Analysis of Financial Distress Potential Using the Zmijewski Method in Coal Mining Subsector Companies Listed on the Indonesia Stock Exchange for the 2019-2023 Period
DOI:
https://doi.org/10.32497/aamar.v4i1.6345Keywords:
Financial Distress, Coal Mining, Zmijewski MethodAbstract
Significant fluctuations in coal prices during the 2019-2023 period impacted the financial performance of coal mining subsector companies listed on the Indonesia Stock Exchange. This condition increased the risk of financial distress, which refers to financial difficulties that could potentially lead to bankruptcy if not properly addressed. This research aims to analyze, determine the accuracy level, and formulate strategies to address potential financial distress in 14 selected companies using the purposive sampling method. This descriptive quantitative research utilizes financial report data from 2019-2023, analyzed using the Zmijewski method, which involves the Return on Assets (ROA), Debt Ratio, and Current Ratio. The results indicate that, on average, companies remained in the non-financial distress category throughout the period. However, two companies, CNKO and DWGL, consistently experienced financial distress. Additionally, AIMS faced financial distress in 2023, BSML in 2019, and CBRE from 2019 to 2021. The accuracy rate of the Zmijewski X-Score method was 77%, with an error rate of 23%. Strategies for addressing financial distress include increasing ROA through operational efficiency, prudent debt management to reduce the Debt Ratio, and managing current liabilities, inventory, and receivables to improve the Current Ratio.
References
Andrianto, R. (2023). Harga Meroket 138%, Batu Bara Jadi Lumbung Cuan 2022. https://www.cnbcindonesia.com/market/20230101105053-17-401828/harga-meroket-138-batu-bara-jadi-lumbung-cuan-2022
Cnbcindonesia.com. (2023). Breaking! Harga Batu Bara Jatuh ke Level Terendah 2 Tahun. https://www.cnbcindonesia.com/market/20230713022636-17-453804/breaking-harga-batu-bara-jatuh-ke-level-terendah-2-tahun
Dhany, U. R., Elly, M. I., & Rahman, D. (2022). Kajian Mengenai Financial Distress Melalui Analisis Model Zmijewski Score Pada Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Kompetitif, 1(2), 208–212.
Dzulviqor, A., & Khairin. (2023). Kualitas Batu Bara di Bawah Pasar, 3 Perusahaan di Nunukan Stop Produksi, PHK 286 Karyawan. Kompas.Com. https://regional.kompas.com/read/2023/04/17/230019378/kualitas-batu-bara-di-bawah-pasar-3-perusahaan-di-nunukan-stop-produksi-phk
Esdm.go.id. (2020). Demand Batubara Dunia Melemah Akibat Covid-19 Turunkan HBA April 2020. Kementerian Energi Dan Sumber Daya Mineral Republik Indonesia. https://www.esdm.go.id/id/media-center/arsip-berita/demand-batubara-dunia-melemah-akibat-covid-19-turunkan-hba-april-2020
Fitriyani, Y. (2023). Analisa Komparasi dan Uji Akurasi Model Altman, Grover, Springate dan Zmijewski dalam Mendiagnosis Kebangkrutan Emiten Saham Jasa Transportasi di Bursa Efek Indonesia Pada Masa Pandemi. J-MAS (Jurnal Manajemen Dan Sains), 8(1), 590.
Hasnidar, Dipoatmodjo, T., Amin, A. M., Budiyanti, H., & Aslam, A. P. (2024). Analisis Financial Distress Pada Perusahaan Maskapai Penerbangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2022. Southeast Asia Journal of Business, Accounting, and Entrepreneurship, 2(2), 1–7.
Hikmah, N., & Harjayanti, D. R. (2024). Analisis Financial Distress Dengan Model Altman Z-Score , Zmijewski , Dan Springate Pada Perusahaan Sub Sektor Tekstil Dan Garmen Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2018-2023. JORAPI : Journal of Research and Publication Innovation, 2(4), 161–172.
Kompas.com. (2021). Harga Batu Bara Acuan Desember 2021 Anjlok Jadi 159,79 Dollar AS per Ton. https://money.kompas.com/read/2021/12/09/191959526/harga-batu-bara-acuan-desember-2021-anjlok-jadi-15979-dollar-as-per-ton
Kordestani, G., Biglari, V., & Bakhtiari, M. (2011). Ability of combinations of cash flow components to predict financial distress. Business: Theory and Practice, 12(3), 277–285.
Lau, E. A. (2021). Financial Distress dan Faktor-Faktor Prediksinya. Exchall: Economic Challenge, 3(2), 1–17.
Lutfiyyah, I., & Bhilawa, L. (2021). Analisis Akurasi Model Altman Modifikasi (Z”-Score), Zmijewski, Ohlson, Springate dan Grover Untuk Memprediksi Financial Distress Klub Sepak Bola. Jurnal Akuntansi, 13, 46–60.
Munir, G. (2024). Dampak Harga Batu Bara Merosot, Banyak Karyawan di PHK, Ini Data Menurut Dinas Ketenagakerjaan di Sumsel. Okes.News. https://okes.disway.id/read/646871/dampak-harga-batu-bara-merosot-banyak-karyawan-di-phk-ini-data-menurut-dinas-ketenagakerjaan-di-sumsel
Muzanni, M., & Yuliana, I. (2021). Comparative Analysis of Altman, Springate, and Zmijewski Models in Predicting the Bankruptcy of Retail Companies in Indonesia and Singapore. TIJAB (The International Journal of Applied Business), 5(1), 81.
Ningsih, S., & Permatasari, F. F. (2019). Model Zmijewski X-Score Untuk Memprediksi Financial Distress Pada Perusahaan Go Publik Sub Sektor Otomotif Dan Komponen. Jurnal Akuntansi Dan Pajak, 19(2), 134.
Permatasari, D., Samsudin, A., & Komariah, K. (2019). Analisis Financial Distress Dengan Metode Zmijewski. Journal of Management and Bussines (JOMB), 1(1), 74–87.
Ramadhani, R., Yuliani, Y., Saputri, N. D. M., & Muthia, F. (2023). Prediksi Financial Distress: Analisis Metode Altman Z-Score, Zmijewski, dan Grover pada Perusahaan Sektor Transportasi dan Logistik. Widya Cipta: Jurnal Sekretari Dan Manajemen, 7(2), 207–217.
Sinaga, J. V. (2024). Batubara Indonesia: Pilar Utama Energi di Era Transisi Energi dan Hilirisasi Menuju Kemandirian Bangsa. Kementerian Energi Dan Sumber Daya Mineral. https://www.minerba.esdm.go.id/berita/minerba/detil/20241003-batubara-indonesia-pilar-utama-energi-di-era-transisi-energi-dan-hilirisasi-menuju-kemandirian-bangsa
Siyoto, S., & Sodik, M. A. (2015). Dasar Metodologi Penelitian. Literasi Media Publishing.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif dan Research and Development (R&D). Alfabeta Bandung.
Sunanto, G. B. A., Sunanto, S., & Suhartono, A. (2023). Memprediksi Kondisi Financial Distress Perusahaan Dengan Menggunakan Metode Altman Z – Score (Studi Kasus pada Perusahaan Retail yang Terdaftar di Bursa Efek Indonesia Periode 2017-2021). Scientific Journal Of Reflection : Economic, Accounting, Management and Business, 6(3), 609–617.
Surwanti, A., Fauzi, R., & Masruki, R. (2022). Predicting Corporate Bankruptcy in Indonesia’S Transportation Industry. Journal of Applied Management, 20(2), 276–288.
Winaya, G. Y., Rm, K. M., Ayu, I. G., Budiasih, N., & Wiratmaja, I. D. N. (2020). Analysis of Altman Z-Score and Zmijewski Bankruptcy Prediction in Telecommunication Sub-Sectors Registered in Indonesia Stock Exchange in 2016-2018. American Journal of Humanities and Social Sciences Research, 4(1), 313–322.
Wulandari, E., & Fauzi, I. (2022). Analisis Perbandingan Potensi Kebangkrutan dengan Model Grover, Altman Z-Score, Springate dan Zmijewski Pada Perusahaan Real Estate dan Property di Bursa Efek Indonesia. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 109–117.
Zmijewski, M. E. (1984). Methodological Issues Related to the Estimation of Financial Distress Prediction Models. Journal of Accounting Research, 22, 59–82.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Amalia Amrina Rosyada Rosyada, Maria Theresia Heni Widyarti, Musyafa Alfarizi
This work is licensed under a Creative Commons Attribution 4.0 International License.
