The Effect Of Altman, Grover And Zmijewski Models In Predicting The Financial Distress Of Coal Companies Listed On The Indonesia Stock Exchange

Melina Melina; Abigail Giantabita  Kalinggo

doi:10.8888/ijospl.v4i1.114

Authors

Melina Melina Universitas Pelita Harapan
Abigail Giantabita Kalinggo Universitas Pelita Harapan

DOI:

https://doi.org/10.8888/ijospl.v4i1.114

Keywords:

Altman model, Grover model, Zmijewski model, Financial Distress

Abstract

This research aims to analyze whether Altman, Grover, and Zmijewski models have a significant effect on predicting the financial distress of coal companies listed on the Indonesia Stock Exchange from 2017 to 2021. The Independent variables used in this research are the Altman, Grover and, Zmijewski models and the dependent variable is financial distress, which is classified as a dummy variable. This research uses descriptive research under a quantitative approach using secondary data based on the audited financial statement of coal companies listed Indonesia Stock Exchange from 2017 to 2021. Using a purposive sampling technique, 18 coal companies were selected, as resulting in a total of 90 observations. The data analysis method used in this research is logistic regression analysis processed through SPSS 26. The result of this research shows that the Altman, Grover, and Zmijewski models do not have a significant effect partially in predicting the financial distress of coal companies listed on the Indonesia Stock Exchange from 2017 to 2021. However, Altman, Grover, and Zmijewski models have a significant effect simultaneously in predicting the financial distress of coal companies on the Indonesia Stock Exchange from 2017 to 2021.

Keywords: Altman model, Grover model, Zmijewski model, Financial Distress

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