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All Journal TOFEDU: The Future of Education Journal
Sukmana, Eka
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Education Languange, Linguistic, Communication & Media Mathematics Other

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The Comparison of the Effectiveness of Bankruptcy Prediction Methods: A Literature Review on Altman, Grover, Springate, and Zmijewski Models Holiawati, Holiawati; Rizanti , Puti Zhafirah; Mariati, Mariati; Sukmana, Eka
The Future of Education Journal Vol 5 No 1 (2026): IN PROGRESS
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah Yayasan Pendidikan Tumpuan Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61445/tofedu.v5i1.1551

Abstract

This study aims to analyze and compare the effectiveness of four bankruptcy prediction models Altman Z-Score, Grover, Springate, and Zmijewski in detecting financial distress within companies for the 2021–2025 period. Employing a scoping review method, this research examines relevant scientific articles published during this timeframe to map which model maintains the most consistent accuracy amidst post-pandemic economic dynamics. The literature analysis indicates that the Altman Z-Score model tends to exhibit the highest precision due to its comprehensive variables, which encompass aspects ranging from liquidity to accumulated profitability. Meanwhile, the Springate and Grover models demonstrate robust performance in assessing operational efficiency, although the Grover model frequently yields more optimistic results. On the other hand, the Zmijewski model was found to have a lower accuracy rate due to its narrow focus on leverage ratios. This study concludes that selecting the appropriate prediction model is crucial for investors and management in implementing early financial risk mitigation. This research recommends the integration of these models tailored to specific industry characteristics to achieve more accurate and credible detection results.
The Capitalization Training for MSMEs Actors in Waringin Jaya Village, Bojonggede Subdistrict, Bogor Regency Ruhiyat, Endang; Sugiyanto, Sugiyanto; Sukmana, Eka; Mariati, Mariati; Hayati, Siti; Muliawati, Kristina Ika
The Future of Education Journal Vol 5 No 1 (2026): IN PROGRESS
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah Yayasan Pendidikan Tumpuan Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61445/tofedu.v5i1.1573

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in the Indonesian economy, contributing significantly to GDP and employment. However, MSMEs, particularly in West Java Province, still face serious challenges, particularly related to financial management and access to capital. Many MSMEs fail due to limited capital and knowledge in financing and preparing simple financial reports. Adequate financial reports are essential for obtaining financing and business expansion. This Community Service (PKM) activity aims to increase the scale of MSME businesses in Waringin Jaya Village, Bojonggede District, Bogor Regency, by providing assistance in accessing capital and preparing simple financial reports. The PKM implementation method involves an initial survey to identify MSME needs, followed by direct assistance using a prepared module. This assistance is divided into four sessions: an explanation of capital access requirements, preparing simple financial reports, preparing simple sales reports, and a question and answer session. The results of the activity indicate that MSMEs gain a better understanding of credit requirements, capital sources, and how to prepare efficient financial reports and simple sales reports. The positive response from participants indicated that the information and insights provided were very helpful in developing their businesses. It is hoped that this increased understanding will facilitate MSMEs' access to capital, enable business expansion, create new jobs, and ultimately support local economic growth.
Co-Authors Hayati, Siti Holiawati, Holiawati Mariati Mariati Muliawati, Kristina Ika Rizanti , Puti Zhafirah Ruhiyat, Endang Sugiyanto -