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All Journal JURNAL EKONOMI DAN BISNIS AIRLANGGA
Yunus, Noor’ain Mohamad
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Economics, Econometrics & Finance

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THE PREDICTION OF FINANCIAL DISTRESS IN PROPERTY COMPANIES IN SOUTHEAST ASIAN: INDONESIA, SINGAPORE, AND MALAYSIA Ghoni, Muhammad Abdul; Maksum, Asep; Jaelani, Abdul Qadir; Yunus, Noor’ain Mohamad
Jurnal Ekonomi dan Bisnis Airlangga Vol. 35 No. 1 (2025): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V35I12025.129-146

Abstract

Introduction: This study aims to assess and evaluate the financial distress state of a sample including 204 data points from 35 enterprises in Southeast Asia, specifically Indonesia, Malaysia, and Singapore. Methods: This study analyzes the effects of Covid-19 on these enterprises, specifically concentrating on the likelihood of financial hardship as assessed by Edward Altman's Z-score model. Results: Evidence indicates that property businesses listed on the Indonesia, Malaysia, and Singapore Stock Exchanges had greater financial difficulties during the Covid-19 period compared to the post-Covid period, aligning with observations at the ASEA Landmark level. The projected likelihood of default for publicly traded enterprises rose significantly during the Covid pandemic. Conclusion and suggestion: The data reveal that the Z-score's efficacy in predicting bankruptcy markedly declined during the financial crisis. The data indicate that Covid-19 is causing financial pain to enterprises in Southeast Asia.
Co-Authors Ghoni, Muhammad Abdul Jaelani, Abdul Qadir Maksum, Asep