AN ANALYSIS OF BANKRUPTCY LIKELIHOOD ON COAL MINING LISTED FIRMS IN THE INDONESIAN STOCK EXCHANGE: AN ALTMAN, SPRINGATE AND ZMIJEWSKI APPROACHES

Abstract

This research was conducted to determine the bankruptcy possibility of Coal Mining Companies listed in Indonesia Stock Exchange (IDX), using Altman Model (Z-score, Springate Model (S- Score) and Zmijewski Model (X-Score) approaches. The respondent is 19 Coal Mining Companies listed in IDX taken from 22 companies’ population. Purposive sampling was used as the sampling technique which required the following criteria: go public Coal Mining Companies listed in IDX respectively from 2011 until 2011, and have audited financial statements for the fiscal year 2011 – 2014. Data collection methods were desk research. The result of this research showed that Zmijewski Model is the most accurate predictive models that can be applied to coal mining company listed on the Indonesia Stock Exchange (IDX) because this model has the highest level of accuracy compared to other predictive models that are equal to 78.95%, followed by Springate Model which has an accuracy rate of 47.37%, and the last one, Altman Model only has 5.26%.