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Analisis Financial Distress pada Perusahaan Sektor Food & Beverage yang Terdaftar di Bursa Efek Indonesia dengan Menggunakan Model Ohlson, Taffler, Fulmer, Zavgren dan Zmijewski Periode 2020-2024

  • Intan Kelana1*
  • Dedi Mulyadi2
  • Santi Pertiwi Hari Sandi3
1,2,3 Universitas Buana Perjuangan Karawang image/svg+xml
* Corresponding Author: Intan Kelana
Cover JEMSI Volume 12 Nomor 2 April 2026

Abstract

This study aims to analyze the accuracy of financial distress prediction models, namely the Ohlson, Taffler, Fulmer, Zavgren, and Zmijewski models, in food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024. The sample consisted of 30 companies. Data analysis used five models, and accuracy testing was performed using Microsoft Excel. The results showed differences, with the Zavgren model having the highest accuracy of 97%, while the Zmijewski model had the lowest accuracy of 67%. PT Bumi Teknokultura Unggul Tbk, PT Estika Tata Tiara Tbk, PT Dua Putra Utama Makmur Tbk, PT Sentra Food Indonesia Tbk, and PT Jaya Agra Wattie Tbk are companies that are consistently predicted to experience financial distress due to commodity price volatility, climate change, industry slowdown, high operational costs, dependence on imports, weak cash flow, and heavy debt burdens. Management responded with debt restructuring, changes in control and governance, asset sales, and strengthening liquidity and capital.


 


 

Keywords

Financial Distress Ohlson

How to Cite

Citation Format
Kelana, I., Mulyadi, D., & Sandi, S. P. H. (2026). Analisis Financial Distress pada Perusahaan Sektor Food & Beverage yang Terdaftar di Bursa Efek Indonesia dengan Menggunakan Model Ohlson, Taffler, Fulmer, Zavgren dan Zmijewski Periode 2020-2024. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 12(2), 1993-2004. https://doi.org/10.35870/jemsi.v12i2.6480

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Author Biographies

Intan Kelana, Universitas Buana Perjuangan Karawang

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Buana Perjuangan Karawang, Karawang, Indonesia.

Dedi Mulyadi, Universitas Buana Perjuangan Karawang

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Buana Perjuangan Karawang, Karawang, Indonesia.

Santi Pertiwi Hari Sandi, Universitas Buana Perjuangan Karawang

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Buana Perjuangan Karawang, Karawang, Indonesia.

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Copyright (c) 2026 Intan Kelana, Dedi Mulyadi, Santi Pertiwi Hari Sandi

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