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All Journal Owner : Riset dan Jurnal Akuntansi
Heru Pranata
Universitas Swadaya Gunung Jati
Economics, Econometrics & Finance

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Profitability Profile of Indonesia’s Healthcare Industry: A Comparative Descriptive Analysis of Financial Ratios for the Period 2010-2024 Heru Pranata; Moh. Yudi Mahadianto
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3514

Abstract

This study provides the first longitudinal non-parametric analysis of subsector resilience differentials in Indonesia’s healthcare industry across a 15-year pre-to-post-pandemic horizon. Using purposive sampling, 35 companies listed on the Indonesia Stock Exchange (IDX) were examined over 367 firm-year observations (2010-2024) for ROA, ROE, and NPM. Non-parametric tests (Kruskal-Wallis, Mann-Whitney U, Spearman’s correlation) were applied given confirmed extreme non-normality. Three key insights emerge: (1) a statistically confirmed subsector asymmetry in which medical devices achieve superior asset efficiency and margin profitability over healthcare services, attributable to structural pricing power and favorable cost scalability; (2) the pandemic yielded the highest profitability ranks on all three ratios while the post-pandemic period fell below even pre-pandemic levels, a deterioration trajectory not previously documented with rigorous non-parametric evidence in the Indonesian context; and (3) very strong ROA-NPM coherence confirms margin efficiency, not asset turnover, as the dominant driver of profitability variation. Interpreted through Dynamic Capability theory, firms with stronger adaptive capacities proved more resilient, yielding actionable evidence for healthcare management, investors, and regulators.
Co-Authors Moh Yudi Mahadianto