Comparison Analysis of Financial Performance and Financial Distress before and during the Covid-19 Pandemic

International Journal of Management Science and Application Pub Date : 2024-06-04 DOI:10.58291/ijmsa.v3i2.237

Irma Citarayani, Melani Quintania, Arini Dwi Apriani

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Abstract

The purpose study was to analyze a comparison of financial performance and financial distress before and during the Covid-19 pandemic in the Hotel, Restaurant, and Tourism sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2021 period. In this study, a comparative descriptive method was used with a quantitative approach to test the impact of Covid-19 on financial performance and financial distress. The final sample of this study was 19 companies based on the elimination of the criteria that were only needed in this study. The proxies used to measure financial performance are profitability ratios (ROA, ROE, and NPM), while financial distress uses the Altman Z-Score model. Furthermore, these ratios were tested with a different test using the Wilcoxon sign rank test. The results showed that there were significant differences in the ratios of financial performance which included ROA, ROE, and NPM. Meanwhile, financial distress (Z-Score) also experienced significant differences between before and during the Covid-19 pandemic.

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Covid-19 大流行之前和期间的财务业绩和财务困境比较分析

本研究的目的是分析 2018-2021 年期间在印度尼西亚证券交易所上市的酒店、餐饮和旅游子行业公司在 Covid-19 大流行之前和期间的财务业绩和财务困境比较。本研究采用比较描述法与定量方法来检验 Covid-19 对财务表现和财务困境的影响。在剔除本研究仅需的标准的基础上，本研究的最终样本为 19 家公司。用于衡量财务绩效的代用指标是盈利比率（ROA、ROE 和 NPM），而财务困境则使用 Altman Z-Score 模型。此外，这些比率还采用了不同的检验方法，即 Wilcoxon 符号秩检验。结果显示，财务绩效比率（包括 ROA、ROE 和 NPM）存在显著差异。同时，财务困境（Z-Score）在 Covid-19 大流行之前和期间也存在显著差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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International Journal of Management Science and Application

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