ANALISIS POTENSI KEBANGKRUTAN SEBAGAI DAMPAK PANDEMI COVID-19 PADA PERUSAHAAN SUB SEKTOR RESTORAN, HOTEL DAN PARIWISATA DI BURSA EFEK INDONESIA
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Abstract
This study aims to analyze the potential for bankruptcy of restaurants, hotels and tourism
sub-sector companies listed on the Indonesia Stock Exchange during the Covid-19
pandemic, using the ratio of net working capital to total assets, retained earnings to total
assets, EBIT to total assets, and book value of equity to book value of total debt in the
Altman Z-Score Model. The population in this study were all companies in the restaurant,
hotel and tourism sub-sector listed on the Indonesia Stock Exchange in 2020. The sample
used was 35 companies obtained using a saturated sampling technique (Census
Technique). This research data uses secondary data, namely the annual reports of
companies in the restaurant, hotel and tourism sub-sectors listed on the Indonesia Stock
Exchange in 2020. The data analysis method uses the Altman Z-Score Multivariate
Analysis (MDA) model III. The results showed that the potential for bankruptcy occurred
in 58% of companies in the Restaurant, Hotel and Tourism Sub-sector on the Indonesia
Stock Exchange. As many as 11% are in the gray area category, and 31% of companies
do not experience financial problems so they are unlikely to go bankrupt. There are 8 companies that have a negative ratio of Net Working Capital to Total Assets, 6 companies
that have a negative ratio of Retained Earning to Total Assets (RE/TA), 17 companies
have a ratio of Earning Before Interest and Tax to total assets (EBIT/TA). negative ones.
And all companies have a positive ratio of Book Value of Equity to Book Value of Total
Debt. There are 9 companies experiencing significant financial distress so they must be
delisted in 2020 from the Indonesia Stock Exchange.
Article Details
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