ANALISIS FINANSIAL DISTRESS PADA PERUSAHAAN OTOMOTIF YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020-2024
Published 2025-09-28
Keywords
- financial distress,
- Altman Z-Score,
- Springate,
- Zmijewski
How to Cite
Abstract
This study aims to analyze the condition of financial distress in automotive companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The analysis employed secondary data derived from audited annual financial statements, which were then processed using three prediction models: Altman Z-Score, Springate, and Zmijewski. Each model was tested to determine its level of accuracy and classification errors in predicting potential financial distress. The research sample consisted of six automotive companies selected through purposive sampling. The findings reveal that the Altman Z-Score and Springate models successfully identified several companies experiencing financial distress as well as those in the grey area. In contrast, the Zmijewski model did not classify any company as distressed but demonstrated the highest accuracy rate of 100% with the lowest error level compared to the other two models. These results indicate that the Zmijewski model is the most reliable tool for predicting the financial stability of automotive companies in Indonesia. The study provides practical implications for investors and corporate management in making investment decisions and developing preventive strategies against bankruptcy
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References
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