ANALISIS FINANCIAL DISTRESS DALAM MENGUKUR KEBANGKRUTAN DENGAN MENGGUNAKAN METODE ALTMAN Z-SCORE, SPRINGATE SCORE DAN ZAVGREN PADA PT GARUDA INDONESIA TBK

Abstract

This research aims to: 1) To determine the description of financial distress at PT Garuda Indonesia Tbk using the Altman Z-Score, Springate Score, and Zavgren methods, 2) To determine the factors that cause financial distress as measured by the Altman Z-Score, Springate Score, and Zavgren methods, 3) To find out the right method in measuring the level of financial distress at PT Garuda Indonesia Tbk. The research was conducted with qualitative and quantitative data. The following are the results of the study: 1. The average Altman Z-Score value during the 2018-2022 period identifies the company as being in a dangerous zone, 2. The average Springate Score value in 2018-2022 identifies the company as being in a state of bankruptcy, 3. The average Zavgren value in 2018-2022 identifies the company as experiencing bankruptcy. 4. Factors that cause financial distress using the Z-Score, Springate Score, and Zavgren methods are not being able to have positive net working capital, the company is more funded using debt while the equity value owned by the company is negative, the company has not been able to generate positive EBIT, decreased sales, and slow inventory turnover. 5. The appropriate method in measuring the level of bankruptcy at PT Garuda Indonesia Tbk is Zavgren.