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All Journal Reviu Akuntansi, Keuangan, dan Sistem Informasi
Dina nafisah adilah
universitas brawijaya
Economics, Econometrics & Finance

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Penerapan Model Zmijewski Dan Grover Untuk Mempred-iksi Kesulitan Keuangan Pada PT Garuda Indonesia Tbk Periode 2010- 2020 Dina nafisah adilah; Muhammad Tojibussabirin
Reviu Akuntansi, Keuangan, dan Sistem Informasi Vol. 2 No. 1 (2023): Reviu Akuntansi, Keuangan dan Sistem Informasi (REAKSI)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to determine the Financial Distress of PT Garuda Indonesia Tbk between 2010 and 2020 analyzed by Zmijewski’s X-Score and Grover’s G-Score models. The X- Score model utilizes three ratios of the return on assets, debt ratio, and current ratio, and the G- Score model utilizes three ratio calculations of working capital to total assets, earnings before interest and taxes to total assets, and return on assets. This study applies quantitative descriptive analysis involving the secondary data of the company's financial statements. The results indicated that there were company financial condition assessment differences between Zmijewski and Grover’s methods. Zmijewski’s method revealed that in 2010 PT Garuda Indonesia Tbk was in a safe zone condition or not experiencing any Financial Distress, contradicting Grover’s method indicating the opposite condition. The different results occurred as Zmijewski’s method focused on the level of solvency while Grover’s method focused on the level of profitability of the company. The analysis of the two methods concluded that the Financial Distress of PT Garuda Indonesia Tbk was triggered by problematic cash flow, high-risk capital structure due to the loan capital, operational losses and lack of sources of income, poor financial planning, and external factor influence, one of which is inflation.
Co-Authors Muhammad Tojibussabirin