pdf Revealing Bankruptcy Prediction: Accuracy Comparison of Altman, Springate, and Zmijewski Models on PT Garuda Indonesia

Andi Zulfakar  Yudha; Alyanah Abustam; A. Pandangai  Tenrigau

Authors

Andi Zulfakar Yudha Universitas Fajar Author
Alyanah Abustam Universitas Fajar Author
A. Pandangai Tenrigau Universitas Hasanuddin Author

Keywords:

Bankruptcy, Altman Model, Springate Model , Zmijewski Model

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 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, providing new insights for management, investors, and the government in addressing bankruptcy risks.

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