PENGGUNAAN ZMIJEWSKI'S SCORE DAN SPRINGATE'S SCORE UNTUK MEMPREDIKSI KINERJA PERUSAHAAN DALAM KONDISI KRISIS EKONOMI
DOI:
https://doi.org/10.12928/fokus.v11i2.4710Keywords:
Zmijewski's Score, Springate's Score, Company Performance, Economic Crisis.Abstract
The Covid-19 pandemic has deteriorated the company's performance in the restaurant, hotel, tourism and transportation sectors. However, some companies are still able to survive by continuing to show positive performance. Using a sample of 54 companies in the restaurant, hotel, tourism, and transportation sectors, this study examines whether the Zmijewski score and the Springate score (which is commonly used to predict bankruptcy) can also be used to predict performance in times of crisis. This study shows that the Zmijewski score and the Springate score can be used. Zmijewski's score is negatively related to the company's profitability during the crisis, while the Springate's score is positively related to the company's profitability during the crisis. This study shows that the bankruptcy prediction score can be extended to predict the company's performance in times of crisis.References
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Zakkiyah, U. Z. (2014). Analisis Penggunaan Model Zmijewski (X-Score) dan Altman (Z-Score) untuk Memprediksi Potensi Kebangkrutan (Studi Pada Perusahaan Tekstil dan Garmen yang Terdaftar di (BEI) Bursa Efek Indonesia Periode 2009-2012). Jurnal Administrasi Bisnis, 12(2).
Andriani, F., & Sihombing, P. (2021). Comparative Analysis of Bankruption Prediction Models in Property and Real Estate Sector Companies Listed on the IDX 2017-2019. European Journal of Business and Management Research, 6(1), 170-173.
Burger, A., Damijan, J., Kostevc, Č., & Rojec, M. (2013). Determinants of Firm Performance and Growth during Economic Recession: The Case of Central and Eastern European Countries. Economic Systems, 41(4), 569-590.
Effendi, R. (2018). Analisis Prediksi Kebangkrutan dengan Metode Altman, Springate, Zmijewski, Foster, dan Grover pada Emiten Jasa Transportasi. Parsimonia-Jurnal Ekonoomi dan Bisnis, 4(3), 307-319.
Elviani, S., Simbolon, R., Riana, Z., Khairani, F., Dewi, S. P., & Fauzi, F. (2020). The Accuracy of the Altman, Ohlson, Springate and Zmejewski Models in Bankruptcy Predicting Trade Sector Companies in Indonesia. Budapest International Research and Critics Institute (BIRCI-Journal), 3, 334-347.
Fadrul, F., & Ridawati, R. (2020). Analysis of Method Used to Predict Financial Distress Potential in Pulp and Paper Companies of Indonesia. International Journal of Economics Development Research (IJEDR), 1(1), 57-69.
Fatmawati, M. (2012). Penggunaan The Zmijewski Model, The Altman Model, dan The Springate Model sebagai Prediktor Delisting. Jurnal Keuangan dan Perbankan, 16(1), 56-65.
Gujarati, D., Porter, D. C., & Gunasekar, S. (2020). Basic Econometrics (6th ed.): McGraw Hill Education.
Hantono, H. (2019). Predicting Financial Distress Using Altman Score, Grover Score, Springate Score, Zmijewski Score (Case Study on Consumer Goods Company). Accountability, 8(1), 1-16.
Husein, M. F., & Pambekti, G. T. (2014). Precision of The Models of Altman, Springate, Zmijewski, and Grover for Predicting The Financial Distress. Journal of Economics, Business, and Accountancy Ventura, 17(3), 405-416.
Kontogeorgos, A., Pendaraki, K., & Chatzitheodoridis, F. (2017). Economic Crisis and Firms’ Performance: Empirical Evidence for The Greek Cheese Industry. Revista galega de economÃa: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais, 26(1), 73-82.
Levy, C., Mysore, M., Sneader, K., & Sternfels, B. (2020). The Emerging Resilients: Achieving “Escape Velocityâ€. McKinsey & Company.
Melián-Alzola, L., Fernández-Monroy, M., & Hidalgo-Peñate, M. (2020). Hotels in Contexts of Uncertainty: Measuring Organisational Resilience. Tourism Management Perspective, 36, 100747.
Muzanni, M., & Yuliana, I. (2021). Comparative Analysis of Altman, Springate, and Zmijewski Models in Predicting the Bankruptcy of Retail Companies in Indonesia and Singapore. TIJAB (The International Journal of Applied Business), 5(1), 81-93.
Nenengsih, S. E. (2018). Model Prediksi Springate sebagai Prediktor Delisting Terbaik Dibandingkan Model Zmijewski. Jurnal Menara Ekonomi: Penelitian dan Kajian Ilmiah Bidang Ekonomi, 4(2), 69-77.
Notta, O., & Vlachvei, A. (2014). The Impact of Financial Crisis on Firm Performance in Case of Greek Food Manufacturing Firms. Procedia Economics and Finance, 14, 454-460.
Pal, R. (2013). Organizational Resilience through Crisis Strategic Planning. Doctoral dissertation, Tampere University of Technology.
Palmi, P., Morrone, D., Miglietta, P. P., & Fusco, G. (2018). How Did Organizational Resilience Work Before and After The Financial Crisis? An Empirical Study. International Journal of Business and Management, 13(10), 54-62.
Prayag, G., Chowdhury, M., Spector, S., & Orchiston, C. (2018). Organizational Resilience and Financial Performance. Annals of Tourism Research, 73(C), 193-196.
Shalih, R. A., & Kusumawati, F. (2019). Prediction of Financial Distress in Manufacturing Company: A Comparative Analysis of Springate Model And Fulmer Model. Journal of Auditing, Finance, and Forensic Accounting, 7(2), 63-72.
Shen, H., Fu, M., Pan, H., Yu, Z., & Chen, Y. (2020). The Impact of the COVID-19 Pandemic on Firm Performance. Emerging Markets Finance and Trade, 56(10), 2213-2230.
Sudjiman, L. S., & Sudjiman, P. E. (2019). The Accuracy of The Springate and Zmijewski in Predicting Financial Distress in Cosmetic and Household Subsector Companies. Abstract Proceedings International Scholars Conference, 7(1), 1343-1358.
Zakkiyah, U. Z. (2014). Analisis Penggunaan Model Zmijewski (X-Score) dan Altman (Z-Score) untuk Memprediksi Potensi Kebangkrutan (Studi Pada Perusahaan Tekstil dan Garmen yang Terdaftar di (BEI) Bursa Efek Indonesia Periode 2009-2012). Jurnal Administrasi Bisnis, 12(2).
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Published
2021-08-25
How to Cite
Rosjidi, A. A. (2021). PENGGUNAAN ZMIJEWSKI’S SCORE DAN SPRINGATE’S SCORE UNTUK MEMPREDIKSI KINERJA PERUSAHAAN DALAM KONDISI KRISIS EKONOMI. Jurnal Fokus Manajemen Bisnis, 11(2), 244–256. https://doi.org/10.12928/fokus.v11i2.4710
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