Analisis Perbandingan Model Prediksi Kebangkrutan pada Perusahaan Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia

Financial distress is the beginning of bankruptcy. Most financial distress models actually rely on bankruptcy data, which is easierto obtain. This study purpose to determine whether there are differences among Altman Z-score, Springate S-score, Grover G-score and Zmijewski X-score to predict financial distress, and to find out which the financial distress prediction model has the most excellent implementation on textile and garment company in Indonesia.
The population used are textile and garment companies listed in Indonesia Stock Exchange at period 2013-2016 which amount 74 companies. Sampling technique used is purposive sampling and obtained by amount as much 44 companies. The criteria of financial distress in this study is a company that has a negative operating profit and devident paymentfor two years in a row. Analysis technique used is binary logistic regression.
The result of study showed that any prediction model used in this study can be used to predict financial distress, particularly the Springate S-score which have the greatest R2 analysis. Only Grover G-score model have insignificant value wald test is greater than probability cannot be implementation to predict financial distress.