SKRIPSI DIGITAL
FInancial Distress Analysis Using Altman (Z-Score), Springate (S-Score), Zmijewski (X-Score), and Grover (G-Score) Models in E-Commerce and IT Services Companies Listed on the Indonesia Stock Exchange Period 2021-2024 = FInancial Distress Analysis Using Altman (Z-Score), Springate (S-Score), Zmijewski (X-Score), and Grover (G-Score) Models in E-Commerce and IT Services Companies Listed on the Indonesia Stock Exchange Period 2021-2024
Putri Nobella Hafidzanna, “Financial Distress Analysis Using Altman (Z-Score), Springate (SScore), Zmijewski (X-Score), and Grover (G-Score) Models in E-Commerce and IT Services Companies Listed on the Indonesia Stock Exchange Period 2021-2024”. Thesis Accounting Department Politeknik Negeri Semarang, under the supervision of Sarana, S.E., M.Si., and Prof. Dr. Dra. Sri Hardiningsih H S, M.Hum., July 2025, 88 pages.
This study aims to analyze and compare the accuracy levels of four financial distress prediction models: Altman Z-Score, Springate S-Score, Zmijewski X-Score, and Grover G-Score, applied to e-commerce and IT services companies listed on the Indonesia Stock Exchange (IDX) during the period 2021–2024. A quantitative approach was employed using descriptive analysis and nonparametric comparative tests. Data were collected from the annual financial reports of selected sample companies using purposive sampling. Model accuracy was validated through the confusion matrix, and statistical tests included the Shapiro-Wilk normality test, Friedman test, and Wilcoxon
Signed-Rank test as a post hoc analysis. The findings reveal varying degrees of accuracy among the four models in classifying distressed and non-distressed firms. The Altman Z-Score model yielded the highest accuracy, followed by Grover, Zmijewski, and Springate. The Friedman test
indicated a statistically significant difference among the models, and the Wilcoxon test confirmed the pairwise distinctions. These results provide empirical insights for selecting the most suitable financial distress prediction model in the Indonesian technology sector.
Keywords: Financial Distress, Altman Z-Score, Springate, Zmijewski, Grover, Confusion Matrix, E-Commerce, IT Services, Indonesia Stock Exchange.
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