KINERJA KEUANGAN PERUSAHAAN KESEHATAN DI BEI SEBELUM, SELAMA, DAN SESUDAH PANDEMI COVID-19

Michelle Victoria; Lindrawati Lindrawati; Adi Susanto

doi:10.29303/jaa.v9i2.551

Authors

Michelle Victoria Universitas Katolik Widya Mandala Surabaya
Lindrawati Universitas Katolik Widya Mandala Surabaya https://orcid.org/0000-0001-7315-4076
Adi Susanto Universitas Katolik Widya Mandala Surabaya

DOI:

https://doi.org/10.29303/jaa.v9i2.551

Keywords:

Financial Performance, Liquidity, Activity, Debt, Profitability, COVID-19 Pandemic

Abstract

The COVID-19 pandemic has impacted various economic sectors, including healthcare. During the pandemic, there was a surge in demand for healthcare products, accompanied by challenges such as supply chain disruptions and rising operational costs. After the pandemic, the sector faced declining demand for the products and challenges in adapting business strategies. These impacts influenced financial performance. This research aims to analyze differences in the financial performance of healthcare companies listed on the Indonesia Stock Exchange before, during, and after the pandemic. Financial performance is analyzed using liquidity, activity, debt, and profitability ratios to provide a comprehensive overview of the pandemic's impact on the sector. This quantitative research using an event study the COVID-19 pandemic. Data analysis is conducted using Wilcoxon Signed Rank test. The results show no differences in financial performance for liquidity, activity, debt, and profitability (Net Profit Margin and Return on Equity). However, profitability (Return on Assets) shows differences between the periods before and during the pandemic, as well as during and after the pandemic. This is attributed to the surge in demand for healthcare products during the pandemic, which improved financial performance, particularly profitability ratios. However, after the pandemic, some financial performance indicators, such as net profit margin and debt ratio, declined, reflecting the healthcare sector's adjustments to post-pandemic market conditions.

References

Allianz Indonesia. (2020). Hampir semua sektor industri terdampak oleh pandemi COVID-19. Industri mana yang dapat bertahan dan mana yang justru meningkat? https://www.allianz.co.id/explore/inilah-sektor-industri-yangbertahan-di-tengah-pandemi-covid19.html

Amalia, N., Budiwati, H., & Irdiana, S. (2021). Analisis Perbandingan Kinerja Keuangan Sebelum dan Selama Pandemi Covid 19 (Pada Perusahaan Transportasi yang Terdaftar di BEI). Progress Conference, 4(1), 290–296. https://proceedings.itbwigalumajang.ac.id/index.php/progress/article/view/377

Baune, A., Pakaya, S. I., & Amali, L. M. (2022). Analisis Kinerja Keuangan Sebelum dan Selama Pandemi Covid 19 pada Perusahaan Sektor Pariwisata yang Terdaftar di BEI 2019-2020. JAMBURA Jurnal Ilmiah Manajemen Dan Bisnis, 5(1), 207–216. https://doi.org/10.37479/jimb.v5i1.14731

Bursa Efek Indonesia. (2020). Laporan Tahunan 2020. https://idx.co.id/media/9969/2020.pdf

Candera, M., & Indah, K. D. (2020). Financial Performance Islamic Banking: a Comparative Analysis Before and During the Covid-19 Pandemic in Indonesia. International Journal of Business, Management and Economics, 1(2), 44–52. https://doi.org/10.47747/ijbmer.v1i2.201

Candera, M., Muslimin, A., & Permatasari, D. (2021). Banking Financial Performance Before and During the Covid 19 Pandemic in Indonesia: Analysis of Comparison Between Islamic and Conventional Banking. Information Technology in Industry, 9(1), 976–986. https://doi.org/10.17762/itii.v9i1.231

Cornwall, J. R., Vang, D. O., & Hartman, J. M. (2019). Entrepreneurial Financial Management an Applied Approach (5th ed.). Routledge.

Destiani, T., & Hendriyani, R. M. (2022). Analisis Rasio Keuangan untuk Menilai Kinerja Keuangan Perusahaan. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(1), 33–51. https://doi.org/10.47467/alkharaj.v4i1.488

Devi, S., Warasniasih, N. M. S., Masdiantini, P. R., & Musmini, L. S. (2020). The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange. Journal of Economics, Business, & Accountancy Ventura, 23(2), 226 – 242. https://doi.org/10.14414/jebav.v23i2.2313

Direktorat Jenderal Kekayaan Negara. (2020). Sekilas Pandang Mengenai Virus Baru, Covid-19. https://www.djkn.kemenkeu.go.id/artikel/baca/13040/Sekilas-Pandang-Mengenai-Virus-Baru-Covid-19.html

Esomar, M. J. F., & Christianty, R. (2021). Dampak Pandemi Covid-19 terhadap Kinerja Keuangan Perusahaan Sektor Jasa di BEI. JKBM (Jurnal Konsep Bisnis Dan Manajemen), 7(2), 227–233. https://doi.org/10.31289/jkbm.v7i2.5266

Fadly, S. R. (2021). Aktivitas Pasar Modal Indonesia di Era Pandemi. https://www.djkn.kemenkeu.go.id/kpknl-kupang/baca-artikel/13817/ Aktivitas-Pasar-Modal-Indonesia-Di-Era-Pandemi.html

Ghozali, I. (2018). Aplikasi analisis multivariate dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.

Gitman, L. J., & Zutter, C. J. (2015). Principles of Managerial Finance (14th ed.). Pearson Education.

Gunawan, F. H. (2021). Perbandingan Kinerja Keuangan Perusahaan Sektor Makanan dan Minuman Sebelum Covid-19 dan pada Masa Covid-19. Media Akuntansi Dan Perpajakan Indonesia, 3(1), 19–36. https://doi.org/10.37715/mapi.v3i1.2096

Herawati, H. (2019). Pentingnya Laporan Keuangan untuk Menilai Kinerja Keuangan Perusahaan. JAZ: Jurnal Akuntansi Unihaz, 2(1), 16–25. https://doi.org/10.32663/jaz.v2i1.806

Herianto, Lala, A. A. T., & Nurpasila. (2021). Perilaku Konsumsi Sebelum dan Selama Pandemi COVID-19 di Indonesia: Studi Perbandingan. Journal of Islamic Economics and Finance Studies, 2(1), 94–109. https://doi.org/10.47700/jiefes.v2i1.2808

Hidayat, M. (2022). Analisis Perbandingan Kinerja Keuangan Sebelum dan Saat Pandemi Covid 19 Pada Perusahaan Farmasi yang Terdaftar di Bursa efek Indonesia (2019-2020). Jurnal Ilmu Manajemen, Ekonomi Dan Kewirausahaan, 2(2), 225–236. https://doi.org/10.55606/jimek.v2i2.209

Ilhami, & Thamrin, H. (2021). Analisis Dampak Covid 19 terhadap Kinerja Keuangan Perbankan Syariah di Indonesia. Jurnal Tabarru’ : Islamic Bangking and Finance, 4(1), 37–45. https://doi.org/10.25299/jtb.2021.vol4(1).6068

Ivashka, N. N., Arsana, I. M. M., & Dewi, N. N. S. R. T. (2024). Kinerja Keuangan pada Perusahaan Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Sebelum dan Semasa Pandemi Covid-19. Journal Research of Accounting, 5(2), 310–321. https://doi.org/10.51713/jarac.2024.529

Lafau, S. S., Zalogo, E. F., & Harita, M. (2021). Analisis Return on Asset (ROA) dan Return on Equity (ROE) pada PT. Pos Indonesia (Persero) Tahun 2016-2018. Balance: Jurnal Riset Akuntansi Dan Bisnis, 4(1), 23–34. https://jurnal.uniraya.ac.id/index.php/balance/article/view/209

Leonardus, & Henny, D. (2022). Pengaruh Komponen Arus Kas, Rasio Aktivitas dan Rasio Solvabilitas terhadap Profitabilitas Perusahaan Sektor Konsumsi yang Terdaftar di BEI. Jurnal Ekonomi Trisakti, 2(2), 977–984. https://doi.org/10.25105/jet.v2i2.1469

Lubis, A. K., Yulianti, R., & Surya, J. (2023). Pengaruh Utang Jangka Panjang dan Utang Jangka Pendek terhadap Laba Bersih pada Perusahaan Perbankan yang terdaftar di Bursa Efek Indonesia tahun 2018-2021. KIMFE Karya Ilmiah Mahasiswa Fakultas Ekonomi, 3(1), 83–94. https://jurnal.serambimekkah.ac.id/index.php/kimfe/article/view/2146

Mahendra, Y., & Daljono. (2023). Analisis Pengaruh Kinerja Keuangan Perusahaan terhadap Harga Saham dengan Menggunakan Metode Altman Z-Score. Diponegoro Journal of Accounting, 12(4), 1–14. https://ejournal3.undip.ac.id/index.php/accounting/article/view/41647

Ningsih, L. (2023). Pandemi Berakhir, Kinerja Emiten Sektor Kesehatan Kembali Normal. https://wartaekonomi.co.id/read503281/pandemi-berakhir-kinerja-emiten-sektor-kesehatan-kembali-normal

Nurdin, M., Cantika, R., Riyadi, S., & Nurdin, N. (2023). Analisis Rasio Profitabilitas dalam Mengukur Kinerja Keuangan pada PT Utama Karya Membangun. POMA JURNAL: Publish of Management, 1(1), 13–21. https://journal.unifa.ac.id/index.php/POMAJURNAL/article/view/546

Pracoyo, A., & Ladjadjawa, A. E. C. (2020). Pengaruh Non-Performing Loan, Loan to Deposit Ratio, dan Good Corporate Governance terhadap Profitabilitas (ROA) atau Nilai Perusahaan (Tobin’s Q) periode 2015-2019. Jurnal Ekonomi, Manajemen Dan Perbankan (Journal of Economics, Management and Banking), 6(3), 109–121. https://doi.org/10.35384/jemp.v6i3.234

Putri, A. D. B., & Prasetio, J. E. (2024). Pandemi COVID-19: Kinerja Keuangan Perusahaan Healthcare yang Terdaftar di BEI. Jurnal Analisa Akuntansi Dan Perpajakan, 8(1), 28–38. https://doi.org/10.25139/jaap.v8i1.7678

Putri, A. W., Nurrohman, A. L., Irsyadillah, M. I., & Najib, M. T. A. (2024). Analisis Rasio Keuangan Dalam Mengukur Kinerja Keuangan PT Ultra Jaya Milk Industry & Trading Co. Tbk. Tahun 2022-2023. Jurnal Ekonomi Dan Bisnis, 16(2), 50–58. https://doi.org/10.55049/jeb.v16i2.304

Putri, B. G., & Munfaqiroh, S. (2020). Analisis Rasio keuangan untuk Mengukur Kinerja Keuangan. Inspirasi: Jurnal Ilmu-Ilmu Sosial, 17(1), 214–226. https://doi.org/10.29100/insp.v17i1.1563

Qomariyah, S. N., Afifah, N. N., & Citradewi, A. (2022). Analisis Rasio Likuiditas Untuk Menilai Kinerja Keuangan PT. Kimia Farma (Persero) Tbk Periode 2019-2021. J-ISACC : Journal Islamic Accounting Competency, 2(2), 1–13. https://doi.org/10.30631/jisacc.v2i2.1323

Rahmadan, A., & Huda, N. (2021). Pengukuran Kinerja Keuangan Menggunakan Analisis Rasio. Jurnal Administrasi Kantor, 9(2), 119–132. https://doi.org/10.51211/jak.v9i2.1493

Rahmawati, L., & Sembiring, E. E. (2022). Perbandingan Kinerja Keuangan Perusahaan sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia Sebelum dan Saat Pandemi Covid-19. Indonesian Accounting Literacy Journal, 2(3), 589–600. https://doi.org/10.35313/ialj.v2i3.3985

Rochman, I. Y. A., & Andayani, S. (2023). Teori Sinyal dalam Anomali Window Dressing 2022 dan Penurunan Risiko Kredit Macet pada Subsektor Perbankan: Studi Kasus Isu Resesi 2023. Akuntansi, 2(3), 109–122. https://doi.org/10.55606/akuntansi.v2i3.334

Shen, H., Fu, M., Pan, H., & Yu, Z. (2020). The Impact of the COVID-19 Pandemic on Firm Performance. Emerging Markets Finance and Trade, 56(10), 2213–2230. https://doi.org/10.1080/1540496X.2020.1785863

Spence, M. (1973). Job Market Signalling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

Sullivan, V. S., & Widoatmodjo, S. (2021). Kinerja Keuangan Bank Sebelum dan Selama Pandemi (COVID-19). Jurnal Manajerial Dan Kewirausahaan, 3(1), 257–266. https://doi.org/10.24912/jmk.v3i1.11319

Wicaksono, C. A., & Adyaksana, R. I. (2020). Analisis Reaksi Investor sebagai Dampak Covid-19 pada sektor Perbankan di Indonesia. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 6(2), 129–138. https://doi.org/10.34204/jiafe.v6i2.2227

Wijaya, B. K., & Mariani, W. E. (2021). Dampak Pandemi Covid-19 pada sektor Perhotelan di Bali. Warmadewa Management and Business Journal (WMBJ), 3(1), 49–59. https://doi.org/10.22225/wmbj.3.1.2021.49-59

World Health Organization. (2020). WHO Director-General's opening remarks at the media briefing on COVID-19 - 11 March 2020. https://www.who.int/director-general/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19---11-march-2020

Yulita, I. K. (2023). Financial Performance of Healthcare sector companies Prior and During The COVID-19 Pandemic. Management and Sustainable Development Journal, 5(2), 59–71. https://doi.org/10.46229/msdj.v5i2.760