Bankruptcy Prediction of Textile and Garment Sector Companies using Altman Z-Score, Springate, and Zmijewski

Zahra Amini (Universitas Muhammadiyah Palembang, Indonesia)
Fatimah Fatimah (Universitas Muhammadiyah Palembang, Indonesia)
Choiriyah Choiriyah (Universitas Muhammadiyah Palembang, Indonesia)

International Journal of Marketing and Human Resource Research
Vol. 7 No. 3 (2026): International Journal of Marketing & Human Resourches Research

This study aims to analyze bankruptcy prediction using the Altman Z-Score, Springate, and Zmijewski methods, as well as to examine the differences among these three methods in textile and garment sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a quantitative approach using secondary data in the form of financial statements, which were collected through documentation techniques and selected using purposive sampling. The data analysis was conducted using the Altman Z-Score, Springate, and Zmijewski methods, along with ANOVA testing to examine differences in prediction results. The results indicate that all three methods can be used to predict corporate bankruptcy, and there are significant differences in the prediction results among the methods.