Models for Predicting Financial Distress that Affects Stock Prices of Miscellaneous Industry Companies in Indonesia: COVID-19 Analysis
DOI:
https://doi.org/10.52962/ipjaf.2025.9.1.166Keywords:
Financial distress, stock price, miscellaneous industries, IndonesiaAbstract
The COVID-19 pandemic has brought the company’s performance towards potential financial distress. This research has examined the effect of bankruptcy prediction models on the stock prices of miscellaneous industry companies in Indonesia. This research uses secondary data from 40 financial statements and stock prices for various industrial companies from 2016 to 2021, selected using a purposive sampling technique from 50 companies. Then, all the data were separated from the period before and during the COVID-19 pandemic, with 160 and 80 observations, or 240 observations. The research used the static panel data regression method with the best random effect model. The results indicated that the overall Fulmer model significantly affected stock prices. Before COVID-19, the Almant Modification, Grover, and Fulmer models significantly affected stock prices, while during COVID-19, the Grover model, Springate model, Zmijewski model, Ohlson model, and Fulmer model influenced stock prices significantly. However, there was no Almant prediction model that significantly affected stock prices.
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