ANALISIS FINANCIAL DISTRESS SAAT KRISIS KEUANGAN GLOBAL : STUDI EMPIRIS PADA BUMN NON KEUANGAN

Abstract

This study aims to determine the differences and levels of accuracy
of the Altman Z-Score, Springate S-Score, and Zmijewski X-Score in
predicting financial distress before, during, and after the global financial
crisis. The sample in this study used nine state-owned companies in the
non-financial sector, which were listed on the Indonesia Stock Exchange for
the period 2005–2012. Data collection used secondary data from the
company’s annual reports—data analysis methods using the Kruskall - Wallis
test as a comparative test used to determine differences. This study indicates
no differences in predictions before, during, and after the global financial
crisis. The accuracy test states that the three prediction models are appropriate,
but the Altman Z-Score is the model with the highest accuracy level.