Gorontalo Accounting Journal
Volume 9 Issue 2 October 2026

Comparative Analysis of Corporate Bankruptcy Prediction Models

Muhammad Kiki Januar (Unknown)
Rida Perwita Sari (Unknown)



Article Info

Publish Date
01 Oct 2026

Abstract

This study aims to analyze the differences in  bankruptcy prediction results, accuracy rates, and error  rates of the Altman Z-Score Model, Springate Model, Zmijewski Model, and Grover Model, as well as to determine the best model. The study employed a  comparative quantitative method using purposive  sampling, resulting in a sample of 8 companies that had  their shares suspended for more than six months by the  Indonesia Stock Exchange. Data were analyzed using  descriptive statistics, normality tests, homogeneity tests,  the Kruskal-Wallis test, and a confusion matrix. The  results indicate significant differences among the four  models, with a significance level of <0.001. The Altman  Z-Score Model has the highest accuracy rate of 70% and  the lowest error rate of 30%, followed by the Zmijewski  Model at 65%, the Grover Model at 62.5%, and the  Springate Model at 47.5%. These results indicate that the  Altman Z-Score Model is the best model for predicting  the potential bankruptcy of companies whose securities  have been suspended for more than six months by the  Indonesia Stock Exchange.

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Journal Info

Abbrev

gaj

Publisher

Subject

Economics, Econometrics & Finance

Description

Ruang lingkup jurnal ini meliputi (1) Akuntansi Manajemen, (2) Akuntansi Sektor Public, (3) Akuntansi Keuangan, (4) Auditing, (5) Perpajakan, (6) Akuntansi Syariah. serta Bidang Akuntansi ...