Pengaruh Kinerja Keuangan Terhadap Financial Distress Perusahaan Asuransi di Indonesia Sebelum dan Saat Pandemi Covid-19
The Effect of Financial Performance on Financial Distress Insurance Companies in Indonesia Before and During thePandemic Covid-19
Abstract
The purpose of the study was to determine the effect of profitability, liquidity, and leverage on financial distress and to determine the financial distress condition of insurance companies on the IDX before and during the pandemic. The sample used purposive sampling method on 15 insurance companies in Indonesia. The test was carried out using multiple linear regression with SPSS 25. The results showed that ROE and CR had no significant effect on financial distress. Meanwhile, DAR has a significant negative effect on firm value. The Z-Score shows that the Harta Aman Pratama Tbk (AHAP) Insurance company experienced financial distress before Covid-19 and was in the gray area category at the time of Covid-19. Meanwhile, Malaca Trust Wuwungan Insurance Tbk (MTWI) is in the gray area category during the Covid-19 period and during the Covid-19 period.
Keywords: Financial Distress; Profitability; Liquidity; Leverage; Altman Z-Score.
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Babuna, P., Yang, X., Gyilbag, A., Awudi, D. A., Ngmenbelle, D., & Bian, D. (2020). The impact of covid-19 on the insurance industry. International Journal of Environmental Research and Public Health, 17(16), 1–14. https://doi. org/10. 3390/ijerph17165766"
Baklouti, N., Gautier, F., & Affes, H. (2016). Corporate Governance and Financial distress of European Commercial Banks. Journal of Business Studies Quarterly.
Bhattacharjee, A., & Han, J. (2014). Financial distress of Chinese firms: Microeconomic, macroeconomic and institutional influences. China Economic Review, 30, 244–262. https://doi. org/10. 1016/j. chieco. 2014. 07. 007
Crespí-Cladera, R., Martín-Oliver, A., & Pascual-Fuster, B. (2021). Financial distress in the hospitality industry during the Covid-19 disaster. Tourism Management. https://doi. org/10. 1016/j. tourman. 2021. 104301
Dianova, A., & Nahumury, J. (2019). Investigating the Effect of Liquidity, Leverage, Sales Growth and Good Corporate Governance on Financial distress . Journal of Accounting and Strategic Finance, 2(2), 143–156. https://doi. org/10. 33005/jasf. v2i2. 49
Didier, T., Huneeus, F., Larrain, M., & Schmukler, S. L. (2021). Financing firms in hibernation during the COVID-19 pandemic. Journal of Financial Stability. https://doi. org/10. 1016/j. jfs. 2020. 100837
Fahlevi, E. D., & Mukhibad, H. (2018). Penggunaan Rasio Keuangan Dan Good Corporate Governance Untuk Memprediksi Financial Distress . Jurnal Reviu Akuntansi Dan Keuangan. https://doi. org/10. 22219/jrak. v8i2. 34
Fitriani, M., & Huda, N. (2020). Analisis Prediksi Financial Distress Dengan Metode Springate (S-Score) Pada Pt Garuda Indonesia Tbk. Nominal: Barometer Riset Akuntansi Dan Manajemen. https://doi. org/10. 21831/nominal. v9i1. 30352
Harahap, A. M. (2016). Prediction of financial distress in foreign exchange banking firms using risk analysis, good corporate governance, earnings, and capital. The Indonesian Accounting Review, 5(1), 33. https://doi. org/10. 14414/tiar. v5i1. 487
Jansen, M. C., & Meckling, W. H. (1976). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Journal of Financial Economic 3, 305–360. https://doi. org/10. 1177/0018726718812602
Kusanti, O., & Andayanii. (2015). Pengaruh Good Corporate Governance Dan Rasio Keuangan Terhadap Financial distress . Jurnal Ilmu & Riset Akuntansi.
Lord, J., Landry, A., Savage, G. T., & Weech-Maldonado, R. (2020). Predicting Nursing Home Financial distress Using the Altman Z-Score. Inquiry (United States). https://doi. org/10. 1177/0046958020934946
Luqman Khais, M., Widarko, A., & Asiyah, S. (2016). Pengaruh Store Atmosphere, Experiental Marketing Dan Price Discount Terhadap Keputusan Pembelian Di Era Pandemi COVID-19 (Studi Kasus Pada Konsumen Starbuck Malang). Jurnal Riset Manajemen.
Mafiroh, A., & Triyono, T. (2018). Pengaruh Kinerja Keuangan Dan Mekanisme Corporate Governance Terhadap Financial Distress (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014). Riset Akuntansi Dan Keuangan Indonesia, 1(1), 46–53. https://doi. org/10. 23917/reaksi. v1i1. 1956
Platt, H. D., Platt, M. B., & Chen, G. (1995). Sustainable growth rate of firms in financial distress . Journal of Economics and Finance, 19(2), 147–151. https://doi. org/10. 1007/BF02920515
Pradana, R. S. (2020). Analisis Financial distress Pada Perusahaan Pertambangan Batu Bara Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2018. JURNAL AKUNTANSI DAN BISNIS : Jurnal Program Studi Akuntansi, 6(1), 36–45. https://doi. org/10. 31289/jab. v6i1. 2825
Pranita, K. R., & Kristanti, F. T. (2020). Analisis Financial Distress Menggunakan Analisis Survival. Nominal: Barometer Riset Akuntansi Dan Manajemen. https://doi. org/10. 21831/nominal. v9i2. 30917
Rahmawati, E., & Herlambang, P. (2018). Pengaruh Efektivitas Komite Audit Terhadap Financial Didtress (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia, Malaysia, Dan Singapura Periode 2014-2015). Jurnal Reviu Akuntansi Dan Keuangan.
Sánchez, J., Mather, R., Athreya, K., & Mustre-del-Rio, J. (2020). COVID-19 and financial distress : Employment vulnerability. In Federal Reserve Bank of St. Louis.
Sinaga, M. N., Pelleng, F. A. O., & Mangindaan, J. V. (2019). Analisis Tingkat Kebangkrutan Pada Perusahaan Asuransi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Administrasi Bisnis, 9(2), 28. https://doi. org/10. 35797/jab. 9. 2. 2019. 23898. 28-36
Siswanto, D. (2021). Dampak Resiko Keuangan Dalam Bisnis Jasa Keuangan Perusahaan Asuransi Jiwa di Era Pandemi Corona. KarismaPro. https://doi. org/10. 53675/karismapro. v2i1. 71
Trivena, S. M. (2020). Analisis Penyebab Financial distress Yang Dialami Oleh Pt Asuransi Jiwasraya (Persero). … Akuntansi, Manajemen, Dan Keuangan. https://prosiding. polinema. ac. id/sngbs/index. php/sngbs/article/view/282%0Ahttps://prosiding. polinema. ac. id/sngbs/index. php/snamk/article/view/282
Valentina, & Jin, T. F. (2021). Financial distress : Rasio Keuangan Dan Struktur Kepemilikan Pada Perusahaan Non-Keuangan. Jurnal Bisnis Dan Akuntansi, 22(2), 347–360. https://doi. org/10. 34208/jba. v22i2. 818
Wang, Y., Zhang, D., Wang, X., & Fu, Q. (2020). How Does COVID-19 Affect China’s Insurance Market? Emerging Markets Finance and Trade. https://doi. org/10. 1080/1540496X. 2020. 1791074
Widhiari, N., & Merkuswati, A. (2015). Pengaruh Rasio Likuiditas, Leverage, Operating Capacity, Dan Sales Growth Terhadap Financial distress . E-Jurnal Akuntansi Universitas Udayana, 11(2), 456–469.
Yanuar, Y. (2018). Pengaruh Rasio Likuiditas, Leverage Keuangan, Operating Income dan Efektivitas Komite Audit Terhadap Financial distress . Scientific Journal Of Reflection: Economic, Accounting, Management and Business, 1(4), 471–480. https://doi. org/10. 5281/zenodo. 1437018
Younas, N., UdDin, S., Awan, T., & Khan, M. Y. (2021). Corporate governance and financial distress : Asian emerging market perspective. Corporate Governance (Bingley). https://doi. org/10. 1108/CG-04-2020-0119
Zelie, E. M. (2019). Determinants of Financial distress in Case of Insurance Companies in Ethiopia. Research Journal of Finance and Accounting. https://doi. org/10. 7176/rjfa/10-15-05
Published
2022-03-26
How to Cite
MAYSAROH, Watim; SUHENDRO, Saring; DEWI, Fajar Gustiawaty.
Pengaruh Kinerja Keuangan Terhadap Financial Distress Perusahaan Asuransi di Indonesia Sebelum dan Saat Pandemi Covid-19.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 3, p. 788-802, mar. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/80919>. Date accessed: 18 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i03.p18.
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