Analysis of The Effect of Bankruptcy Predictions with Models Altman, Springate, Ohlson, Foster, Zmijewski, and Grover on The Return of Shares in Entertainment and Film Companies Listed on The Indonesia Stock Exchange in 2018-2021

Abstract

A company will not be free from the risk of bankruptcy, especially when where the conditions of entertainment and movies are consumed at home, while producers' activities are disrupted because they usually produce in the field. This study aims to determine the effect of financial statements on bankruptcy prediction analysis, including financial ratios to stock returns in entertainment and film companies listed on the Indonesia Stock Exchange. This research uses a descriptive quantitative method with panel data and secondary data obtained on the Indonesia Stock Exchange from 2018 to 2021. Data analysis using the E-Views program. The results of the bankruptcy prediction from this study using the Altman, Springate, Ohlson, Foster, Zmijewski, and Grover models has no significant effect on stock returns, but this bankruptcy prediction must always be done periodically to avoid actual bankruptcy conditions and as an effort to save the company's performance, especially financial performance.

Keywords: Altman; Springate; Ohlson; Foster; Stock Return.