Comparative Analysis Using The Altman, Springate, Grover, Zmijewski, And Taffler Models In Assessing Financial Distress Before And During The Covid-19 Pandemic (Empirical Study On Transportation And Logistics Companies Listed On The Indonesia Stock Exchange 2017-2022)

Rizki Padia Rachman, Ela Widasari, Siti Mudawanah

Abstract


The purpose of this study was to find out whether there were major changes in the level of financial distress prior to and during COVID-19outbreak by using the Altman, Springate, Grover, Zmijewski, and Taffler assessment models for companies engaged in the transportation and logistics industry listed on the IDX in 2017-2022, as well as finding out whether there is a model with the highest accuracy among these models. Purposive sampling was used as a sampling technique in this study, resulting in a total sample of 18 companies. At the same time, the data analysis technique uses descriptive statistical analysis, normality tests, hypothesis testing consisting of paired sample t-tests, Wilcoxon signed-rank tests, and Calculation of the accuracy level of each model. The research findings showed no major changes in the level of financial distress prior to and during the COVID-19 outbreak using the Altman, Springate, Grover, Zmijewski, and Taffler models. In addition, there is a model with the highest level of accuracy, namely the Zmijewski model, with an accuracy rate of 74.07%, exceeding the Springate model of 69.44%, the Taffler model of 69.44%, the Grover model of 67.59%, and the Altman model. of 59.26%.

Keywords: Financial Distress; Altman Model; Springate Model; Grover Model; Zmijewski Model; Taffler Model.


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