Comparing The Financial Distress Prediction By Using Altman Zsscore, Springate S-Score And Zmijewski X-Score Models In Tobacco Companies Listed In Indonesia Stock Exchange 2017-2021
Abstract
This research takes the topic of the Comparison of Financial Distress
Predictions Using Altman Z-Score, Springate S-Score and Zmijewski X-Score
Models in Tobacco Companies Listed in Indonesia Stock Exchange. In this case, a
test was conducted to compare the accuracy of the Altman Z-Score, Springate SScore
and Zmijewski X-Score models in predicting the financial distress of
tobacco companies. The sample used saturated sample consisting of 5 companies
with 25 observations in each model. To get the right level of accuracy, the
comparison of the categories of distress or non-stress scores of each financial
distress model with the comparison of ROE and BI rate in the respective year of
each company was carried out using a dummy variable. Through this research, it
is known that the Springate S-Score models were the models with the most
accurate results in predicting financial distress in Tobacco companies listed in the
Indonesia Stock Exchange (IDX) by 80%.
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