Property Company Condition in IKN Phenomenon Using Bankruptcy Models

https://doi.org/10.35912/simo.v6i2.4366
Published: Jul 17, 2025

Abstract:

Purpose: Amid the significant shift of the capital city relocation to IKN, it is essential to determine whether property companies are navigating within a zone of financial distress or maintaining a position of financial stability and safety.

Methodology/approach: The researcher uses the Altman Z-Score, Springate, Ohlson, and Zmijewski models to determine the condition of property companies, whether they are in the distress zone or the safe zone.

Results/findings: This study shows that in 2019 - 2023 there are 3 company on distress zone, 4 company on gray zone, 68 company on Safe zone using Altman Z-Score, for Springate there are 49 in distress zone and 22 in safe zone, for Ohlson 28 in distress zone and 47 in safe zone, for Zmijewski there are 1 in Distress Zone and 74 in safe zone.

Conclusion: The study finds that most companies are classified as financially safe by the Altman and Zmijewski models, while the Springate and Ohlson models identify more companies in distress, especially during 2020–2021.

Limitations: This study is limited to property companies, and only the condition is considered. The accuracy of the four bankruptcy models, namely, the Altman Z-score, Springate, Ohlson, and Zmijewski models, is not measured.

Contribution: This study contributes to those who need to see the company property condition, whether the company is in financial distress or not. It is hoped that this study will help others, whether researchers or civilians, to understand the condition of property companies.

Keywords:
1. IDX
2. IKN
3. Finance
4. Financial Distress
5. Property
Authors:
1 . Teofilus Karnalim
2 . I Gusti Ngurah Agung Arya Bhakta Narayana
3 . Christoffel Jehezkiel Gracesttela
4 . Eriko Sucipto
5 . Jessica Lie
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How to Cite
Karnalim, T., Narayana, I. G. N. A. A. B. ., Gracesttela, C. J., Sucipto, E., & Lie, J. (2025). Property Company Condition in IKN Phenomenon Using Bankruptcy Models. Studi Ilmu Manajemen Dan Organisasi, 6(2), 337–348. https://doi.org/10.35912/simo.v6i2.4366
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Issue & Section
Vol. 6 No. 2 (2025): Juli
Articles
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References

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    Amelia, R. (2023). Sentiment Analysis of Goverment Policy in Relocating the Republic of Indonesia's Capital City. Journal of Public Administration and Government, 177-187.

    Hanafi, M. M., & Halim, A. (2016). Analisis Laporan Keuangan. Yogyakarta: UPP STIM YKPN.

    Hasibuan, R. R., & Aisa, S. (2020). Dampak dan Resiko Perpindahan Ibu Kota Terhadap Ekonomi Indonesia. Jurnal Ekonomi Islam, 183-203.

    Kusdiana, Y., Tinaria, L., Zubir, Nusyirwan, & Masril. (2023). Model Altman Z-Score dan Springate Memprediksi Financial Distress (Studi Kasus Perusahaan Sub Migas yang Tercatat di BEI Tahun 2017 - 2020. Jurnal Akuntansi, Manajemen, Bisnis dan Teknologi (AMBITEK), 127-135.

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    Najib, A. S., & Cahyaningdah, D. (2020). Analysis of The Bankruptcy of Companies with Altman Model and Ohlson Model. Management Analysis Journal , 243-251.

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    Pamungkas, K. S. (2023). Financial Distress Analysis Using The Ohlson Model in Indonesian State Owned Enterprises. Journal of Accounting and Finance Management., 372-381.

    Putri, T. E., & Putri, S. A. (2024). Determinants of Financial Distress in Construction Sub-Sector Companies in Indonesia and Malaysia. International Conference On Accounting And Finance (pp. 319-334). Yogyakarta: Jurusan Akuntansi, Fakultas Bisnis dan Ekonomika, Universitas Islam Indonesia.

    Restianti, T., & Agustina, L. (2018). The Effect of Financial Ratios on Financial Distress Conditions in Sub Industrial Sector Company. Accounting Analysis Journal, 25-33.

    Saha, P., & Ahmed, S. (2024). Comprehensive Analysis of Altman Z-Score, Zmijewski X Score, Springate S-Score, anf Grover G-Score Model for Predicting Financial Health of Listed Non-Bank Financial Institutions (NBFIs) of Bangladesh. Open Journal of Business and Management, 3342-3365.

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    Sumarni, I. (2022). Analisis Financial Distress Perusahaan di Indonesia dimasa Pandemic Covid-19. Jurnal Pemikiran dan Penelitian Administrasi Publik dan Administrasi Bisnis, 86-101.

    Sunaryo. (2015). Evaluasi Tingkat Keakuratan Antara Model Springate dengan Model Altman dalam Memprediksi Delisting Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Journal of Business Strategy and Execution, 155-176.

    Taufiq, M. (2020). Pemindahan Ibu Kota dan Potensi Konektivitas Pemerataan Ekonomi. Jurnal Vokasi Indonesia, 27-39.

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  1. Adnan, M. A., Taufik, & Muhammad, I. (2010). Analisis Ketepatan Prediksi Metode Altman Terhadap Terjadinya Likuiditas Pada Lembaga Perbankan. Jurnal Ekonomi dan Auditing Fakultas Ekonomi Universitas Islam Indonesia.
  2. Alexander, H. B. (2024, May 25). Buka Peluang Bisnis Properti, IKN Berpotensi Jadi "New Smart Hub". Retrieved from ikn.kompas.com: https://ikn.kompas.com/read/2024/05/25/125010687/buka-peluang-bisnis-properti-ikn-berpotensi-jadi-new-smart-hub
  3. Amelia, R. (2023). Sentiment Analysis of Goverment Policy in Relocating the Republic of Indonesia's Capital City. Journal of Public Administration and Government, 177-187.
  4. Hanafi, M. M., & Halim, A. (2016). Analisis Laporan Keuangan. Yogyakarta: UPP STIM YKPN.
  5. Hasibuan, R. R., & Aisa, S. (2020). Dampak dan Resiko Perpindahan Ibu Kota Terhadap Ekonomi Indonesia. Jurnal Ekonomi Islam, 183-203.
  6. Kusdiana, Y., Tinaria, L., Zubir, Nusyirwan, & Masril. (2023). Model Altman Z-Score dan Springate Memprediksi Financial Distress (Studi Kasus Perusahaan Sub Migas yang Tercatat di BEI Tahun 2017 - 2020. Jurnal Akuntansi, Manajemen, Bisnis dan Teknologi (AMBITEK), 127-135.
  7. Martini, et al. (2021). Penerapan Model Altman Untuk Mendeteksi Risiko Kebangkrutan. Jurnal Penelitian Ekonomi dan Akuntansi, 255-262.
  8. Mihelle, & Lukman, H. (2024). The Influence of Profitability, Liquidity, and Leverage on Financial Distress in General Insurance Companies During The Covid-19 Pandemic. International Journal of Application on Economics and Business (IJAEB), 408-416.
  9. Najib, A. S., & Cahyaningdah, D. (2020). Analysis of The Bankruptcy of Companies with Altman Model and Ohlson Model. Management Analysis Journal , 243-251.
  10. Nurfauziyyah, D., & Muslim, A. I. (2024). Literature Review tentang Financial Distress yang Terbit di Jurnal Sinta. Jurnal Akuntansi dan Keuangan, 225-240.
  11. Nurlaila, R., Marsiwi, D., & Ulfah, I. F. (2021). Analisis Kebangkrutan dengan Menggunakan Metode Springate Pada Perusahaan Asuransi Jiwa di Indonesia Tahun 2016-2018. Jurnal Manajemen dan Bisnis, 1-14.
  12. Pamungkas, K. S. (2023). Financial Distress Analysis Using The Ohlson Model in Indonesian State Owned Enterprises. Journal of Accounting and Finance Management., 372-381.
  13. Putri, T. E., & Putri, S. A. (2024). Determinants of Financial Distress in Construction Sub-Sector Companies in Indonesia and Malaysia. International Conference On Accounting And Finance (pp. 319-334). Yogyakarta: Jurusan Akuntansi, Fakultas Bisnis dan Ekonomika, Universitas Islam Indonesia.
  14. Restianti, T., & Agustina, L. (2018). The Effect of Financial Ratios on Financial Distress Conditions in Sub Industrial Sector Company. Accounting Analysis Journal, 25-33.
  15. Saha, P., & Ahmed, S. (2024). Comprehensive Analysis of Altman Z-Score, Zmijewski X Score, Springate S-Score, anf Grover G-Score Model for Predicting Financial Health of Listed Non-Bank Financial Institutions (NBFIs) of Bangladesh. Open Journal of Business and Management, 3342-3365.
  16. Saraswati, M. K., & Adi, E. A. (2022). Pemindahan Ibu Kota Negara Ke Provinsi Kalimantan Timur Berdasarkan Analisis SWOT. Jurnal Ilmu Sosial dan Pendidikan (JISIP), 4042-4052.
  17. Sumarni, I. (2022). Analisis Financial Distress Perusahaan di Indonesia dimasa Pandemic Covid-19. Jurnal Pemikiran dan Penelitian Administrasi Publik dan Administrasi Bisnis, 86-101.
  18. Sunaryo. (2015). Evaluasi Tingkat Keakuratan Antara Model Springate dengan Model Altman dalam Memprediksi Delisting Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Journal of Business Strategy and Execution, 155-176.
  19. Taufiq, M. (2020). Pemindahan Ibu Kota dan Potensi Konektivitas Pemerataan Ekonomi. Jurnal Vokasi Indonesia, 27-39.
  20. Tawil, Y. P., Syugiarto, & Rahmarini, G. M. (2022). The Fate of Jakarta Special Autonomy After The Movement of The Capital City of The United State of The Republic of Indonesia. Journal of Public Administration and Government, 140-149.