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All Journal International Journal of Health, Economics, and Social Sciences (IJHESS)
Adriyani Marwah
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Economics, Econometrics & Finance Public Health Social Sciences

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The Impact of the Covid-19 Pandemic on Financial Performance: Evidence from State-Owned Infrastructure and Non-Infrastructure Companies Listed on the Indonesia Stock Exchange Muhammad Yunus Kasim; Muslimin; Husnah; Vitayanti Fattah; Munawarah; Adriyani Marwah
International Journal of Health, Economics, and Social Sciences (IJHESS) Vol. 8 No. 2: April 2026
Publisher : Universitas Muhammadiyah Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56338/ijhess.v8i2.10941

Abstract

This study aims to analyze and compare the performance of SOEs in the infrastructure and non-infrastructure sectors listed on the Indonesia Stock Exchange (IDX) for the 2019–2021 period. The method used is quantitative descriptive with secondary data in the form of annual performance values and corporate health predicates based on the assessment set. The results show that the performance of infrastructure SOEs fluctuated with a significant decrease in 2020 (50.68) due to the COVID-19 pandemic, then recovered in 2021 (55.05) in line with government stimulus and the acceleration of strategic projects. Meanwhile, non-infrastructure SOEs also recorded a sharp decline in 2020 (43.75) and experienced a slower recovery in 2021 (49.82), not yet reaching pre-pandemic levels. Comparatively, infrastructure SOEs consistently have higher performance values than non-infrastructure throughout the observation period. Based on a three-year average, both sectors are in the "Less Healthy" category, with the predicate BBB for infrastructure and BB for non-infrastructure. The study's conclusions confirm that although both sectors faced pressures during the crisis, infrastructure SOEs showed better resilience and recovery, so different policy interventions are needed to strengthen the performance of each sector going forward.
Co-Authors Husnah Muhammad Yunus Kasim Munawarah MUSLIMIN Vitayanti Fattah