Analysis of Financial Distress Condition in Energy Sector Companies Using Modified Altman Z-Score and Springate Methods
Abstract
This research aims to predict the financial distress condition in companies using the modified Altman Z-Score and Springate models, as well as to find a more accurate model and determine the difference in accuracy between the two models. The research adopts a descriptive method with a quantitative approach. The population of this study consists of energy sector companies listed on the Indonesia Stock Exchange during 2017-2021. The sample for this study includes 10 energy sector companies listed on the Indonesia Stock Exchange. The results of this research indicate that the model with the highest accuracy rate is the modified Altman Z-Score model with an accuracy rate of 76%, followed by the Springate model with an accuracy rate of 64%. One company is experiencing financial distress, eight companies are healthy, and one company falls within the grey area using the modified Altman Z-Score model. On the other hand, five companies are experiencing financial distress, and five companies are in a healthy condition according to the Springate model.
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