Bankruptcy Prediction in PT Blue Bird, Tbk 2011-2016 Using Altman Z-Score, Springate, and Zmijewski Model

Abstract

The aim of this study is to determine the financial condition of PT. Blue Bird, Tbk
in 2011-2016 by using Altman Z-score, Springate, and Zmijewski model, in
purpose to predict the financial distress that occurs in the company. The data used
in this study are the secondary data from Transportasi Service Companies, namely
PT. Blue Bird, Tbk. Data analysis techniques of this study are the discriminant
analysis of Altman, Springate, and Zmijewski. The analysis of Altman model is
grouped into three parts of companies, include companies that experience good
condition, grey areas, and bankruptcy. Springate model analysis is grouped into
two parts of companies, include companies that is in good condition and potentially
bankrupt. The analysis of Zmijewski model is grouped into two parts of companies,
include companies that are good condition and potentially bankrupt. The results of
financial distress analysis of PT. Blue Bird, Tbk period 2011-2016 using Altman
model indicates that companies in the category grey areas. The results of the
analysis using Springate model shows that companies in the category good
condition. The analysis result using Zmijewski model also shows companies in the
category good condition.
Keywords: Altman, Bankruptcy, Springate, Zmijewski