scholarly journals COMPARATIVE ANALYSIS OF ALTMAN Z-SCORE, SPRINGATE, ZMIJEWSKI AND OHLSON MODELS IN PREDICTING FINANCIAL DISTRESS

2020 ◽  
pp. 126-137
Author(s):  
Putri Renalita Sutra Tanjung
Keyword(s):  
Prediction Model ◽  
Financial Distress ◽  
Descriptive Analysis ◽  
Accurate Prediction ◽  
Normality Test ◽  
Significant Difference ◽  
Independent Variable ◽  
Scale Data ◽  
Ohlson Model ◽  
Altman Model

This study aims to determine: (1) whether there is a difference between the Altman model, the Springate model, the Zmijewski model, and the Ohlson model in predicting financial distress. (2) the most accurate prediction model in predicting financial pain on a pharmaceutical company listed in IDX. The type of research is comparative descriptive. The sampling method used purposive sampling with 45 data from 9 pharmaceutical companies listed in IDX. Dependent and Independent variable is measured by ratio scale. Data analysis was performed by descriptive analysis, normality test, and paired sample t-test using SPSS program. Based on the result of these study indicate that : (1) There is a significant difference between the Altman model, the Springate model, the Zmijewski model, and Ohlson model in predicting financial distress, (2) The Altman model is the most accurate prediction model in predicting financial distress. KEYWORDS: Altman, Springate, Zmijewski, Ohlson, Financial Distress

scholarly journals Comparative Analysis of Altman, Springate, and Zmijewski Models in Predicting the Bankruptcy of Retail Companies in Indonesia and Singapore

2021 ◽  
Vol 5 (1) ◽  
pp. 81
Author(s):  
M. Muzanni ◽  
Indah Yuliana
Keyword(s):  
Comparative Analysis ◽  
Prediction Model ◽  
Sampling Method ◽  
Descriptive Analysis ◽  
Purposive Sampling ◽  
Accurate Model ◽  
Normality Test ◽  
Significant Difference ◽  
One Way Anova ◽  
Altman Model

This study aims to determine whether there is a difference in the prediction results between the Altman, Springate, and Zmijewski models and the most accurate prediction model for predicting the bankruptcy of retail companies in Indonesia and Singapore. This research is descriptive quantitative. The sampling method used was purposive sampling with 15 Indonesian retail companies and 15 Singapore retail companies. This study used descriptive analysis, normality test, and One Way ANOVA test using an SPSS program. The results showed that: 1) There are significant differences between the Altman model, Springate model, and Zmijewski model in Indonesian retail companies. 2) There is a significant difference between the Altman model, Springate model, and Zmijewski model in the Singapore retail companies. 3) The most accurate model in predicting the bankruptcy of Indonesian retail companies is the Zmijewski model. 4) The most accurate model in predicting the bankruptcy of Singapore retail companies is the Altman model.

scholarly journals Analysis of Altman Model and Ohlson Model in Predicting Financial Distress of Manufacturing Companies in the Indonesia Stock Exchange

2017 ◽  
Vol 1 (1) ◽  
pp. 51-63
Author(s):  
Elsa Imelda ◽  
Ignacia Alodia
Keyword(s):  
Discriminant Analysis ◽  
Financial Distress ◽  
Stock Exchange ◽  
Logit Analysis ◽  
Net Income ◽  
Manufacturing Companies ◽  
Multiple Discriminant Analysis ◽  
Retained Earnings ◽  
Ohlson Model ◽  
Altman Model

The purpose of this research is to examine the accuracy of the Altman Model and the Ohlson Model in Bankruptcy Prediction.The research population is all companies who are listed on the Indonesian Stock Exchange. The sample of the research is 40 manufacturing companies listed on the Indonesian Stock Exchange in the period of 2010-2014 that are divided into companies with financial distress and those without financial distress.The data analysis technique is the Multiple Discriminant Analysis and Logit Analysis. The Multiple Discriminant Analysis is derived from the Altman Model while the Logit Analysis is derived from theOhlson Model. The results show that the Ohlson Model and the Logit Analysis are more accurate than the Altman Model and the Multiple Discriminant Analysis in predicting bankruptcy of manufacturing firms in the Indonesian Stock Exchange (BEI) in 2010-2014. Also, the results of the study reveal that the ratio of retained earnings to total assets; earning before interest and taxes to total assets; market value of equity to total liabilities; sales to total assets; and debt ratio, return on assets, working capital to total assets and net income were negative in the last two years. Hence constitutes the benchmark for consideration in determining the financial distress of a company.

scholarly journals ANALYSIS FACTOR OF FINANCIAL DISTRESS: AN EVIDENCE OF CABLE SUB SECTOR IN INDONESIA FROM YEAR 2016-2017

2019 ◽  
Vol 7 (1) ◽  
pp. 964-976
Author(s):  
Febricia Frontalin Kumendong ◽  
Francis Hutabarat
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Short Term ◽  
Dependent Variables ◽  
Need To Evaluate ◽  
Two Factors ◽  
Independent Variable ◽  
Cable Company ◽  
Observation Period ◽  
Altman Model

Every company’s goal is to maximize its profit, however with the downturn in 2015 economy, many companies around the world including Cable sub sector companies in Indonesia are wondering their future in 2016-2017, whether they can cope financially or at worst they can fall into financial distress. The purpose of this study is to analyze the factor affecting financial distress in the Cable Sub Sector in the Indonesia Stock Exchange. This method of the study is descriptive using quantitative data from cable sub-sector companies that are listed on the Indonesia Stock Exchange namely Sumi Indo Kabel (IKBI), Jembo Cable Company (JECC), KMI Wire and Cable (KBLI), Kabelindo Murni (KBLM), Supreme Cable Manufacturing and Commerce (SCOO), Voksel Electic (VOKS) with an observation period of  2 years, from 2016-2017. The variables of the study are: solvability and liquidity as independent variable and Financial Distress Altman model as dependent variables. Descriptive statistic, correlation, significant test, and regression are used in the analysis of the data. The results show that solvability ratio averaged above 30% minimum debt standard, the liquidity ratio is averaging above 1 which shows its ability to pay short term debt. And in terms of Financial Distress, Altman Model shows that companies are solvent since the result above the standard 1.81 given. The results showed that there was a significant relationship between Solvency and liquidity towards financial distress with significant value of 0.000 < 0.05 using F-test. The result also shows that out of the two factors analyzed, liquidity is important for the regression model in explaining the variation of bankruptcy potential with significant value at 5%, and solvability is significant at 10%. Thus, the study suggests that the company need to evaluate and monitor its liquidity and debt level in order to avoid distress condition.

scholarly journals Public Opinion on Cultures Changes in Chennai

2019 ◽  
Vol 8 (11) ◽  
pp. 3158-3160
Keyword(s):  
Sample Size ◽  
Sampling Methods ◽  
Descriptive Analysis ◽  
Cultural Changes ◽  
Chi Square ◽  
Financial Gain ◽  
Community Behavior ◽  
Significant Difference ◽  
Independent Variable ◽  
Convenience Sampling

Culture modification may be a term employed in public political affairs that emphasizes the influence of cultural capital on individual and community behavior. it's been generally known as positioning of culture,which suggests the reconstruction of the cultural idea of a society.there is no significant difference between traditional culture and age . The aim to understand about cultural changes in chennai . For research methodology we use discripitive methods is used For the aim of the study ,descriptive analysis .for sampling methods Convenience sampling ways is employed. For Sample size 1480 samples. Independent variable such as Age ,Monthly financial gain,Gender,educational qualifications . Dependent are variable , ancient culture ,Changes in culture ,Social mediaWorship ,traditional ,spending,time,outdoors game.Statisticspercentage analysis ,Chi square ,Correlation ,Independent sample t check ,Anova. the sample size about 1480 .From this research it was found the cultural changes is mainly caused about people forgot of traditional cultures. The main courses of cultural changes is social media .From the research I found cultural changes is mostly increased in the city’s then I give suggestions people want follow traditions culture

scholarly journals Financial Distress Prediction of Airlines Companies

2021 ◽  
Vol 5 (2) ◽  
pp. 3-15
Author(s):  
Afiruddin Tapa ◽  
Nurfarah Lyana Ahmad Razif
Keyword(s):  
Middle East ◽  
Financial Distress ◽  
Descriptive Analysis ◽  
Z Score ◽  
Financial Distress Prediction ◽  
Financial Failure ◽  
Significant Difference ◽  
Distress Prediction ◽  
Score Model ◽  
Significant Model

The purpose of this study is to compare three financial failure models: the Altman Z-Score Model, the Springate Model, and the Zmijewski Model, in terms of predicting financial difficulty among airlines in Asia and the Middle East. Based on the results of this study, it is proven by the result of the analysis done for Airlines in Asia and the Middle East that all the three models have predicted that these companies are in financial distress. But, the Altman Z-Score model is the most significant model to forecast financial distress. Although the models employ different ratios in their analyses, this study demonstrates that there is a substantial difference in the analysis of these three models. Another independent T-test demonstrates that the Altman Z-Score Model and the Zmijewski Model, as well as the Springate Model and the Zmijewski Model, have substantial differences. The study employed a descriptive and comparative analysis method, and this model was created to compare the independent variables. The Altman Z-Score model is the most significant model for predicting the financial failure of enterprises, according to the descriptive analysis in this study. While the comparison findings show a large difference between the Altman Z-Score Model and the Zmijewski Model, there is also a significant difference between the Springate Model and the Zmijewski Model. The Altman Z-Score Model and the Springate Model, on the other hand, imply that there is no significant model.

scholarly journals ANALISIS KOMPARASI MODEL PREDIKSI FINANCIAL DISTRESS ALTMAN, SPRINGATE, GROVER DAN OHLSON PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2013

2018 ◽  
Vol 20 (3) ◽  
pp. 446
Author(s):  
Rini Tri Hastuti
Keyword(s):  
Prediction Model ◽  
Financial Distress ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Bankruptcy Prediction ◽  
Manufacturing Companies ◽  
Test Analysis ◽  
Analysis Techniques ◽  
Kolmogorov Smirnov

This study purpose to determine the most accurate bankruptcy prediction model in order to suitable for use in its application to manufacturing companies in Indonesia, and to determine whether there is a difference Altman models with Springate models, Altman models with Grover models, and Altman models with Ohlson models. Scope of the study is limited to manufacturing industry companies listed on the Indonesia Stock Exchange during the years 2011-2013. This study comparing four bankruptcy prediction model by using statistic descriptive analysis techniques also Kolmogorov-Smirnov normality test and  paired  test  analysis  techniques  sample  t-test with  the  help  of  SPSS  program. Conclusion of this study showed significant differences between the models Altman with Springate models, Altman models with Grover  models, and Altman models with Ohlson models. And the highest level of accuracy achieved by the Grover models.

scholarly journals ANALISIS UJI AKURASI MODEL GROVER, SPRINGATE, DAN ZMIJEWSKI DALAM MEMPREDIKSI KEBANGKRUTAN PERUSAHAAN DELISTED DI BEI

2019 ◽  
Vol 8 (1) ◽  
Author(s):  
Komang Agus Rudi Indra Laksmana ◽  
Ayu Darmawati
Keyword(s):  
Data Analysis ◽  
Prediction Model ◽  
Predictive Model ◽  
Financial Distress ◽  
Bankruptcy Prediction ◽  
Accurate Prediction ◽  
Accuracy Rate ◽  
The Future

This study aimed at analyzing how the results of the Grover, Springate and Zmijewski models predict the bankruptcy of PT Citra Maharlika Nusantara Corpora Tbk for the period of June 2013 - September 2016. This study also aimed at measuring the accuracy of the bankruptcy prediction model and determined which predictive model of the three models was the most accurate. From the data analysis, it was found that Springate model was the most accurate prediction model with 100% accuracy rate to predict the bankruptcy of PT Citra Maharlika Nusantara Corpora Tbk compared to the Grover model with an accuracy rate of 71.48% and Zmijewski model with the lowest accuracy rate of 21.48%. The limitations of this study was this study only carried out in one company, thus in the future it is expected that the model will be tested in more than one company and type of business sector.Keywords: Financial Distress, Grover, Springate, Zmijewski ModelsPenelitian ini bertujuan untuk menganalisis bagaimana hasil dari model Grover, Springate dan Zmijewski dalam memprediksi kebangkrutan PT Citra Maharlika Nusantara Corpora Tbk periode Juni 2013 – September 2016 serta mengukur tingkat akurasi model prediksi kebangkrutan tersebut dan menentukan model prediksi manakah diantara ketiga model tersebut yang paling akurat. Model Springate menjadi model prediksi paling akurat dengan tingkat akurasi 100% untuk memprediksi kebangkrutan PT Citra Maharlika Nusantara Corpora Tbk dibandingakan dengan model Grover dengan tingkat akurasi 71,48% dan model Zmijewski dengan tingkat akurasi paling rendah sebesar 21,48%.Keterbatasan penelitian ini terletak pada pengujian model pada satu perusahaan di satu unit sektor usaha, kedepan bisa dilakukan pengujian pada berbagai jenis sektor usaha.Kata kunci: Financial Distress, Model Grover, Springate, Zmijewski

scholarly journals Analysis of The Bankruptcy of Companies with Altman Model and Ohlson Model

2020 ◽  
Vol 9 (3) ◽  
pp. 243-251
Author(s):  
Andi Septian Najib ◽  
Dwi Cahyaningdyah
Keyword(s):  
Data Analysis ◽  
Financial Distress ◽  
Sampling Method ◽  
Prediction Models ◽  
Stock Exchange ◽  
Bankruptcy Prediction ◽  
Z Score ◽  
Processing Application ◽  
Ohlson Model ◽  
Altman Model

Often companies that have been operating for a certain period forced to disperse because of increased financial distress that caused bankruptcy. There are two models that can be used to predict bankruptcy of companies, that is Altman model (Z-score) and Ohlson model. This study aims to determine the accuracy of the Altman model (Z-Score) and Ohlson's model in predicting bankruptcy of delisting companies in Indonesia Stock Exchange for 2015-2019 period.The population in this study were all of delisting companies in Indonesia Stock Exchange for 2015-2019 period, totaled 17 companies. The number of samples used in this study were 8 companies, by using purposive sampling method. Data analysis used data processing application SPSS version 25. The results showed that accuracy of the Altman model is 58.3%, while the Ohlson model is 79.2%. The conclusion of this research Ohlson model has the highest accuracy that compared to Altman model in predicting bankruptcy at delisting companies in Indonesia Stock Exchange for 2015-2019 period, with accuracy values of Ohlson model is 79.2% and 58.3% for the Altman model. For further researchers, it is expected to increase the number of samples of companies studied and extend the research periods in order to provides more accurate results, and combining the Altman and Ohlson models with other bankruptcy prediction models that can be applied in companies in Indonesia.

Bankruptcy Prediction: SMEs Case Study in Pontianak, Indonesia

2018 ◽  
Vol 3 (1) ◽  
pp. 09-15
Author(s):  
Umiaty Hamzani ◽  
Dinarjad Achmad
Keyword(s):  
Financial Performance ◽  
Financial Distress ◽  
Descriptive Analysis ◽  
Jel Classification ◽  
Bankruptcy Prediction ◽  
Accounting Standard ◽  
Significance Level ◽  
Significant Difference ◽  
Accounting Principle

Objective - This study aims to examine the risk of bankruptcy among SMEs to determine whether there are any significant differences in the financial performance between SMEs that apply accounting standard and those that do not. Methodology/Technique - This research uses a case study method to examine SMEs in the business incubator under the auspices of the Bank Indonesia in Pontianak. Descriptive analysis and independent sample tests are also used in this study. Findings - The results show that neither of the SME groups are predicted bankrupt under the financial distress model. Furthermore, the independent sample tests show that, if using a significance level of 5%, there is no difference in the financial performance of both groups. However, if using a significance level of 10%, there is a significant difference in both groups. Type of Paper: Empirical Keywords: Financial distress model; financial ratios; financial statements; going concern accounting principle; SAK ETAP; SMEs. JEL Classification: G32; G33.

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