Prediksi Financial Distress Dengan Model Altman Z”-Score, Zmijewski X-Score, Springate S-Score, Dan Grover G-Score

Financial distress is a critical phase preceding bankruptcy, often stemming from a range of external and internal factors. This study aims to forecast financial distress within the sub-sector of department store companies listed on the Indonesia Stock Exchange (IDX) during the period of 2019 to 2021. Four prediction models, namely Altman Z-Score, Zmijewski X-Score, Springate S-Score, and Grover G-Score, were employed for this purpose. This research adopts a descriptive approach with a quantitative methodology. Secondary data extracted from the financial reports of the companies serves as the primary data source. The findings of this study underscore the efficacy of each employed model in predicting financial distress, revealing divergent outcomes in the forecasted instances of financial distress across the models. The Altman model identifies one company undergoing financial distress, Zmijewski model highlights two such companies, Springate model anticipates distress in three companies, and Grover model signals distress in two companies. This research underscores that each model yields distinct outcomes in predicting financial distress among department store sub-sector companies in Indonesia, due to disparities in the weighting of prediction model coefficients. Abstrak Financial distress merupakan salah satu tahap sebelum terjadinya kebangkrutan. Financial distress dapat disebabkan oleh berbagai faktor eksternal maupun internal. Penelitian ini bertujuan untuk memprediksi financial distress pada perusahaan sub-sektor department store yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019 - 2021. Empat model prediksi digunakan, yaitu Altman Z-Score, Zmijewski X-Score, Springate S-Score, dan Grover G-Score. Jenis penelitian ini adalah penelitian deskriptif dengan pendekatan kuantitatif. Data sekunder berupa laporan keuangan perusahaan menjadi sumber data dalam penelitian ini. Hasil penelitian menunjukkan bahwa setiap model yang digunakan mampu memprediksi financial distress dengan adanya perbedaan dalam prediksi financial distress perusahaan antar model. Model Altman menunjukkan satu perusahaan yang mengalami financial distress, Zmijewski menunjukkan dua perusahaan, Springate menunjukkan tiga perusahaan, dan Grover menunjukkan dua perusahaan yang mengalami financial distress. Temuan dari penelitian ini menunjukkan bahwa setiap model memiliki hasil yang berbeda dalam memprediksi financial distress pada perusahaan sub-sektor department store di Indonesia akibat perbedaan penitikberatan koefisien model prediksi.