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ANALYSIS OF COMPANY PERFORMANCE USING ALTMAN Z-SCORE, GROVER, SPRINGATE, AND ZMIJEWSKI MODELS IN INDICATING THE RISK OF BANKRUPTCY FROM CIGARETTE COMPANIES LISTED IN INDONESIA STOCK EXCHANGE 2010-2019 admin, Nindy Belinda B1024171015
Jurnal Manajemen Update Vol 10, No 3 (2021): JURNAL MAHASISWA MANAJEMEN
Publisher : Jurnal Manajemen Update

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Abstract

The backgrounds due to impact from Covid-19 pandemic, increase of tobacco excise rates and illegal cigarettes. Research conducted as an anticipatory step in predicting the risk of bankruptcy that might occur using bankruptcy prediction models, First Altman Z-Score, Grover, Springate, and Zmijewski.. The purposes: 1) Obtain discussion results from 4 models to determine company performance in predicting the risk of bankruptcy 2010-2019, 2) Analyze which prediction model has the most accurate results in accordance with actual conditions of cigarette companies listed on IDX to determine the company performance in indicating bankruptcy risk. The research method are One Sample Kolmogorov-Smirnov, Descriptive Statistical test, and Hypothesis test. The results are that there are significant differences between these models and highest level of accuracy achieved by Zmijewski. 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