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Bayu Bandono
Indonesia Financial Service Authority
Agriculture, Biological Sciences & Forestry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Effects of Financial Performance and Macroeconomics on Financial Distress in The Energy Sector Before and During Covid-19 Pandemic Alya Dinda Nurrahmi; Hermanto Siregar; Bayu Bandono
Business Review and Case Studies Vol. 4 No. 3 (2023): BRCS, Vol 4 No 3, December 2023
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/brcs.4.3.239

Abstract

The condition of financial distress is where the company's finances are in a bad condition which then becomes an early indicator of bankruptcy for companies to anticipate or restructure so that companies do not experience bankruptcy and liquidation. This study aims to analyze the influence of financial ratios and macroeconomic performance (interest rates, economic growth, and covid-19) on financial distress before and during the Covid-19 pandemic in energy companies listed on the Indonesia Stock Exchange for the period 2017– 2021. The data analysis technique is panel data regression analysis using EViews 12. The population in this study is companies in the energy sector listed on the IDX. The results showed that the condition of financial distress during the pandemic was generally higher than before the Covid-19 pandemic. The results of the analysis conducted in 2017-2021 show that as many as 12 out of 53 companies in the mining sector are experiencing financial distress. A total sample of 12.83% indicated financial distress. Financial ratios and macroeconomic performance (interest rates, economic growth, and covid-19) simultaneously influence financial distress. Partially profitability, liquidity, leverage, and sales growth affect financial distress, while activity, cash flow from the operation, interest rates, economic growth, and covid-19 do not affect financial distress. Keywords: financial distress, financial ratios, macroeconomic performance, probit model
The Company's Financial Performance Pre and Post IPO on The Indonesia Stock Exchange Firman Siregar; Noer Azam Achsani; Bayu Bandono
Business Review and Case Studies Vol. 5 No. 1 (2024): BRCS, Vol 5 No 1, April 2024
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/brcs.5.1.35

Abstract

An initial public offering (IPO) decision always had financial, accounting, and operational ramifications for the company. After an IPO, however, a company's performance typically declined, whereas there should have been an improvement in the company's performance when it went public. Good corporate performance could also be reflected in the company's financial performance. The purpose of this study was to compare the financial performance of companies before and after their initial public offerings (IPO). The research sample consisted of 31 companies that had an initial public offering in 2019, with financial reporting data from three years prior to the IPO and three years after the IPO. The methods of analysis employed were descriptive analysis and the Wilcoxon Signed Rank Test. After an initial public offering, the overall financial ratios examined in the study varied significantly. After their IPOs, the companies' performance declined (Return On Asset (ROA), Return on Equity (ROE), Debt to Assets Ratio (DAR), Debt To Equity Ratio (DER), Total Assets Turnover (TATO), and GR). After an IPO, only the CR grew in value. Keywords: financial performance, go public, Initial Public Offering (IPO), stock market, wilcoxon signed rank test
Co-Authors Alya Dinda Nurrahmi Erliza Noor Firman Siregar Hermanto Siregar