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All Journal Jurnal Bisnis Kompetitif
Elfrida, Lusiana
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Social Sciences

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PERBANDINGAN SENSITIVITAS DAN SPESIFISITAS MODEL PREDIKSI KEBANGKRUTAN PADA INDUSTRI PROPERTY DAN REAL ESTATE: PENDEKATAN ALTMAN, GROVER, SPRINGATE, DAN ZMIJEWSKI Aquino, Afvan; Waldelmi, Idel; Elfrida, Lusiana
Jurnal Ekonomi Bisnis Kompetif Vol 4 No 3 (2025): aktor Penentu Minat Pembelian, Kinerja Karyawan, dan Pengelolaan Hubungan Pelangg
Publisher : Komunitas Manajemen Kompetitif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35446/bisniskompetif.v4i3.2717

Abstract

This study examines bankruptcy prediction in property and real estate companies listed on the Indonesia Stock Exchange during 2019–2023 using four models: Altman Z-Score, Grover, Springate, and Zmijewski. The sample consists of 10 firms selected from the IDXPROPERT index. Each model applies different financial ratios: Altman (four ratios), Grover (three ratios), Springate (four ratios), and Zmijewski (three ratios). The findings indicate that, on average, three out of the four methods classify the companies as financially healthy, even during the Covid-19 pandemic. This resilience is supported by strong working capital, substantial recurring income, well-managed debt reflected in favorable Debt-to-Equity and current ratios, and positive operating cash flows. Differences in results, particularly from the Springate model, are attributed to its use of the asset turnover ratio, which is less appropriate for property and real estate firms and more suitable for manufacturing companies, leading to variation in bankruptcy risk classification.
Co-Authors Afvan Aquino idel waldelmi, idel