pdf Revealing Bankruptcy Prediction in State-Owned Enterprises: Accuracy Comparison of Altman, Springate, and Zmijewski Models

Andi Zulfakar Yudha PS; Nurbayani Nurbayani; Muhammad Nur; Jimmy  ristianto

Authors

Andi Zulfakar Yudha PS Universitas Fajar Author
Nurbayani Universitas Fajar Author
Muhammad Nur Universitas Muslim Indonesia Author
Jimmy Kristianto Universitas Fajar Author

Keywords:

Perencanaan laba, Target Costing, Cost Volume Profit

Abstract

Research Objectives – This study aims to predict the bankruptcy of PT Garuda Indonesia, Tbk., using the Altman model, the Springate model, and the Zmijewski model.

Method – This research employs a quantitative descriptive method, utilizing the Altman (Z-Score), Springate (S-Score), and Zmijewski (X-Score) models as analytical tools.

Research Findings – The analysis using the Altman, Springate, and Zmijewski models indicates that PT Garuda Indonesia Tbk., was at risk of bankruptcy from 2016 to 2020, with the majority of indicators pointing to financial distress.

Theory and Practical Implications - This study enhances the understanding of bankruptcy prediction models. Practically, Garuda’s management needs to improve efficiency, investors should evaluate risks, and the government should design supportive policies.

Novelty - The novelty of this study lies in the comparative use of three bankruptcy prediction models to analyze PT Garuda Indonesia, Tbk., providing new insights for management, investors, and the government in addressing bankruptcy risks.

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