FINANCIAL DISTRESS OF MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE
Keywords:
financial distress,, covid-19 pandemic,, zwimjweski methodAbstract
This study aims to analyze differences in levels of financial distress using the Zwimjweski method before and during Covid-19 in manufacturing companies listed on Bursa Efek Indonesia (BEI) for the 2019 and 2020 periods. This type of research is quantitative research using a purposive sampling technique which produces 133 samples. The research data collection technique uses documentation obtained from public company financial reports published on the IDX through the IDX's official website, namely www.idx.co.id. Then it was reviewed and tested using SPSS software version 25. The results of the T-Test analysis showed that there was no significant difference between the level of financial distress both before and during the Covid-19 pandemic. So it can be concluded that the average financial distress before and during the Covid-19 pandemic has a value that is not much different.
Downloads
References
Aditya Setiawan, I. P. D., & Rasmini, N. K. (2018). Analisis perbandingan kinerja keuangan perusahaan sebelum dan sesudah merger dan akuisisi periode 2011-2014. E-Jurnal Akuntansi, 24(1), 687–714. https://doi.org/10.24843/eja.2018.v24.i01.p26
Apergis, N., Bhattacharya, M., & Inekwe, J. (2019). Prediction of financial distress for multinational corporations: Panel estimations across countries. Applied Economics, 51(39), 4255–4269. https://doi.org/10.1080/00036846.2019.1589646
Campbell, S., Greenwood, M., Prior, S., Shearer, T., Walkem, K., Young, S., Bywaters, D., & Walker, K. (2020). Purposive sampling: complex or simple? Research case examples. Journal of Research in Nursing, 25(8), 652–661. https://doi.org/10.1177/1744987120927206
Fatmawati, M. (2012). Penggunaan the zmijewski model, the altman model, dan the springate model sebagai prediktor delisting. Jurnal Keuangan dan Perbankan, 16(1), 56–65.
Ghasemzadeh, M., Heydari, M., & Mansourfar, G. (2021). Earning volatility, capital structure decisions and financial distress by SEM. Emerging Markets Finance and Trade, 57(9), 2632–2650. https://doi.org/10.1080/1540496X.2019.1663729
Grice, J. S., & Dugan, M. T. (2003). Re-estimations of the zmijewski and ohlson bankruptcy prediction models. Advances in Accounting, 20(03), 77–93. https://doi.org/10.1016/S0882-6110(03)20004-3
Gunawan, B., Pamungkas, R., & Susilawati, D. (2017). Perbandingan prediksi financial distress menggunakan model altman, grover dan zmijewski. Jurnal Akuntansi Dan Investasi, 18(1), 119–127. https://doi.org/10.18196/jai.18164
Isayas, Y. N. (2021). Financial distress and its determinants: Evidence from insurance companies in Ethiopia. Cogent Business and Management, 8(1), 1–16. https://doi.org/10.1080/23311975.2021.1951110
Lele, G. (2021). Concurrency as crisis decision-making governance: lessons from indonesia’s response to the covid-19 pandemic. Regional and Federal Studies, 0(0), 1–26. https://doi.org/10.1080/13597566.2021.1960513
Meiryani, Lisanti, Y., Heykal, M., & Wahyuningtias, D. (2020). Usefulness of accounting information systems for businesses. Systematic Reviews in Pharmacy, 11(12), 2054–2058. https://doi.org/10.31838/srp.2020.12.313
Nakamura, T. M. (2021). Analisis financial distress saat krisis keuangan global: studi empiris pada bumn non-keuangan. Media Akuntansi Dan Perpajakan Indonesia, 2(2), 107–124. https://doi.org/10.37715/mapi.v2i2.1722
Osadchy, E. A., Akhmetshin, E. M., Amirova, E. F., Bochkareva, T. N., Gazizyanova, Y. Y., & Yumashev, A. V. (2018). Financial statements of a company as an information base for decision-making in a transforming economy. European Research Studies Journal, 21(2), 339–350. https://doi.org/10.35808/ersj/1006
Piatt, H. D., & Piatt, M. B. (2002). Predicting corporate financial distress: Reflections on choice-based sample bias. Journal of Economics and Finance, 26(2), 184–199. https://doi.org/10.1007/bf02755985
Reschiwati, Sayekti, F., Priharti, R. D. V., & Arsyad, H. M. (2021). The model of financial distress in the pharmaceutical industry. international journal of disaster recovery and business countinuity, 12(1), 449–461.
Steinker, S., Pesch, M., & Hoberg, K. (2016). Inventory management under financial distress: an empirical analysis. International Journal of Production Research, 54(17), 5182–5207. https://doi.org/10.1080/00207543.2016.1157273
Zulaikah, S., & Laila, N. (2017). Perbandingan financial distress Bank Syariah Di Indonesia dan Bank Islam Di Malaysia sebelum dan sesudah krisis global 2008 menggunakan model altman zscore. Jurnal Ekonomi Syariah Teori Dan Terapan, 3(11), 900. https://doi.org/10.20473/vol3iss201611pp900-914
