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All Journal Sebelas Maret Business Review
Rakotoarisoa Maminaina Heritiana Sedera
ISCAM Business School
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Determinants of potential bankruptcy of companies during the Covid-19 pandemic Risal Rinofah; Rakotoarisoa Maminaina Heritiana Sedera
Sebelas Maret Business Review Vol 7, No 1 (2022): June 2022
Publisher : Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/smbr.v7i1.62904

Abstract

The Covid-19 pandemic has had a real and widespread impact on all industries in Indonesia, potentially increasing corporate bankruptcy (financial distress). This study examines the effect of financial ratios on financial distress in various industrial sub-sectors on the Indonesia Stock Exchange during and before the pandemic. The research began with creating a financial distress prediction model using the Logistics Regression Model with monetary and macroeconomic ratio data input during 2016 – 2020. The economic distress prediction model will measure financial distress during the Pandemic and Pre-Pandemic Periods. Empirical testing shows that the pandemic affects the ability of financial ratios to predict bankruptcy. Only the debt ratio and sales growth were significant in predicting bankruptcy during the pre-pandemic period, but cash flow could also expect a default during the pandemic. During a pandemic, sales growth is the most important because it is the aspect most affected by restrictions on consumers' social and economic activities.
Co-Authors Risal Rinofah, Risal