Pengaruh Rasio Keuangan terhadap Prediksi Financial Distress dengan Model Grover, Ohlson, dan Zavgren pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2020-2024 Effect of Financial Ratios on Financial Distress Prediction Using the Grover, Ohlson, and Zavgren Models in Pharmaceutical Companies Listed on the Indonesia Stock Exchange (BEI) for the 2020-2024 Period

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Page Numbers: 3723-3746
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Published: Jun 1, 2026
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Authors:
Zahratu Tiara1*, Tartila Devy2
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Zahratu Tiara
UIN Sjech M. Djamil Djambek Bukittinggi
Tartila Devy
UIN Sjech M. Djamil Djambek Bukittinggi

Abstract

Financial distress is an important concern in financial studies because it can be used as an early indicator of a company’s potential bankruptcy. However, studies that specifically compare the effects of financial ratios on financial distress prediction using the Grover, Ohlson, and Zavgren models in pharmaceutical companies in Indonesia remain limited. This study aims to analyze the effects of Return on Assets (ROA), Current Ratio (CR), Debt to Asset Ratio (DAR), and Total Asset Turnover (TATO) on financial distress prediction in pharmaceutical companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study used a quantitative approach with a causal design. The research sample consisted of 10 pharmaceutical companies selected through purposive sampling. Data were obtained from companies’ annual financial statements through the documentation method and analyzed using multiple linear regression with the assistance of EViews 13. The results showed that ROA and TATO had significant effects on financial distress prediction in the Grover, Ohlson, and Zavgren models. CR had a significant effect in the Grover and Zavgren models but was not significant in the Ohlson model, whereas DAR had a significant effect only in the Grover model. Simultaneously, ROA, CR, DAR, and TATO had significant effects on financial distress prediction in all three models. In addition, the Grover and Zavgren models demonstrated higher predictive ability than the Ohlson model. These findings contribute to the development of Agency Theory and Signaling Theory in explaining the relationship between financial ratios and financial distress. The practical implications of this study can serve as a basis for consideration by investors, creditors, company management, and regulators in identifying financial distress risk at an earlier stage.

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How to Cite
Tiara, Z., & Devy, T. (2026). Pengaruh Rasio Keuangan terhadap Prediksi Financial Distress dengan Model Grover, Ohlson, dan Zavgren pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2020-2024. ARZUSIN, 6(4), 3723-3746. https://doi.org/10.58578/arzusin.v6i4.10365

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Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

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