PERMANA : Jurnal Perpajakan, Manajemen, dan Akuntansi
Vol 14 No 2 (2022): August

Analysis of Financial Distress with The Altman, Springate, Zmijewski, Grover, and Taffler Models in The Consumer Cyclicals Sector in The Covid-19 Pandemic

Ikwan Mustafa (Universitas Pancasakti Tegal)
Dien Noviany Rahmatika (Universitas Pancasakti Tegal)
Roberto Akyuwen (Universitas Pancasakti Tegal)



Article Info

Publish Date
31 Aug 2022

Abstract

The Covid-19 pandemic has changed the order of the wor­ld economy, which allows for financial distress (fin­a­n­ci­al distress) in a company. This study aims to determine the financial distress condition of companies in the consumer cyclicals sector in 2018-2021 using the Altman, Springate, Zmijewski, Grover, and Taffler models. In addition, to find out the difference in financial distress before the Covid-19 pandemic occurred with during the Covid-19 pandemic and the level of accuracy of each model used. This research is a type of quantitative research using a purposive sampling te­ch­nique so 66 samples were selected. The data used is se­con­dary data, in the form of financial statements for 2018-2021. The results of the study show that there are diffe­ren­ces in each of the financial distress prediction models used. The results of the average difference test (paired simple T-test) from the prediction model used only the Altman model which shows no difference in financial distress conditions before the Covid-19 pandemic occurred during the Covid-19 pandemic. Meanwhile, the Springate, Zmijewski, Grover, and Taffler models show differences in financial distress con­ditions. The accuracy level of the Altman model is 87.88%, Taffler 83.71%, Grover 74.24%, Springate 73.48%, and Zmijewski 68.18%. So it can be concluded that the Alt­man model is the model with the highest level of accuracy in predicting financial distress in the consumer cyclicals sector of companies.

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Journal Info

Abbrev

permana

Publisher

Subject

Economics, Econometrics & Finance Education

Description

Taxation Science Corporate Tax Individual Tax Accounting and Planning Taxes and Business Strategy Taxation Procedures for Estates, Trusts and Partnerships Financial Accounting Taxation Procedures for C Corps and S Corps Payroll and Business Tax Accounting Management Science Marketing Financial ...