FINANCIAL PERFORMANCE ANALYSIS OF PUBLIC HOSPITALS BEFORE AND DURING THE COVID-19 PANDEMIC
Article Sidebar
Main Article Content
Abstract
This study is purposed to analyze the financial performance of public hospitals companies registered at the Indonesian Stock Exchange before and during the Covid-19 Pandemic. This study shows the difference of financial performance and financial ratio's changes within hospital due to the Covid-19 condition. The method of this study is quantitative. The data used are secondary data from financial reports of hospital between the period of second quarter of 2019 until first quarter of 2021. Financial performance of hospital is measured from statistical calculation on Current Ratio, Quick Ratio, Debt-to-Equity Ratio, Debt Ratio, Total Asset Turnover, Inventory Turnover, Net Profit Margin, and Return on Equity before and during the Covid-19 Pandemic. Result of Normality Data Test by using Kolmogorov Smirnov shows that asymp sig is < 0.05, so H0 is accepted and H1 is rejected, thus not normally distributed. Continued with the Wilcoxon Test with average rank of not so much different. Also, Statistical Test shows that asymp sig for each financial ratio is > 0.05, so that the hypothesis is rejected and thus can be concluded that the financial performance of public hospitals companies registered at Indonesian Stock Exchange are not significantly different. The changes of financial ratios of public hospitals due to Covid-19 Pandemic condition are noticeable in the decreasing of profitability ratio. This shows that public hospitals are in the conditions of the Covid-19 Pandemic, although hospital capacity looks overloaded, in terms of profitability, it has decreased, this can be due to the increasing operational burden of hospitals with special policies during the pandemic. Meanwhile, in terms of other financial ratios, the condition of the Covid- 19 Pandemic did not make the hospital's financial performance better than before the Covid-19 Pandemic.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
IJAEB by Graduate Program of Universitas Tarumanagara is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.. Permissions beyond the scope of this license may be available at https://journal.untar.ac.id/index.php/ijaeb
References
Djalante, R., Lassa, J., Setiamarga, D., Sudjatma, A., Indrawan, M., Haryanto, B., Mahfud, C., Sinapoy, M. S., Djalante, S., Rafliana, I., Gunawan, L. A., Surtiari, G. A. K., & Warsilah, H., Review and analysis of current responses to COVID-19 in Indonesia: Period of January to March 2020, Progress in Disaster Science, 2020, 6. DOI: https://doi. org/10.1016/j.pdisas.2020.100091
Christian, M., & Hidayat, F., Dampak Coronavirus terhadap Ekonomi Global, Dampak Covid Terhadap Ekonomi Global, 2020, 87–92. https://www.suarasurabaya.net/ ekonomibisnis/2020/dampak-covid-19-terhadap-ekonomi-global-2020/?amp
Endri, E., Susanti, D., Hutabarat, L., Simanjuntak, T. P., & Handayani, S., Financial performance evaluation: Empirical evidence of pharmaceutical companies in Indonesia, Systematic Reviews in Pharmacy, 2020, 11(6), 803–816. DOI: https://doi.org/10.31838/ srp.2020.6.117
Bhunia, A., Mukhuti, S. S., & Roy, S. G., Financial Performance Analysis-A Case Study Financial Performance Analysis-A Case Study, Current Research Journal of Social Sciences, 2011, 3(3), 269–275.
Elek, P., Bíró, A., & Fadgyas-Freyler, P., Income gradient of pharmaceutical panic buying at the outbreak of the Covid-19 Pandemic, May, 2021, 2312–2320. DOI: https:// doi.org/10.1002/hec.4378
Shaw, R., Kim, Y. kyun, & Hua, J., Governance, technology and citizen behavior in pandemic: Lessons from COVID-19 in East Asia, Progress in Disaster Science, 2020, 6, 100090. DOI: https://doi.org/10.1016/j.pdisas.2020.100090
Prinja, S., & Pandav, C. S., Economics of COVID-19: challenges and the way forward for health policy during and after the pandemic, Indian Journal of Public Health, 2020, 64, S231–S233. DOI: https://doi.org/10.4103/ijph.IJPH_524_20
Bappenas RI, Perkembangan Ekonomi Indonesia dan Dunia untuk Triwulan I 2020. Bappenas RI, 2020, 4(1), 1–89. https://www.bappenas.go.id/files/4215/9236/1094/ND_269_Penyampaian_Laporan_Perkembangan_Ekonomi_Indonesia_dan_Dunia_untuk _Triwulan_I_Tahun_2020.pdf
Albab Al Umar, A. U., Pitaloka, H., Hartati, E. R., & Fitria, D., The Economic Impact of the Covid-19 Outbreak: Evidence from Indonesia, Jurnal Inovasi Ekonomi, 2020, 5(3), 71–76. DOI: https://doi.org/10.22219/jiko.v5i3.11889
Brodeur, A., Gray, D., Islam, A., & Bhuiyan, S., A literature review of the economics of COVID-19, Journal of Economic Surveys: Wiley, November 2020, 1–38. DOI: https:// doi.org/10.1111/joes.12423
A.-J., & Christos Iosifidis, Maliha Agha, R. A., The socio-economic implications of the coronavirus pandemic (COVID-19): A review, International Journal of Surgery, 2020, 78(7), 185–193. DOI: https://doi.org/10.1016/j.ijsu.2020.04.018
Ministry of Finance of Indonesia Replubic, Tinjauan Ekonomi, Keuangan, & Fiskal Menjaga Ekonomi Nasional di Tengah Pandemi Covid-19, Kemenkeu RI, 2020.
Habir, M. T., & Wardana, W., COVID-19’s impact on Indonesia’s economy and financial markets, ISEAS-Yusof Ishak Institute, 2020, 142, 1–13. https://www.csis.org/ programs/southeast-asia-program/southeast-asia-covid-19-tracker-0
Maria Nicola, Zaid Alsafi, Catrin Sohrabi, Ahmed Kerwan, A. A.-J., & Christos Iosifidis, Maliha Agha, R. A., The socio-economic implications of the coronavirus pandemic (COVID-19): A review, International Journal of Surgery, 2020, 78(7), 185– 193. DOI: https://doi.org/10.1016/j.ijsu.2020.04.018
Alcan, G., Guvenbas, S. D., & Ozdurak, C., The impact of COVID-19 to global pharmaceuticals and biotechnology company stocks returns, Pressacademia, 2020, 9(2), 68–79. DOI: https://doi.org/10.17261/pressacademia.2020.1215
Himmelstein, D. U., & Woolhandler, S., The U.S. Health Care System on the Eve of the Covid-19 Epidemic: A Summary of Recent Evidence on Its Impaired Performance, International Journal of Health Services, 2020, 50(4), 408–414. DOI: https://doi.org/ 10.1177/0020731420937631
Kemenperin, Rencana Induk Pembangunan Industri Nasional 2015 – 2035, Rencana Induk Pembangunan Industri Nasional 2015-2035, 2015, 1–98. https://www.kemenperin. go.id/ripin.pdf
Kokudo, N., & Sugiyama, H., Hospital capacity during the Covid-19 Pandemic. Global Health & Medicine, 2021, 3(2), 56–59. DOI: https://doi.org/10.35772/ghm.2021.01031
Leo, C. G., Sabina, S., Tumolo, M. R., Bodini, A., Ponzini, G., Sabato, E., & Mincarone, P., Burnout Among Healthcare Workers in the COVID 19 Era: A Review of the Existing Literature, Frontiers in Public Health, 2021, 9(October), 1–6. DOI: https://doi.org/10. 3389/fpubh.2021.750529
Wawo, A. B., Dharmawati, T., Intihanah, Anto, L. O., & Ummy., Performance Analysis of a Public Hospital in the Covid-19 Pandemic Using the Balanced Scorecard, International Journal of Innovation, Creativity and Change, 2020, 14(12), 486–507.
Khullar, D., Bond, A. M., & Schpero, W. L., COVID-19 and the Financial Health of US Hospitals. JAMA - Journal of the American Medical Association, 2020, 323(21), 2127– 2128. DOI: https://doi.org/10.1001/jama.2020.6269
Yuniarti, R., Paryanti, D., & Tejaningsih, A., Analysis Of Financial Performance And Services Performance Before And During The Covid-19 Pandemic (Case Study At Bayu Asih Hospital Purwakarta), Turkish Journal of Physiotherapy and Rehabilitation, 2021, 32(3), 6103–6112. www.turkjphysiotherrehabil.org
Lim, H., & Rokhim, R., Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies, 2020, 48(5), 981–995. DOI: https:// doi.org/10.1108/JES-01-2020-0021
Imani, A., Janati, A., Moghimi, M., Golestani, M., & Doshmangir, L., Identification of indicators for evaluating the financial and economic performance of the pharmacy: A systematic review, Pharmaceutical Sciences, 2015, 21(2), 111–124. DOI: https://doi.org/ 10.15171/PS.2015.25
Enekwe, C. I., Corporate Profitability: a Study of Selected Quoted Oil and, European Journal of Accounting, Auditing and Finance Research, 2015, 3(2), 17–34.
Gitman, Lawrence J. Zutter, C. J., Principles of Managerial Finance, Thirteenth Edition, Pearson, 2012. DOI: https://doi.org/10.1501/sbfder_0000001153
Åhblom, P., The Financial Performance: A study of how financial numbers become meaningful, 2017. https://www.hhs.se/contentassets/85ded4ca9b574ab6ba846a5f829 75067/sse-diss_2017_thesis_ahblom_draft-16_final_rev2.pdf
Al-Nasser, N. M., The Impact of financial analysis in maximizing the firm ’s value " A case study on5the Jordanian industrial companies ", International Journal of Managerial Studies and Research, 2014, 2(6), 1–9.
Janati, A., Valizadeh, S., & Asghari-jafarabadi, M., Development of Financial Indicators of Hospital Performance, Journal of Clinical Research & Governanace, 2014, 3, 92–98. DOI: https://doi.org/10.13183/jcrg.v3i0.121
Bazzoli, G. J., Fareed, N., & Waters, T. M., Hospital financial performance in the recent recession and implications for institutions that remain financially weak, Health Affairs, 2014, 34(5), 739–745. DOI: https://doi.org/10.1377/hlthaff.2013.0988