Hotel Chain Bankruptcy Prediction: Comparison of the Altman, Springate, and Zmijewski Models

Aris Susetyo, Dewi Susilowati


Bankruptcy occurs when the liabilities or obligations of a person or business entity exceed the assets or ability to generate income to pay off the debt. This study aims to predict the bankruptcy of hotel chain companies listed on the NASDAQ and NYSE for 2020-2021. Bankruptcy prediction needs to be done so that the company can know its financial condition and make the right decisions for its sustainability. Bankruptcy prediction is also required so investors can decide to invest in a company. The bankruptcy prediction method in this study uses the Altman, Springate, and Zmijewski models. The Kruskal Wallis test results show a significant difference between the three methods used because it has a significant value. The results of this study reveal that the Springate model has the highest accuracy (80.56%) for predicting bankruptcy.

Keywords: bankruptcy prediction, hotel chain, Altman, Springate, Zmijewski

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