COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE BEFORE AND AFTER THE COVID-19 PANDEMIC OF FOOD AND BEVERAGE SUB-SECTOR COMPANIES

Nabila Rizky Ahadiyyah, Rollis Ayu Ditasari

Abstract


Abstrak

Penelitian ini bertujuan untuk menganalisis perbedaan kinerja keuangan perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2018–2023, khususnya sebelum, saat, dan sesudah pandemi Covid-19. Sampel penelitian mencakup 23 perusahaan dengan total 138 observasi data. Variabel yang digunakan meliputi profitabilitas (ROA, NPM), likuiditas (CR), solvabilitas (DER), dan aktivitas (TATO). Uji normalitas Shapiro- Wilk menunjukkan bahwa seluruh data tidak berdistribusi normal, sehingga pengujian hipotesis menggunakan Wilcoxon Signed Rank Test. Hasil penelitian menunjukkan bahwa seluruh variabel tidak mengalami perbedaan signifikan antara periode sebelum–saat maupun saat–sesudah pandemi. Temuan ini mengindikasikan bahwa meskipun pandemi memberikan tekanan pada sektor food and beverage, perusahaan mampu mempertahankan stabilitas fundamental keuangan melalui strategi adaptif, seperti digitalisasi pemasaran, efisiensi biaya, serta inovasi produk.

Kata Kunci: kinerja keuangan, food and beverage, pandemi Covid-19, Wilcoxon Signed Rank Test

Abstract

This study aims to analyze the differences in financial performance of food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2018–2023, specifically before, during, and after the Covid-19 pandemic. The research sample consists of 23 companies with a total of 138 observations. The variables examined include profitability (ROA, NPM), liquidity (CR), solvency (DER), and activity (TATO). The Shapiro-Wilk normality test indicated that all data were not normally distributed; therefore, the Wilcoxon Signed Rank Test was employed to test the hypotheses. The results reveal that there are no statistically significant differences in all variables between the pre-pandemic, during-pandemic, and post-pandemic periods. These findings suggest that, despite the pressures brought by the pandemic, companies in the food and beverage sector were able to maintain financial stability through adaptive strategies such as digital marketing, cost efficiency, and product innovation.

Keywords: financial performance, food and beverage, Covid-19 pandemic, Wilcoxon Signed Rank Test


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References


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