Abstract:
Financial distress is an early prediction of a company's difficulty. The main
purpose of this study is to analyze the most accurate method to analyze the
financial distress of Property and Real Estate companies by comparing among the
models and to compare the performance of companies before and during
pandemic covid-19. There are three approaches or models namely: Altman,
Springate, and Zmijewski models. Sample of this study is 64 panel data
observation, which consists of 16 companies with 4 years annual data from 2018
until 2021. The hypothesis testing employs the Kruskal-Wallis H Test because
assumption of normality test is not met. The final result found that the most
accurate among Altman, Springate, and Zmijewski models for analyzing the
financial distress of property companies listed on IDX Indonesia is Springate
model, with level of accuracy 82.81% and level of error in 17.19%. The result of
study also founded that there is significant difference performance of companies
before and during pandemic covid-19, the number of companies experiencing
financial distress is higher in current two years.
