Departemen Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro

Rayendra Tegar Baruna (Departemen Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro)
Endang Kiswara (Departemen Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro)

Diponegoro Journal of Accounting
Volume 15, Nomor 2, Tahun 2026

This study confronts the predictive power of Altman Z-Score, Springate S-Score, and Zmijewski X-Score across 39 automotive observations on the IDX (2022-2024). Both Friedman and Wilcoxon Tests confirm a significant divergence among the models (Sig. 0.000). Strikingly, Zmijewski reigns superior with an 87.18% accuracy rate, followed by Springate at 82.05%. Conversely, the classic Altman model stumbles at a meager 20.51% due to severe Grey Area constraints. However, for risk-averse investors, Springate and Altman yield a flawless 0% Type I Error. Ultimately, Zmijewski’s emphasis on leverage and liquidity offers the most adaptive diagnostic tool for the automotive sector.