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An Analysis Of Bankruptcy Likelihood On Coal Mining Listed Firms In The Indonesian Stock Exchange: An Altman, Springate And Zmijewski Approaches

Author

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  • M. Noor Salim

    (University of Mercu Buana, Indonesia)

  • Sudiono

    (University of Mercu Buana, Indonesia)

Abstract

This research was conducted to determine the bankruptcy possibility of Coal Mining Companies listed in Indonesia Stock Exchange (IDX), using Altman Model (Z-score, Springate Model (S-Score) and Zmijewski Model (X-Score) approaches. The respondent is 19 Coal Mining Companies listed in IDX taken from 22 companies’ population. Purposive sampling was used as the sampling technique which required the following criteria: go public Coal Mining Companies listed in IDX respectively from 2011 until 2011, and have audited financial statements for the fiscal year 2011 – 2014. Data collection methods were desk research. The result of this research showed that Zmijewski Model is the most accurate predictive models that can be applied to coal mining company listed on the Indonesia Stock Exchange (IDX) because this model has the highest level of accuracy compared to other predictive models that are equal to 78.95%, followed by Springate Model which has an accuracy rate of 47.37%, and the last one, Altman Model only has 5.26%.

Suggested Citation

  • M. Noor Salim & Sudiono, 2017. "An Analysis Of Bankruptcy Likelihood On Coal Mining Listed Firms In The Indonesian Stock Exchange: An Altman, Springate And Zmijewski Approaches," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 5(3), pages 99-108.
    • Handle: RePEc:ejn:ejefjr:v:5:y:2017:i:3:p:99-108
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    Cited by:

    1. repec:rfa:bmsjnl:v:5:y:2019:i:3:p:11-20 is not listed on IDEAS
    2. Muhammad Ramadhani Kesuma & Felisitas Defung & Anisa Kusumawardani, 2021. "Bankruptcy Prediction And Its Effect On Stock Prices As Impact Of The COVID-19 Pandemic," Technium Social Sciences Journal, Technium Science, vol. 25(1), pages 567-582, November.
    3. Maria-Lenuţa Ciupac-Ulici & Daniela-Georgeta Beju & Ioan-Alin Nistor & Flaviu Pișcoran, 2023. "The impact of the Altman score on the energy sector companies," Journal of Financial Studies, Institute of Financial Studies, vol. 8(Special-J), pages 45-56, June.

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