Comparison Of Financial Distress In Companies Affected By The Covid-19 Pandemic (Empirical Study Of Hotel, Restaurant, Tourism, And Aviation Sub Sector Companies Listed On The Indonesia Stock Exchange)
Kata Kunci:
Financial Distress, Altman Z-Score, COVID-19 Pandemic, Hotel Restaurant, Tourism, and aviation Sub-sector CompaniesAbstrak
The extraordinary impact on the global economy in early 2020 was caused by COVID-19, one of which was financial system stability. Economic instability causes a decrease in company revenue, especially in hotel, restaurant, tourism and aviation subsectors, which can lead to financial distress. Financial Distress analysis is important to provide an overview of the company’s financial condition. This study aims to determine the difference in the level of financial distress before and during the COVID-19 pandemic in hotel, restaurant, tourism, and aviation sub-sector companies listed on the Indonesia Stock Exchange (IDX) in 2019–2022, using the Altman Z-score calculation model. The data used in this study are secondary data taken from financial reports through the official IDX website, www.idx.co.id. Sample determination was carried out using the purposive sampling method. The number of samples selected was 36 companies. The analysis technique used in this research is one-way analysis of variance. The results showed a value of 0.885 > 0.05, which means that there is no difference in the level of financial distress in companies before and during the COVID-19 pandemic.The extraordinary impact on the global economy in early 2020 was caused by COVID-19, one of which was financial system stability. Economic instability causes a decrease in company revenue, especially in hotel, restaurant, tourism and aviation subsectors, which can lead to financial distress. Financial Distress analysis is important to provide an overview of the company’s financial condition. This study aims to determine the difference in the level of financial distress before and during the COVID-19 pandemic in hotel, restaurant, tourism, and aviation sub-sector companies listed on the Indonesia Stock Exchange (IDX) in 2019–2022, using the Altman Z-score calculation model. The data used in this study are secondary data taken from financial reports through the official IDX website, www.idx.co.id. Sample determination was carried out using the purposive sampling method. The number of samples selected was 36 companies. The analysis technique used in this research is one-way analysis of variance. The results showed a value of 0.885 > 0.05, which means that there is no difference in the level of financial distress in companies before and during the COVID-19 pandemic.
Referensi
Altman, E. I. (1968). The Prediction of Corporate Bankruptcy: A Discriminant Analysis. The Journal of Finance, 23(1), 193. https://doi.org/10.2307/2325319
Badan Pusat Statistik. (2023). Berita Resmi Statistik.
Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property. In California Law Review (Vol. 21, Issue 1, p. 78). https://doi.org/10.2307/3475545
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23 (P. P.Harto (ed.); 8th ed.). Badan Penerbit Universitas Diponegoro.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kartika, A., Abdul Rozak, H., Nurhayat, I., & Daniel Bagana, B. (2020). Rasio Keuangan Sebagai Prediksi Financial Distress. Prosiding SENDI_U, 675–681. https://unisbank.ac.id/ojs/index.php/sendi_u/article/view/8052
Khan, K. A., Dankiewicz, R., Kliuchnikava, Y., & Oláh, J. (2020). How Do Entrepreneurs Feel Bankruptcy? International Journal of Entrepreneurial Knowledge, 8(1), 89–101. https://doi.org/10.37335/ijek.v8i1.103
Mahtani, U. S., & Garg, C. P. (2020). An analysis of factors affecting financial distress of airline companies: Case of India. International Journal of Business Excellence, 20(1), 130–148. https://doi.org/10.1504/IJBEX.2020.104851
Nadiya Nafisamuna, & Nurfauziah. (2022). Potentials Of Financial Distress Before And During Covid-19 Pandemic In Food And Beverage Companies Listed On The Indonesia Stock Exchange. International Journal of Science, Technology & Management, 3(4), 1211–1218. https://doi.org/10.46729/ijstm.v3i4.574
Nainggolan, E. U. (2021). Kebijakan Fiskal dan Moneter Menghadapi Dampak Covid-19. Direktorat Jenderal Kekayaan Negara, Kementrian Keuangan Republik Indonesia. https://www.djkn.kemenkeu.go.id/artikel/baca/13017/Kebijakan-Fiskal-dan-Moneter-Mengadapi-Dampak-Covid-19.html
Nurhaliza, S. (2021). Ancol (PJAA) Catatkan Kerugian Rp57,09 Miliar di Kuartal I-2021. IDX Channel. https://www.idxchannel.com/market-news/ancol-pjaa-catatkan-kerugian-rp5709-miliar-di-kuartal-i-2021
Platt, H., & Platt, M. B. (2002). Predicting Financial Distress. Journal of Financial Sevice Professionals.
Prima, B. (2020). Pigijo (PGJO) masih membukukan rugi Rp 1,75 miliar per Juni 2019. Kontan.Co.Id. https://investasi.kontan.co.id/news/pigijo-pgjo-masih-membukukan-rugi-rp-175-miliar-per-juni-2019
PT Arthavest Tbk. (2021). Laporan Tahunan PT Arthavest Tbk 2021.
PT Arthavest Tbk. (2022). Laporan Tahunan PT Arthavest Tbk 2022.
PT Menteng Heritage Realty Tbk. (2019). Annual Report PT Menteng Heritage Realty Tbk 2019.
Rahmah, I., & Novianty, I. (2021). Comparative Analysis of Financial Distress Before and During the covid-19 Pandemic: Empirical Evidence in Indonesia. International Journal of Business, Economics and Law, 24(5), 216–222.
Rosana, F. christy. (2021). Pendapatan AirAsia Anjlok 76 Persen, Harga Tiket Murah Tak Menolong? Tempo.Com. https://bisnis.tempo.co/read/1469430/pendapatan-airasia-anjlok-76-persen-harga-tiket-murah-tak-menolong
Saputra, A. A., Prasetyo, T. J., & Idris, A. Z. (2022). Analysis of The Effect of The Covid-19 Pandemic Crisis on Financial Distress “(Empirical Study on Transportation Companies Listed on The Bei For The 2019 Quarter 2 and 2020 Quarter 2).” Inovasi Pembangunan : Jurnal Kelitbangan, 10(01), 55–70. https://doi.org/https://doi.org/10.35450/jip.v10i01.285
Utami, D. N. (2020). Pariwisata Terpukul Pandemi, Simak Strategi Pigijo (PGJO). Bisnis.Com. https://market.bisnis.com/read/20200604/192/1248567/pariwisata-terpukul-pandemi-simak-strategi-pigijo-pgjo
Unduhan
Diterbitkan
Cara Mengutip
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2024 Siska Khoirun Nikmah, Loggar Bhilawa, Harun Harun
Artikel ini berlisensiCreative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
