Springate Method Research Articles

Financial Distress Analysis of Companies Carrying Out Mass Layoffs Throughout 2023 using the Altman Z-Score Method, Springate Method, and Zmijewski Method

This research aims to estimate the financial condition of four companies that will carry out mass layoffs throughout 2023 using three financial distress prediction methods, namely the Z-Score Altman method, the Springate method and the Zmijewski method. Secondary data was used sourced from the financial reports of each company from 2022 to 2023. The research results showed that financial performance was analyzed using the Z-Score Altman method, the Springate method and the Zmijewski method in four companies, namely PT Net Visi Media Tbk for the period 2022-2023 classified as having the potential to experience bankruptcy, PT GoTo Gojek Tokopedia Tbk for the 2022-2023 period is classified as having a high potential for bankruptcy, PT Bukalapak.com Tbk for the 2022-2023 period is classified as being in good health, and JD.com, Inc. (JD) for the 2022-2023 period is classified as having absolutely no potential for bankruptcy.

ANALISIS FINANCIAL, NON-FINANCIAL INDICATORS, DAN CORPORATE GOVERNANCE TERHADAP PREDIKSI FINANCIAL DISTRESS (PERUSAHAAN SEKTOR TRANSPORTASI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2016-2020)

Financial distress is a condition where the company experience a deteriorating stage of the financial situation before bankruptcy. This study aimed to prove the influence of financial, non-financial and corporate governance indicators on financial distress in transportation sector listed on the Indonesian Stock Exchange periods 2016-2020. This study used the Springate method (S-score) to measure the level of financial distress. The sample was obtained by purposive sampling method in obtain 21 companies in transportation sector. The data used is secondary data in the form of annual reports from the publication of Indonesia Stock Exchange. Data analysis technique used in this study is multiple linear analysis panel data which is processed using Eviews 10 software. The hypothesis is obtained from previous research and various theories from other sources. The results of this study indicate that interest coverage ratio has a positive influence on financial distress and going concern opinion has a negative influence on financial distress. Meanwhile, long-term debt to equity ratio, age of company, independent board of commissioners, and institutional ownership did not has a influence on financial distress.

Analisis Kinerja Keuangan dan Financial Distress Perusahaan Transportasi di BEI Sebelum dan Saat Pandemi Covid-19

This study aims to determine the differences in financial performance as indicated by the profitability ratios, namely ROA, ROE and NPM, and the solvency ratio, namely DAR and DER. And also to analyze financial distress or potential bankruptcy of transportation companies on the Indonesia Stock Exchange before and during the Covid-19 pandemic. Method: The method used to measure differences in financial performance is using the Wilcoson Signed Rank Test because the data are not normally distributed. And the method used to analyze financial distress is the Springate method with a descriptive analysis. Result : The results of the analysis of the different Profitability ratio test there are significant differences in the ROA and NPM ratios. And there is no significant difference in the ROE . ratio. The results of the analysis of the Solvency ratio difference test, there is a significant difference in the DAR ratio and there is no significant difference in the DER . ratio. The results of the analysis show that most of the transportation companies on the Indonesia Stock Exchange in 2019 and 2020 as measured by the Springate method have the potential to go bankrupt because as many as 31 companies in 2019 and 2020 are at <0.862.

Analysis of the Springate Method in Predicting Financial Distress in Banking Companies Listed on the Indonesia Stock Exchange for the 2020-2022 Period

This research aims to analyze the Springate method in predicting financial distress in banking companies listed on the Indonesia Stock Exchange for the 2020-2022 period. The research method used in this research is the Springate model using the Springate financial ratio calculation method, data is processed using Microsoft Excel computer tools. The type of data used in this research is quantitative analysis. The population used in this research was 45 companies. This sample was taken from the Indonesian Stock Exchange (BEI) which was determined using a purposive sampling technique, totaling 26 companies. In this research , the data source used is secondary data in the form of banking company annual financial report data for the 2020-2022 period. The results of S-Score analysis research carried out on banking companies listed on the Indonesia Stock Exchange for the 2020-2022 period show that 24 banking companies are in a position experiencing financial distress due to a value of less than 0,862 (S < 0,862), and 2 other companies is in the predicted healthy category because the value is more than 0.862 (S > 0,862). This means that the company is experiencing serious financial difficulties, which could lead to bankruptcy if this situation is not resolved immediately. In the context of financial distress analysis, an S-Score value of less than 0,862 indicates that a company is illiquid and unable to fulfill its financial obligations appropriately.

Financial Distress Analysis in Detecting Bankruptcy Levels in Manufacturing Companies

The methodology used is the Altman method, the Springate method and the Zmijewski method for the 2015-2019 period. The type of data used is quantitative data. The data analysis technique used is the formula of the Altman method, the Springate method and the Zmijewski method. The results of this study show that in the 2015 and 2019 Altman method there are eight or all companies that are predicted to be in the bankrupt category. Meanwhile from 2016 to 2018 there are only six companies that are included in the bankrupt category and two other companies are categorized in the gray zone. In the Springate method from 2015 to 2019, there are eight or all companies predicted to have the potential to go bankrupt. In the zmijewski method from 2015 to 2017 there were five companies that were in the bankrupt category while in 2018 to 2019 there were only two companies that were included in the bankrupt category. In addition, based on the different results through the one-way ANOVA test, a significant value <0.05 was obtained, which means that there was a significant difference between the methods tested.

Springate Analysis in Measuring Financial Distress on Company Performance in The Property and Real Estate Sector Listed on The Indonesia Stock Exchange Period 2018 - 2022

This research aims to determine the effect of financial distress on company performance in the property and real estate sector listed on the Indonesia Stock Exchange for the 2018-2022 period, which is measured using the Springate analysis method. The performance of the property sector has been greatly impacted by the Covid-19 pandemic. Along with paralyzed economic activity, especially in 2020, the performance of the property sector was also paralyzed. Financial distress is a situation where a company experiences financial difficulties. Financial difficulties if they continue can result in the company going bankrupt. Financial distress can be considered an early warning of the company's poor condition so that the company can prepare itself to face this and improve its financial condition and improve company performance. Measurement of the financial distress variable uses the Springate Method

Analisis Perbandingan Potensi Financial Distress Dengan Metode Altman Z-Score Dan Springate Pada PT. Kediri Tani Sejahtera Sebelum Dan Saat Pandemi Covid-19

This research aims to analyze the application of the Altman Z-Score method and the Springate method to predict financial distress at PT Kediri Tani Sejahtera and aims to analyze the comparison of financial distress from the Altman Z-Score and Springate methods before and during the Covid-19 pandemic for the 2018-2022 period. The type of this research is quantitative descriptive research, using the Altman Z-Score and Springate methods. The results of the research show that the Springate model is a reliable model for anticipating possible financial difficulties in businesses based on the two models that have been studied, while the Altman Z-Score model shows that corporations are in a gray state or experienced some minor financial difficulties during 2018-2022.

Financial, Non-Financial Indicators dan Corporate Governance terhadap Prediksi Financial Distress Perusahaan Sektor Transportasi

Financial distress is a condition where the company experience a deteriorating stage of the financial situation before bankruptcy. This study aimed to prove the influence of financial, non-financial and corporate governance indicators on financial distress in transportation sector listed on the Indonesian Stock Exchange periods 2016-2020. This study used the Springate method (S-score) to measure the level of financial distress. The sample was obtained by purposive sampling method in obtain 21 companies in transportation sector. The data used is secondary data in the form of annual reports from the publication of Indonesia Stock Exchange. Data analysis technique used in this study is multiple linear analysis panel data which is processed using Eviews 10 software. The hypothesis is obtained from previous research and various theories from other sources. The results of this study indicate that interest coverage ratio has a positive influence on financial distress and going concern opinion has a negative influence on financial distress. Meanwhile, long-term debt to equity ratio, age of company, independent board of commissioners, and institutional ownership did not has a influence on financial distress.

Analysis of Potential Bankruptcy with The Springate Method in Oil and Gas Subsector Companies Listed on The IDX 2018-2021

Changes in world oil prices are a things that must be considered, because they can affect the selling price of crude oil and the profits to be obtained. Apart from that, the rupiah exchange rate against the US dollar is also one thing that needs attention. These conditions become one of the considerations for investors whether the results of the investment can provide profits or have a loss. One of the problems that must be considered is financial distress. The aims of this research is to use the Springate method to analyze the potential for bankruptcy in oil and gas subsector companies. This research uses a quantitative descriptive approach and data collection uses documentation techniques by taking secondary data from the website of the Indonesia Stock Exchange. The sample was selected using certain sampling criteria, so that the sample in this study amounted to 10 companies. The results of the analysis of potential bankruptcy using the springate method in 2018 to 2020 show that there are 8 companies in the distress zone and 2 companies in the safe zone. In 2021 there are 9 companies in the distress zone and 1 company in the safe zone.

Prediksi Kebangkrutan Menggunakan Metode Altman dan Springate pada Perusahaan Penerbangan yang Terdaftar di Bursa Efek Indonesia

This study aims to predict bankruptcy in airline companies listed on the Indonesia Stock Exchange, using the Altman and Springate methods during the 2019-2021 period. This research uses quantitative methods in the form of secondary data. The data used is in the form of financial statement data for airline companies listed on the IDX through the website www.idx.com. The population used are airline companies, namely, PT Garuda Indonesia Tbk, PT Air Asia Indonesia Tbk, PT Indonesia Transport & Infrastructure Tbk, and PT Jaya Trishindo Tbk. The results of the Altman and Springate methods can categorize companies as bankrupt or not bankrupt. This study has limited time in collecting research data. Based on calculations using the Altman formula, PT Air Asia did not go bankrupt during the period, PT Indonesia Transport & Infrastructure went bankrupt during the period, while the other two companies had experienced bankruptcy between the 3 periods. Based on the Springate method, the companies PT Garuda Indonesia and PT Indonesia Transport & Infrastructure experienced bankruptcy during the period, PT Air Asia Tbk did not go bankrupt during the period, while PT Jaya Trishindo experienced bankruptcy in the 2020 and 2021 periods. The method is used as a bankruptcy estimate, it cannot be said to be 100% accurate. Bankruptcy can occur with various factors that are not suspected by the company. further researchers can develop research by adding bankruptcy prediction methods and can add observation periods.

Perbandingan Prediksi Kebangkrutan Menggunakan Metode Grover, Metode Altman Z-Score dan Metode Springate

This study aims to analyze the bankruptcy rate of companies using the Grover model, Altman Z-score model, and Springate model. This type of quantitative research with the population uses companies that conducted IPOs in 2021. The sampling technique used is purposive sampling and the number of samples obtained based on predetermined criteria is 54 company samples. The results of this study showed that sample companies that predicted bankruptcy using the Grover method had an accuracy rate of 83%, and an error rate of 17%. The Altman Z-score method has an accuracy rate of 87%, an error rate of 9%, and a gray area rate of 4%. The Springate method has the highest accuracy rate of 94%, and an error rate of 6%. This bankruptcy prediction analysis can help company owners to immediately anticipate the factors that cause bankruptcy and for investors can be used as information in making decisions to invest in shares in IPO companies in 2021.

ANALISIS PREDIKSI FINANCIAL DISTRESS DENGAN METODE ALTMAN (Z-SCORE), SPRINGATE (S-SCORE), DAN ZMIJEWSKI (X-SCORE) PADA PERUSAHAAN TAKSI KONVENSIONAL YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aims to prediction analysis financial distress using the Altman (Z-Score), Springate (S-Score), and Zmijewski (X-Score) methods for Conventional Taxi Companies Listed on the Indonesia Stock Exchange based on the company's annual financial reports for the 2019-2021 period. The type of research used in this research is descriptive research with a quantitative approach. The data used in this study are the financial statements of conventional taxi companies for the 2019-2021 period published in the website Indonesia stock exchange. The results showed that the Altman Method (Z-Score), PT. Express Transindo Utama Tbk for the 2019-2021 period is predicted Financial Distress and PT. Blue Bird Tbk predicts the 2019-2021 period Non Financial Distress. On the Springate method (S-Score), PT. Express Transindo Utama Tbk 2019 and 2020 are predicted Financial Distress and 2021 predicted Non Financial Distress, then PT. Blue Bird Tbk predicts the 2019-2021 period Financial Distress. At method Zmijewski (X-Score), PT. Express Transindo Utama Tb. 2019 and 2020 are predicted Financial Distress and 2021 predicted Non Financial Distress, then PT. Blue Bird Tbk predicts the 2019-2021 period Non Financial Distress.

ANALISIS KEBANGKRUTAN MENGGUNAKAN METODE SPRINGATE (STUDI KASUS PADA PT. GARUDA INDONESIA, Tbk TAHUN 2018-2020)

Bankruptcy is a condition of a company that is unable to pay its debts or also a condition that initially the company can operate and then fails in managing its business. Bankruptcy is a condition when a company experiences insufficient funds to run its business. The purpose of this study was to determine the factors that led to bankruptcy at PT. Garuda Indonesia. This study uses the Springate method with the bankruptcy formula. Based on the results of this study, it shows that the company has the potential to go bankrupt because in 2018-2020 its current assets are quite low so that the company does not have the ability to pay its debts. Companies need to take firm, straightforward and appropriate action to address efficiency in operating costs. Then, an inappropriate business strategy is also a factor that causes losses and also human resources who have a poor vision and mission of the company

Phenomena Affecting Financial Distress through the Springate Method in Indonesia Stock Market

Phenomena Affecting Financial Distress through the Springate Method in Indonesia Stock Market

ANALISIS LAPORAN KEUANGAN UNTUK MEMPREDIKSI POTENSI TERJADI FINANCIAL DISTRESS DENGAN MENGGUNAKAN MODEL SPRINGATE: (STUDI KASUS) PADA PT. ASTRA INTERNATIONAL TBK YANG TERDAFTAR DIBURSA EFEK INDONESIA

ABSTRAK This study aims to determine the level of financial distress by using the springate method at PT. Astra International, Tbk. The method used in this research is descriptive method and the data collected is financial report data in 2010-2016 to predict the potential for financial distress. This study uses a quantitative research type and the data source in this study is secondary data in the form of the company's annual financial reports. The data collection technique in this study was the documentation method using data from www.idx.go.id. Variable measurement is done by analyzing the company's financial statements and the data analysis method used in this study is springate ratio analysis. From the results of research using the springate analysis method, it shows that it is likely that the company will experience financial distress in the future when viewed from the results of the analysis of the financial statements of PT. Astra International, Tbk.From the results of the prediction of financial distress in PT. Astra International, Tbk has not experienced any financial distress, and this company is still in good health or not bankrupt, but if it is not handled quickly, it is likely to experience financial distress because the value decreases each year.Keywords: Financial Statements, Financial Distress, Springate

Altman Z-Score Dan Springate: Metode Komparasi Dalam Memprediksi Kemungkinan Kebangkrutan Suatu Perusahaan

Bankruptcy can be experienced by every company that has a decline in the value of profits from year to year. Because Indonesia was hit by COVID-19 in the past, this study will predict company bankruptcy using the Altman Z-Score and Springate methods. In addition, this study was conducted to determine the most accurate bankruptcy prediction method in predicting infrastructure, utility and transportation sector companies listed on the Indonesia Stock Exchange. The sampling technique used was purposive sampling technique with a total sample of 23 companies. The data were analyzed using the calculation of the level of accuracy and type of error from each bankruptcy prediction model, to predict companies experiencing potential bankruptcy. The results of this study indicate that the Z-Score method is the most accurate method. Therefore, it can be concluded that the Altman Z-Score method is more accurate in calculating bankruptcy predictions than the Springate method.

Bankruptcy Prediction Analysis Using the Springate and Zmijewski Methods at PT Krakatau Steel (Persero) Tbk.

PT. Krakatau Steel (Persero) Tbk is the first steel-producing industry in Indonesia and was founded in 1970. In researching the company, two methods were used to predict the potential for bankruptcy: the Springate and Zmijewski methods. This type of research is descriptive research. The data used in this study is secondary data from PT Krakatau Steel (Persero) Tbk for the period 2016-2021. The results of this study indicate that based on the Springate method, PT. Krakatau Steel is predicted to go bankrupt. While the results obtained from the Zmijewski method show that from 2016 to 2018, PT. Krakatau Steel is predicted not to go bankrupt. However, in the calculations from 2019 to 2021, the Z value obtained is far above the value 0, which is the applicable cut-off value. This shows that PT. Krakatau Steel is predicted to go bankrupt.

Analisis penggunaan metode Altman Z-Score dan Springate untuk mengetahui potensi terjadinya Financial Distress pada perusahaan manufaktur sektor industri dasar dan kimia Sub Sektor semen yang terdaftar di Bursa Efek Indonesia 2000-2020

The objective of the research is to find out the result of predicting bankruptcy, using Altman Z-Score and Springate methods in the manufacturing companies of basic industrial and chemistry sectors, cement sub-sector listed on BEI (Indonesia Stock Exchange) in the period of 2000-2020 and to determine the most accurate predicting method of bankruptcy to be applied in the manufacturing companies in basic industrial and chemistry sectors, cement sub-sector. The research employs descriptive quantitative method. The samples are taken by using purposive sampling method with three manufacture companies in basic industrial and chemistry sectors and cement sub-sector. The data are analyzed by using the accuracy and error levels in each predicting method of bankruptcy, and each method shows different prediction. The result of financial distress prediction, using Altman Z-Score shows that there are 19 financial distress predictions, 26 non-financial distress predictions, and 18 gray area predictions. The result of financial distress prediction, using Springate method shows that there are 22 financial distress predictions and 41 non-financial distress predictions, the result of the calculation in accuracy and error levels, using Springate method, shows that Springate method is the most accurate with the accuracy level of 65.08% and the error level of 34.92% .

Analisis Tingkat Kebangkrutan Dengan Menggunakan Metode Altman Z-Score, Springate Dan Internal Growth Rate Pada Pt Bentoel Internasional Investama Tbk

This study aims to determine how the level of bankruptcy at PT Bentoel Internasional Investama Tbk from 2016 to 2020 using the Altmatn Z-Score, Springate, and Internal Growth Rate methods. Companies, investors and creditors are expected to consider the results of this analysis. The type of research used in this research is descriptive research, in predicting bankruptcy the researcher uses multivariate analysis. This study uses secondary data from the company's financial statements listed on the Indonesia Stock Exchange. To measure financial performance, researchers analyzed the ratios contained in the three models.The results of the analysis of the company's bankruptcy rate using the Altman Z-Score method in 2016 were the company was in the "not bankrupt" category while for 2017, 2018, 2019 the company was in the "grey area" category and in 2002 the company was categorized as "bankrupt". The results of the analysis of the bankruptcy rate as measured by the springate method show that in 2016 and 2020 the company was categorized as "bankrupt" and for 2017, 2018 and 2019 the company was categorized as "not bankrupt". For the results of measuring the bankruptcy rate using the Internal Growth Rate method in 2016, 2017, 2018 and 2019 the company was categorized as "bankrupt" and for 2020 the company was included in the "not bankrupt" category.

PREDICTING BANKRUPTCY USING SPRINGATE, ZMIJEWSKI, AND GROVER AT PT BLUE BIRD TBK PERIOD 2016-2021

This quantitative descriptive study aims to determine the Springate Method, Zmijewski Method, and Grover Method to analyze bankruptcy at PT Blue Bird Tbk. The period used in this study is six years, starting from 2016-2021. This research was conducted by taking secondary data from financial statements obtained from the official website www.bluebirdgroup.com. The results showed that using the Springate method in 2016 and 2018 were in a prone area or on the verge of bankruptcy; in 2017, this Company was in good condition, while in 2019-2021, this Company went bankrupt. Using the Zmijewski method shows that in 2016-2021 this Company did not go bankrupt, and the Grover method shows that in 2016-2021 this Company did not go bankrupt. In this case, the Springate method accurately analyzed bankruptcy at PT Blue Bird Tbk.