ANALISIS KESEHATAN KEUANGAN PERUSAHAAN SUB- INDUSTRI JASA KESEHATAN SEBELUM DAN SAAT COVID-19

Setiadi Alim Lim

doi:10.37477/bip.v15i2.471

Setiadi Alim Lim Politeknik Ubaya

DOI: https://doi.org/10.37477/bip.v15i2.471

Keywords: bankruptcy, financial distress, before and during Covid-19.

Abstract

ABSTRACT

This study aims to find out how the financial health condition of health service sub-industry companies listed on the Indonesia Stock Exchange, both before and during the Covid-19 pandemic. To predict the financial health of these companies, an analysis of the Altman model, Fulmer model, Grover model, Springate model, Taffler model, and Zmijewski model will be used. The research conducted is a type of exploratory descriptive research. For sampling, non-probability purposive sampling method was used and 8 companies were sampled from 9 population companies. The results of the research show that the use of different models can produce different results. However, if the company is generally in a very healthy financial condition, then all models will produce the same analysis results, namely the company is in a healthy financial condition. Likewise, if the company's financial condition is not healthy for several years in a row, then the results of the analysis using the majority of models will show the same result, namely an unhealthy financial condition. There are 4 sample companies whose financial conditions are healthy for all years studied using analysis of all models, namely PT Mitra Keluarga Karyasehat Tbk. (MIKA), PT Prodia Widyahusada Tbk. (PRDA), PT Royal Prima Tbk. (PRIM), and PT Siloam International Hospital Tbk. (SILO). The results of this study also show that in general the financial condition of the health service sub-industry companies was healthier during the Covid-19 pandemic compared to the period before the Covid-19 pandemic, except for PT Sejahteraraya Anugrahjaya Tbk. (SRAJ) which experienced a decline.

ABSTRAK

Penelitian ini bertujuan untuk mengetahui bagaimana kondisi kesehatan keuangan dari perusahaan-perusahaan sub industri jasa kesehatan yang terdaftar di Bursa Efek Indonesia, baik pada masa sebelum dan saat terjadinya pandemi Covid-19. Untuk memprediksi kesehatan keuangan perusahaan-perusahaan tersebut akan digunakan analisis model Altman, model Fulmer, model Grover, model Springate, model Taffler, dan model Zmijewski. Penelitian yang dilakukan merupakan jenis penelitian deskriptif eksploratif. Untuk pengambilan sampel digunakan metode non probability purposive sampling dan mendapatkan 8 perusahaan sampel dari 9 perusahaan populasi. Hasil penelitian menunjukkan bahwa penggunaan model yang berbeda dapat menghasilkan hasil yang berbeda. Namun jika perusahaan secara umum sangat sehat kondisi keuangannya, maka semua model akan menghasilkan hasil analisis yang sama yaitu perusahaan berada dalam kondisi keuangan yang sehat. Demikian pula jika kondisi keuangan perusahaan tidak sehat selama beberapa tahun berturut-turut, maka hasil analisis dengan menggunakan mayoritas model akan menunjukkan hasil yang sama yaitu kondisi keuangan yang tidak sehat. Ada 4 perusahaan sampel yang kondisi keuangannya sehat untuk semua tahun yang diteliti dengan menggunakan analisis semua model, yaitu PT Mitra Keluarga Karyasehat Tbk. (MIKA), PT Prodia Widyahusada Tbk. (PRDA), PT Royal Prima Tbk. (PRIM), dan PT Siloam International Hospital Tbk. (SILO). Hasil penelitian ini juga menunjukkan bahwa secara umum kondisi keuangan perusahaan-perusahaan sub industri jasa kesehatan lebih sehat pada saat terjadinya pandemi Covid-19 dibandingkan dengan masa sebelum pandemi Covid-19, kecuali PT Sejahteraraya Anugrahjaya Tbk. (SRAJ) yang mengalami penurunan.

References

Aminian, A., H. Mousazade, & O. I. Khoshkho. 2016. Investigate the Ability of Bankruptcy Prediction Models of Altman and Springate and Zmijewski and Grover in Tehran Stock Exchange. Mediterranean Journal of Social Sciences, Vol. 7, No. 4, pp. 208–214. https://doi.org/10.5901/mjss.2016. v7n4s1p208.

Amoa-Gyarteng, K. 2021. Corporate Financial Distress: The Impact of Profitability, Liquidity, Asset Productivity, Activity and, Solvency. Journal of Accounting, Business and Management (JABM), Vol. 28, No. 2, pp. 104–115. https://doi.org/10.31966/jabminternational.v28i2.447.

Cındık, Z. & I. H. Armutlulu. 2021. A Revision of Altman Z-Score Model and A Comparative Analysis of Turkish Companies’ Financial Distress Prediction. National Accounting Review, Vol. 3, Issue 2, pp. 237–255.

Cucinotta, D. & M. Vanelli. 2020. WHO Declares Covid-19 A Pandemic. Acta Biomed, Vol. 91, No. 1, pp. 157–160.

Elia, J., E. Toros, & C. Sawaya. 2021. Using Altman Z”-Score to Predict Financial Distress: Evidence from Lebanese Alpha Banks. Management Studies and Economic Systems, Vol. 6, pp. 47–57. https://doi.org/10.12816/ 0059150.

Fakhar, S., Y. Javed, & J. Akhter. 2021. Financial Distress Models: A Critical and Systematic Review, Vol. 8, Issue 29, pp. 180–185.

Ismail, R. H. 2014. The Determinants of Financial Covenants on Private Debt: The Case of Listed French Companies. Research Journal of Finance and Accounting, Vol. 5, No. 15, pp. 176–183. www.iiste.org.

Kovacova, M. & J. Kliestikova. 2017. Modelling Bankruptcy Prediction Models in Slovak Companies. SHS Web of Conferences, Vol. 39, pp. 1–11. https://doi.org/10.1051/shsconf/20173901013.

Li, W. G. 2014. Corporate Financial Distress and Bankruptcy Prediction in the North American Construction Industry. The Duke University, pp. 1–43.

Liew, K. F., W. S. Lam, & W. H. Lam. 2023. Financial Distress Analysis of Technology Companies Using Grover Model. Computer Sience and Mathematics Forum, pp. 1–6. https://doi.org/10.3390/ IOCMA 2023-14405.

Mohammed, A. A. E. & N. Kim-soon. 2012. Using Altman’s Model and Current Ratio to Assess the Financial Status of Companies Quoted in the Malaysian Stock Exchange. International Journal of Scientific and Research Publications, Vol. 2, Issue 7, pp. 1–11.

Onakoya, A. B. & A. E. Olotu. 2017. Bankruptcy and Insolvency: An Exploration of Relevant Theories. International Journal of Economics and Financial Issues, Vol. 7, Issue 3, pp. 706–712. http:www.econjournals.com.

Seto, A. A. 2022. Altman Z-Score Model, Springate, Grover, Ohlson, and Zmijweski to Assess the Financial Distress Potential of PT Garuda Indonesia Tbk During and After the Covid-19 Pandemic. Enrichment: Journal of Management, Vol. 12, No. 5, pp. 3819–3826. www.enrichment.iocspublisher. org.

White, M. J. 2011. Corporate and Personal Bankruptcy Law. Annual Review of Law and Social Science, Vol. 7, pp. 139–164. https://doi.org/10.1146/annurev- lawsocsci-102510-105401.