Bankruptcy Prediction Analysis with the Altman Z–Score, Springate and Zmijewski Models in Fisheries Sub Sector Companies Listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 Period
DOI:
https://doi.org/10.31933/dijdbm.v4i2.1720Keywords:
Financial Statements, Bankruptcy, Altman Z-score, Springate, Zmijewski, FisheriesAbstract
This article aims to determine the potential for bankruptcy in fisheries sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2019 to 2021. The scope of discussion in this article is financial management. The analytical tool used in this article is the Altman Z-Score, Springate and Zmijewski bankruptcy prediction models. There are three fishing companies that are the object of research in this article, namely PT Era Mandiri Cemerlang, TBK, PT Morenzo Abadi Perkasa, TBK and PT Asia Sejahtera Mina, TBK. From research on the three companies, test results obtained with the Altman Z-Score model, PT Era Mandiri Cemerlang have the potential to experience bankruptcy, PT Morenzo Abadi Perkasa has a gray area condition and PT Asia Sejahtera Mina is in a healthy condition. Test results with the PT Era Mandiri Cemerlang Springate model, TBK is in a state of bankruptcy, while PT Morenzo Abadi Perkasa and PT Asia Sejahtera Mina are in good health. The test results with the Zmijewski model of the three fishing companies are in a sound financial condition and have no potential for bankruptcy. Of the three bankruptcy prediction models, the one with the highest accuracy is the Zmijewski model.
References
Adriansyah, M. 2020. Comparative Analysis of the Altman Z-Scroe, Springate and Zmijewski Methods for Assessing the Potential for Company Bankruptcy in BUMN in the Agricultural Sector. Bogor. Pakistan University.
Aminah & Sanjaya, A. 2020. Bankruptcy Analysis of Banking Companies in Indonesia for the 2001 – 2012 Period (Using the Altman Z-core Mode). Lampung. Bandar Lampung University.
Fahmi, I. 2014. Analysis of Financial Statements. Alphabet.
Harry. 2019. Analysis of Integrated and Comprehensive Edition Financial Statements. PT. Grasindo.
Januri, Eka Nurmala Sari and Armida Diyanti. 2017. The Analysis of the Bankruptcy Potential Comparative by Altman Z-Score, Springate and Zmijewski Methods at Cement Companies Listed in Indonesia Stock Exchange. IOSR Journal of Business and Management (IOSR-JBM). Volume 19. Issue 10. Ver. VI. October. PP 80-87.
Kartikahasi, Hans, et al. 2016. Financial Accounting Based on IFRS-Based SAK. Jakarta.
Peter & Joseph. 2011. Bankruptcy Analysis Using Z-Score Altman, Springate and Zmijewski Methods at PT Indofood Sukses Makmur TBK Period 2005-2009. Scientific Journal of Accounting, 2(6), 1-23.
Priahadi, T. 2011. Financial Statement Analysis Theory and Application: Vol. Jakarta. PPM. Prihadi, T. 2019. Analysis of Concept and Application Financial Statements. Jakarta. Gramedia PT
Prihatini N., M., E., D & Maria. 2013. Bankruptcy Prediction with the Grover Model, Altman Z-Score, Springate and Zmijewski in Food and Beverage Companies on the Indonesia Stock Exchange. Udayana University Accounting E-journal. Vol 5 No. 2.
Rudianto. 2018. IFRS Intermediate Accounting. Erlangga.
Satria, I. 2016. Financial Accounting Module 1. Malikusaleh University.
Sunaryo. 2015. Evaluation of the Level of Accuracy Between the Springate Model and the Altman Model in Predicting the Delisting of Manufacturing Companies Listed on the Indonesia Stock Exchange. Journal of Business Strategy and Execution. 7(2). 155-176. Accounting and Finance Department, Faculty of Economics and Communication, Binus University.
Downloads
Published
Issue
Section
License
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Digital Business Management (DIJDBM) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Digital Business Management (DIJDBM).