Electronic Theses and Dissertation

Financial distress merupakan suatu keadaan yang menggambarkan penurunan keuangan perusahaan sebelum mengalami kebangkrutan. penelitian ini bertujuan untuk menganalisis kinerja keuangan 30 perusahaan kategori syariah yang tergabung dalam jakarta islamic index (jii) selama masa pandemi covid-19 dan setelahnya menggunakan metode zmijewski x-score. metode ini dipilih karena mampu memprediksi kondisi financial distress perusahaan melalui tiga rasio keuangan, yaitu return on assets (x1), debt ratio (x2), dan current ratio (x3). penelitian menggunakan data sekunder berupa laporan keuangan tahunan dari 30 perusahaan syariah periode 2020–2022. hasil analisis menunjukkan bahwa seluruh perusahaan berada dalam kondisi sehat (tidak bangkrut) berdasarkan nilai x-score yang negatif selama tiga tahun berturut-turut. meskipun demikian, terdapat beberapa perusahaan yang mendekati ambang batas kebangkrutan dan menunjukkan performa keuangan yang fluktuatif. nilai x-score tertinggi ditemukan pada pt industri jamu dan farmasi sido muncul tbk, yaitu sebesar -4,874 pada tahun 2021. sementara itu, nilai x-score terendah diperoleh oleh pt xl axiata tbk, yakni sebesar -0,236 pada tahun 2020. penelitian ini memberikan kontribusi penting dalam mengevaluasi ketahanan keuangan perusahaan syariah selama krisis dan dapat menjadi acuan bagi investor dan manajemen dalam pengambilan keputusan strategis. selain itu, hasil penelitian ini dapat digunakan sebagai referensi akademik dan bahan pertimbangan dalam pengembangan analisis kinerja keuangan berbasis syariah. kata kunci: kinerja keuangan, perusahaan syariah, jakarta islamic index, pandemi covid-19, zmijewski x-score, financial distress.

Financial distress is a condition that indicates a decline in a company’s financial performance before experiencing bankruptcy. This study aims to analyze the financial performance of 30 sharia-compliant companies listed in the Jakarta Islamic Index (JII) during and after the Covid-19 pandemic using the Zmijewski X-Score method. This method was chosen because it can predict the condition of financial distress through three financial ratios: Return on Assets (X1), Debt Ratio (X2), and Current Ratio (X3). The study uses secondary data in the form of annual financial reports from 30 sharia-compliant companies for the period 2020–2022. The results of the analysis show that all companies were in a healthy condition (not bankrupt), as indicated by negative X-Score values for three consecutive years. Nevertheless, several companies were found to be approaching the bankruptcy threshold and exhibited fluctuating financial performance. The highest X-Score in this study was found in PT Industri Jamu dan Farmasi Sido Muncul Tbk, with a score of -4.874 in 2021. Meanwhile, the lowest X-Score was recorded by PT XL Axiata Tbk at -0.236 in 2020. This study provides a significant contribution to evaluating the financial resilience of sharia-compliant companies during the crisis and can serve as a reference for investors and management in making strategic decisions. Moreover, the results of this study can be used as academic reference material and a consideration in the development of sharia-based financial performance analysis. Keyword: Financial Performance, Sharia-Compliant Companies, Jakarta Islamic Index, Covid-19 Pandemic, Zmijewski X-Score, Financial Distress