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.
Copyrights © 2026