Comparative Analysis Of The Altman, Ohlson, And Zmijewski Models To Predict Financial Distress During The Covid-19 Pandemic

Nurilen Wuri Santoso(1*), Ratih Kusumawardhani(2), Alfiatul Maulida(3)


(1) Universitas Sarjanawiyata Tamansiswa
(2) Universitas Sarjanawiyata Tamansiswa
(3) Universitas Sarjanawiyata Tamansiswa
(*) Corresponding Author

Abstract


This study analyses financial distress predictions by comparing modified Altman Z-Score, Ohlson O-Score, and Zmijewski X-Score models (Case Study of Companies in the Transportation and Logistics Sector for the 2019-2021 Period). The population in this study is represented by transportation and logistics companies listed on the IDX. The sample collection technique in this study utilizes purposive sampling techniques using predetermined parameters, and as many as 23 companies were obtained as samples. The data used in this study was taken from the company's transportation and logistics financial statements. This research utilizes descriptive statistical tests, normality tests, and accuracy tests of prediction models as hypothesis tests. The results of this study show that the modified Altman Z-Score model is the most accurate model, with an accuracy level of 68.12%.


Keywords


modified Altman Z-Score; Financial Distress; Ohlson O-Score; Zmijewski X-Score

Full Text:

PDF

References


Anwar, M. C. (2020). PHK Sudah Terjadi, Sektor Transportasi Terpuruk Kena Corona. https://www.cnbcindonesia.com/news/20200427110116-4-154631/phk-sudah-terjadi-sektor-transportasi-terpuruk-kena-corona

Cahyani, A. P. R., & Iramani. (2022). Studi Financial Distress Pada Perusahaan Transportasi Dan Logistik Di Indonesia: Pandemi Covid-19 Tidak Berdampak. Jurnal Ilmu Manajemen, 10(4), 1073–1086.

Gitiyarko, V. (2021). PSBB Hingga PPKM, Kebijakan Pemerintah Menekan Laju Penularan Covid-19. Kompaspedia. https://kompaspedia.kompas.id/baca/paparan-topik/psbb-hingga-ppkm-kebijakan-pemerintah-menekan-laju-penularan-covid-19

Gunawan, E., & Debbianita, D. (2022). Analisis Financial Distress pada Perusahaan Sub Industri Penerbangan dan Kereta Api yang Terdaftar di Bursa Efek Indonesia Sebelum dan Sesudah Pandemi Covid-19. Jurnal Akuntansi, 14(1), 112–126. http://journal.maranatha.edu

Gupita, N., Soemoedipiro, S. W., & Soebroto, N. W. (2020). Analisis Perbandingan Model Altman Z-Score , ( Studi Pada Perusahaan Sektor Infrastruktur yang Terdaftar di BEI Periode 2015-2019 ). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan, 3(1), 145–162.

Hafsari, N. A., & Setiawanta, Y. (2021). Analisis Financial Distress Dengan Pendekatan Altman Pada Awal Covid-19 Di Indonesia (Studi Empiris Perusahaan Transportasi Dan Logistik Periode 2019). Jurnal Akuntansi Dan Pajak, 22(01), 394–403. https://doi.org/http://dx.doi.org/10.29040/jap.v22i1.2309

Humairoh, R., Sunarto, S., & Alfasadun. (2022). Analisis Akurasi Model Altman Z-Score, Springate S-Score, Dan Ohlson O-Score Dalam Memprediksi Financial Distress. Jurnal Ilmiah Indonesia p–ISSN:, 7(6), 6865–6880.

Handayani, J. R., Nurcahyono, N., & Saadah, N. (2023, May). Hexagon Fraud: Detection of Fraudulent Financial Statement in Indonesia. In International Conference on Business, Accounting, Banking, and Economics (ICBABE 2022) (pp. 263-276). Atlantis Press.

Kaushik, M., & Guleria, N. (2020). The Impact of Pandemic COVID -19 in Workplace. European Journal of Business and Management, 12(15), 9–18. https://doi.org/10.7176/ejbm/12-15-02

Khairunnisa, S. N. (2020). INACA: Kerugian Maskapai Penerbangan Selama Corona Capai 812 Juta Dollar AS. Kompas.Com. https://travel.kompas.com/read/2020/04/27/180300027/inaca--kerugian-maskapai-penerbangan-selama-corona-capai-812-juta-dollar-as?page=all

Lazuardi, G. (2021). Direktur CPPS: Pemerintah Bertanggungjawab Sediakan Transportasi Umum Aman dan Nyaman Artikel ini telah tayang di TribunBanten.com dengan judul Direktur CPPS: Pemerintah Bertanggungjawab Sediakan Transportasi Umum Aman dan Nyaman. https://banten.tribunnews.com/2021/10/19/direktur-cpps-pemerintah-bertanggungjawab-sediakan-transportasi-umum-aman-dan-nyaman

Lestari, S. S. (2022). Analisis Potensi Kebangkrutan Menggunakan Model Altman, Ohlson, Dan Zmijewski Pada Perusahaan Subsektor Properti Dan Real Estate Yang Terdaftar Di Bei Periode 2017 – 2019. Jurnal Keuangan Negara Dan Kebijakan Publik, 2(1), 96–103.

Lewaru, T. S., & Loupatty, L. G. (2021). Prediction of Financial Distress As The Impact of The Covid-10 Pandemic on Trade, Service and Investment Companies in Indonesia Using Altman Z-Score Discriminant Analysis (Study on the Indonesia Stock Exchange). International Journal of Multi Science, 2(8), 1–20.

Lutfiyyah, I., & Bhilawa, L. (2021). Analisis Akurasi Model Altman Modifikasi (Z”-Score), Zmijewski, Ohlson, Springate Dan Grover Untuk Memprediksi Financial Distress Klub Sepak Bola. Jurnal Akuntansi, 13(1), 46–60.

Marginingsih, R. (2022). Financial Distress Analysis Using The Altman Z-Score Method For Retail Companies During The Covid-19 Pandemic. Enrichment: Journal of Management, 12(2), 1796–1803. www. enrichment.iocspublisher.org%0AFinancial

Panigrahi, A. (2019). Validity of Altman ’ s “ Z ” Score Model in Predicting Financial Distress of Pharmaceutical Companies. Journal Of Economics And Public Policy, IV(1), 65–73. https://ssrn.com/abstract=3326312 65

Piscestalia, N., & Priyadi, M. P. (2019). Analisis Perbandingan Model Prediksi Financial Distress Dengan Model Springate, Ohlson, Zmijewski, Dan Grover. Jurnal Ilmu Dan Riset Akuntansi, 8(6), 1–17.

Purnomo. (2016). Analisis Statistik Ekonomi dan Bisnis Dengan SPSS.

Puro, N., Borkowski, N., Hearld, L., Carroll, N., Byrd, J., Smith, D., & Ghiasi, A. (2019). Financial Distress and Bankruptcy Prediction: Acomparison of Three Financial Distress Prediction Model in Acute Care Hospitals. Journal of Health Care Finance, 1–15. www.HealthFinanceJournal.com

Ramadhian, N. (2020). Pandemi, Jumlah Penumpang Pesawat di Indonesia Turun Drastis. Kompas.Com. https://travel.kompas.com/read/2020/12/17/151800227/pandemi-jumlah-penumpang-pesawat-di-indonesia-turun-drastis

Seto, A. A. (2022). Altman Z-Score Model , Springate , Grover , Ohlson and Zmijweski to Assess the Financial Distress Potential of PT . Garuda Indonesia Tbk During and After the Covid-19 Pandemic. Enrichment: Journal of Management, 12(5), 3819–3826. www.enrichment.iocspublisher.org

Stankevičienė, J., & Prazdeckaitė, G. (2021). Analysis of the accuracy of bankruptcy prediction models: the case of Lithuanian companies. Science and Studies of Accounting and Finance: Problems and Perspectives, 15(1), 44–53. https://doi.org/https://doi.org/10.15544/ssaf.2021.05

Sudrajat, M. A., & Wijayanti, E. (2019). Analisis Prediksi Kebangkrutan (Financial Distress) Dengan Perbandingan Model Altman, Zmijewski Dan Grover. Inventory : Jurnal Akuntansi, 3(2), 116–129.

Sugiyono. (2016). Metode Penelitian Kombinasi. Alfabeta.

Toly, A. A., Permatasari, R., & Wiranata, E. (2019). The Effect of Financial Ratio ( Altman Z-Score ) on Financial Distress Prediction in Manufacturing Sector in Indonesia 2016-2018. Economics, Business and Management Research, 144(Afbe 2019), 47–53. http://creativecommons.org/licenses/by-nc/4.0/. 47

Widiasmara, A., & Rahayu, H. C. (2019). Perbedaan Model Ohlson, Model Taffler Dan Model Springate Dalam Memprediksi Financial Distress. Inventory : Jurnal Akuntansi Vol., 3(2), 141–158.

Zidane, M. M., & Tojibussabirin, M. (2022). An Analysis of Altman, Zmijewski, Grover, Ohlson, and Springate Models in Predicting Financial Distress (A Case Study on PT Garuda Indonesia (Persero) Tbk in 2010-2020). Reviu Akuntansi, Keuangan, Dan Sistem Informasi, 1(2), 34–42. https://doi.org/http://dx.doi.org/10.21776/reaksi.2022.01.2.01.


Article Metrics

Abstract view : 66 times
PDF - 1 times

DOI: https://doi.org/10.26714/mki.14.1.2024.13-21

Refbacks

  • There are currently no refbacks.


 -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang 
ISSN 2087-2836 (print) | ISSN 2580-9482 (online)
Organized by Department of Accounting, Faculty of Economic and Business, Universitas Muhammadiyah Semarang, Semarang, Indonesia
Published by Program Studi Akuntansi Universitas Muhammadiyah Semarang
W : https://jurnal.unimus.ac.id/index.php/MAX
E : [email protected], [email protected]

Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang is licensed under a Creative Commons Attribution Attribution-NonCommercial-NoDerivatives 4.0 International License.