ANALISIS PERBANDINGAN MODEL ZMIJEWSKI, GROVER, ALTMAN, DAN SPRINGATE UNTUK MEMPREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN SEKTOR PERTANIAN YANG TERDAFTAR DI BEI

Abstract

ABSTRACT Widya Anggraini, NPM : 71190313045, Comparative Analysis of Zmijewski, Grover, Altman, and Springate Models for Predicting Financial Distress in Agricultural Sector Companies Listed on the IDX, Supervised by: Farida Khairani Lubis, SE, M.Si As Advisor I, and Jalilah Ilmiha , S.E., M.Si As Advisor II, Thesis : 2023 This study aims to analyze the comparison model of Zmijewski, Grover, Altman and Springate in predicting financial distress in agricultural sector companies listed on the IDX. The method used in this research is quantitative descriptive analysis. Data from this study uses secondary data obtained from the Indonesia Stock Exchange for the 2018- 2020 period. This study compares 4 analytical models, namely Zmijewski, Grover, Altman Z-Score and Springate and then calculates the level of accuracy and type of error for each model to find out which model has the accuracy in predicting financial distress. Based on the results of financial distress prediction analysis calculations using the Zmijewski model, it is known that there are 2 companies that are indicated to be experiencing financial distress in 3 periods, 4 companies have different results each year and 2 other companies are predicted to be non-financial distress in 3 periods. Meanwhile, in the Grover Model, it is known that there are 6 companies that are indicated to experience financial distress in 3 periods, 1 company has different results each year and 1 other company is predicted to be non-financial distress. In addition, in the Altman model it is known that there are 6 companies that are indicated to experience financial distress in 3 periods, 1 has different results each year and 1 other company is predicted to be non financial distress. And the Springate Model, it is known that there are 7 companies that are indicated to be experiencing financial distress in 3 periods and one other company has different results every year. The results also show that the Zmijewski model is the model with the highest level of accuracy, which is 58.333%, and has the lowest type error, which is 41.667%. Keywords: financial distress, Zmijewski, Grover, Altman, Springate.