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All Journal ARZUSIN: Jurnal Manajemen dan Pendidikan Dasar Krigan: Journal of Management and Sharia Business
Rahmi Isriani
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Religion Economics, Econometrics & Finance Education Social Sciences

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Analisis Perbandingan Potensi Financial Distress Sebelum dan Sesudah Pandemi Covid-19 pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2018 - 2022 Rahmi Isriani; Miftahul Husna; Shelvi Nessya Adlin; Tata Ramadhani
Krigan: Journal of Management and Sharia Business Vol. 3 No. 2 (2025): Desember 2025
Publisher : Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30983/krigan.v3i2.10136

Abstract

Pandemi Covid-19 memberikan dampak signifikan terhadap kondisi ekonomi global, termasuk sektor farmasi di Indonesia. Penelitian ini bertujuan untuk menganalisis perbedaan potensi financial distress pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) sebelum dan sesudah pandemi Covid-19 selama periode 2018-2022. Kebaruan penelitian ini terletak pada analisis komparatif dengan menggunakan tiga model prediksi kebangkrutan, yaitu Altman Z-Score, Springate, dan Zmijewski, selanjutnya perbandingan secara simultan untuk mengukur tingkat kesulitan keuangan perusahaan. Metodologi penelitian ini adalah penelitian kuantitatif dengan data sekunder berupa laporan keuangan yang telah diaudit pada perusahaan farmasi yang terdaftar di BEI tahun 2018-2022. Analisis data dilakukan melalui perhitungan rasio keuangan dan uji statistic menggunakan paired sample T-Test dan Wilcoxon Signed Rank Test. Hasil penelitian menunjukkan bahwa terdapat perbedaan signifikan tingkat potensi financial distress pada perusahaan farmasi sebelum dan sesudah pandemic Covid-19, dengan kecenderungan penurunan potensi kesulitan keuangan setelah pandemi. Temuan ini memberikan implikasi bagi investor dan manajemen perusahaan dalam menilai stabilitas keuangan sektor farmasi pasca-pandemi.
Pengaruh Laba, Ukuran Perusahaan dan Efisiensi Perusahaan terhadap Harga Saham pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2020-2024 Betris Monika; Rahmi Isriani
ARZUSIN Vol 6 No 2 (2026): APRIL
Publisher : Lembaga Yasin AlSys

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58578/arzusin.v6i2.9500

Abstract

Although stock prices are theoretically influenced by fundamental factors that reflect company performance, in the consumer goods industry there are still conditions in which improvements in fundamental performance are not followed by increases in stock prices. Studies that specifically discuss the effect of earnings, company size, and company efficiency on stock prices during the 2020–2024 period also remain limited. This study aims to analyze the magnitude of the effect of earnings, company size, and company efficiency on stock prices in consumer goods industry companies during 2020–2024. This study employed a quantitative approach with an associative design. The data used were secondary data from company financial statements obtained through the official website of Bursa Efek Indonesia for the 2020–2024 period. The research sample consisted of 16 companies selected using purposive sampling. The data were analyzed using the EViews application through the panel data regression method. The results showed that earnings proxied by EBITDA had a positive and significant effect on stock prices, with a t-value of 2.301873 ≥ the t-table value of 1.991673 and a probability value of 0.0241 ≤ 0.05. In contrast, company size proxied by Ln Assets and company efficiency proxied by TATO had no significant effect on stock prices, with probability values of 0.9151 and 0.3905, respectively. Simultaneously, earnings, company size, and company efficiency also had no effect on stock prices, with a probability value of 0.104355 ≥ 0.05. These findings contribute to the development of financial theory by confirming that earnings are a more dominant indicator in determining stock prices, while also providing practical implications for investors in making investment decisions.
Co-Authors Betris Monika Miftahul Husna Shelvi Nessya Adlin Tata Ramadhani