Electronic Theses and Dissertation

Banyak perusahaan diprediksi akan mengalami kebangkrutan akibat pandemi Covid-19. Salah satu dampak dari pandemi Covid-19 yaitu laporan keuangan perusahaan yang menurun, dan penurunan tersebut dapat mengindikasikan kinerja perusahaan dalam kondisi yang kurang baik. Kinerja perusahaan diukur melalui kinerja keuangan perusahaan yang tercermin dalam rasio-rasio keuangan. Rasio keuangannya yaitu rasio likuiditas, rasio aktivitas, rasio solvabilitas dan rasio profitabilitas. Tujuan dari penelitian ini untuk mengetahui kinerja perusahaan pada masa Covid-19. Metode yang digunakan yaitu Altman Z-Score dikarenakan dapat menjadi alat ukur untuk penilaian kinerja perusahaan dan potensi kebangkrutan. Parameter yang digunakan yaitu working capital to total assets, retained earnings to total assets, earning before interest and taxes to total assets dan market value equity to book value total debt ratio. Jenis penelitian yang digunakan pada penelitian ini menggunakan data sekunder. Data sekunder tersebut berupa data laporan keuangan tahunan perusahaan yang terdaftar pada JII. JII terdapat 30 perusahaan dengan saham unggulan yang dianggap memenuhi sejumlah kriteria syariah. Hasil dari penelitian menunjukkan ada 3 perusahaan berpotensi akan bangkrut karena nilai cut off Z-Score lebih kecil dari 1,1. Pada kategori rawan bangkrut terdapat 3 perusahaan karena nilai cut off Z-Score diantara 1,1 sampai 2,6, sedangkan pada kategori sehat sebanyak 24 perusahaan karena nilai cut off Z-Score lebih besar dari 2,6.

Kata Kunci : Covid-19, Kinerja perusahaan, Altman Z-Score, Rasio keuangan, JII

Many companies are predicted to go bankrupt due to the Covid-19 pandemic. One of the impacts of the Covid-19 pandemic is the company's declining financial reports, and this decline may indicate that the company's performance is in poor condition. Company performance is measured through the company's financial performance which is reflected in financial ratios. The financial ratios are liquidity ratios, activity ratios, solvency ratios and profitability ratios. The purpose of this study was to determine the company's performance during the Covid-19 period. The method used is the Altman Z-Score because it can be a measuring tool for assessing company performance and the potential for bankruptcy. The parameters used are working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets and market value equity to book value total debt ratio. The type of research used in this study used secondary data. The secondary data is in the form of data on the annual financial statements of companies registered with JII. JII has 30 companies with superior shares that are considered to meet a number of sharia criteria. The results of the study show that there are 3 companies that have the potential to go bankrupt because the Z-Score cut off value is smaller than 1.1. There are 3 companies in the bankrupt-prone category because the Z-Score cut off value is between 1.1 to 2.6 and the healthy category is 24 companies because the Z-Score cut off value is greater than 2.6. Keywords: Covid-19, company performance, Altman Z-Score, Financial ratios, JII