Financial Distress in the Tourism and Leisure Industry: The Accuracy of Altman, Springate, Zmijewski, and Grover Models

This study aims to determine the difference in results and accuracy of Altman, Springate, Zmijewski, and Grover's models in predicting Financial Distress. A quantitative model was applied to this study using a purposive sampling technique with a sample of 35 companies. The object of the research is tourism and leisure industry companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2022 period. The results showed that Grover was the model with the highest accuracy rate of 89%, type error of 11%. Then followed by Altman with an accuracy rate of 80%, type error of 9%, Zmijewski with an accuracy rate of 74%, type error of 26%, and Springate with the lowest accuracy rate of 63% and type error of 37%. So that grover is the most accurate prediction model to predict financial distress in tourism and leisure industry companies listed on the Indonesia Stock Exchange (IDX).