<![CDATA[This study aims to analyze and compare the potential bankruptcy levels of transportation companies before and during the Covid-19 pandemic, focusing on two main subsectors: public transportation and logistics transportation. The sample consists of 12 transportation companies listed on the Indonesia Stock Exchange. The research employs a quantitative approach using the Altman Z-Score model to measure the bankruptcy potential of each company. Furthermore, the Wilcoxon Signed Rank Test is used to assess differences in bankruptcy levels between the pre-pandemic and pandemic periods. The findings indicate that there is no significant overall difference in bankruptcy levels between the two periods. However, subsector analysis shows that public transportation companies experienced a more substantial decline in financial performance than logistics companies. This condition is driven by the high dependence of public transportation on human mobility, which was restricted during the pandemic, while the logistics subsector continued to operate due to increased demand for goods distribution. These findings provide important implications for investors, regulators, and corporate management in formulating risk mitigation strategies during crisis situations.]]>
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