FINANCIAL DISTRESSPROPERTY AND REAL ESTATE SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE BEFORE AND DURING THE COVID 19 PANDEMIC
Vol. 4 No. 11 (2022): IJEFSD
Articles
December 6, 2022
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The purpose of this study was to determine the difference between the potential for financial distress in property and real estate companies before the covid 19 pandemic and during the covid 19 pandemic. This type of research is a comparative analysis using quantitative methods. The data used is secondary data taken from the official website of the Indonesia Stock Exchange. This study took the population of property and real estate companies listed on the Indonesia Stock Exchange as 33 companies (purposive sampling). The variables used are as many as 2 variables, namely Altman Z score and Zmijewski X Score. The statistical test used in this study is the Paired Sample t-test which aims to find a comparison of two paired groups. Based on the results of the study
Rakhmat Ramdhany Hunta, Sri Murni, & Joy Elly Tulung. (2022). FINANCIAL DISTRESSPROPERTY AND REAL ESTATE SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE BEFORE AND DURING THE COVID 19 PANDEMIC. International Journal on Economics, Finance and Sustainable Development, 4(11), 112–123. https://doi.org/10.31149/ijefsd.v4i11.3743
1. Agwata (2018). Using Multiple Approaches In The Financial Distress Evaluation Of Companies Listed In The Manufacturing Segment Of The Nairobi Securities Exchange. African J. Accounting, Auditing and Finance, Vol. 6, No. 2, 2018
2. Alifiah and l Tahrir (2018) Predicting Financial Distress Companies In The Manufacturing And Non-Manufacturing Sectors In Malaysia Using Macroeconomic Variables. Management Science Letters 8 (2018) 593–604
3. Altman Corporate Financial Distress restructuring and bankruptcy 2019. John Wiley & Sons, Inc. Hookben New Jersey 2019
4. Apergis, Bhattacharya, et al (2019). Predictions of Financial Distress for multinational corporations: Panel estimations across countries. ISSN: 0003-6846 (Print) 1466-4283 (Online) Journal homepage:https://www.tandfonline.com/loi/raec20
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10. Yapanto, LM, Diah, AM, Kankaew, K., Dewi, AK, Dextre-Martinez, WR, Kurniullah, AZ, & Villanueva-Benites, LA (2021). The effect of crm on employee performance in the banking industry. Uncertain Supply Chain Management, 9(2), 295–306.https://doi.org/10.5267/j.uscm.2021.3.003
11. Nguyen, TTC, Tran, QB, Ho, DA, Duong, DA, & Nguyen, TBT (2021). The effect of supply chain linkages on business performance: Evidence from Vietnam. Uncertain Supply Chain Management, 9(3), 529–538. https://doi.org/10.5267/j.uscm.2021.6.009
12. Ghozali, I. (2016) Application of Multivariate Analysis with the IBM SPSS 23 Program. 8th Edition. Semarang: Diponegoro University Publishing Agency. ISBN: 9781-337-39525-0.20 Channel Center Street Boston Ma 02210 USA I
13. Jhonson and Bhattacharyya (2010) Statistical principles and methods. John Wiley & Sons, Inc. 2006
14. Cashmere. 2008. Analysis of Financial Statements. PT. Rajagrafindo Persada. Jakarta 2008
15. Khalid, Abbas, et al. (2020). Efficiently Monitoring The Ship Of Financially Distressed Companies Sinking In Iron law Of Earnings Management: Evidence from Pakistan. Khalid et al., Cogent Economics & Finance (2020), 8: 1838685
16. Kankaew, K., Yapanto, LM, Waramontri, R., & Arief, S. (2021). Uncertain Supply Chain Management Supply chain management and logistics presentation : Mediation effect of competitive advantage. 9, 255–264. https://doi.org/10.5267/j.uscm.2021.3.007
17. Mahtani and Garg (2018). An Analysis Of Key Factors Of Financial Distress In Airline Companies In India Using Fuzzy AHP Framework. Transportation Research Part A 117 2018 87-102
18. Manurung, Shita Tiara, Dkk Springate Model, Fulmer Model and Corporate Bankruptcy 2019 UMN Al Washliyah, Medan, Indonesia 2019
19. Mokhtar and Abdul Rashid (2018) Predicting Financial Distress of Companies in Malaysia: A Comparison of Adaptive Neuro-Fuzzy Inference System and Discriminant Analysis, Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA Pahang, Raub Campus, Pahang, Malaysia. NA Yacob et al. eds Regional Conference on Science.
/doi.org/10.1007/978-981-13-0074-5_87.
20. Platt, and Platt, MB 2002. Predicting Corporate Financial Distress: Reflections on Choice-Based Sample Bias. Journal of Economics and Finance, vol. 26.
21. Putong, I. 2010. Introduction to Micro and Macro Economics. Jakarta: Media Discourse Partners. Rahmando, 2012. Investment Technical Analysis Theory, Jakarta, Archipelago Literacy.
22. Ranjbar and Amanollahi (2018). The effect of Financial Distress on earnings management and unpredicted net earnings in companies listed on the Tehran Stock Exchange. Management Science Letters 8 (2018) 993-938.
23. Robert. (2016). The Rise and Fall of American Growth, Princeton, NJ USA: Princeton University Press. Pp, 38-39. ISBN 978-0-691-14772-7
24. Lapian, ALCP (2018). Small and Medium Enterprises towards Economic Growth in North `Sulawesi, Indonesia. Scientific Research Journal, VI(II), 20–23. http://www.scirj.org/papers-0218/scirj-P0218497.pdf
25. Sari, Yulianto Financial Distress Measurement Accuracy Using the Springate and Zmijewski Methods in Property and Real Estate Companies on the Indonesia Stock Exchange for the 2013-2015 Period. Sidoarjo Muhammadiyah University. Indonesian journal of business management Vol. 5, Number 2, February 2018
26. Iroth, S., & Suparno, D. (2021). The Meaning of Mantras in the Spiritual Communication of Religious Leaders with Their God: Traditional Balinese Cremation in Werdhi Agung Village, Bolaang District, South Mongondow. CIVILIZATION INTERACTION: Journal of Islamic Communication and Broadcasting, 1(1), 55–69. https://doi.org/10.15408/interaksi.v1i1.21256
27. Septiani and I Dana 2019 Effects of Profitability, Leverage, Sales Growth and Company Size on Financial Distress 2019. Management E-Journal Vol 8 No 5.
28. Sjahrial, 2007. Advanced Financial Management. First Edition. Media Discourse Partners. Jakarta. Sugiyono. 2010. Quantitative, Qualitative Research Methods, and R&D. New York: Alphabet.
29. Sumolang and Keles. Analysis of Bankruptcy Prediction of Property Companies Registered on the IDX Using the Altman Z-Score Model 2021. Journal of MBA Vol 2 No 1 2021
30. Suryani 2020. Effects of Profitability, Leverage, Sales Growth and Company Size on Financial Distress 2020 . Journal of Online Accounting Vol 5 No 2.
31. Tinoco and Wilson (2013). Financial Distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables. Credit Management Research Center, Leeds University Business School, The University of Leeds, Leeds LS2 9JT, United Kingdom
32. V Wiratna. 2015. Business & Economic Research Methodology. Yogyakarta: New Readers 2015 Wiley & Sons (2010) Lesson In Corporate Finance. John Wiley & Sons, Inc., Hoboken, New 2016 Jerseys
33. Woodart Wodwart, Financial Bubbles, Real estate bubbles, Derivative Bubbles, and the Financial and Economic Crisis Coping with Crises in Complex Socio-Economic Systems, Switzerland September 2008
34. Yami 2015. Bankruptcy Prediction Using the Altman Z-Score, Springate and Zmijewski Methods in Property and Real estate companies listed on the IDX in 2011-2013. Journal of Dian Nuswantoro University Semarang
35. Yudy Ariawan (2018), The Influence of Determinants of Financial Distress on property and real estate companies listed on the IDX. Tarumanagara University 2018
36. Zhang and Longying Hu (2015). A nonlinear subspace multiple kernel learning for Financial Distress prediction of Chinese listed companies. Neori Computing vol 117,12 February 2016
37. Zmijewski. Methodological Issues Related to the Estimation of Financial Distress Prediction Models 1984. Journal Of Accounting Research vol 22.
2. Alifiah and l Tahrir (2018) Predicting Financial Distress Companies In The Manufacturing And Non-Manufacturing Sectors In Malaysia Using Macroeconomic Variables. Management Science Letters 8 (2018) 593–604
3. Altman Corporate Financial Distress restructuring and bankruptcy 2019. John Wiley & Sons, Inc. Hookben New Jersey 2019
4. Apergis, Bhattacharya, et al (2019). Predictions of Financial Distress for multinational corporations: Panel estimations across countries. ISSN: 0003-6846 (Print) 1466-4283 (Online) Journal homepage:https://www.tandfonline.com/loi/raec20
5. Arisudhana. Bankruptcy Analysis of Altman Z-score and Springate Models in Property Industry Companies 2017. Journal of Accounting and Finance, Budi Luhur University 2017
6. Ayu 2019. Prediction of Bankruptcy of Property and Real Estate Companies Listed on the Indonesia Stock Exchange for 2015-2017, 2019. Journal of Economics and Business, Faculty of Economics and Business, University of Jember 2019.
7. Azbika, Dewi Shinta, et al 2018. Analysis of Financial Statements as a Bankruptcy Prediction Tool for Property Companies listed on the Indonesian Stock Exchange. Journal of the University of Sukma College of Management Science 2018
8. Curry and Banjarnahor 2018. Khirstina Curry and Erliana Banjarnahor 2018. 1st National Expert Seminar 2018
9. Iroth, S., & Suparno, D. (2021). The Meaning of Mantras in the Spiritual Communication of Religious Leaders with Their God: Traditional Balinese Cremation in Werdhi Agung Village, Bolaang District, South Mongondow. CIVILIZATION INTERACTION: Journal of Islamic Communication and Broadcasting, 1(1), 55–69.https://doi.org/10.15408/interaksi.v1i1.21256
10. Yapanto, LM, Diah, AM, Kankaew, K., Dewi, AK, Dextre-Martinez, WR, Kurniullah, AZ, & Villanueva-Benites, LA (2021). The effect of crm on employee performance in the banking industry. Uncertain Supply Chain Management, 9(2), 295–306.https://doi.org/10.5267/j.uscm.2021.3.003
11. Nguyen, TTC, Tran, QB, Ho, DA, Duong, DA, & Nguyen, TBT (2021). The effect of supply chain linkages on business performance: Evidence from Vietnam. Uncertain Supply Chain Management, 9(3), 529–538. https://doi.org/10.5267/j.uscm.2021.6.009
12. Ghozali, I. (2016) Application of Multivariate Analysis with the IBM SPSS 23 Program. 8th Edition. Semarang: Diponegoro University Publishing Agency. ISBN: 9781-337-39525-0.20 Channel Center Street Boston Ma 02210 USA I
13. Jhonson and Bhattacharyya (2010) Statistical principles and methods. John Wiley & Sons, Inc. 2006
14. Cashmere. 2008. Analysis of Financial Statements. PT. Rajagrafindo Persada. Jakarta 2008
15. Khalid, Abbas, et al. (2020). Efficiently Monitoring The Ship Of Financially Distressed Companies Sinking In Iron law Of Earnings Management: Evidence from Pakistan. Khalid et al., Cogent Economics & Finance (2020), 8: 1838685
16. Kankaew, K., Yapanto, LM, Waramontri, R., & Arief, S. (2021). Uncertain Supply Chain Management Supply chain management and logistics presentation : Mediation effect of competitive advantage. 9, 255–264. https://doi.org/10.5267/j.uscm.2021.3.007
17. Mahtani and Garg (2018). An Analysis Of Key Factors Of Financial Distress In Airline Companies In India Using Fuzzy AHP Framework. Transportation Research Part A 117 2018 87-102
18. Manurung, Shita Tiara, Dkk Springate Model, Fulmer Model and Corporate Bankruptcy 2019 UMN Al Washliyah, Medan, Indonesia 2019
19. Mokhtar and Abdul Rashid (2018) Predicting Financial Distress of Companies in Malaysia: A Comparison of Adaptive Neuro-Fuzzy Inference System and Discriminant Analysis, Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA Pahang, Raub Campus, Pahang, Malaysia. NA Yacob et al. eds Regional Conference on Science.
/doi.org/10.1007/978-981-13-0074-5_87.
20. Platt, and Platt, MB 2002. Predicting Corporate Financial Distress: Reflections on Choice-Based Sample Bias. Journal of Economics and Finance, vol. 26.
21. Putong, I. 2010. Introduction to Micro and Macro Economics. Jakarta: Media Discourse Partners. Rahmando, 2012. Investment Technical Analysis Theory, Jakarta, Archipelago Literacy.
22. Ranjbar and Amanollahi (2018). The effect of Financial Distress on earnings management and unpredicted net earnings in companies listed on the Tehran Stock Exchange. Management Science Letters 8 (2018) 993-938.
23. Robert. (2016). The Rise and Fall of American Growth, Princeton, NJ USA: Princeton University Press. Pp, 38-39. ISBN 978-0-691-14772-7
24. Lapian, ALCP (2018). Small and Medium Enterprises towards Economic Growth in North `Sulawesi, Indonesia. Scientific Research Journal, VI(II), 20–23. http://www.scirj.org/papers-0218/scirj-P0218497.pdf
25. Sari, Yulianto Financial Distress Measurement Accuracy Using the Springate and Zmijewski Methods in Property and Real Estate Companies on the Indonesia Stock Exchange for the 2013-2015 Period. Sidoarjo Muhammadiyah University. Indonesian journal of business management Vol. 5, Number 2, February 2018
26. Iroth, S., & Suparno, D. (2021). The Meaning of Mantras in the Spiritual Communication of Religious Leaders with Their God: Traditional Balinese Cremation in Werdhi Agung Village, Bolaang District, South Mongondow. CIVILIZATION INTERACTION: Journal of Islamic Communication and Broadcasting, 1(1), 55–69. https://doi.org/10.15408/interaksi.v1i1.21256
27. Septiani and I Dana 2019 Effects of Profitability, Leverage, Sales Growth and Company Size on Financial Distress 2019. Management E-Journal Vol 8 No 5.
28. Sjahrial, 2007. Advanced Financial Management. First Edition. Media Discourse Partners. Jakarta. Sugiyono. 2010. Quantitative, Qualitative Research Methods, and R&D. New York: Alphabet.
29. Sumolang and Keles. Analysis of Bankruptcy Prediction of Property Companies Registered on the IDX Using the Altman Z-Score Model 2021. Journal of MBA Vol 2 No 1 2021
30. Suryani 2020. Effects of Profitability, Leverage, Sales Growth and Company Size on Financial Distress 2020 . Journal of Online Accounting Vol 5 No 2.
31. Tinoco and Wilson (2013). Financial Distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables. Credit Management Research Center, Leeds University Business School, The University of Leeds, Leeds LS2 9JT, United Kingdom
32. V Wiratna. 2015. Business & Economic Research Methodology. Yogyakarta: New Readers 2015 Wiley & Sons (2010) Lesson In Corporate Finance. John Wiley & Sons, Inc., Hoboken, New 2016 Jerseys
33. Woodart Wodwart, Financial Bubbles, Real estate bubbles, Derivative Bubbles, and the Financial and Economic Crisis Coping with Crises in Complex Socio-Economic Systems, Switzerland September 2008
34. Yami 2015. Bankruptcy Prediction Using the Altman Z-Score, Springate and Zmijewski Methods in Property and Real estate companies listed on the IDX in 2011-2013. Journal of Dian Nuswantoro University Semarang
35. Yudy Ariawan (2018), The Influence of Determinants of Financial Distress on property and real estate companies listed on the IDX. Tarumanagara University 2018
36. Zhang and Longying Hu (2015). A nonlinear subspace multiple kernel learning for Financial Distress prediction of Chinese listed companies. Neori Computing vol 117,12 February 2016
37. Zmijewski. Methodological Issues Related to the Estimation of Financial Distress Prediction Models 1984. Journal Of Accounting Research vol 22.
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