THE COMPARISON ANALYSIS OF FINANCIAL DISTRESS PREDICTION MODELS TO PREDICT THE HEALTH OF PROPERTY COMPANIES BEFORE AND DURING PANDEMIC COVID-19

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.