ANALISIS PERBANDINGAN MODEL ALTMAN Z-SCORE DAN MODEL SPRINGATE DALAM MENGUKUR TINGKAT KEBANGKRUTAN PERUSAHAAN PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstrak

This study aims to analyze the comparison between the Altman Z-Score and Springate models in measuring the rate of corporate bankruptcy in pharmaceutical companies. The population of this research consists of all pharmaceutical companies listed on the Indonesia Stock Exchange during 2021–2023. The research sample was determined using the purposive sampling method, resulting in 11 companies selected as the sample. The data used in this study are secondary data obtained from www.idx.co.id and were analysed by directly comparing the results of bankruptcy predictions. The results reveal a differences between the Altman Z-Score and Springate models in assessing bankruptcy risk for pharmaceutical companies listed on the Indonesia Stock Exchange. The Altman Z-Score model identified 8–9 companies as non-bankrupt, while the Springate model identified only 7–8 companies. Conversely, the Springate model consistently showed a higher number of companies at risk each year. These findings indicate that the Springate model is more conservative, whereas the Altman Z-Score model tends to be more optimistic. Therefore, management needs to evaluate financial conditions and improve company performance to prevent potential bankruptcy.

Kata kunci

• Altman Z Score
• Bankruptcy Rate
• Springate
• Tingkat Kebangkrutan