Potensi Kebangkrutan Pada Pra-Pandemi dan Masa Pandemi serta Pengaruhnya Terhadap Profitabilitas

Abstract

This study aims to identify the potential for bankruptcy in the tourism and recreation industry listed on the IDX in the pre-pandemic and pandemic periods and its effect on profitability. The potential for bankruptcy in this research was measured by the modified Altman Z-Score model, while profitability was measured by return on assets. The research method used is quantitative research with a descriptive-associative approach. The source of data in this study uses secondary data in the form of the company's annual financial statements. The data analysis technique used a modified Altman Z-Score model, panel data regression analysis, classical assumption test, and hypothesis testing. The calculation results show that in the pre-pandemic, on average, the tourism and recreation industry companies were in the safe category with healthy financial conditions, while during the pandemic, the average company was in the gray category with a condition prone to bankruptcy. Based on the result of tests, the potential for bankruptcy has a significant effect on profitability. The greater potential for bankruptcy will affect the smaller profitability value and otherwise, the smaller bankruptcy potential will affect the greater profitability value.