ANALISIS KINERJA KEUANGAN BADAN USAHA DI BURSA EFEK INDONESIA SUB INDUSTRI JASA KESEHATAN DAN FARMASI SEBELUM DAN SAAT PANDEMI COVID-19

Setiadi Alim Lim

doi:10.29040/jap.v23i1.4918

ANALISIS KINERJA KEUANGAN BADAN USAHA DI BURSA EFEK INDONESIA SUB INDUSTRI JASA KESEHATAN DAN FARMASI SEBELUM DAN SAAT PANDEMI COVID-19

Setiadi Alim Lim

Abstract

The Covid-19 pandemic has had a huge impact on the performance of the business sector. This study examines whether there are differences in financial performance between health service provider and pharmaceutical sub-industry companies listed on the Indonesia Stock Exchange (IDX), both before and during the Covid-19 pandemic. In addition, it is also investigated whether there are differences in the combined financial performance of health services provider and pharmaceutical company between before and during the Covid-19 pandemic. Financial performance is measured by financial ratios consisting of liquidity ratios, solvency ratios, profitability ratios, and measurement of growth rates. The results showed that there was only a significant difference for asset growth before the Covid-19 pandemic, while for the liquidity ratio, solvency ratio, profitability ratio, and other measured growth rates, there was no significant difference between health service providers and pharmaceutical sub-industry companies, both before and during the Covid-19 pandemic. In addition, the results of the study also show that there is no significant difference in financial performance including liquidity ratio, solvency ratio, profitability ratio, and growth rate of the combined companies of sub-industry providing health and pharmaceutical services when compared to conditions before the Covid-19 pandemic and during the Covid-19 pandemic.

Keywords

financial performance, liquidity ratio, solvency ratio, profitability ratio, rate of growth.

Full Text:

PDF

References

Bartik, A. W., Bertrand, M., Cullen, Z., Glaeser, E. L., Luca, M., & Stanton, C. (2020). The Impact of Covid-19 on Small Business Outcomes and Expectations. Proceedings of the National Academy of Sciences of the United States of America, 117(30), 17656–17666. https://doi.org/10.1073/pnas. 2006991117.

Curtis, P., & Roupas, T. A. (2009). Health Care Finance, the Performance of Public Hospitals and Financial Statement Analysis. European Research Studies Journal, 12(4), 199–212. https://doi.org/10.35808/ersj/253.

Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on Business and Research. In Journal of Business Research (Vol. 117, pp. 284–289). Elsevier.https://doi.org/ 10.1016/j.jbusres.2020.06.008.

Esomar, M. J. F., & Christianty, R. (2021). Dampak Pandemi Covid-19 terhadap Kinerja Keuangan Perusahaan Sektor Jasa di BEI. Jkbm (Jurnal Konsep Bisnis Dan Manajemen), 7(2), 227–233. https://doi.org/10.31289/jkbm.v7i2. 5266.

Fernandes, N. (2020). Economic Effects of Coronavirus Outbreak (Covid-19) on the World Economy. SSRN Electronic Journal, ISSN 1556-5068, Elsevier BV, 0–29.

Gibson, C. H. (2009). Financial Reporting & Analysis (Eleventh E). South-Western Cengage Learning, 5191 Natorp Boulevard Mason, OH 45040, USA.

Goldstein, R. (2021). A Healthcare System in Crisis : Assessing the Financial Impacts of the COVID-19 Pandemic on American Hospitals [The Wharton School, University of Pennsylvania].https://doi.org/https://repository.upenn.edu/wharton_research_ scholars/212.

Hilman, C., & Laturette, K. (2021). Analisis Perbedaan Kinerja Perusahaan Sebelum dan Saat Pandemi Covid-19. BALANCE: Jurnal Akuntansi, Auditing Dan Keuangan, 18(1), 91–109. https://doi.org/10.25170/balance. v18i1.2659.

Huang, C., Wang, Y., Li, X., Ren, L., Zhao, J., Hu, Y., Zhang, L., Fan, G., Xu, J., Gu, X., Cheng, Z., Yu, T., Xia, J., Wei, Y., Wu, W., Xie, X., Yin, W., Li, H., Liu, M., … Cao, B. (2020). Clinical Features of Patients Infected with 2019 Novel Coronavirus in Wuhan, China. The Lancet, 395(10223), 497–506. https://doi.org/10.1016/S0140-6736(20)30183-5.

Kaye, A. D., Okeagu, C. N., Pham, A. D., Silva, R. A., Hurley, J. J., Arron, B. L., Sarfraz, N., Lee, H. N., Ghali, G. E., Gamble, J. W., Liu, H., Urman, R. D., & Cornett, E. M. (2021). Economic Impact of Covid-19 Pandemic on Healthcare Facilities and Systems: International Perspectives. Best Practice and Research: Clinical Anaesthesiology, 35(3), 293–306. https://doi.org/10.1016/j.bpa.2020.11. 009.

Ledley, F. D., McCoy, S. S., Vaughan, G., & Cleary, E. G. (2020). Profitability of Large Pharmaceutical Companies Compared with Other Large Public Companies. JAMA - Journal of the American Medical Association, 323(9), 834–843.https://doi.org/10. 1001/jama.2020.0442.

Lesmana, N., & Daryanto, W. M. (2019). Financial Performance Analysis of Healthcare Companies Before and After the Implementation of BPJS Kesehatan Program During the Period of 2011-2016. International Journal of Business, Economics and Law, 20(1), 34–42.

Li, Q., Guan, X., Wu, P., Wang, X., Zhou, L., Tong, Y., Ren, R., Leung, K. S. M., Lau, E. H. Y., Wong, J. Y., Xing, X., Xiang, N., Wu, Y., Li, C., Chen, Q., Li, D., Liu, T., Zhao, J., Liu, M., … Feng, Z. (2020). Early Transmission Dynamics in Wuhan, China, of Novel Coronavirus–Infected Pneumonia. New England Journal of Medicine, 382(13), 1199–1207. https://doi.org/10. 1056/nejmoa2001316.

Machbudiansyah, H., Paminto, A., & Ulfah, Y. (2021). Comparisonal Analysis of Financial Performance Before and During the Covid-19 Pandemic at the Blud of the Atma Husada Mahakam Regional Mental Hospital in Samarinda. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 4(4), 13498–13505. https://doi.org/DOI: https://doi.org/10.33258/ birci.v4i4.3427.

Nguyen, H. T. X. (2022). The Effect of COVID-19 Pandemic on Financial Performance of Firms : Empirical Evidence from Vietnamese Logistics Enterprises. Journal of Asian Finance, Economics and Business, 9(2), 177–183. https://doi.org/10.13106/ jafeb.2022.vol9.no2.0177.

Purwanto, H., & Daryanto, W. M. (2020). Financial Performance Analysis of Pharmaceutical Listed Companies Four Years Before and After Universal Healthcare Coverage Initiation in Indonesia (2010-2018). International Journal of Business, Economics and Law, 21(3), 30–46.

Rakshit, B., & Basistha, D. (2020). Can India Stay Immune Enough to Combat Covid-19 Pandemic? An Economic Query. Journal of Public Affairs, 20(4).https://doi.org/10. 1002/pa.2157.

Robinson, T. R., Greuning, H. van, Henry, E., & Broihahn, M. A. (2009). International Financial Statement Analysis. John Wiley & Sons, Inc., Hoboken, New Jersey.

Roosdiana. (2020). Dampak Pandemi Covid-19 terhadap Kinerja Perusahaan Property dan Real Estat e yang terdaftar di BEI. Jurnal IKRA-ITH Ekonomika, 4(2), 133–141.

Subramanyam, K. R. (2014). Financial Statement Analysis. McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121.

Sun, Y., & Li, Y. (2021). COVID-19 Outbreak and Financial Performance of Chinese Listed Firms: Evidence From Corporate Culture and Corporate Social Responsibility. Frontiers in Public Health, 9(September), 1–11.https://doi.org/10. 3389/fpubh.2021.710743.

Wawo, A. B., Dharmawati, T., Intihanah, Anto, L. O., & Ummy. (2020). Performance Analysis of a Public Hospital in the COVID-19 Pandemic Using the Balanced Scorecard. International Journal of Innovation, Creativity and Change, 14(12), 486–507.

World Bank. (2020). Towards A Secure and Fast Recovery (December 2). World Bank. Jakarta. https://www.worldbank.org/en/country/indonesia/publication/ december-2020-indonesia-economic-prospects.

World Bank. (2022). Global Economic Prospects: January 2022. In World Bank (Issue January). World Bank. https://doi.org/10.1596/978-1-4648-1758-8.

Yuniarti, R., Paryanti, D., & Tejaningsih, A. (2021). Analysis of Financial Performance and Services Performance Before and During The Covid-19 Pandemic (Case Study At Bayu Asih Hospital Purwakarta). Turkish Journal of Physiotherapy and Rehabilitation, 32(3), 6103–6112. www.turkjphy siotherrehabil.org.

Zheng, F., Zhao, Z., Sun, Y., & Khan, Y. A. (2021). Financial Performance of China’s Listed Firms in Presence of Coronavirus: Evidence from Corporate Culture and Corporate Social Responsibility. Current Psychology, February 2020.https://doi. org/10.1007/s12144-021-02200-w.

Zulfikri, A., Lesmana, T., & Djuanda, G. (2021). Impact of Covid-19 Pandemic on Financial Performance in Sub-Sector Pharmaceutical Companies Listed on the IDX. 2021, 138–144. https://doi.org/10.11594/nstp.2021.1016.

DOI: http://dx.doi.org/10.29040/jap.v23i1.4918