SKRIPSI DIGITAL
Analisis Financial Distress dengan Model Springate (Studi pada Perusahaan Sektor Consumer Non-Cyclicals yang Terdaftar di BEI Periode 2020-2022) = Financial Distress Analysis with the Springate Model (Study on Consumer Non- Cyclicals Sector Companies Listed on the IDX for the 2020-2022 Period)
Vivit Dwi Astuti, "Financial Distress Analysis with the Springate Model (Study on Consumer Non-
Cyclicals Sector Companies Listed on the IDX for the 2020-2022 Period)". Thesis, Department of
Accounting, Politeknik Negeri Semarang, under the guidance of Manarotul Fatati, S.E., M.M., and
Prihatiningsih, S.E., M.M., August 2023.
This study aims to analyze the financial condition of companies in the Consumer Non-Cyclicals
Sector listed on the Indonesia Stock Exchange for the period 2020-2022 whether they are in a
healthy financial condition (non-financial distress) or in financial distress. The sampling technique
was carried out using purposive sampling technique. Based on the sampling criteria, 15 companies
in the Consumer Non-Cyclicals Sector were obtained which could be used as research samples. The
research method used is the Springate Model by having four financial distress prediction variables,
namely the ratio of working capital to total assets, EBIT to total assets, EBT to current liability, and
sales to total assets. The results showed that during the 2020-2022 research period, Consumer Non-
Cyclicals Sector companies that were categorized as having healthy finances (non-financial
distress) were seven companies and those experiencing financial difficulties (financial distress)
were eight companies. The main factors causing financial distress for several companies in the
Consumer Non-Cyclicals Sector are low working capital, low sales, and low equity.
Keywords : financial distress, Consumer Non-Cyclicals Sector, Springate Model
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