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All Journal An-Nisbah: Jurnal Ekonomi Syariah Jurnal Ilmiah Ekonomi Islam Journal of Islamic Economic Laws Martabe : Jurnal Pengabdian Kepada Masyarakat Jurnal Penelitian IPTEKS JURNAL MANAJEMEN DAN BISNIS INDONESIA As-Sidanah : Jurnal Pengabdian Masyarakat DIRHAM Jurnal Ekonomi Islam Journal of Islamic Economics Lariba An-Nisbah: Jurnal Ekonomi Syariah Journal of Islamic Economic Laws
Hakimi, Fifi
Universitas Muhammadiyah Lamongan
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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A Comparative Study of Financial Distress in Sharia-Listed Transportation and Logistics Companies: Insights from the Altman Z - score Model During and After COVID-19 Muhammad Ramizal Syahidin; Fifi Hakimi; Faricha Maf'ula; Dita Pratiwi Kusumaningtyas; Elvina Assadam
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11964

Abstract

This study aims to analyze and compare the financial distress conditions of transportation and logistics sector issuers listed on the Sharia Securities List (Daftar Efek Syariah/DES) using the Altman Z-Score model during and after the COVID-19 pandemic (2021–2024). The novelty of this research lies in the selected period and research object. Employing a quantitative approach, the study examines quarterly financial reports of 14 issuers listed on the Indonesia Stock Exchange (BEI). Data analysis includes descriptive statistics, the Kolmogorov-Smirnov normality test, and the Wilcoxon Signed Rank difference test. The results reveal no statistically significant difference in financial distress levels between the pandemic and post-pandemic periods. Most issuers remained in the Altman Z-Score “red zone,” indicating persistently high bankruptcy risk. Nevertheless, these Sharia-compliant issuers demonstrated considerable financial resilience by consistently maintaining interest-based debt below 45% of total assets in accordance with DES criteria. Government stimulus policies and effective risk management practices further reinforced their stability. This study enriches the Islamic capital market literature by evidencing the relative resilience of Sharia-compliant companies amid prolonged crisis.
Co-Authors Afifah Nur Millatina Afifah Nur Millatina Al-Mustofa, Muhammad Ubaidillah Anak Agung Gede Sugianthara Arifandi, Muhammad Rizky Assadam, Elvina Dita Pratiwi Kusumaningtyas Elvina Assadam Elvina Assadam Faricha Maf'ula Fathurochman, Sarrah Fitrianni Gultom, Rifyal Zuhdi Hafizah, Iffah Husanaa’, Rizqiyyah Al Indrawan , Imam Wahyudi Irham Zaki Isna Yuningsih M. Ubaidillah Al-Mustofa Maf'ula, Faricha Mafruudloh, Naajihah Mafula, Faricha Millatina, Afifah Nur Millatina, Nur Afifah Muhammad Ramizal Syahidin Muhammad Rizky Arifandi Nikmatul Fuadah Niswah, Farokhah Muzayinatun Nur Afifah Millatina Nur Rizqi Febriandika Risanda Alirastra Budiantoro Rizqiyyah Al Husanaa' Sri Herianingrum Syahidin, M. Ramizal Tika Widiastuti WAHIDIN MUSTA’IN BILLAH