ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN METODE ALTMAN Z-SCORE, ZMIJEWSKI DAN SPRINGATE PADA PT GOZCO PLANTATIONS, TBK YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

The research purpose are: 1. To find out the description of financial distress using the Altman Z-Score, Zmijewski and Springate methods at PT Gozco Plantations, Tbk which are listed on the Indonesia Stock Exchange. 2. To find out the most accurate method in measuring financial distress between the Altman Z-Score, Zmijewski and Springate methods at PT Gozco Plantations, Tbk which are listed on the Indonesia Stock Exchange. 3. To find out what factors support this method to be the most accurate in measuring financial distress at PT Gozco Plantations, Tbk which is listed on the Indonesia Stock Exchange. This researce was done by using qualitative and quantitative data. The technique of using the data is done by using the documentation technique. Sources of data used in this study is secondary data obtained from the site www.idx.id. The data analysis technique used is descriptive analysis and comparative analysis. The results of this researce can be concluded as follows: 1. The average Altman Z-Score at PT Gozco Plantations, Tbk during the period 2011-2020 states that the company is in a dangerous zone. 2. The average value of Zmijewski at PT Gozco Plantations, Tbk during the period 2011-2020 states that the company has no potential for bankruptcy. 3. The average value of Springate at PT Gozco Plantations, Tbk during the period 2011-2020 states that the company is bankrupt 4. Factors that cause financial distress using the Altman Z-Score, Zmijewski and Springate methods are working capital, total assets, profit for the year, EBIT, retained earnings, book value of equity, and total debt. 5. The most accurate method in measuring the bankruptcy rate at PT Gozco Plantations, Tbk is the Springate method because the percentage level in the bankruptcy zone is higher at 100% compared to the Altman Z-Score method of 50% and Zmijewski's 20%.