ANALYSIS OF FINANCIAL DISTRESS PREDICTION IN CONSTRUCTION COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) PERIOD 2016-2018
Nelli Novyarni, Eka Islami Syifa
Sekolah Tinggi Ilmu Ekonomi Indonesia
Abstract
This study aims to analyze the prediction of financial distress in the construction companies listed on the Indonesia Stock Exchange (IDX). This study uses a descriptive qualitative research approach, as measured by the Altman Z- Score, Springate and Zmijewski bankruptcy analysis methods. The data used in this study are secondary data. The population of this study is construction companies listed on the Indonesia Stock Exchange from 2016 to 2018. The sample is determined by the purposive sampling method, with a total sample of 12 companies from 17 companies listed on the Indonesia Stock Exchange, so that the total observations in this study are 36 observations. Data collection techniques using the method of documentation through the site www.idx.co.id and based on information from the various media to find out the current condition of the sample company. The results of this study stated that the prediction of financial distress in accordance with the company-s current reality is the Zmijewski model with the highest accuracy rate of 66.67% and the highest error rate us the Springate model with a percentage of 58,33%.
Keywords: Financial Distress, Altman Z-Score, Springate, Zmijewski, Bankruptcy
Topic: Organizational and accounting system change