COMPARISON OF FINANCIAL DISTRESS ANALYSIS USING THE “Z” SCORE MODIFICATION, X-SCORE, G-SCORE AND S-SCORE MODELS TO ANALYZE THE ACCURACY OF THE BANKRUPTCY PREDICTION IN THE MINING INDUSTRY PERIOD OF 2016 – 2018
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Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
International Journal of Psychosocial Rehabilitation, Vol.24, Issue 02
Abstract
Coal mining companies in Indonesia have a high business risk because most of the production is
exported abroad, especially in China and India. The quality of coal in Indonesia is in the low category because it
only produces 5,100 to 5,100 cal / gram. With fluctuations in world prices and unstable demand resulting in
fluctuations in profits resulting in disrupted company performance, thus experiencing financial distress. In this study
the researchers chose a coal mining company because of the number of companies listed in the stock exchange with
24 companies and 4 of them did not announce their annual reports continuously so that the companies studied were
20 companies from 2016 to 2018 company financial statement data which were processed using the analysis model
financial distress revealed by (1) Z "Altman Modification score, (2) X score from Zmijewski, (3) Model G - Score
from Grover, and (4) S - score from Grover to analyze the accuracy of bankruptcy predictions.
The results show that (1) There are differences in the Accuracy of Bankruptcy Prediction between the Modified
Z ”-Score Altman Model and the Springate S-Score Model for coal mining companies listed on the Stock Exchange
in the 2016-2018 period. (2) There is a difference in the Accuracy of Bankruptcy Prediction between the Modified
Z ”-Score Altman Model and the Zmijewski X-Score on coal mining companies listed on the Stock Exchange in the
2016-2018 period. (3) There is a difference in the Accuracy of Bankruptcy Prediction between the Modified Z ”-
Score Altman Model and the Grover G-Score Model for coal mining companies listed on the Stock Exchange in the
2016-2018 period. (4) There is a difference in the Accuracy of Bankruptcy Prediction between the Springate S-Score
Model and the Zmijewski X-Score in the coal mining companies listed on the Stock Exchange in the 2016-2018
period. (5) There is a difference in the Accuracy of Bankruptcy Prediction between the S-Score Springate Model and
the Grover G-Score Model in coal mining companies listed on the Stock Exchange in the 2016-2018 period. (6) There is a difference in the Accuracy of Bankruptcy Prediction between Zmijewski's X-Score Model and Grover's GScore
Model in coal mining companies listed on the Stock Exchange in the 2016-2018 period.
Description
Keywords
Coal, Financial Distress, Bankruptcy, Model Z Score, Model X Score, Model G Score, Model S Score