Accountability

Volume 08, Number 01, 2019, 1-16

PREDICTING FINANCIAL DISTRESS USING ALTMAN SCORE, GROVER

SCORE, SPRINGATE SCORE, ZMIJEWSKI SCORE
(CASE STUDY ON CONSUMER GOODS COMPANY)

Hantono1
1
Accounting Study Program, Universitas Prima Indonesia, Jalan Belanga No.1 Simp.Ayahanda Medan,
Sumatera Utara, 20118, Indonesia

Corresponding e-mail: [email protected]

ABSTRACT
This study aims to detect the financial distress on consumer goods companies listing on the
Indonesia Stock Exchange 2013-2017 by using altman score, grover score, springate score,
zmijewski score.The object of this study is all consumer goods companies listing on the
Indonesia Stock Exchange which publishes audited financial statements for fiscal year 2013 -
2017, which amounted to 24 (twenty four) companies. The sampling technique is by using
purposive sampling method where the sample is determined based on certain criteria
determined by the researcher and has limitations in terms of generalization. The sample of
research is 42 (fourty two companies) Data collection method using documentation method
Data analysis technique used is descriptive qualitative analysis using altman score, grover
score, springate score, zmijewski score..
Keywords: altman score, grover score, springate score, zmijewski score, financial distress
JEL Classification: G10, G33

Article info:
Received 8 February 2019
Revised 1 March 2019
Accepted 1 May 2019
Available online 7 May 2019

1. INTRODUCTION
Business competition in the globalization era requires every company to improve their
performance in order to reach the optimized goal. The development of consumer goods
industry can be utilized to view the industrial development nationally. This development can
be seen from the aspect of product quality and industrial performance in general. Consumer
goods company has experienced development both in developed countries and developing
countries, one of which is in Indonesia. With the plentiful advantages of food and beverages
industry, new enterprises keep on emerging. If companies are not able to handle the occuring
change, the volume of business would decrease which would eventually cause bankruptcy.
Brimantyo et.al (2012) claimed that the need of analysis and prediction of financial
condition become highly important, not only towards investors and creditors, but also
towards the company itself in order to evaluate corporate performance. This analysis is
important to ancitipate bankruptcy in the future. Corporate financial condition would show
the level of corporate financial health. Corporate financial health can be known from
analyzing the company’s financial reports. If a company enters financial distress period and
not handled immediately, it would cause bankruptcy. To prevent bankruptcy, various
policies, strategies and assistance, both internal and external, is needed. (Fahmi, 2013: 157-
158). Aziz and Dar (2006) claimed that bankruptcy prediction is an important enhancement
for corporate governance. The economic world has become cautious on the risk involved in
corporate responsibility, especially after the death of giant companies such as WorldCom and
Enron. One of the main objective of Basel II Policy is to minimize credit risks. Various

All articles in Accountability Journal are licensed under a Creative Commons 1

Attribution-NonCommercial 4.0 International License
 Hantono

models has been utilized to predict corporate bankruptcy. These methods has their own
strengths and drawbacks, and choosing among them to an indirect empirical application.
Many literatures make use of financial distress model to predict corporate bankruptcy,
however there are still a few researches comparing which is the better financial distress
prediction to use. Previous researches has been doing comparisons of model accuracy using
several financial distress models, like one conducted by Enny (2014) who, in her research,
concluded that the springate model is the best to apply in transportation companies in
Indonesia due to the high level of accuracy and low error level comparing to the other
models. Reza (2015) in his research, concluded that the best delisting predictor method is the
Altman method which has an accuracy level of 71%, followed by springate having an
accuracy level not far from Altman, which is 70%, and the last is Zmijewski method having
an accuracy level of only 65%. Meita (2016) concludes that Altman Z-score and Springate
model gives a similar level of accuracy in predicting bankruptcy in coal mining company,
with the amount of 88,888%, while the Zmijewski model gives a bankruptcy prediction value
of 66,666%. Fauzan (2017) in his research concluded that Altman Z-Score model has an
accuracy level of 46,67% with error type of 53,33%. Springate and Zmijewski model has an
error level of 100%, therefore both models are not applicable for banking company. The
Grover model has an accuracy level of 100% and error type of 0%.
Edi and May (2018) who conducted a comparison of financial distress model
accuracy, claimed that Altman, Springate, Zmijewski, and Grover model is applicable
towards predicting financial distress. The Springate model is the most suitable prediction
model for financial distress compare to the other models due to having the highest accuracy
level based on coefficient determination testing, which is 69,7%, followed by Grover,
Altman, and Zmijewski. Looking at the difference from the above researches, this research
reviews the difference of Altman Z-score, Springate, Zmijewski and Grover model in
predicting bankruptcy. This research is also conducted to determine the most accurate method
in predicting bankruptcy in consumer goods company listed in Indonesia Stock Exchange.

2. LITERATURE REVIEWS
Financial Distress. Aghajani and Jouzbarkand, M. (2012), bankruptcy is a situation
when a company or a natural person's financial positions low and weak. To the extent that in
practice and legal way they are unable to pay their debts and fulfill their obligations.
According to Rini (2015: 447), financial distress is a financial condition where the corporate
financial condition is unhealthy or in a crisis. Financial distress is a phase of corporate
financial decline before either bankruptcy or liquidation. According to Prihadi (2008: 177),
bankruptcy is a condition where companies are no longer able to pay off their obligation.
Bankruptcy is a condition where a company experiences a financial crisis and no longer able
to operate well.
Altman Score. The equation of Z-Score to predict corporate bankruptcy was first
published by Edward I. Altman in The United States in 1968, used to predict the possibility
of companies going through bankruptcy in two years period. Z-Score model was first
introduced by Edward I. Altman in 1968, claiming that companies with low profitability is
highly potential towards bankruptcy. The method of measuring Altman Z Score variable is as
follows:
Z =1.2Z1 +1.4Z2 +3.3Z3 +0.6Z4 +0.999Z5
where Z1 is working capital divided by total assets, Z2 is retained earnings divided by total
assets; Z3 is earnings before interest and taxes by total assets; Z4 is market capitalization by
book value of liabilities; Z5 is sales by total assets. The criteria of predicting bankruptcy on Z-
Score model, if Z < 1,8; it is included in financial distress company, while if Z is between

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
2
Accountability
Volume 08, Number 01, 2019, 1-16

1,81 and 2,99; it is included in grey area (in a crisis) company, and if Z > 2,99; it is
considered a healthy company (Diakomihalis, 2012).
Grover Score. Grover model is a model created by designing and reassessment
towards Altman Z-score model. Jeffrey S. Grover uses samples accordingly to Altman Z-
score model in 1968 by adding 13 new financial ratio. The samples used are 70 companies,
35 of which experiencing bankruptcy and 35 others do not, between 1982 and 1996. Grover
(2001) in Prihanthini (2013) results in an equation as follows:
G = 1,650X1 + 3,404X2 – 0,016 X3 + 0,057
where X1 is working capital by total assets ; X2 is net profit before interest and tax/total
assets; X3 is return on assets (ROA). Grover model categorized companies in bankruptcy with
the score less than or equal to - 0,02 (Z < -0,02). While the value for companies categorized
as not in bankrupt is 0,01 (Z > 0,01) (Prihanthini & Sari, 2013).
Springate Score. This model was developed in 1978 by Gorgon L.V. Springate.
Springate model is a ratio model using multiple discriminate analysis or MDA to choose 4
out of 19 financial ratio popular in literatures, which are best to differentiate bankrupt and
non-bankrupt sound business. Springate model is as follows:
S = 1.03A + 3.07B + 0.66C + 0.4D
where A is working capital bytotal assets; B is net profit before interest and tax/total assets; C
is net before taxes/current liabilities; D is sales by total assets. Criteria for Springate model
equation are if Z < 0,862 then it is categorized as bankrupt company and if Z > 0,862 then it
is categorized as healthy (Rhomadhona, 2014).
Zmijewski Score. Extension of bankruptcy prediction study was conducted by
Zmijewski (1983) whom added financial ratio validity as corporate financial failure detection
tool. The model successfully developed is as follows:
X = -4,3 – 4,5X1 + 5,7 X2 – 0,004X3
where X1 is return on assets; X2 is debt ratio; X3 is current ratio. Zmijewski (1984) claimed
that companies are considered in distress if the probability is more than 0. In another words,
the value of X is 0. Therefore, cut-off value which applies in this model is 0. This means
companies with the X value more than 0 are predicted with financial distress in the future.
However, companies with the X value below 0 are predicted not to experience financial
distress.
Altman Score Towards Financial Distress. NYU Stern Finance Professor Edward
Altman, developed the Altman Z-score formula in 1967, and it was published in 1968. In
2012, he released an updated version called the Altman Z-score Plus that one can
use to evaluate public and private companies, manufacturing and non manufacturing
companies, and U.S. and non-U.S. companies. One can use Altman Z score Plus to evaluate
corporate credit risk (https://www.investopedia.com/terms/a/altman.asp). Safitra (2013) in
her research showed that there were two companies in a healthy state. For companies
indicated as vulnerable, they need to have increase in sales, revenue, operation expense as
optimized as possible and pay attention to the equity market value. Kurniawanti (2013) in her
research showed that there were three food and beverages company in a healthy state, one
company in grey area and one company in a bankruptcy state. Jefri (2016) in his research in
2012 showed that there was one food and beverages company in a bankruptcy state, in 2013
there was one company in a healthy state turned into grey area and 6 companies always in a
healthy state from 2012-2014. Kakauhe and Pontoh (2017) conducted a research towards the
accuracy of Z-Score method in predicting the bankruptcy of manufacturing company,
consumer goods sector where in general companies indicated are in a healthy state due to
having increase in sales which causes increase in revenue. Besides that, there was an increase
in total assets, both current assets and fixed assets. For companies indicated in the grey area
or having potential towards bankruptcy, and companies indicated in bankruptcy due to

All articles in Accountability Journal are licensed under a Creative Commons 3

Attribution-NonCommercial 4.0 International License
 Hantono

decrease in sales, decrease in corporate assets, retained earnings and earnings before tax and
negative interest, plus loss experienced by the company. Based on the explanation, the
hypothesis are as follows:
H1. Altman significantly affects financial distress prediction.
Grover Towards Financial Distress. Pambekti et al (2014), their research proved
that Grover model can be used in predicting financial distress. Gunawan et al (2017), their
research showed that Grover model is able to predict financial distress. This shows that
financial ratios used in Grover model are able to illustrate a company’s financial distress.
Grover model uses three financial ratio to predict financial distress. Fauzan and Sutiono
(2017), their research showed that Grover model has an accuracy level of 100% with error
type 0%. Therefore, it can be concluded that Grover model is the best to be applied in go
public banking company. Syamni et.al (2018), The bankruptcy prediction models offer
different findings of the performances of the coal mining companies in Indonesia over the
period 2013-2015. The Grover model found the largest number of companies in the healthy
category. Based on the explanation, the hypothesis are as follows:
H2. Grover score has a significant effect in predicting financial distress.
Springate Score Towards Financial Distress. Ben et.al (2015) conducted a research
in property and real estate companies, showing that there were eight companies in the
category of non-bankrupt potential, nine in potential bankrupt, five in changing categories
from bankrupt potential to non-bankrupt potential, five in changing categories from non-
bankrupt potential to bankrupt potential. Meiliawati (2016), her research showed that
Springate and Altman Z Score model has a significant difference in predicting financial distress
potential in cosmetic companies listed in Indonesia Stock Exchange due to the utilization of
different ratio in calculating financial crisis level. The next result shows that Springate model is
the most accurate model in predicting financial distress potential in cosmetic sector listed in
Indonesia Stock Exchange with the accuracy level of 91,66%, where Altman accuracy level is
only 60,41%. This is due to Springate model using Earnings Before Taxes to Current Liabilities
(EBTCL) ratio, in which this ratio is considered more dominant in reflecting cosmetic companies
listed in Indonesia Stock Exchange. Abadi (2017), his research showed that the calculation
result of financial ratio calculated using Springate S-Score between research period 2013-2014,
the result showed that there were 19 property companies indicated bankrupt potential.
Therefore, it can be concluded that there are property sector companies with a potential of
bankruptcy with springate s-score analysis model. Based on the explanation, the hypothesis is
as follows:
H3. Springate Score has a significant effect in predicting financial distress.
Zmijewski X-Score Towards Financial Distress. Hadiand Anggraeni (2008), the
result of Zmijewski model with the significance of the X-Score shows inaccurate. For that
reason, it cannot be used to predict the delisting. The coefficient of determination has value
which is very low that is at only 1.4%. This value indicates the ability of the model to explain
the delisting Zmijewski, while the other of 88.6% is explained by the variables which are not
included in the equation. Abadi (2017), his research showed that the result of financial ratio
calculation calculated using zmijewski x-score between research period 2013-2014, none of
the samples examined are bankrupt potential. Therefore, it can be concluded that there are
none property sector companies potential towards bankruptcy with the zmijewski x-score
model of analysis. Husein (2014), his research showed that Altman, Zmijewski, Springate,
and Grover model can be used to predict financial crisis. However, Zmijewski model is the
best to predict financial crisis due to highest significance level compared to the other models.
Zmijewski model is used for cases emphasizing leverage ratio as financial crisis indicator.
Pambekti et al. (2014) concluded that zmijewski model is the best financial distress

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
4
Accountability
Volume 08, Number 01, 2019, 1-16

prediction model to predict corporate financial distress in the future. Based on the
explanation, the hypothesis is as follows:
H4. Zmijewski X-Score has a significant effect in predicting financial distress.

3. RESEARCH METHOD
Data. There are two variables in this research:
1. Dependent variable. Dependent variable in this research is financial distress.
2. Independent variable. Independent variable in this research is altman, grover score,
springate, and zmijewski model.
Sample. This type of research uses quantitative approach, with a goal to investigaate
certain population or sample. Data used in this research is secondary data in the form of
financial report in consumer goods company which consecutively listed in Indonesia Stock
Exchange year 2013-2017. The population of this research is all consumer goods company
listed in Indonesia Stock Exchange year 2013 – 2017. Sample in this research is obtained
using purposive sampling on consumer goods company year 2013-2017 as follows:

Table 1. Purposive Sampling

No Criteria Amount
Consumer goods company listed in Indonesia Stock Exchange between 2013
1. 42
– 2017
Consumer goods company not publishing financial report consecutively
2. (8)
between 2013 – 2017
3. Consumer goods company not having positive revenue between 2013 – 2017 (10)
Total sample 24

This research uses financial distress as dependent variable, and independent variable
consisting of altman score, grover score, springate score, and zmijewski score. Testing in this
research uses logistic regression analysis, which views the effect of altman score, grover
score, springate score, and zmijewski score towards financial distress. This research uses
quantitative descriptive approach because the data in this research are numbers in the
corporate fiancial report. The goal of descriptive research is to provide researchers history or
to illustrate aspects relevant with attention phenomena of the perspective of someone,
organization, industry or others which then assists researchers to provide ideas for further
researches.
Method of analysis. The method of analysis used in this research is descriptive
analysis. Descriptive research isa method that aims to describe a state of the company
systematically, actual and accurate by collecting data based on data that appear in the
company or organization, where the facts are collected, processed and analyzed so that
further can be taken a Calculation and analysis results of altman score, grover score, springate
score, and zmijewski score all consumer goods company listed in Indonesia Stock Exchange
year 2013 – 2017.

4. RESULTS AND DISCUSSION

4.1. Results
Calculation of Altman Score. Calculation and analysis results of Altman Z-Score of
several samples in consumer goods company listed in Indonesia Stock Exchange year 2013
until 2017.

All articles in Accountability Journal are licensed under a Creative Commons 5

Attribution-NonCommercial 4.0 International License
 Hantono

Table 2. Calculation and Analysis Results of Altman Score method Year 2013
Company Name 1.2 * X1 1.4 *X2 3.3 *X3 0.6 *X4 0.999 *X5 Z Score Information
PT. Kalbe Farma,Tbk 0.5148 0.938 0.726 1.806 1.4086 5.39 Healthy
PT. Mayora Indah,Tbk 0.4692 0.49 0.429 0.408 1.2288 3.02 Healthy
PT. Merek,Tbk 0.7572 0.938 1.089 1.662 1.7083 6.15 Healthy
PT. Sekar Bumi,Tbk 0.162 0.21 0.495 0.402 2.5974 3.87 Healthy
PT. Pyridam Farma,Tbk 0.1788 0.294 0.132 0.69 1.0889 2.38 GreyArea
PT. Siantar Top, Tbk 0.058 0.518 0.297 0.534 1.1489 2.57 GreyArea
PT. Sekar Laut,Tbk 0.1164 0.224 0.165 0.516 1.8681 2.89 GreyArea
Source : Data processing, 2018

On table 2 above, calculation and analysis results of altman score method year 2013
there are four companies in a healthy state or not bankrupt, which are PT. Kalbe Farma
Tbk,PT. Mayora Indah,Tbk ; PT. Merek, Tbk; PT. Sekar Bumi Tbk, where the three
companies in grey area (vulnerable to bankruptcy) are PT. Pyridam Farma Tbk; PT. Siantar
Top Tbk ; PT. Sekar Laut Tbk. PT Mayora Indah Tbk in 2013 was in a healthy state due to
high amount of net working capital and earning before interest and taxes, which indicates the
company’s ability to manage and fulfill their obligation. PT.Sekar Bumi,Tbk in a healthy
state due to high amount of net working capital and earning before interest and taxes, which
indicates the three companies’ ability to manage and fulfill their obligation. PT. Pyridam
Farma,Tbk in 2013 was in the grey area due to low amount of net working capital caused by
an increase of short term debt and there was a huge possibility of problems in fulfilling its
short term obligation, besides that, the low amount of retained earning undefined by the user
would affect the company’s net income. This company engages in production and
development of drugs (pharmacy) and transaction of medical utililties. This was caused by
several factors, including the level of supply and availability of commodity or raw materials,
product consumption level, the development of global economy and rupiah’s depreciation
towards foreign currency. The increase of commodity/raw materials prices and depreciation
of rupiah towards foreign currency would negatively affect the company’s financial position.
PT. Siantar Top,Tbk in 2013 – 2014 was in the grey area due to low amount of net working
capital caused by an increase of short term debt and there was a huge possibility of problems
in fulfilling its short term obligation, besides that, the low amount of retained earning
undefined by the user would affect the company’s net income. Siantar Top mainly engages in
snacks industry, such as noodle (noodle snacks, namely Soba, Spix Mie Goreng, Mie Gemes,
Boyki, Tamiku, Wilco, Fajar, and others), crackers, such as French Fries 2000, Twistko,
Leanet, Opotato, and others, biscuits and wafers (Goriorio, Gopotato, Go Malkist, Brio
Gopotato, Go Choco Star, Wafer Stick, Superman, Goriorio Magic, Goriorio Otamtam, and
others), and candies with various flavors such as DR. Milk, Gaul, Mango, Era Cool, and
others. Besides that, PT.Siantar Top, Tbk also has a printing company through a subsidiary
(PT Siantar Megah Jaya).

Table 3. Calculation and Analysis Results of Altman Score method Year 2014
Company Name 1.2 * X1 1.4 *X2 3.3 *X3 0.6 *X4 0.999 *X5 Z Score Information
PT. Kalbe Farma,Tbk 0.5532 0.994 0.726 2.184 1.38861 5.85 Healthy
PT. Mayora Indah,Tbk 0.3948 0.476 0.165 0.39 1.36863 2.79 Grey Area
PT. Merek,Tbk 0.7848 0.98 0.924 1.956 1.20879 5.85 Healthy
PT. Sekar Bumi,Tbk 0.2244 0.28 0.528 0.534 2.25774 3.82 Healthy
PT. Pyridam Farma,Tbk 0.2088 0.336 0.066 0.768 1.27872 2.66 Grey Area
PT. Siantar Top, Tbk 0.1836 0.546 0.297 0.552 1.26873 2.85 Grey Area
PT. Sekar Laut,Tbk 0.0924 0.182 0.231 0.408 2.01798 3.82 Healthy
Source : Data processing, 2019

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
6
Accountability
Volume 08, Number 01, 2019, 1-16

On table 3 above, calculation and analysis results of altman score method year 2014
there are four companies in a healthy state or not bankrupt, which are PT.Kalbe Farma,Tbk;
PT.Merek,Tbk; and PT.Sekar Bumi,Tbk in a healthy state due to high amount of net working
capital and earning before interest and taxes, which indicates the three companies’ ability to
manage and fulfill their obligation. Where the three companies in grey area (vulnerable to
bankruptcy) are PT. Mayora Indah, Tbk; PT.Pyridam Farma Tbk; PT. Siantar Top,Tbk. PT.
Mayora Indah, Tbk in 2014 the company was indicated in the grey area due to low market
value and high amount of total debt which is the obligation of the company facing its short
and long term issues. PT. Pyridam Farma Tbk (PYFA) in 2013 – 2014 was in the grey area
due to low amount of net working capital caused by an increase of short term debt and there
was a huge possibility of problems in fulfilling its short term obligation, besides that, the low
amount of retained earning undefined by the user would affect the company’s net income.
This company engages in production and development of drugs (pharmacy) and transaction
of medical utililties. This was caused by several factors, including the level of supply and
availability of commodity or raw materials, product consumption level, the development of
global economy and rupiah’s depreciation towards foreign currency. The increase of
commodity/raw materials prices and depreciation of rupiah towards foreign currency would
negatively affect the company’s financial position. PT. Siantar Top,Tbk in 2014 was in the
grey area due to low amount of net working capital caused by an increase of short term debt
and there was a huge possibility of problems in fulfilling its short term obligation, besides
that, the low amount of retained earning undefined by the user would affect the company’s
net income. Siantar Top mainly engages in snacks industry, such as noodle (noodle snacks,
namely Soba, Spix Mie Goreng, Mie Gemes, Boyki, Tamiku, Wilco, Fajar, and others),
crackers, such as French Fries 2000, Twistko, Leanet, Opotato, and others, biscuits and
wafers (Goriorio, Gopotato, Go Malkist, Brio Gopotato, Go Choco Star, Wafer Stick,
Superman, Goriorio Magic, Goriorio Otamtam, and others), and candies with various flavors
such as DR. Milk, Gaul, Mango, Era Cool, and others.

Table 4. Calculation and Analysis Results of Altman Score method Year 2015
Company Name 1.2 * X1 1.4 *X2 3.3 *X3 0.6 *X4 0.999 *X5 Z Score Information
PT. Kalbe Farma,Tbk 0.5592 1.022 0.6534 13.0845 1.2987 16.62 Healthy
PT. Mayora Indah,Tbk 0.4548 0.5712 0.4752 2.7852 1.2987 5.59 Healthy
PT. Merek,Tbk 0.6564 0.945 0.9966 9.2928 1.52847 13.42 Healthy
PT. Sekar Bumi,Tbk 0.0672 0.2968 0.231 2.6994 1.77822 5.07 Healthy
PT. Pyridam Farma,Tbk 0.2712 0.399 0.0924 5.6859 1.35864 7.81 Healthy
PT. Siantar Top, Tbk 0.2004 0.6244 0.396 3.6531 1.31868 6.19 Healthy
PT. Sekar Laut,Tbk 0.0972 0.2282 0.2376 2.2275 1.96803 4.76 Healthy
Source : Data processing, 2019

On table 4 above, calculation and analysis results of altman score method year 2015
there are not companies bankrupt (healthy). PT.Kalbe Farma, Tbk; PT. Mayora Indah, Tbk ;
PT.Merek, Tbk; PT. Sekar Bumi, Tbk; PT. Pyridam Farma, Tbk; PT.Siantar Top, Tbk; PT.
Sekar Laut, Tbk was able to fix the condition and be in a healthy/ not bankrupt state. All the
company was able to fix the condition and be in a healthy/ not bankrupt state. This was due to
the company’s high amount of capital able to repair their management and obligation
fulfillment.

All articles in Accountability Journal are licensed under a Creative Commons 7

Attribution-NonCommercial 4.0 International License
 Hantono

Table 5. Calculation and Analysis Results of Altman Score method Year 2016
Company Name 1.2 * X1 1.4 *X2 3.3 *X3 0.6 *X4 0.999 *X5 Z Score Information
PT. Kalbe Farma,Tbk 0.5712 1.036 0.66 14.883 1.26873 18.42 Healthy
PT. Mayora Indah,Tbk 0.45 0.602 0.462 3.003 1.41858 5.94 Healthy
PT. Merek,Tbk 0.6252 1.008 0.924 11.913 1.38861 15.86 Healthy
PT. Sekar Bumi,Tbk 0.06 0.252 0.099 1.914 1.48851 3.81 Healthy
PT. Pyridam Farma,Tbk 0.324 0.406 0.132 5.643 1.28871 7.79 Healthy
PT. Siantar Top, Tbk 0.186 0.616 0.297 3.267 1.11888 5.48 Healthy
PT. Sekar Laut,Tbk 0.1116 0.182 0.132 3.564 1.45854 5.45 Healthy
Source : Data processing, 2019

On table 5 above, calculation and analysis results of altman score method year 2016
there are not companies bankrupt (healthy). PT.Kalbe Farma, Tbk; PT. Mayora Indah, Tbk ;
PT.Merek, Tbk; PT. Sekar Bumi, Tbk; PT. Pyridam Farma, Tbk; PT.Siantar Top, Tbk; PT.
Sekar Laut, Tbk was able to fix the condition and be in a healthy/ not bankrupt state. All the
company was able to fix the condition and be in a healthy/ not bankrupt state. This was due to
the company’s high amount of capital able to repair their management and obligation
fulfillment.

Table 6. Calculation and Analysis Results of Altman Score method Year 2017
Company Name 1.2 * X1 1.4 *X2 3.3 *X3 0.6 *X4 0.999 *X5 Z Score Information
PT. Kalbe Farma,Tbk 0.564 1.064 0.627 16.83 1.209 20.29 Healthy
PT. Mayora Indah,Tbk 0.498 0.63 0.462 3.201 1.389 6.18 Healthy
PT. Merek,Tbk 0.5448 0.938 0.792 8.745 1.359 12.38 Healthy
PT. Sekar Bumi,Tbk 0.24 0.182 0.033 5.61 1.129 7.19 Healthy
PT. Pyridam Farma,Tbk 0.4212 0.462 0.198 7.062 1.389 9.53 Healthy
PT. Siantar Top, Tbk 0.3012 0.742 0.396 4.752 1.199 7.39 Healthy
PT. Sekar Laut,Tbk 0.1044 0.182 0.132 3.069 1.429 4.92 Healthy
Source : Data processing, 2019

On table 6 above, calculation and analysis results of altman score method year 2016
there are not companies bankrupt (healthy). PT.Kalbe Farma, Tbk; PT. Mayora Indah, Tbk ;
PT.Merek, Tbk; PT. Sekar Bumi, Tbk; PT. Pyridam Farma, Tbk; PT.Siantar Top, Tbk; PT.
Sekar Laut, Tbk was able to fix the condition and be in a healthy/ not bankrupt state. All the
company was able to fix the condition and be in a healthy/ not bankrupt state. This was due to
the company’s high amount of capital able to repair their management and obligation
fulfillment.
Calculation of Grover Score. The result and calculation of Grover Score method,
several samples in consumer goods company listed in Indonesia Stock Exchange year 2013
until 2017.

Table 7. Calculation and Analysis Results of Grover Score method on Variable X1

Year
Company Name G – Score Information
2013 2014 2015 2016 2017
PT. Kalbe Farma,Tbk 0.707 0.76 0.768 0.785 0.775 3.795 Not Bankrupt
PT. Mayora Indah, Tbk 0.645 0.542 0.625 0.618 0.684 3.114 Not Bankrupt
PT. Merek ,Tbk 1.041 1.079 0.902 0.859 0.749 4.63 Not Bankrupt
PT. Sekar Laut, Tbk 0.16 0.127 0.133 0.153 0.143 0.716 Not Bankrupt
PT. Sekar Bumi, Tbk 0.222 0.308 0.092 0.082 0.33 1.034 Not Bankrupt
PT. Unilever Indonesia,Tbk -0.315 -0.29 -0.366 -0.422 -0.399 -1.792 Bankrupt
PT. Multi Bintang Indonesia Tbk -0.014 -0.57 -0.396 -0.306 -0.148 -1.434 Bankrupt
Source : Data processing, 2019

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
8
Accountability
Volume 08, Number 01, 2019, 1-16

On table 7 above, calculation and analysis results of grover score on variable X1

which is Working capital/Total assets, can be seen that there are five companies not
experiencing financial distress which consist of PT.Kalbe Farma, Tbk ; PT. Mayora Indah,
Tbk ; PT.Merek, Tbk ; PT.Sekar Laut, Tbk ; PT. Sekar Bumi, Tbk. The higher this ratio, the
more the company would be avoided from financial distress. In contrast, there were two
companies experiencing financial distress which consist of PT.Unilever, Tbk; PT. Multi
Bintang Indonesia, Tbk.

Table 8. Calculation and Analysis Results of Grover Score method on Variable X2

Year
Company Name G – Score Information
2013 2014 2015 2016 2017
PT. Kalbe Farma,Tbk 0.748 0.748 0.673 0.691 0.663 3.523 Not Bankrupt
PT. Mayora Indah, Tbk 0.442 0.17 0.49 0.483 0.496 2.081 Not Bankrupt
PT. Merek ,Tbk 1.123 0.953 1.028 0.98 0.823 4.907 Not Bankrupt
PT. Sekar Laut, Tbk 0.17 0.238 0.245 0.149 0.146 0.948 Not Bankrupt
PT. Sekar Bumi, Tbk 0.51 0.544 0.238 0.102 0.064 1.458 Not Bankrupt
PT. Unilever Indonesia,Tbk 1.804 1.872 1.691 1.739 1.684 8.79 Not Bankrupt
PT. Multi Bintang Indonesia Tbk 2.995 1.633 1.092 1.974 2.413 10.107 Not Bankrupt
Source : Data processing, 2019

On table 8 above, calculation and analysis results of grover score on variable X2

which is Net profit before interest and tax/Total assets, it can be seen that all consumer goods
companies used as samples not experiencing financial distress, namely PT.Kalbe Farma, Tbk;
PT. Mayora Indah, Tbk ; PT.Merek, Tbk ; PT.Sekar Laut, Tbk ; PT. Sekar Bumi, Tbk.;
PT.Unilever, Tbk; PT. Multi Bintang Indonesia, Tbk. This ratio shows the assets productivity
level in producing revenue before taxes and interests. The higher this ratio, the more the
company would be avoided from financial distress.

Table 9. Calculation and Analysis Results of Grover Score method on Variable X3

Year
Company Name G – Score Information
2013 2014 2015 2016 2017
PT. Kalbe Farma,Tbk -0.0027 -0.003 -0.002 -0.0024 -0.0022 -0.0125 Bankrupt
PT. Mayora Indah, Tbk -0.0016 -0.001 -0.002 -0.0016 -0.0016 -0.0071 Bankrupt
PT. Merek ,Tbk -0.004 -0.004 -0.004 -0.0032 -0.0029 -0.0177 Bankrupt
PT. Sekar Laut, Tbk -0.0005 -0.001 -0.001 -0.0005 -0.0005 -0.003 Bankrupt
PT. Sekar Bumi, Tbk -0.0018 -0.002 -0.001 -0.0003 -0.0002 -0.0051 Bankrupt
PT. Unilever Indonesia,Tbk -0.0064 -0.007 -0.006 -0.0056 -0.0059 -0.0306 Bankrupt
PT. Multi Bintang Indonesia Tbk -0.0104 -0.006 -0.004 -0.0069 -0.0083 -0.035 Bankrupt
Source : Data processing, 2019

On table 9 above, calculation and analysis results of grover score on variable on

variable X3 which is ROA, it can be seen that all consumer goods companies used as samples
are experiencing financial distress, which consist of PT.Kalbe Farma, Tbk ; PT. Mayora
Indah, Tbk ; PT.Merek, Tbk ; PT.Sekar Laut, Tbk ; PT. Sekar Bumi, Tbk.; PT.Unilever, Tbk;
PT. Multi Bintang Indonesia, Tbk. This is due to the companies experiencing loss, therefore
X3 calculation results in negative.
Calculation of Springate Score. The result of calculation and analysis of Springate
Score method towards several samples of consumer goods company listed in Indonesia Stock
Exchange year 2013 until 2017.

All articles in Accountability Journal are licensed under a Creative Commons 9

Attribution-NonCommercial 4.0 International License
 Hantono

Table 10. Calculation and Analysis Results of Springate Score method on variable X1
Year
Company Name S – Score Information
2013 2014 2015 2016 2017
PT. Pyridam Farma ,Tbk 0.15347 0.17922 0.23278 0.2781 0.36153 1 Healthy
PT. Mandon Indonesia ,Tbk 0.36668 0.21424 5.3869 0.44908 0.4429 7 Healthy
PT. Tempo Scan Pacific,Tbk 0.50264 0.45423 0.42745 0.42642 0.42127 2 Healthy
PT. Unilever Indonesia, Tbk -0.19673 -0.1813 -0.2287 -0.2637 -0.2493 -1 Bankrupt
PT. Siantar Top,Tbk 0.05974 0.15759 0.17201 0.15965 0.25853 1 Bankrupt
PT. Sekar Laut, Tbk 0.09991 0.07931 0.08343 0.09579 0.08961 0 Bankrupt
PT. Sekar Bumi, Tbk 0.13905 0.19261 0.05768 0.0515 0.206 1 Bankrupt
Source : Data processing, 2019

On table 10 above, calculation and analysis of springate score method on variable X1

which is Working capital/Total assets. The higher this ratio, the more the company would be
avoided from financial distress. There were three companies not experiencing financial
distress, which consist of PT.Pyridam Farma, Tbk ; PT.Mandon Indonesia,Tbk ; and
PT.Tempo Scan Pacific, Tbk. If Z > 0,862 then the company is categorized as a healthy
company, while there were four companies experiencing financial distress, which consist of
PT.Siantar Top,Tbk ; PT.Sekar Laut, Tbk ; PT.Sekar Bumi, Tbk. Criteria for the springate
model equation is if Z < 0,862 then it is categorized as a bankrupt company.

Table 11. Calculation and Analysis Results of Springate Score method on variable X2
Year
Company Name S – Score Information
2013 2014 2015 2016 2017
PT. Pyridam Farma ,Tbk 0.123 0.061 0.08596 0.1228 0.1842 1 Bankrupt
PT. Mandon Indonesia ,Tbk 0.43 0.368 0.8596 0.307 0.307 2 Healthy
PT. Tempo Scan Pacific,Tbk 0.461 0.399 0.34384 0.307 0.307 2 Healthy
PT. Unilever Indonesia, Tbk 1.627 1.689 1.52579 1.5657 1.5043 8 Healthy
PT. Siantar Top,Tbk 0.276 0.276 0.3684 0.2763 0.3684 2 Healthy
PT. Sekar Laut, Tbk 0.154 0.215 0.22104 0.1228 0.1228 1 Bankrupt
PT. Sekar Bumi, Tbk 0.461 0.491 0.2149 0.0921 0.0307 1 Healthy
Source : Data processing, 2019

On table 11 above, calculation and analysis of springate score method on variable X2

which is Net profit before interest and tax/Total assets. There were five companies not
experiencing financial distress, namely PT. Mandom Indonesia, Tbk; PT.Tempo Scan
Pacific, Tbk ; PT.Unilever Indonesia, Tbk ; PT. Siantar Top, Tbk; and PT. Sekar Bumi,Tbk.
If Z > 0,862 then the company is considered healthy, while there were two companies
experiencing financial distress, namely PT. Pyridam Farma, Tbk and PT.Sekar Laut, Tbk.
Criteria for the springate model equation is if Z < 0,862 then it is categorized as a bankrupt
company.

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
10
Accountability
Volume 08, Number 01, 2019, 1-16

Tabel 12. Calculation and Analysis Results of Springate Score method on variable X3
Year
Company Name S – Score Information
2013 2014 2015 2016 2017
PT. Pyridam Farma ,Tbk 0.112 0.053 0.08184 0.1221 0.284 1 Bankrupt
PT. Mandon Indonesia ,Tbk 0.706 0.323 1.7259 0.6626 0.614 4 Healthy
PT. Tempo Scan Pacific,Tbk 0.403 0.389 0.27456 0.2864 0.244 2 Healthy
PT. Unilever Indonesia, Tbk 0.561 0.587 0.51018 0.5194 0.488 3 Healthy
PT. Siantar Top,Tbk 0.152 0.205 0.27588 0.2574 0.528 1 Healthy
PT. Sekar Laut, Tbk 0.086 0.112 0.11352 0.0977 0.079 0 Bankrupt
PT. Sekar Bumi, Tbk 0.185 0.284 0.11814 0.0429 0.04 1 Bankrupt
Source : Data processing, 2019

On table 12 above, calculation and analysis of springate score method on variable X3

which is Net before taxes/Current liabilities. This ratio is considered able to reflect more on
corporate condition through revenue level, operation expense and debt payment, where the
post is very dominant in determining the springate score value. There were four companies
not experiencing financial distress, namely PT. Mandom Indonesia, Tbk; PT.Tempo Scan
Pacific, Tbk ; PT.Unilever Indonesia, Tbk ; PT. Siantar Top, Tbk. If Z > 0,862 then the
company is considered healthy, while there were three companies experiencing financial
distress, namely PT. Pyridam Farma, Tbk; PT.Sekar Laut, Tbk ; and PT.Sekar Bumi, Tbk.
Criteria for the springate model equation is if Z < 0,862 then it is categorized as a bankrupt
company.

Table 13. Calculation and Analysis Results of Springate Score method on variable X4
Year
Company Name S – Score Information
2013 2014 2015 2016 2017
PT. Pyridam Farma ,Tbk 0.436 0.512 0.5444 0.516 0.556 3 Healthy
PT. Mandom Indonesia ,Tbk 0.552 0.492 0.4444 0.46 0.456 2 Healthy
PT. Tempo Scan Pacific,Tbk 0.504 0.532 0.5204 0.552 0.512 3 Healthy
PT. Unilever Indonesia, Tbk 0.92 0.964 0.9276 0.956 0.868 5 Healthy
PT. Siantar Top,Tbk 0.46 0.508 0.53 0.448 0.48 2 Healthy
PT. Sekar Laut, Tbk 0.748 0.808 0.79 0.584 0.572 4 Healthy
PT. Sekar Bumi, Tbk 1.04 0.904 0.7124 0.596 0.452 4 Healthy
Source : Data processing, 2019

On table 13 above, calculation and analysis of springate score method on variable X4

which is Sales/Total assets. Seven companies not experiencing financial distress, namely PT.
Pyridam Farma, Tbk; PT. Mandom Indonesia, Tbk; PT.Tempo Scan Pacific, Tbk ;
PT.Unilever Indonesia, Tbk ; PT. Siantar Top, Tbk ; PT.Sekar Laut, Tbk ; and PT.Sekar
Bumi, Tbk . If Z > 0,862 then the company is considered a healthy company.
Calculation of Zmijewski Score. The result of calculation and analysis of zmijewski
score method towards several samples of consumer goods company listed in Indonesia Stock
Exchange year 2013 until 2017.

All articles in Accountability Journal are licensed under a Creative Commons 11

Attribution-NonCommercial 4.0 International License
 Hantono

Table 14. Calculation and Analysis Results of Zmijewski Score method on variable X1
Year
Company Name X Score Information
2013 2014 2015 2016 2017
PT. Mayora Indah,Tbk 0.45 0.135 0.495 0.45 0.45 1.98 Healthy
PT. Merek,Tbk 1.125 1.125 0.99 0.9 0.765 4.905 Healthy
PT. Pyridam Farma, Tbk 0.135 0.045 0.045 0.135 0.18 0.54 Healthy
PT. Nippon Indosari Corpindo, Tbk 0.36 0.36 0.405 0.405 0.09 1.62 Healthy
PT. Siantar Top, Tbk 0.315 0.315 0.405 0.315 0.405 1.755 Healthy
PT. Sekar Laut ,Tbk 0.135 0.18 0.225 0.135 0.135 0.81 Healthy
PT. Sekar Bumi,Tbk 0.495 0.585 0.225 0.09 0.045 1.44 Healthy
Source : Data processing, 2019

On table 14 above, calculation and analysis of zmijewski score on variable X1 which

is return on assets from total debt to total assets ratio which affects significantly. Seven
companies is not experiencing financial distress, namely PT.Mayora Indah, Tbk; PT.Merek,
Tbk; PT. Pyridam Farma, Tbk; PT. Nippon Indosari Corpindo, Tbk; PT.Siantar Top, Tbk;
PT. Sekar Laut, Tbk; PT.Sekar Bumi, Tbk.

Table 15. Calculation and Analysis Results of Zmijewski Score method on variable X2
Year
Company Name X Score Information
2013 2014 2015 2016 2017
PT. Mayora Indah,Tbk 3.363 3.42 3.078 3.021 2.85 15.732 Healthy
PT. Merek,Tbk 1.482 1.311 1.482 1.2312 1.539 7.0452 Healthy
PT. Pyridam Farma, Tbk 2.622 2.451 2.052 2.0976 1.767 10.9896 Healthy
PT. Nippon Indosari Corpindo, Tbk 3.192 3.135 3.192 2.8785 2.166 14.5635 Healthy
PT. Siantar Top, Tbk 2.964 2.964 2.679 2.85 2.28 13.737 Healthy
PT. Sekar Laut ,Tbk 3.021 3.363 3.363 2.7246 2.907 15.3786 Healthy
PT. Sekar Bumi,Tbk 3.363 2.964 3.078 3.6024 2.052 15.0594 Healthy
Source : Data processing, 2019

On table 15 above, calculation and analysis of zmijewski score on variable X2 which

is debt ratio from net profit after taxes to total assets which affects significantly. Seven
companies not experiencing financial distress, namely PT.Mayora Indah, Tbk; PT.Merek,
Tbk; PT. Pyridam Farma, Tbk; PT. Nippon Indosari Corpindo, Tbk; PT.Siantar Top, Tbk;
PT. Sekar Laut, Tbk; PT.Sekar Bumi, Tbk.

Table 16. Calculation and Analysis Results of Zmijewski Score method on variable X3
Year
Company Name X Score Information
2013 2014 2015 2016 2017
PT. Mayora Indah,Tbk -0.0098 -0.0083 -0.00946 -0.009 -0.00952 -0.04604 Bankrupt
PT. Merek,Tbk -0.0159 -0.0183 -0.014608 -0.01684 -0.01232 -0.077948 Bankrupt
PT. Pyridam Farma, Tbk -0.0061 -0.0065 -0.007964 -0.00876 -0.01408 -0.043424 Bankrupt
PT. Nippon Indosari Corpindo, Tbk -0.0045 -0.0054 -0.008212 -0.01184 -0.009 -0.038972 Bankrupt
PT. Siantar Top, Tbk -0.0046 -0.0059 -0.006312 -0.0066 -0.01056 -0.033932 Bankrupt
PT. Sekar Laut ,Tbk -0.0049 -0.0047 -0.004768 -0.00524 -0.00504 -0.024668 Bankrupt
PT. Sekar Bumi,Tbk -0.005 -0.0059 -0.00458 -0.0044 -0.00652 -0.02636 Bankrupt
Source : Data processing, 2019

On table 16 above, calculation and analysis of zmijewski score on variable X3 which

is currrent ratio from current assets to current liability which affects significantly. Seven
companies experiencing financial distress, namely PT.Mayora Indah, Tbk; PT.Merek, Tbk;
PT. Pyridam Farma, Tbk; PT. Nippon Indosari Corpindo, Tbk; PT.Siantar Top, Tbk; PT.

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
12
Accountability
Volume 08, Number 01, 2019, 1-16

Sekar Laut, Tbk; PT.Sekar Bumi, Tbk. That all companies experiencing financial distress
where current assets to current liabilities do not affect significantly.
.
4.2. Discussion
The effect of Altman Score Towards Financial Distress. Based on the research on
several samples of consumer goods company used between 2013-2017 with AltmanZ-Score
model using the equation Z =1.2Z1 +1.4Z2 +3.3Z3 +0.6Z4 +0.999Z5, with Z < 1,8; then it is
considered in a financial distress, while if Z is between 1,81 and 2,99; then it is considered in
the grey area (in a critical condition) and if Z > 2,99 then it is considered healthy. Therefore
the results are there were three companies in a healthy condition, namely PT. Kalbe Farma
Tbk, PT. Merek Tbk, PT. Sekar Bumi Tbk where the three companies has a fairly good
financial condition, however in 2013 and 2014 three companies in the grey area (vulnerable
to bankruptcy), namely PT. Pyridam Farma Tbk, PT. Siantar Top Tbk, PT. Sekar Laut Tbk
and one company in the grey area in 2014 is PT. Mayora Indah Tbk. Altman Score model can
be used to predict financial distress, which means accept H1, this result is consistent with
previous researches by Safitra (2013), Kurniawanti (2013), Jefri (2016), Kakauhe and Pontoh
(2017) where in this research the three categories, which are healthy, grey area and financial
distress are almost in every research by three of them.
The Effect of Grover Score Towards Financial Distress. Based on the research on
several samples of consumer goods company used between 2013-2017 with Grover Score
model using the equation G = 1,650X1 + 3,404X2 – 0,016 X3 + 0,057. Grover model
categorizes companies in bankruptcy with score less than or equal to - 0,02 (Z < -0,02).
While the score of companies categorized as non-bankrupt is more than or equal to 0,01 (Z >
0,01). Therefore, the results are in variable X1 which is Working capital/Total assets it can be
seen that there were five companies not in financial distress and two in financial distress.
While in variable X2, none of the samples are in financial distress. On variable X3, all
samples are experiencing financial distress. Grover Score model can be used to predict
financial distress, which means accept H2, this result is consistent to previous researches by
Pambekti et al (2014), Gunawan et al (2017), Fauzan and Sutiono (2017), and Syamni et.al
(2018).
The Effect of Springate Score Towards Financial Distress. Based on the research
on several samples of consumer goods company used between 2013-2017 with Springate
Score model using the equation S = 1.03A + 3.07B + 0.66C + 0.4D. Criteria for the springate
model equation is if Z < 0,862 then it is considered bankrupt and if Z > 0,862 then the
company is considered healthy. Therefore the results are in variable X1 which is Working
capital/Total assets it can be seen that there were three companies not in financial distress and
four in financial distress. While in variable X2, there were five companies not in financial
distress and two in financial distress. In variable X3, there were four companies not in
financial distress and three in financial distress. While in variable X4, all sample companies
not experiencing financial distress. Springate Score model can be used to predict financial
distress, which means accept H3, the result is consistent with previous researches by
Topowijono (2015), Meiliawati (2016), and Abadi (2017).
The Effect of Zmijewski Score Towards Financial Distress. Based on the research
on several samples of consumer goods company used between 2013-2017 with Zmijewski
Score model using the equation X = -4,3 – 4,5X1 + 5,7 X2 – 0,004X3. Criteria for the
zmijewski model is the company is considered in distress if the probability is more than 0. In
another words, the value of X is 0. Therefore, the cut-off value applicable in this model is 0.
This means, companies with X value more than or equal to 0 are predicted to experience
financial distress in the future. In contrast, companies with X value less than 0 are predicted
not to experience financial distress. Therefore obtained in variable X1 which is return on

All articles in Accountability Journal are licensed under a Creative Commons 13

Attribution-NonCommercial 4.0 International License
 Hantono

assets. All companies would not experience financial distress. While in variable X2 which is
debt ratio. All companies also would not experience financial distress and in variable X3
which is current ratio experience the opposite of variable X1 and X2 where all experience
financial distress. Zmijewski Score model can be used to predict financial distress, which
means accept H4, the result is consistent with previous researches by Anggraeni and Hadi
(2008), Husein (2014), Pambekti et al. (2014), and inconsistent with research by Abadi
(2017).

5. CONCLUSION
Based on the results obtained by data analysis, it can be concluded that Altman model
can be used to predict financial distress, Grover model can be used to predict financial
distress, Springate model can be used to predict financial distress, Zmijewski model can be
used to predict financial distress. In this research, there were several limitations which may
affect research results, namely variable used to detect financial distress and it is
recommended to add another model to be able to detect financial distress, for example,
beneish score and other models such as Ohlson, and for the next studies, broadening samples
including financial report of other companies can be conducted in order to prove which
model could detect financial distress.

REFERENCES

Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate
Bankruptcy. The Journal of Finance. Vol 23 No 4.
Aziz, M. Adnan & Humayon A. Dar. (2006). Predicting Corporate Bankcruptcy: Where We
Stand ?. The international journal of business in society, Vol. 6 Iss 1 pp. 18 – 33
Aghajani, V., & Jouzbarkand, M. (2012). The Creation Of Bankruptcy Prediction Model
Using Springate and SAF Models. International Proceedings of Economics
Development and Research. Vol 54 No 2. DOI: 10.7763/IPEDR.
Abadi, Muhammad Taufiq & Nunung Ghoniyah. (2016). Studi Potensi Kebangkrutan pada
Perusahaan Industri Properti yang Go Public di Bursa Efek Indonesia. Jurnal Riset
Bisnis Indonesia, Vol. 13 No. 1 Januari 2016, Hal 91 – 100.
Brimantyo.,Topowijono., & Husaini, A.S. (2012).Penerapan Analisis Altman Z Score
Sebagai Salah Satu Alat Untuk Mengetahui Potensi Kebangkrutan Perusahaan Pada
perusahaan Telekomunikasi Yang Listing di BEI Periode Tahun 2009-2011”. Jurnal
Administrasi Bisnis. Vol 1 No 1.
Ben, Ditiro Alam. et.al. (2015).Analisis Metode Springate (S Score) Sebagai Alat untuk
Memprediksi Kebangkrutan Perusahaan (Studi pada Perusahaan Property & Real
Estate yang listing di Bursa Efek Indonesia pada tahun 2011 – 2013). Jurnal
Administrasi Bisnis (JAB). Vol. 21. No.1. April.
Diakomihalis, M. N. (2012). The Accuracy of Altman’s Models in Predicting Hotel
Bankruptcy. International Journal of Accounting and Financial Reporting. Vol 2 No 2.
Edy & May Tania. (2018). Ketepatan Model Altman, Springate, Zmijewski & Grover dalam
Memprediksi Financial Distress. Jurnal Reviu Akuntansi dan Keuangan.
Fahmi, I. (2013). Analisis Laporan Keuangan. Bandung: Alfabeta.
Fauzan, Hafiz & Fidya Sutiono. (2017). Perbandingan Model Altman Z-Score, Zmijewski,
Springate,dan Grover dalam Memprediksi Kebangkrutan Perusahaan Perbankan
(Studi Kasus Pada BEI Tahun 2011 – 2015). Jurnal Online Insan Akuntan, Vol.2,
No.1, Juni 2017, 49 – 60.

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
14
Accountability
Volume 08, Number 01, 2019, 1-16

Grover, J., & Lavin, A. (2001). Financial Ratios, Discriminant Analysis and The Prediction
of Corporate Bankruptcy: a Service Industry Extension of Altman’s Z-Score Model of
Bankruptcy Prediction. Working Paper. Southern Finance Assosiation Annual
Meeting.
Gunawan, Barbara.et.al.(2017). Perbandingan Prediksi Financial Distress dengan Model
Altman, Grover & Zmijewski. Jurnal Akuntansi dan Investasi. Vol. 18. No.1.
(https://www.investopedia.com/terms/a/altman.asp).
Hadi, Syamsul, and Atika Anggraeni.(2008).Pemilihan Prediktor Delisting Terbaik
(Perbandingan antara The Zmijewski Model, The Altman Model, dan The Springate
Model’, Jurnal Akuntansi dan Auditing Indonesia, Vol. 12, No. 2, pp.1-9.
Husein, M.Fakhri and Galuh Tri Pambekti. (2014). Precision of the models of Altman,
Springate, Zmijewski, and Grover for predicting the financial distress. Journal of
Economics, Business, and Accountancy Ventura Vol. 17, No. 3, December 2014,
pages 405 – 416.
Jefri, (2016), Analisis Prediksi Kebangkrutan menggunakan model Altman Z-Score pada
perusahaan makanan dan minuman di Bursa Efek Indonesia 2012-2014, 1 November
2016.
Kurniawanti, (2013), Analisis Penggunaan Altman Z-Score untuk Memprediksi Potensi
Kebangkrutan Pada Perusahaan Makanan dan Minuman yang terdaftar di Bursa Efek
Indonesia periode 2007-2011, 1 November 2016.
Kakauhe, Anastasya Claudio & Winston Pontoh. (2017). Analisis Model Altman (Z-Score)
dalam mengukur kinerja Keuangan untuk Memprediksi Kebangkrutan pada
Perusahaan Manufaktur Sektor Industri Barang Konsumsi di Bursa Efek Indonesia
(BEI) periode 2010-2014. Jurnal Accountability. Vol.06, Nomor 01. 18 – 27.
Meita, E. (2015). Analisis Penggunaan Metode Altman, Springate, dan Zmijewski dalam
Memprediksi Kebangkrutan Perusahaan Pertambangan Batubara. Jurnal Mahasiswa
UNESA.
Meiliawati, Anggi & Isharijadi. (2016). Analisis Perbandingan Model Springate dan Altman
Z Score Terhadap Potensi Financial Distress (Studi Kasus Pada Perusahaan Sektor
Kosmetik Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Akuntansi dan
Pendidikan, Volume 5, Nomor 1, April 2016.
Prihadi,Toto. (2010). Analisis Laporan Keuangan. Penerbit PPM Manajemen: Jakarta
Prihathini N. & Ratna Sari. (2013). Prediksi kebangkrutan dengan model Grover, Altman, Z
Score, Springate dan Zwijewski pada perusahaan Food and Beverage di Bursa Efek
Indonesia. E Jurnal Akuntansi Universitas Udayana. ISSN 2302-8556.
Pambekti, G. T.et.al. (2014). Analisis Ketepatan Model Altman, Springate, Zmijewski, dan
Grover untuk Prediksi Financial distress (Studi Pada Perusahaan Yang Masuk Dalam
Daftar Efek Syariah Tahun 2009-2012). Disertasi Doktoral, Universitas Islam Negeri
Sunan Kalijaga.
Prabowo, Reza & Wibowo. (2015). Analisis Perbandingan Model Altman Z-Score,
Zmijewski, dan Springate dalam Memprediksi Kebangkrutan Perusahaan Delisting di
BEI Periode 2008 – 2013. Account, Jurnal Akuntansi, Keuangan dan Perbankan.
Volume 1 No.3. Tahun 2015. Politeknik Negeri Jakarta.
Rhomadhona, M. N. (2014). Analisis Perbandingan Kebangkrutan Model Altman, Model
Springate, dan Model Zmijewski Pada Perusahaan yang Tergabung dalam Grup
Bakrie yang Terdaftar di Bursa Efek Indonesia Periode 2010-2012. Jurnal Universitas
Negeri Surabaya.
Sari, Enny Wahyu Puspita. (2014). Penggunaan model Zmijewski, Springate, Altman Z- Score
dan Grover dalam memprediksi kepailitan pada Perusahaan transportasi yang

All articles in Accountability Journal are licensed under a Creative Commons 15

Attribution-NonCommercial 4.0 International License
 Hantono

terdaftar di Bursa Efek Indonesia. Jurnal Mahasiswa. Universitas Dian Nuswantoro.

Semarang.
Safitra, Batara Aldino. et.al(2013). Analisis Metode Altman (Z Score) sebagai Alat Evaluasi
Guna Memprediksi Kebangkrutan Perusahaan (Studi pada Industri Rokok yang
Terdaftar di BEI Periode 2007 – 2011). Jurnal Mahasiswa. Universitas Brawijaya.
Syamni, Ghazali.et.al.(2018). Bankruptcy Prediction Models and Stock Prices of the Coal
Mining Industry in Indonesia. Etikonomi.Volume 17 (1), 2018 : 57 – 68.
Springate, G. L. (1978). Predicting the Possibility of Failure in a Canadian firm.
(Unpublished Thesis). Britisch Columbia, Canada: Simon Fraser University.
Rini, Triastuti (2015). Analisis Komparasi Model Prediksi Financial Distress Altman,
Springate, Grover dan Ohlson Pada Perusahaan Manufaktur yang Terdaftar di Bursa
Efek Indonesia Jurnal Ekonomi Vol XX No 3.
Zmijewski, M. E. (1984). “Methodological Issues Relate to the Estimation of Financial of
Financial Distress Prediction Models”. Journal of Accounting Research.Vol 2.

http://dx.doi.org/10.32400/ja.23354.8.1.2019.1-16
16