ANALISIS FAKTOR-FAKTOR YANG MEMENGARUHI FINANCIAL DISTRESS SEBELUM DAN SELAMA PANDEMI COVID-19

Ayu Suci Ramadhani, Dr. Hermeindito, SE, MM.

2023 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Penelitian ini bertujuan untuk menguji perbedaan kondisi financial distress sebelum dan selama pandemi covid-19, serta menguji pengaruh kinerja keuangan yaitu profitabilitas, likuiditas, leverage dan aktivitas (efisiensi) terhadap kondisi financial distress sebelum dan selama pandemi covid-19. Penelitian pada perusahaan sektor transportasi dan logistik, sektor pariwisata, hotel dan restoran, serta sektor properti, real estate dan konstruksi bangunan yang terdaftar di Bursa Efek Indonesia dengan sampel sebanyak 119 perusahaan. Periode waktu penelitian tahun 2018-2021 yaitu tahun 2018-2019 untuk periode sebelum pandemi covid-19 dan 2020-2021 untuk periode selama pandemi covid. Analisis data penelitian menggunakan regresi logistik. 

Hasil penelitian menunjukkan bahwa tidak terdapat perbedaan yang signifikan financial distress pada waktu sebelum dan selama pandemi covid-19. Profitabilitas memiliki pengaruh signifikan terhadap financial distress baik pada masa sebelum maupun selama masa pandemi covid-19. Aktivitas (efisiensi) tidak berpengaruh signifikan terhadap financial distress pada saat sebelum pandemi covid-19, namun berpengaruh signifikan selama masa pandemi covid-19. Sedangkan likuiditas dan leverage tidak berpengaruh signifikan terhadap financial distress.

This reseacrh aims to test the differences in financial distress conditions before and during the Covid-19 pandemic, and testing the effect of financial performance, that is profitability, liquidity, leverage and activity (efficiency) on financial distress conditions before and during the COVID-19 pandemic. Research on companies in the transportation and logistics sector, tourism, hotel and restaurant sector, and property, real estate and building construction sector listed on the Indonesia Stock Exchange with a sample of 119 companies. The research time period of 2018-2021 is 2018-2019 for the period before the Covid-19 pandemic and 2020-2021 for the period during the Covid-19 pandemic. Analysis of research data using logistic regression. 

The results showed that there was no significant difference in financial distress before and during the Covid-19 pandemic. Profitability had a significant influence on financial distress both before and during the Covid-19 pandemic. Activity (efficiency) did not have a significant effect on financial distress before the Covid-19 pandemic, but had a significant effect during the Covid-19 pandemic. Meanwhile, liquidity and leverage do not have a significant effect on financial distress

Kata Kunci : Financial distress, Covid-19, profitabilitas, likuiditas, leverage, aktivitas