boycott listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024 using the Altman Z-Score and Springate models. By applying both prediction models and computing financial ratios from the companies' financial statements, this study employs a qualitative approach to evaluate the likelihood of bankruptcy. According to the findings, the Springate model has an accuracy rate of 50% with a 50% mistake rate, whereas the Altman Z-Score model has a higher accuracy rate of 75% with a 25% error rate. The quantity and kind of financial ratios employed, as well as the threshold values that each model applies, affect the variations in prediction outcomes. According to the results, the Altman Z-Score model is better suited to forecast bankruptcy in retail businesses impacted by the boycott. Businesses can use this analysis's insightful findings to identify financial issues early and take proactive steps to preserve their viability. This research contributes by providing useful insights for investors, companies, and policymakers to anticipate financial distress and make better strategic decisions in the retail sector.
Co-Authors Harahap, Rahmat Daim muhammad Syahbudi, muhammad