Analisis Komparatif Model Altman Z-Score, Grover, Springate, dan Zmijewski Dalam Memprediksi Kebangkrutan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia

Abstract

Companies experiencing prolonged financial distress are more likely to face bankruptcy. Bankruptcy can cause significant losses to various stakeholders, making it essential to have predictive models that provide early warnings. This study aims to analyze whether there are significant differences between the Altman Z-Score model and the Grover model, the Altman Z-Score model and the Springate model, the Altman Z-Score model and Zmjiewski model, the Grover model and the Springate model, the Grover model and the Zmjiewski model, as well as the Springate model and the Zmjiewski model in predicting bankruptcy in banking companies listed on the Indonesia Stock Exchange from 2018 to 2023. The Study population consists of 47 banking companies. The sample selection was conducted using purposive sampling, resulting in a final sample of 44 banking companies that met the specified criteria. Data analysis was performed using a paired sample t-test with assistance of SPSS statistical software and Microsoft Excel. The results indicate significant differences between the Altman Z-Score model and the Grover model, the Altman Z-Score model and the Springate model, the Altman Z-Score model and Zmjiewski model, the Grover model and the Springate model, the Grover model and the Zmjiewski model, and the Springate model and the Zmjiewski model. Among these models, the Grover model demonstrated the highest level of accuracy, followed by the Altman Z-Score model, the Zmijewski model, and finally, the Springate model.