Analysis of Financial Distress in Measuring Bankruptcy Before and After The Covid-19 Pandemic
Keywords:Financial Distress, Altman, Springate
The increasing spread of the Covid-19 virus at this time has forced several company sectors to experience setbacks in their operations. This epidemic has had a major impact, especially on the Transportation Sub-Sector Companies because they have to make some adjustments to government regulations such as implementing health protocols and physical restrictions on travel to break the chain of virus spread. The regulation has an impact on the company's revenue decline and the potency to suffer losses that can result in bankruptcy. This study aims to determine the bankruptcy prediction of the Transportation Sub-Sector Companies listed on the IDX before and after the covid-19 pandemic and to find out the most accurate method. The sampling technique used was non-probability sampling with the purposive sampling technique. The method used is descriptive with a quantitative approach. The results of the hypothesis test show that there are differences in predictions between the Altman and Springate models in predicting bankruptcy before and after the covid-19 pandemic. The Altman model is the most accurate prediction with an accuracy rate of 85.75%, while the Springate model has an accuracy rate of 73%. The study focused on companies listed on the IDX and used two bankruptcy measurement models, so researchers are next expected to use the entire company and other existing bankruptcy prediction, models. In addition, some factors beyond the control of researchers, such as economic conditions that cannot be measured. The renewal of previous research is to use two methods of prediction of bankruptcy, different objects, and research time (before and after the covid-19 pandemic).
Dewi Utari, Purwanti, A., & Prawironegoro, D. (2016). Management Accounting: Practical Approach (4th ed.). Mitra Wacana Media.
Hanafi, M. M. (2016). Financial Management (2nd ed.). BPFE-Yogyakarta.
Jonathan, A. (2020). Transportation company's stock performance also fell in the hit by the Covid-19 pandemic? Zonautara.Com, 1. https://zonautara.com/2020/11/12/performa-saham-perusahaan-transportasi-turut-rontok-dihantam-pandemi-covid-19/
Maimunah, & Ali Kesuma. (2020). Accuracy of Zmijewski and Grover Models in Predicting Financial Distress Financial Distress. 01(02), 1–6.
Purnomo, A. F., & Hendratno, H. (2019). Analysis of Bankruptcy Prediction Using Altman Z-Score, Grover, and Zmijewski Methods on Oil and Gas Companies Listed on the Indonesia Stock Exchange For the Period 2013-2017. EProceeding of Management, 6(2), 2143–2148.
Rizkyansyah, K., & Laily, N. (2018). Measurement of Health Levels and Symptoms of Financial Distress With Springate, Zmijewski, dan Grover Methods. Jurnal Ilmu dan Riset Manajemen (JIRM), 7(8), 1–14.
Rudianto. (2013). Management Accounting (1st ed.). Erlangga.
Saputri, H. A., & Krisnawati, A. (2020). International Journal of Multicultural and Multireligious Understanding Comparative Analysis of Modified Altman Z-Score, Springate, Zmijewski, Bankometer, Grover, and RGEC Models for Financial Distress Prediction ( Empirical Study in Banking Companie. International Journal of Multicultural and Multireligious Understanding, 260–278.
Sidabalok Lisnawati, E., Deviyanti Risma, D., & Ginting, Y. L. (2019). Financial Ratio in Predicting The Bankruptcy of Coal Mining Companies. Equity, 20(2). https://pdfs.semanticscholar.org/100e/56b8d5aa80e86d1c85f70271cc37d628fc6a.pdf
Sudrajat, M. A., & Wijayanti, E. (2019). Analysis of Bankruptcy Prediction (Financial Distress) By Comparison of Altman, Zmijewski and Grover Models. Journal of Accounting, 3(2), 166–174
Sumarna, E., Yazid, H., & Ichwanudin, W. (2020). Analysis of Bankruptcy Prediction Models Altman, Zmijewski, Springate and Grover on Industrial Manufacturing Sub-Chemical Sub-Sector Listed In IDX Year 2013 - 2018. 4(2), 109–122.
Syahyunan. (2015). Financial Management Planning, Analysis, and Financial Control (2nd ed.). USU Press.
How to Cite
Copyright (c) 2021 Supitriyani Supitriyani, Yansen Siahaan, Astuti Astuti, Juan Anastasia Putri, Elly Susanti
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Content Licensing, Copyright, and Permissions
International Journal of Theory and Application in Elementary and Secondary School Education has CC-BY NC or an equivalent license as the optimal license for the publication, distribution, use, and reuse of scholarly work for non-commercial purpose. The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial 4.0 International License
Creative Commons License
2. Author’s Warranties
The author warrants that the article is original, written by stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User Rights
International Journal of Theory and Application in Elementary and Secondary School Education objective is to disseminate articles published are as free as possible. Under the Creative Commons license, this journal permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and this journal on distributing works in the journal.
4. Rights of Authors
Authors retain the following rights:
Copyright, and proprietary rights relating to the article, such as patent rights,
The right to use the substance of the article in future own works, including lectures and books, The right to reproduce the article for own purposes, The right to self-archive the article, the right to enter into separate, additional contractual arrangements for the non-exclusive distribution of the article's published version (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal (International Journal of Theory and Application in Elementary and Secondary School Education).
The author has a non-exclusive publishing contract with a publisher and the work is published with a more restrictive license, the author retains all the rights to publish the work elsewhere, including commercially, because she/he is not subject to the conditions of her / his own license, regardless of the type of CC license chosen.
If the article was jointly prepared by other authors, the signatory of this form warrants that he/she has been authorized by all co-authors to sign this agreement on their behalf, and agrees to inform his/her co-authors of the terms of this agreement.
This agreement can be terminated by the author or International Journal of Theory and Application in Elementary and Secondary School Education upon two months’ notice where the other party has materially breached this agreement and failed to remedy such breach within a month of being given the terminating party’s notice requesting such breach to be remedied. No breach or violation of this agreement will cause this agreement or any license granted in it to terminate automatically or affect the definition of International Journal of Theory and Application in Elementary and Secondary School Education.
This agreement entitles the author to no royalties or other fees. To such extent as legally permissible, the author waives his or her right to collect royalties relative to the article in respect of any use of the article by This agreement can be terminated by the author or International Journal of Theory and Application in Elementary and Secondary School Education upon two months’ notice where the other party has materially breached this agreement and failed to remedy such breach within a month of being given the terminating party’s notice requesting such breach to be remedied. No breach or violation of this agreement will cause this agreement or any license granted in it to terminate automatically or affect the definition of International Journal of Theory and Application in Elementary and Secondary School Education or its sublicensee.
International Journal of Theory and Application in Elementary and Secondary School Education will publish the article (or have it published) in the journal if the article’s editorial process is successfully completed and International Journal of Theory and Application in Elementary and Secondary School Education or its sublicensee has become obligated to have the article published. International Journal of Theory and Application in Elementary and Secondary School Education may conform the article to a style of punctuation, spelling, capitalization, referencing and usage that it deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers