Analisis Financial Distress pada Perusahaan Konstruksi selama PSBB-PPKM era COVID-19 di Indonesia

https://doi.org/10.35912/rambis.v3i2.2583
Published: Dec 4, 2023

Abstract:

Purpose: The purpose of this study is to analyze the extent of financial distress experienced by construction companies during the implementation of the PSBB-PPKM policy in the COVID-19 era during 2020-2022.

Methodology/approach: This research methodology uses descriptive statistical analysis and review studies in a quantitative approach. The data used is secondary data sourced from the financial statements of construction companies that have been listed on the Indonesia Stock Exchange, then processed and analyzed using the Microsoft Excel application.

Result/findings: During the implementation of the PSBB-PPKM policy, there were 31 samples of construction companies detected as financial distress, 12 and 20 samples of companies detected as grey area and safe zone. Financial distress companies occur because they have poor profitability ratios and the largest solvency ratios among other groups, gray area companies occur because they have large solvency ratios and poor profitability ratios, and safe zone companies occur because they have high liquidity and profitability ratios, and the smallest solvency ratios among other group companies.

Limitation: The limitations of this study are the lack of consistent research analysis directions in previous journals, and not all sample company financial statements provide specific explanations of the development of account items in their financial statements.

Contribution: This research can contribute as one of the main references of stakeholders to make decisions that can avoid losses in the current financial situation of construction companies in Indonesia in the future.

Keywords:
1. Financial Distress
2. PSBB-PPKM
3. COVID-19
4. Construction Companies
5. Modified Altman Z-score
Authors:
Lucky Satria Budiman
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How to Cite
Budiman, L. S. (2023). Analisis Financial Distress pada Perusahaan Konstruksi selama PSBB-PPKM era COVID-19 di Indonesia . Reviu Akuntansi, Manajemen, Dan Bisnis, 3(2), 123–150. https://doi.org/10.35912/rambis.v3i2.2583
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Vol. 3 No. 2 (2023): Desember
Articles
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References

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    Altman, E. I. (1983). Corporate financial distress: A complete guide to predicting, avoiding, and dealing with bankruptcy. Wiley.

    Altman, E. I., & Hotchkiss, E. (2010). Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt. John Wiley & Sons.

    Ambarwati, U., Sudarwati, S., & Widayanti, R. (2017). Analisis Financial Distress pada PT Tunas Baru Lampung TBK di Bursa Efek Indonesia. Jurnal Organisasi Dan Manajemen, 13(2), 129–141. https://doi.org/10.33830/jom.v13i2.65.2017

    Chen, W.-S., & Du, Y.-K. (2009). Using Neural Networks and Data Mining Techniques for the Financial Distress Prediction Model. Expert Systems with Applications, 36(2), 4075–4086. https://doi.org/10.1016/j.eswa.2008.03.020

    Covid19.go.id. (2020, April 2). Peraturan Pemerintah Republik Indonesia Nomor 21 Tahun 2020 tentang PSBB - Regulasi. Covid19.Go.Id. https://covid19.go.id/p/regulasi/pp-no-21-tahun-2020-tentang-psbb-dalam-rangka-penanganan-covid-19

    Fahma, Y. T., & Setyaningsih, N. D. (2021). Analisis Financial Distress dengan Metode Altman, Zmijewski, Grover, Springate, Ohlson dan Zavgren untuk Memprediksi Kebangkrutan pada Perusahaan Ritel. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 15(2), 200–216. https://doi.org/10.32815/jibeka.v15i2.398

    Hadi, C., & Wijaya, A. (2019). Modal kerja dan laba ditahan merupakan prediktor yang positif terhadap laba perusahaan. Jurnal Manajerial Dan Kewirausahaan, 1(4), 695. https://doi.org/10.24912/jmk.v1i4.6548

    Kurniasih, N., Mai, M. U., & Masli, L. (2020). Prediksi Kebangkrutan pada Bank BUMN dengan Menggunakan Metode Altman Z-Score Modifikasi Periode 2019. Indonesian Journal of Economics and Management, 1(1), 83–95. https://doi.org/10.35313/ijem.v1i1.2420

    Laksmiwati, M., & Priyanto, S. (2020). Peran financial distress Altman memediasi kinerja keuangan terhadap harga saham pada BUMN di BEI. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(1), 27–40. https://doi.org/10.35912/jakman.v2i1.125

    Mishraz, N., Ashok, S., & Tandon, D. (2021). Predicting Financial Distress in the Indian Banking Sector: A Comparative Study between the Logistic Regression, LDA and ANN Models. Global Business Review, 097215092110267. https://doi.org/10.1177/09721509211026785

    Munandar, A., Rahmatiah, N. N., Darmawan, I., & Nurhayati. (2023). Penilaian Kebangkrutan Perusahaan Sub Sektor Konstruksi & Bangunan Periode 2019-2021 dengan Menggunakan Metode Altman Z-Score. Jurnal Cahaya Mandalika, 4(3), 67–80.

    Muparuri, L., & Gumbo, V. (2022). On Logit and Artificial Neural Networks in Corporate Distress Modelling for Zimbabwe Listed Corporates. Sustainability Analytics and Modeling, 2, 100006. https://doi.org/10.1016/j.samod.2022.100006

    Nik, P. A., Juoh, M., Shaari, A. H., & Sarmdi, T. (2016). Predicting the Probability of Financial Crisis in Emerging Countries using an Early Warning System: Artificial Neural Network. Journal of Economic Cooperation and Development, 37(1), 25–40.

    Nirmalasari, L. (2018). Analisis Financial Distress pada Perusahaan sektor property, Real estate dan Konstruksi Bangunan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Bisnis Indonesia (JMBI), 7(1), 46–61.

    Noviyani, N., & Yulianti, E. (2022). Faktor Penentu Financial Distress pada Perusahaan Sektor Pertanian yang Terdaftar di BEI Periode 2015-2019. Studi Ilmu Manajemen Dan Organisasi, 3(2), 315–326. https://doi.org/10.35912/simo.v3i2.852

    Nurkomala, N., Yuliansyah, Y., & amelia, yunia. (2022). Analisis Kebijakan Hutang pada Subsektor Kontruksi dan Bangunan di Indonesia. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(4), 343–358. https://doi.org/10.35912/jakman.v3i4.1398

    Oktasari, D. P., & Parashakti, R. D. (2019). Analisis Rasio Keuangan sebagai Alat Prediksi Kemungkinan Kebangkrutan pada Perusahaan Textil dan Garment yang Tercatat di BEI. Jurnal Ilmiah Manajemen Dan Bisnis, 5(2), 218–225. https://doi.org/10.22441/jimb.v5i2.6840

    Oktaviani, E., & Sembiring, F. M. (2021). Pengaruh Likuiditas, Leverage, Profitabilitas dan Ukuran Perusahaan terhadap Financial Distress: Studi Pada Perusahaan Sub Sektor Wholesale di BEI Periode. Reviu Akuntansi, Manajemen, Dan Bisnis, 1(2), 127–144. https://doi.org/10.35912/rambis.v1i2.944

    Rahmawati, F., & Prihastiwi, D. A. (2021). Analisis Financial Ratio dan Financial Distress pada Perusahaan Pariwisata, Hotel, Restoran, dan Konstruksi Nangunan Dimasa Pandemi COVID-19. Jurnal Edukasi (Ekonomi, Pendidikan Dan Akuntansi), 9(2), 147. https://doi.org/10.25157/je.v9i2.6235

    Sandy, A., Andrian, A., Jessyka, Astuti, E., & Oktaviani, D. (2022). Analisis Resiko Retensi Keuangan Perusahaan PT Ace Hardware. Jurnal Mirai Management, 7(3), 400–411. https://doi.org/10.37531/mirai.v7i3.2499

    Sari, N. R., Hasbiyadi, H., & Arif, M. F. (2020). Mendeteksi Financial Distress dengan Model Altman Z-Score. Jurnal Ilmiah Akuntansi Dan Humanika, 10(1), 93–102. https://doi.org/10.23887/jiah.v10i1.23102

    Sekretaris Kabinet Republik Indonesia. (2020, April 13). Presiden Tetapkan Bencana Nonalam Penyebaran Covid-19 sebagai Bencana Nasional. Sekretariat Kabinet Republik Indonesia. https://setkab.go.id/presiden-tetapkan-bencana-nonalam-penyebaran-covid-19-sebagai-bencana-nasional/

    Sekretaris Kabinet Republik Indonesia. (2021, January 6). Pemerintah Terapkan kebijakan pembatasan kegiatan masyarakat pada 11-25 januari 2021. Sekretariat Kabinet Republik Indonesia. https://setkab.go.id/pemerintah-terapkan-kebijakan-pembatasan-aktivitas-pada-11-25-januari-2021/

    Sekretaris Kabinet Republik Indonesia. (2022, December 30). Mendagri Terbitkan Inmendagri 53/2022 terkait Percabutan PPKM. Sekretariat Kabinet Republik Indonesia. https://setkab.go.id/mendagri-terbitkan-inmendagri-53-2022-terkait-percabutan-ppkm/

    Statistics Indonesia. (2023, June 12). Gross domestic product at current market prices from construction in Indonesia from 2014 to 2022 (in trillion Indonesian rupiah) [Graph]. In Statista; Statista Research Department. https://www-statista-com.unpad.idm.oclc.org/statistics/1019350/indonesia-gdp-construction/

    Sugiyono. (2013). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif dan R&D (16th ed.). Alfabeta.

    Tandiawan, W. (2022). The effect of financial distress and corporate governance on the discretionary allowance for impairment losses. Studi Akuntansi, Keuangan, Dan Manajemen, 2(2), 99–111. https://doi.org/10.35912/sakman.v2i2.1563

    Tania, S., Pratiwi, L. N., & Laksana, B. (2021). Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score Modifikasi pada PT Inti (Persero). Indonesian Journal of Economics and Management, 1(3), 628–633. https://doi.org/10.35313/ijem.v1i3.3077

    Titik Kristanti, F., Safriza, Z., & Fitrizal Salim, D. (2023). Are Indonesian Construction Companies Financially Distressed? A Prediction Using Artificial Neural Networks. Investment Management and Financial Innovations, 20(2), 41–52. https://doi.org/10.21511/imfi.20(2).2023.04

    Widarjo, W., & Setiawan, D. (2009). Pengaruh Rasio Keuangan Terhadap Kondisi Financial Distress Perusahaan Otomotif. Jurnal Bisnis Dan Akuntansi, 11(2), 107–119. https://doi.org/10.34208/jba.v11i2.174

    Wu, D., Ma, X., & Olson, D. L. (2022). Financial Distress Prediction Using Integrated Z-Score and Multilayer Perceptron Neural Networks. Decision Support Systems, 159, 113814. https://doi.org/10.1016/j.dss.2022.113814

    Wulansari, M. (2022). Analisis Kinerja Jeuangan dengan Metode Altman Z – Score dan Springate pada Industri Konstruksi yang Terdaftar di BEI. Akrab Juara?: Jurnal Ilmu-Ilmu Sosial, 7(2), 211. https://doi.org/10.58487/akrabjuara.v7i2.1806

    Yati, S., & Afni Patunrui, K. I. (2017). Analisis Penilaian Financial Distress Menggunakan Model Altman (Z-Score) pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2013-2015. JURNAL AKUNTANSI, EKONOMI Dan MANAJEMEN BISNIS, 5(1), 55. https://doi.org/10.30871/jaemb.v5i1.275

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  2. Altman, E. I. (1983). Corporate financial distress: A complete guide to predicting, avoiding, and dealing with bankruptcy. Wiley.
  3. Altman, E. I., & Hotchkiss, E. (2010). Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt. John Wiley & Sons.
  4. Ambarwati, U., Sudarwati, S., & Widayanti, R. (2017). Analisis Financial Distress pada PT Tunas Baru Lampung TBK di Bursa Efek Indonesia. Jurnal Organisasi Dan Manajemen, 13(2), 129–141. https://doi.org/10.33830/jom.v13i2.65.2017
  5. Chen, W.-S., & Du, Y.-K. (2009). Using Neural Networks and Data Mining Techniques for the Financial Distress Prediction Model. Expert Systems with Applications, 36(2), 4075–4086. https://doi.org/10.1016/j.eswa.2008.03.020
  6. Covid19.go.id. (2020, April 2). Peraturan Pemerintah Republik Indonesia Nomor 21 Tahun 2020 tentang PSBB - Regulasi. Covid19.Go.Id. https://covid19.go.id/p/regulasi/pp-no-21-tahun-2020-tentang-psbb-dalam-rangka-penanganan-covid-19
  7. Fahma, Y. T., & Setyaningsih, N. D. (2021). Analisis Financial Distress dengan Metode Altman, Zmijewski, Grover, Springate, Ohlson dan Zavgren untuk Memprediksi Kebangkrutan pada Perusahaan Ritel. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 15(2), 200–216. https://doi.org/10.32815/jibeka.v15i2.398
  8. Hadi, C., & Wijaya, A. (2019). Modal kerja dan laba ditahan merupakan prediktor yang positif terhadap laba perusahaan. Jurnal Manajerial Dan Kewirausahaan, 1(4), 695. https://doi.org/10.24912/jmk.v1i4.6548
  9. Kurniasih, N., Mai, M. U., & Masli, L. (2020). Prediksi Kebangkrutan pada Bank BUMN dengan Menggunakan Metode Altman Z-Score Modifikasi Periode 2019. Indonesian Journal of Economics and Management, 1(1), 83–95. https://doi.org/10.35313/ijem.v1i1.2420
  10. Laksmiwati, M., & Priyanto, S. (2020). Peran financial distress Altman memediasi kinerja keuangan terhadap harga saham pada BUMN di BEI. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(1), 27–40. https://doi.org/10.35912/jakman.v2i1.125
  11. Mishraz, N., Ashok, S., & Tandon, D. (2021). Predicting Financial Distress in the Indian Banking Sector: A Comparative Study between the Logistic Regression, LDA and ANN Models. Global Business Review, 097215092110267. https://doi.org/10.1177/09721509211026785
  12. Munandar, A., Rahmatiah, N. N., Darmawan, I., & Nurhayati. (2023). Penilaian Kebangkrutan Perusahaan Sub Sektor Konstruksi & Bangunan Periode 2019-2021 dengan Menggunakan Metode Altman Z-Score. Jurnal Cahaya Mandalika, 4(3), 67–80.
  13. Muparuri, L., & Gumbo, V. (2022). On Logit and Artificial Neural Networks in Corporate Distress Modelling for Zimbabwe Listed Corporates. Sustainability Analytics and Modeling, 2, 100006. https://doi.org/10.1016/j.samod.2022.100006
  14. Nik, P. A., Juoh, M., Shaari, A. H., & Sarmdi, T. (2016). Predicting the Probability of Financial Crisis in Emerging Countries using an Early Warning System: Artificial Neural Network. Journal of Economic Cooperation and Development, 37(1), 25–40.
  15. Nirmalasari, L. (2018). Analisis Financial Distress pada Perusahaan sektor property, Real estate dan Konstruksi Bangunan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Bisnis Indonesia (JMBI), 7(1), 46–61.
  16. Noviyani, N., & Yulianti, E. (2022). Faktor Penentu Financial Distress pada Perusahaan Sektor Pertanian yang Terdaftar di BEI Periode 2015-2019. Studi Ilmu Manajemen Dan Organisasi, 3(2), 315–326. https://doi.org/10.35912/simo.v3i2.852
  17. Nurkomala, N., Yuliansyah, Y., & amelia, yunia. (2022). Analisis Kebijakan Hutang pada Subsektor Kontruksi dan Bangunan di Indonesia. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(4), 343–358. https://doi.org/10.35912/jakman.v3i4.1398
  18. Oktasari, D. P., & Parashakti, R. D. (2019). Analisis Rasio Keuangan sebagai Alat Prediksi Kemungkinan Kebangkrutan pada Perusahaan Textil dan Garment yang Tercatat di BEI. Jurnal Ilmiah Manajemen Dan Bisnis, 5(2), 218–225. https://doi.org/10.22441/jimb.v5i2.6840
  19. Oktaviani, E., & Sembiring, F. M. (2021). Pengaruh Likuiditas, Leverage, Profitabilitas dan Ukuran Perusahaan terhadap Financial Distress: Studi Pada Perusahaan Sub Sektor Wholesale di BEI Periode. Reviu Akuntansi, Manajemen, Dan Bisnis, 1(2), 127–144. https://doi.org/10.35912/rambis.v1i2.944
  20. Rahmawati, F., & Prihastiwi, D. A. (2021). Analisis Financial Ratio dan Financial Distress pada Perusahaan Pariwisata, Hotel, Restoran, dan Konstruksi Nangunan Dimasa Pandemi COVID-19. Jurnal Edukasi (Ekonomi, Pendidikan Dan Akuntansi), 9(2), 147. https://doi.org/10.25157/je.v9i2.6235
  21. Sandy, A., Andrian, A., Jessyka, Astuti, E., & Oktaviani, D. (2022). Analisis Resiko Retensi Keuangan Perusahaan PT Ace Hardware. Jurnal Mirai Management, 7(3), 400–411. https://doi.org/10.37531/mirai.v7i3.2499
  22. Sari, N. R., Hasbiyadi, H., & Arif, M. F. (2020). Mendeteksi Financial Distress dengan Model Altman Z-Score. Jurnal Ilmiah Akuntansi Dan Humanika, 10(1), 93–102. https://doi.org/10.23887/jiah.v10i1.23102
  23. Sekretaris Kabinet Republik Indonesia. (2020, April 13). Presiden Tetapkan Bencana Nonalam Penyebaran Covid-19 sebagai Bencana Nasional. Sekretariat Kabinet Republik Indonesia. https://setkab.go.id/presiden-tetapkan-bencana-nonalam-penyebaran-covid-19-sebagai-bencana-nasional/
  24. Sekretaris Kabinet Republik Indonesia. (2021, January 6). Pemerintah Terapkan kebijakan pembatasan kegiatan masyarakat pada 11-25 januari 2021. Sekretariat Kabinet Republik Indonesia. https://setkab.go.id/pemerintah-terapkan-kebijakan-pembatasan-aktivitas-pada-11-25-januari-2021/
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  26. Statistics Indonesia. (2023, June 12). Gross domestic product at current market prices from construction in Indonesia from 2014 to 2022 (in trillion Indonesian rupiah) [Graph]. In Statista; Statista Research Department. https://www-statista-com.unpad.idm.oclc.org/statistics/1019350/indonesia-gdp-construction/
  27. Sugiyono. (2013). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif dan R&D (16th ed.). Alfabeta.
  28. Tandiawan, W. (2022). The effect of financial distress and corporate governance on the discretionary allowance for impairment losses. Studi Akuntansi, Keuangan, Dan Manajemen, 2(2), 99–111. https://doi.org/10.35912/sakman.v2i2.1563
  29. Tania, S., Pratiwi, L. N., & Laksana, B. (2021). Prediksi Kebangkrutan Menggunakan Metode Altman Z-Score Modifikasi pada PT Inti (Persero). Indonesian Journal of Economics and Management, 1(3), 628–633. https://doi.org/10.35313/ijem.v1i3.3077
  30. Titik Kristanti, F., Safriza, Z., & Fitrizal Salim, D. (2023). Are Indonesian Construction Companies Financially Distressed? A Prediction Using Artificial Neural Networks. Investment Management and Financial Innovations, 20(2), 41–52. https://doi.org/10.21511/imfi.20(2).2023.04
  31. Widarjo, W., & Setiawan, D. (2009). Pengaruh Rasio Keuangan Terhadap Kondisi Financial Distress Perusahaan Otomotif. Jurnal Bisnis Dan Akuntansi, 11(2), 107–119. https://doi.org/10.34208/jba.v11i2.174
  32. Wu, D., Ma, X., & Olson, D. L. (2022). Financial Distress Prediction Using Integrated Z-Score and Multilayer Perceptron Neural Networks. Decision Support Systems, 159, 113814. https://doi.org/10.1016/j.dss.2022.113814
  33. Wulansari, M. (2022). Analisis Kinerja Jeuangan dengan Metode Altman Z – Score dan Springate pada Industri Konstruksi yang Terdaftar di BEI. Akrab Juara?: Jurnal Ilmu-Ilmu Sosial, 7(2), 211. https://doi.org/10.58487/akrabjuara.v7i2.1806
  34. Yati, S., & Afni Patunrui, K. I. (2017). Analisis Penilaian Financial Distress Menggunakan Model Altman (Z-Score) pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2013-2015. JURNAL AKUNTANSI, EKONOMI Dan MANAJEMEN BISNIS, 5(1), 55. https://doi.org/10.30871/jaemb.v5i1.275