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All Journal INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE)
Dewa Gede Wirama
Udayana University

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PREDICTION OF FINANCIAL DISTRESS USING THE ALTMAN AND ZMIJEWSKI MODELS Regita Puji Cahyani; Dewa Gede Wirama
INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE Vol. 3 No. 1 (2025): INTERNATIONAL JOURNAL OF ECONOMIC LITERATURE (INJOLE)
Publisher : Adisam Publisher

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Abstract

This study aims to analyze the prediction of financial distress in all non-financial firms listed on the Indonesia Stock Exchange (IDX) for the period 2021–2023 using the Altman Z-Score Model and the Zmijewski Model, as well as to compare the prediction accuracy levels of both models. Financial distress is a condition in which a firm experiences financial difficulties that may lead to bankruptcy. This study employs a quantitative approach with a descriptive method. The research sample consists of 250 firms determined by stratified random sampling and analyzed using the non-parametric Mann-Whitney test and prediction accuracy testing through the Bootstrapping method. The results show that there is a significant difference between the Altman Model and the Zmijewski Model in predicting financial distress. Furthermore, the Zmijewski Model shows a higher prediction accuracy of 95.1% compared to the Altman Model at 89.6%. These findings are expected to provide theoretical and practical contributions, particularly for decision-making by firm management, investors, and creditors.
Co-Authors Regita Puji Cahyani