Financial Performance Analysis in Predicting Corporate Bankruptcy: Before and During the COVID-19 Pandemic
DOI:
https://doi.org/10.47747/jbm.v2i2.1723Keywords:
Current Ratio, DER, ROA, financial distress, Pandemic CovidAbstract
This study holds significant implications as it analyzes financial performance in predicting bankruptcy in retail sector companies before and during the COVID-19 pandemic. It is a part of the 3rd TKT measurement, providing a comprehensive analytical and experimental understanding. Financial performance is gauged through the Current Ratio (CR), debt-to-equity ratio (DER), and Return on Assets (ROA). The research method employed is a quantitative approach. By using the purposive sampling method, a sample of 22 companies was obtained, with 2 years of observation before the Covid-19 pandemic and 2 years during the Covid-19 pandemic. The research findings reveal that the CR and ROA variables had a positive effect on financial distress, while the DER variable did not affect financial distress. Furthermore, the study concludes that there was no difference in the potential for financial distress before and during the COVID-19 pandemic, providing a unique and intriguing perspective on the impact of the pandemic on the retail sector.
References
Agustia, D. (2013). Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba. Jurnal Akuntansi Dan Keuangan, 15(1), 27–42. https://doi.org/10.9744/jak.15.1.27-42
Agustini, N. W., & Wirawati, N. G. P. (2019). Pengaruh Rasio Keuangan Pada Financial Distress Perusahaan Ritel Yang Terdaftar di Bursa Efek Indonesia (BEI). E-Jurnal Akuntansi Universitas Udayana, 26(1), 251–280.
Aisyah, N. N., Kristanti, F. T., & Zultilisna, D. (2017). Pengaruh Rasio Likuiditas, Rasio Aktivitas, Rasio Profitabilitas, dan Rasio Leverage Terhadap Financial Distress. E-Proceeding of Management, 4(1), 411–419.
Almilia, L. S., & Kristijadi. (2003). Analisis Rasio Keuangan Untuk Memprediksi Kondisi Financial Distress Perusahaan Menufaktur Yang Terdaftar Di Bursa Efek Indonesia. JAAI, 7(2), 184–210. https://doi.org/10.32477/jkb.v24i2.222
Andirawan, N. F., & Salean, D. (2016). Analisis Metode Altman Z-Score Sebagai Alat Prediksi Kebangkrutan Dan Pengaruhnya Terhadap Harga Saham Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi Akuntansi, 1(1), 67–82.
Brigham, E. F. & Houston, J. F. (2013). Essential of Financial Management (11th ed.). Salemba Empat.
Brigham, E. F., & Houston, J. F. (2014). Dasar-Dasar Manajemen Keuangan (11th ed.). Salemba Empat.
Cai, J., & Zhang, Z. (2011). Leverage Change, Debt Capacity, and Stock Prices. SSRN Electronic Journal, April. https://doi.org/10.2139/ssrn.1107878
Cinantya, I. G. A. A. P., & Merkusiwati, N. K. L. A. (2015). Pengaruh Corporate Governance, Financial Indicators, dan Ukuran Perusahaan Pada Financial Distrress. E-Jurnal Akuntansi Universitas Udayana, 10(3), 897–915.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Dirman, A. (2020). Financial distress: the impacts of profitability, liquidity, leverage, firm size, and free cash flow. International Journal of Business, Economics and Law, 22(1), 17–25.
Fahmi, I. (2014). Analisis Kinerja Keuangan. Alfabeta.
Hery. (2017). Kajian Riset Akuntansi. PT. Grasindo.
Irama, O. N. (2018). Pengaruh Potensi Kebangkrutan Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Net, 1(1), 219–226.
Kasmir. (2014). Analisis Laporan Keuangan. PT Rajagrafindo Persada.
Kassidy, C. L., & Handoko, J. (2022). Prediksi Financial Distress Sebelum dan Selama Masa Pandemi Covid-19. E-Jurnal Akuntansi, 32(10), 3005–3018. https://doi.org/10.24843/EJA.2022.v32.i10.p08
Kazemian, S., Shauri, N. A. A., Sanusi, Z. M., Kamaluddin, A., & Shuhidan, S. M. (2017). Monitoring mechanisms and financial distress of public listed companies in Malaysia. Journal of International Studies, 10(1), 92–109. https://doi.org/10.14254/2071-8330.2017/10-1/6
Kusanti, O., & Andayani. (2015). Pengaruh Good Corporate Governance Dan Rasio Keuangan Terhadap Financial Distress. Jurnal Ilmu & Riset Akuntansi, 4(10), 1–22.
Kusumastuti, R., Tiswiyanti, W., & Marselina, S. (2023). Analisis Perbandingan Potensi Financial Distress Sebelum dan Selama Pandemi COVID-19 Menggunakan Metode Grover, Springate dan Zmijewski. Owner, 7(2), 1059–1073. https://doi.org/10.33395/owner.v7i2.1331
Moghaddam, Reza Jarrahi., Filsaraei, M. (2016). The Impact of Corporate Governance Characteristics on the of Financial Distress. 3(2), 162–176. https://doi.org/10.5296/ifb.v3i2.10370
Mutiara, T., & Septyanto, D. (2022). Analisis Faktor-Faktor yang Mempengaruhi Tingkat Financial Distress Sebelum dan Selama Pandemi Covid-19. Jurnal Bisnis Dan Manajemen, 18(2), 69–87. https://doi.org/10.23960/jbm.v18i2.397
Oktariyani, A. (2019). Analisis Pengaruh Current Ratio, DER, TATO dan EBITDA Terhadap Kondisi Financial Distress Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Akuntansi Dan Manajemen, 14(1), 111–125. https://doi.org/10.30630/jam.v14i1.89
Pernamasari, R. (2020). Determinants of Voluntary Disclosure: Based on Financial Ratios and Financial Distress. International Journal of Management Studies and Social Science Research, 2(4), 130–141. http://ezproxy.lib.monash.edu.au/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=91711854&site=ehost-live&scope=site
Pernamasari, R., Purwaningsih, S., Tanjung, J., & Rahayu, D. P. (2019). Good Corporate Governance and Prediction of Financial Distress to Stock Prices : Atman Z Score Approach. International Journal of Economics and Management Studies, 6(11), 56–62.
Putri, R. K., Hermuningsih, S., & Maulida, A. (2022). Pengaruh rasio keuangan terhadap financial distress pada perusahaan otomotif dalam masa pandemi covid-19. Jurnal Manajemen, 14(2), 359–366.
Saji, T. G. (2018). Financial Distress and Stock Market Failures: Lessons from Indian Realty Sector. Vision, 22(1), 50–60. https://doi.org/10.1177/0972262917750244
Sari, M., & Diana, H. (2020). Analisis Rasio Keuangan Untuk Memprediksi Kondisi Financial Distress Perusahaan Pulp Dan Kertas Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2017 Dengan Model Altman Z-Score. Research in Accounting Journal (RAJ), 1(1), 32–48. https://doi.org/10.37385/raj.v1i1.32
Sayari, N., & Mugan, F. N. C. S. (2013). Cash Flow Statement as an Evidence for Financial Distress. Universal Journal of Accounting and Finance, 1(3), 95–103.
Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Utami, M. R., & Darmawan, A. (2019). Effect of DER , ROA , ROE , EPS and MVA on Stock Prices in Sharia Indonesian Stock Index. Journal Of Applaied Accounting and Taxation, 4(1), 15–22.
Widiastuti, A. (2022). Kinerja Keuangan Sebelum Dan Saat Pandemic Covid-19 Pada Perusahaan Telekomunikasi Yang Tercatat Di Bursa Efek Indonesia. Jurnal Ilmiah Komputerisasi Akuntansi, 15(1), 134–142.
Yuliastry, E. C., & Wirakusuma, M. G. (2014). Analisis Financial Distress dengan Metode Z-Score Altman, Springate, Zmijewski. Jurnal Akuntansi, 6(3), 379–389.
Peraturan Otoritas Jasa Keuangan (POJK) No.33 / POJK.04 / 2014, 8 Desember 2014,
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Sri Purwaningsih, Rieke Pernamasari
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright for this article is retained by the author(s), with first publication rights granted to the journal.
This is an open-access article distributed under the terms and conditions of the Creative Commons Attribution license (http://creativecommons.org/licenses/by/4.0/)
