Jurnal Ilmiah Satyagraha
Vol 8, No 1 (2025)

ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN METODE FULMER SCORE DAN ZMIJEWSKI SCORE PADA PT GOZCO PLANTATIONS, TBK

Putri, Debi Eka (Unknown)
Ervina, Nelly (Unknown)
Silaen, Musa Fernando (Unknown)
Syahputri, Anggraini (Unknown)
Kesuma, Indrawati Mara (Unknown)



Article Info

Publish Date
29 Jan 2025

Abstract

Abstract - This study aims to analyze the financial distress condition of PT. Gozco Plantations, Tbk using the Fulmer Score and Zmijewski Score methods and determine the more accurate method. The research data are secondary data obtained from the Indonesia Stock Exchange website (www.idx.co.id). The data analysis techniques used are descriptive qualitative and comparative analyses. The results show that: First, the Fulmer Score method indicates that the company was at risk of bankruptcy during the 2014-2023 period due to declining profits, negative operating cash flows and working capital, as well as decreased assets and equity. Second, the Zmijewski Score method indicates that the company was not at risk of bankruptcy due to reduced debts and its ability to generate profits. Third, the Fulmer Score method is more accurate in measuring bankruptcy risk, with 80% of results in the danger zone compared to 20% for the Zmijewski Score.

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Journal Info

Abbrev

satyagraha

Publisher

Subject

Economics, Econometrics & Finance Social Sciences

Description

Jurnal Ilmiah Satyagraha specializes in Economics and is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines. Specifically, the journal will deal with topics, including but not limited to: ...