The purpose of this study is to predict the condition of the listed agriculture sector firms on Indonesia Stock Exchange (IDX) period 2008-2012, whether the firms are distress or not distress. The research is using two bankruptcy prediction models, Altman Z-Score and Zmijewski X-Score. The data which used in this study derived from the firms’ financial statements.
There are three types of Altman Z-Score; Original, Revised, and Modified, which Modified is used in this study, where the criteria of the model is, if a firm’s Z-Score ? 2,6 the firm is on the safe zone, if the Z-Score between 1,1 to 2,6 the firm is on the grey zone, and if the Z-Score ? 1,1 the firm is on the distress zone. The Zmijewski X-Score model has a different criteria, which is, the greater of the X-Score result, the greater possibility of distress, or, if the X-Score is positive, the firms is predicted to distress.
The sample is selected by non-probability sampling with purposive sampling technique. The result of this study is there are firms that predicted in the grey zone and distress zone every year in the period of 2008-2012 by using Modified Altman Z-Score and there are firms that predicted to distress in 2010, 2011, and 2012 by using Zmijewski X-Score.