COMPARATIVE ANALYSIS OF THE ALTMAN, SPRINGATE, GROVER AND ZMIJEWSKI MODELS AS PREDICTING FINANCIAL DISTRESS

Abstract

This study aims to analyze the financial distress and accuracy of the Altman Z-Score method, the
Springate method, the Zmijewski method, and the Grover method in the coal subsector mining
companies listed on the Indonesia Stock Exchange in the 2014-2018 periods.The research
sample consisted of 17 companies using purposive sampling.This research uses descriptive
method by conducting Independent Sample T-test and one way ANOVA test to find out the
difference between the Grover method and the Altman Z-Score, the Grover method with the
Springate method, the Grover method with the Zmijewski method.The results of the study stated
that there were significant differences between the Grover model and the Altman Z-Score, the
Grover model with Zmijewski but the Grover models with the Springate model were no
differences. The final result of one way ANOVA there is a significant difference between the
four models and has an accuracy level of Altman Z-Score of 72.22%, Springate 66.67%,
Zmijewski and Grover of 83.33%