PENGGUNAAN THE ZMIJEWSKI MODEL, THE ALTMAN MODEL, DAN THE SPRINGATE MODEL SEBAGAI PREDIKTOR DELISTING
Jurusan Akuntansi Fakultas Ekonomi Universitas Muhammadiyah Metro
Jl. KH. Dewantara No.116 Iring Mulyo Metro, 34111.
Korespondensi dengan Penulis:
Mila Fatmawati: Telp. +62 725 424 45; Fax. +62 725 424 54
The purpose of this study was to investigate empirical evidence that The Zmijewski model, the Altman model, and the Springate models could be used as a predictor of delisting the company. Object of this study was to remove the list of companies that trade shares (delisted) in Indonesia Stock Exchange in 2003-2009. As a benchmark for companies delisted at the top used companies that were still listed on the Stock Exchange with the same number and kind of business field. Comparison samples were taken randomly over the same period with the company delisted. The method of analysis used logic regression. The results found that from the three delisting of predictor models, only the Zmijewski models that could be used to predict the company delisted in the period of observation, while The Altman Model and The Springate models could not be used as predictive models delisting. It is because The Zmijewski model emphasized amounts of debt in predict delisting. The bigger the debt was, it would be more accurate in predicting as the company’s delisting. Meanwhile, The Altman model and The Springate model emphasized more on profitability measures. The smaller the profitability was, the more precisely to predict company’s delisting. Condition of delisting the company that became object of observation company trends was still able to get profit, but it had a relative amount of debt.
Key words: delisting, The Zmijewski Model, The Altman Model, The Springate Model