FINANCIAL DISTRESS ANALYSIS AND COMPARISON OF ALTMAN Z-SCORE, SPRINGATE, AND GROVER MODELS AT PT SRITEX FOR THE PERIOD 2019-2023
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Dede Ayu Anisah(1)
Faculty of Economics and Business, Swadaya Gunung Jati University Cirebon
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Laura Natasha Delilah(2)
Faculty of Economics and Business, Swadaya Gunung Jati University Cirebon
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Maiyaliza Maiyaliza(3*)
Faculty of Economics and Business, Swadaya Gunung Jati University Cirebon
(*) Corresponding Author
Keywords:
Financial Distress, Grover, Springate, Altman Z-Score
Abstract
This study looks at how well of the Grover models, Springate, and Altman Z-Score in forecasting financial distress at PT Sritex and how useful they are in the Indonesian textile industry. The approach that was taken was descriptive quantitative, and it made employment of supplementary data from the IDX website from the perspective of financial accounts for the years 2019–2023. The Altman Z-Score model's 0% accuracy indicates its inefficiency, in contrast, the Springate and Grover models both have an accuracy of forty percent. Despite the fact that the most recent two models provide a more realistic representation of the company's current financial status, the prediction error rate is still substantial (type error 60%). This shows that the Altman Z-Score is less reliable, while Springate and Grover are more accurate, although still limited. Therefore, it is not recommended to rely on only one model in assessing a company's financial risk. This research also opens up opportunities for further studies with a wider range of industries to obtain more comprehensive and accurate results.
Keywords: Financial distress, Grover, Springate, Altman Z-Score
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References
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Sari, D. A., & Parulian. (2023). Analisis Perbandingan Metode Altman Z-Score, Springate, dan Zmijewski Dalam Memprediksi Financial Distress Pada Perusahaan Pariwisata dan Rekreasi yang Terdaftar di BEI Periode 2018 – 2022. 12.
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https://doi.org/10.1051/e3sconf/202457103011
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Wulandari, E., & Fauzi, I. (2022). Analisis Perbandingan Potensi Kebangkrutan dengan Model Grover, Altman Z-Score, Springate dan Zmijewski Pada Perusahaan Real Estate dan Property di Bursa Efek Indonesia. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 109–117. https://doi.org/10.47065/ekuitas.v4i1.1743
Zainudin, Z., Hassan, H., Jaafar Sidik, M. H., & Zaini, S. M. (2023). Prediction Financial Distress: The Pro-Technology Technique of Altman Z-Score Model. Journal of Information Technology Management, 15(2), 25–45.
https://doi.org/10.22059/jitm.2023.92334
Anggraeni, R. D. (2021). Analisis Financial Distress Altman Z-Score Dengan Pendekatan Data Mining Pada Perusahaan Manufaktur Subsektor Logam Periode 2018-2020 Yang Terdaftar Di BEI. www.idx.co.id
Ardelia, N., & Purwanto, M. (2023). Pengaruh Determinan Financial Distress Pada Sektor Makanan dan Minuman.
Dewi, H., S., Saputra, D., & Husein, A., R. (2025). Analisis Perbandingan Akurasi Model Prediksi Kebangrutan Antara Model Altman Dan Springate Pada Perusahaan Sektor Pariwisata, Restoran, Dan Hotel Di BEI. Jurnal GeoEkonomi, 16(1), 83–95. https://doi.org/10.36277/geoekonomi.v16i1.547
Dukalang, E., Zamzam, I., Abu, Z., Studi Akuntansi, P., Ekonomi dan Bisnis, F., & Khairun, U. (2024). Analysis of Financial Distress Predictions Using Altman, Zavgren, Fulmer, Ohlson, Taffler, and Ca-Score Models as Early Warning Systems in Manufacturing Companies. 13(1), 81–97. https://doi.org/10.21831/nominal.v13il.65081
Eka, P., M., Nafa, M., N., Syariah, A., & Univ Islam Negeri Kiai Haji Achmad Siddiq Jember, (2024). Strategi Pencegahan Dan Pemulihan Financial Distress UntukMenyelamatkanPerusahaan. Juni, 596–601.
https://doi.org/10.59435/gjmi.v2i6.617
Farha, H. A., & Saniyah, E. Y. (2023). Analisis Perbandingan Model Grover, Zmijewski, Dan Springate Dalam Memprediksi Financial Distress Pada Masa Pandemi Covid-19 (Studi Kasus Pada Perusahaan Sub Sektor Hotel, Restoran, Dan Pariwisata Yang Terdaftar Di Bursa Efek Indonesia Tahun 2020 & 2021).
Fatmawati, A., Ferdawati, Herman, L. A., & Sulastri, R. E. (2023). Analisis Model Grover, Altman, Springate dan Zmijewski Dalam Memprediksi Financial Distress Pada Perusahaan Sektor Transportasi, Logistik, Real Estate, dan Property. Jurnal Politeknik Caltex Riau, 16.
Hutauruk, M. R., Mansyur, M., Rinaldi, M., & Situru, Y. R. (2021). Financial Distress Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. JPS (Jurnal Perbankan Syariah), 2(2), 237–246. https://doi.org/10.46367/jps.v2i2.381
Indriastuti, M., Kartika, I., & Najihah, N. (2021). Financial Distress Prediction: The Ownership Structure and Management Agency Cost. The Indonesian Journal of Accounting Research, 24(02). https://doi.org/10.33312/ijar.514
Irfan, E., A., Tato, M. S., Ni, M., & Studi Manajemen Sekolah Tinggi Ilmu Ekonomi Mujahidin Tolitoli, P. (2022). “Studi Kasus Pada PT. Sepatu Bata Tbk” Bankruptcy Prediction Analysis Using The Altman Z-Score “Case Study at PT. Bata Tbk Shoes.” Economics And Business Management Journal ( EBMJ, 1(3). www.idx.co.id
Irfan, M., Febrianto, R., & Widiastuty, E. (2023). Analisis Pengaruh Intellectual Capital, Struktur Modal, dan Struktur Aset pada Financial Distress. Wessex Astrologer Ltd.
Isa, M., Hamid, A., Efendi, S., Norasyikin, A., Padangsidimpuan, I., Nurdin, J. T. R., Sihitang, K., & Padangsidimpuan, K. (2022). Analisis Rasio Keuangan dalam Memprediksi Kondisi Financial Distress pada Pt Mitra Investindo Tbk. www.idx.co.id.
Kusdiana, Y., Tinaria, L., & Mahaputra Riau, S. (2017). Model Altman’s Z-Score dan Springate Memprediksi Financial Distress Article Informations. www.idx.co.id
Lestari, E. P., Fatimah, & Sunaryo, D. (2022). Analisis Pengaruh Altman Z-Score Metode Pada Kesulitan Keuangan. International Journal of Educational Research & Social Sciences. https://ijersc.org/
Meiske, I., C. & Darwin, B.J. (2021). Analisis Financial Distress Menggunakan Metode Altman Z–Score pada PT. Golden Plantation Tbk. Periode 2014-2018. https://stia-saidperintah.e-journal.id/ppj
Nikmah, S. K., Bhilawa, L., & Harun, H. (2022). Comparison Of Financial Distress In Companies Affected By The Covid-19 Pandemic (Empirical Study Of Hotel, Restaurant, Tourism, And Aviation Sub Sector Companies Listed On The Indonesia Stock Exchange). In Business and Accounting. www.idx.co.id.
Raharjo, B. (2022). Analisa Laporan Keuangan (J. T. Santoso, Ed.; 1st ed.). Yayasan Prima Agus Teknik.
Sari, D. A., & Parulian. (2023). Analisis Perbandingan Metode Altman Z-Score, Springate, dan Zmijewski Dalam Memprediksi Financial Distress Pada Perusahaan Pariwisata dan Rekreasi yang Terdaftar di BEI Periode 2018 – 2022. 12.
Sembiring, S., Waty, H., & Sinaga, C. (2022). Analisis Akurasi Model Altman, Grover, Springate, Zmijewski Dalam Memprediksi Kondisi Financial Distress (Studi Empiris Pada Perusahaan Ritel yang Terdaftar Di Bursa Efek Indonesia. 8(2), 299–311.
Susanti, F., Rasyad, R., & Wardi, J. (2022). Pengaruh Laba Dan Arus Kas Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. 17(2). www.idx.co.id,
Utama, S., & Hamidah, A. (2024). Comparative analysis of financial distress models for Islamic commercial banks: Ohlson, Taffler, Fulmer, Zmijewski, Springate, and Grover. E3S Web of Conferences, 571, 03011.
https://doi.org/10.1051/e3sconf/202457103011
Williem, N., & Ugut, G. S. (2022). Analisis Rasio Keuangan Terhadap Financial Distress Pada Perusahaan Ritel yang Terdaftar di BEI Periode 2013-2019. 5.
Wulandari, E., & Fauzi, I. (2022). Analisis Perbandingan Potensi Kebangkrutan dengan Model Grover, Altman Z-Score, Springate dan Zmijewski Pada Perusahaan Real Estate dan Property di Bursa Efek Indonesia. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 109–117. https://doi.org/10.47065/ekuitas.v4i1.1743
Zainudin, Z., Hassan, H., Jaafar Sidik, M. H., & Zaini, S. M. (2023). Prediction Financial Distress: The Pro-Technology Technique of Altman Z-Score Model. Journal of Information Technology Management, 15(2), 25–45.
https://doi.org/10.22059/jitm.2023.92334
Published
2025-07-22
How to Cite
Anisah, D., Delilah, L., & Maiyaliza, M. (2025). FINANCIAL DISTRESS ANALYSIS AND COMPARISON OF ALTMAN Z-SCORE, SPRINGATE, AND GROVER MODELS AT PT SRITEX FOR THE PERIOD 2019-2023. Journal of Management : Small and Medium Enterprises (SMEs), 18(2), 1225-1235. https://doi.org/10.35508/jom.v18i2.21263
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Articles
