{"id":"https://openalex.org/W7163579110","doi":"https://doi.org/10.32497/aamar.v4i1.6345","title":"Analysis of Financial Distress Potential Using the Zmijewski Method in Coal Mining Subsector Companies Listed on the Indonesia Stock Exchange for the 2019-2023 Period","display_name":"Analysis of Financial Distress Potential Using the Zmijewski Method in Coal Mining Subsector Companies Listed on the Indonesia Stock Exchange for the 2019-2023 Period","publication_year":2025,"publication_date":"2025-08-07","ids":{"openalex":"https://openalex.org/W7163579110","doi":"https://doi.org/10.32497/aamar.v4i1.6345"},"language":"en","primary_location":{"id":"doi:10.32497/aamar.v4i1.6345","doi":"https://doi.org/10.32497/aamar.v4i1.6345","is_oa":true,"landing_page_url":"https://doi.org/10.32497/aamar.v4i1.6345","pdf_url":"https://jurnal.polines.ac.id/index.php/AAMAR/article/download/6345/110017","source":{"id":"https://openalex.org/S4387286184","display_name":"Applied Accounting and Management Review (AAMAR)","issn_l":"2962-097X","issn":["2962-097X","2987-9981"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310315290","host_organization_name":"Politeknik Negeri Semarang","host_organization_lineage":["https://openalex.org/P4310315290"],"host_organization_lineage_names":["Politeknik Negeri Semarang"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Accounting and Management Review (AAMAR)","raw_type":"journal-article"},"parent_works":[],"lineage":["https://openalex.org/W7163579110"],"child_works_count":0,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://jurnal.polines.ac.id/index.php/AAMAR/article/download/6345/110017","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5137843111","display_name":"Amalia Amrina Rosyada Rosyada","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4388891846","display_name":"Politeknik Negeri Semarang","ror":"https://ror.org/04xwxtp60","country_code":"ID","type":"education","lineage":["https://openalex.org/I4388891846"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Amalia Amrina Rosyada Rosyada","raw_affiliation_strings":["Politeknik Negeri Semarang"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Politeknik Negeri Semarang","institution_ids":["https://openalex.org/I4388891846"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5070094172","display_name":"Maria Theresia Heni Widyarti","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4388891846","display_name":"Politeknik Negeri Semarang","ror":"https://ror.org/04xwxtp60","country_code":"ID","type":"education","lineage":["https://openalex.org/I4388891846"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Maria Theresia Heni Widyarti","raw_affiliation_strings":["Department of Accounting , Semarang State Polytechnic , Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting , Semarang State Polytechnic , Indonesia","institution_ids":["https://openalex.org/I4388891846"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5009216927","display_name":"Musyafa Al Farizi","orcid":"https://orcid.org/0000-0003-1022-174X","observed_orcids":["https://orcid.org/0000-0003-1022-174X"]},"institutions":[{"id":"https://openalex.org/I4388891846","display_name":"Politeknik Negeri Semarang","ror":"https://ror.org/04xwxtp60","country_code":"ID","type":"education","lineage":["https://openalex.org/I4388891846"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Musyafa Alfarizi","raw_affiliation_strings":["Department of Accounting , Semarang State Polytechnic , Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting , Semarang State Polytechnic , Indonesia","institution_ids":["https://openalex.org/I4388891846"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4388891846"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"4","issue":"1","first_page":"9","last_page":"19"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":1.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-distress-prediction","display_name":"financial distress prediction","score":0.9190000295639038},{"id":"https://openalex.org/keywords/zmijewski-x-score","display_name":"Zmijewski X-score","score":0.9139999747276306},{"id":"https://openalex.org/keywords/coal-mining-companies","display_name":"coal mining companies","score":0.9399999976158142},{"id":"https://openalex.org/keywords/indonesia-stock-exchange","display_name":"Indonesia Stock Exchange","score":0.8840000033378601},{"id":"https://openalex.org/keywords/coal-price-fluctuation","display_name":"coal price fluctuation","score":0.6880000233650208},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.8989999890327454},{"id":"https://openalex.org/keywords/debt-ratio","display_name":"debt ratio","score":0.9950000047683716},{"id":"https://openalex.org/keywords/current-ratio","display_name":"current ratio","score":1.0},{"id":"https://openalex.org/keywords/bankruptcy-risk","display_name":"bankruptcy risk","score":0.8029999732971191},{"id":"https://openalex.org/keywords/aims","display_name":"AIMS","score":0.8320000171661377}],"concepts":[{"id":"https://openalex.org/C504631918","wikidata":"https://www.wikidata.org/wiki/Q152074","display_name":"Bankruptcy","level":2,"score":0.65829998254776},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6470000147819519},{"id":"https://openalex.org/C2984760201","wikidata":"https://www.wikidata.org/wiki/Q1785212","display_name":"Financial distress","level":2,"score":0.6252999901771545},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5620999932289124},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5583000183105469},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5273000001907349},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.4684999883174896},{"id":"https://openalex.org/C52272595","wikidata":"https://www.wikidata.org/wiki/Q2210989","display_name":"Current ratio","level":3,"score":0.4499000012874603},{"id":"https://openalex.org/C2778114724","wikidata":"https://www.wikidata.org/wiki/Q1365583","display_name":"Bad debt","level":3,"score":0.428600013256073},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.40230000019073486},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.3840000033378601},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.37229999899864197},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.35350000858306885},{"id":"https://openalex.org/C155984872","wikidata":"https://www.wikidata.org/wiki/Q2353682","display_name":"Current liability","level":3,"score":0.3418000042438507},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.3384999930858612},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.30869999527931213},{"id":"https://openalex.org/C139265228","wikidata":"https://www.wikidata.org/wiki/Q5283089","display_name":"Distress","level":2,"score":0.2759999930858612},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.272599995136261},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.2669999897480011},{"id":"https://openalex.org/C506796395","wikidata":"https://www.wikidata.org/wiki/Q4738155","display_name":"Financial management","level":2,"score":0.2637999951839447},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.2632000148296356},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2606000006198883}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.32497/aamar.v4i1.6345","doi":"https://doi.org/10.32497/aamar.v4i1.6345","is_oa":true,"landing_page_url":"https://doi.org/10.32497/aamar.v4i1.6345","pdf_url":"https://jurnal.polines.ac.id/index.php/AAMAR/article/download/6345/110017","source":{"id":"https://openalex.org/S4387286184","display_name":"Applied Accounting and Management Review (AAMAR)","issn_l":"2962-097X","issn":["2962-097X","2987-9981"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310315290","host_organization_name":"Politeknik Negeri Semarang","host_organization_lineage":["https://openalex.org/P4310315290"],"host_organization_lineage_names":["Politeknik Negeri Semarang"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Accounting and Management Review (AAMAR)","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.32497/aamar.v4i1.6345","doi":"https://doi.org/10.32497/aamar.v4i1.6345","is_oa":true,"landing_page_url":"https://doi.org/10.32497/aamar.v4i1.6345","pdf_url":"https://jurnal.polines.ac.id/index.php/AAMAR/article/download/6345/110017","source":{"id":"https://openalex.org/S4387286184","display_name":"Applied Accounting and Management Review (AAMAR)","issn_l":"2962-097X","issn":["2962-097X","2987-9981"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310315290","host_organization_name":"Politeknik Negeri Semarang","host_organization_lineage":["https://openalex.org/P4310315290"],"host_organization_lineage_names":["Politeknik Negeri Semarang"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Accounting and Management Review (AAMAR)","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7163579110.pdf","grobid_xml":"https://content.openalex.org/works/W7163579110.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4225662531","https://openalex.org/W2949270640","https://openalex.org/W7171623162","https://openalex.org/W2967704543","https://openalex.org/W4411313122","https://openalex.org/W4322628873","https://openalex.org/W2953937391","https://openalex.org/W7215544839","https://openalex.org/W4319765606","https://openalex.org/W4311092938"],"abstract_inverted_index":{"Significant":[0],"fluctuations":[1],"in":[2,64,108,131,134],"coal":[3,14],"prices":[4],"during":[5],"the":[6,10,20,27,53,69,85,90,109,114,146,174,186],"2019-2023":[7],"period":[8],"impacted":[9],"financial":[11,30,35,62,78,124,129,161],"performance":[12],"of":[13,29,145,156],"mining":[15],"subsector":[16],"companies":[17,67,106],"listed":[18],"on":[19,92,104],"Indonesia":[21],"Stock":[22],"Exchange.":[23],"This":[24,47,73],"condition":[25],"increased":[26],"risk":[28],"distress,":[31],"which":[32,88],"refers":[33],"to":[34,41,50,59,140,172,184],"difficulties":[36],"that":[37],"could":[38],"potentially":[39],"lead":[40],"bankruptcy":[42],"if":[43],"not":[44],"properly":[45],"addressed.":[46],"research":[48,76],"aims":[49],"analyze,":[51],"determine":[52],"accuracy":[54,143],"level,":[55],"and":[56,97,120,136,177,182],"formulate":[57],"strategies":[58],"address":[60],"potential":[61],"distress":[63,111,130,162],"14":[65],"selected":[66],"using":[68,84],"purposive":[70],"sampling":[71],"method.":[72],"descriptive":[74],"quantitative":[75],"utilizes":[77],"report":[79],"data":[80],"from":[81,138],"2019-2023,":[82],"analyzed":[83],"Zmijewski":[86,147],"method,":[87],"involves":[89],"Return":[91],"Assets":[93],"(ROA),":[94],"Debt":[95,175],"Ratio,":[96,176],"Current":[98,187],"Ratio.":[99,188],"The":[100,142],"results":[101],"indicate":[102],"that,":[103],"average,":[105],"remained":[107],"non-financial":[110],"category":[112],"throughout":[113],"period.":[115],"However,":[116],"two":[117],"companies,":[118],"CNKO":[119],"DWGL,":[121],"consistently":[122],"experienced":[123],"distress.":[125],"Additionally,":[126],"AIMS":[127],"faced":[128],"2023,":[132],"BSML":[133],"2019,":[135],"CBRE":[137],"2019":[139],"2021.":[141],"rate":[144,155],"X-Score":[148],"method":[149],"was":[150],"77%,":[151],"with":[152],"an":[153],"error":[154],"23%.":[157],"Strategies":[158],"for":[159],"addressing":[160],"include":[163],"increasing":[164],"ROA":[165],"through":[166],"operational":[167],"efficiency,":[168],"prudent":[169],"debt":[170],"management":[171],"reduce":[173],"managing":[178],"current":[179],"liabilities,":[180],"inventory,":[181],"receivables":[183],"improve":[185]},"counts_by_year":[],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2026-06-05T00:00:00"}