Dampak Covid 19 terhadap Dinamika Struktur Kapital pada Perusahaan Sektor Kesehatan yang Terdaftar di Bursa Efek Indonesia

Abstract

Pandemi Covid-19 merupakan krisis kesehatan yang berdampak langsung pada industri, di antaranya industri sektor kesehatan sebagai industri utama yang memiliki peran yang penting selama Covid-19. Fluktuasi pendapatan dari perusahaan sektor kesehatan akan membawa pengaruh bagaimana perusahaan dalam menyediakan pendanaan untuk aktivitasnya selama pandemi Covid-19. Hal ini akan terlihat pada keputusan kebijakan struktur kapital. Penelitian ini bertujuan untuk menginvestigasi apakah pandemi Covid-19 memengaruhi dinamika struktur kapital yang spesifik pada industri sektor kesehatan yang terdaftar di Bursa Efek Indonesia, yang merupakan salah satu industri yang terdampak dan berperan langsung dalam penanggulangan Covid-19. Dinamika struktur kapital yang dimaksud adalah perbedaaan utang jangka panjang dan jangka pendek sebelum dan saat Covid-19, sejauh mana pandemi Covid-19 dan fakor determinan lainnya memengaruhi struktur kapital dan bagaimana speed of adjutsmnet (SOA) terhadap target struktur kapital perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia. Data yang digunakan pada penelitian ini adalah 14 perusahaan publik sektor kesehatan yang terdaftar di Bursa Efek Indonesia. Variabel dependen adalah struktur kapital perusahaan, di mana yang digunakan sebagai proxy untuk menganalisis struktur kapital adalah Debt to Equity Ratio ( DER), Short Term Debt to Total Asset (SDTA), Long term Debt to Total Asset (LDTA), Total Debt to Asset (DTA). Sedangkan variabel independen adalah ukuran, kinerja perusahaan, struktur aset, pertumbuhan, likuiditas, non-debt tax shield. Analisis yang digunakan dalam penelitian ini adalah statistic deskriptif dan uji T, regresi data panel statis dengan pendekatan GLS dan regresi data panel dinamis dengan pendekatan system GMM. Hasil penelitian ini menunjukkan terdapat perbedaan yang signifikan antara jumlah utang jangka pendek dan jangka panjang perusahaan publik sektor kesehatan sebelum dan saat Covid-19. Sebelum Covid-19 yaitu dari tahun 2017- 2019 rata-rata jumlah utang jangka panjang 534 miliar rupiah dan naik menjadi 761 miliar rupiah selama masa Covid-19 (naik 43 %). Sementara rata-rata jumlah utang jangka pendek sebelum Covid-19 sebesar 1 triliun rupiah dan naik menjadi 1.5 triliun rupiah selama periode Covid-19. Covid-19 berpengaruh positif dan signifikan terhadap struktur kapital yaitu pada total debt to total asset (DTA). Variabel determinan yang berpengaruh negatif dan signifikan terhadap struktur kapital adalah kinerja perusahaan (ROE), likuiditas (CR), NDTS, dan rasio aktiva tetap (FAR). Determinan yang berpengaruh positif terhadap struktur kapital adalah pertumbuhan perusahaan (GROWTH). Terdapatnya speed of adjustment (SOA) terhadap target struktur kapital pada perusahaan publik di sektor kesehatan. Besaran nilai SOA terhadap target struktur kapital adalah: untuk variabel DER sebesar 54 % per tahun, variabel DTA sebesar 70 % per tahun dan variabel SDTA sebesar 69 % per tahun.

The Covid-19 pandemic has emerged as a significant health crisis with far- reaching implications for various industries, particularly the health sector. Given its pivotal role in addressing the challenges posed by Covid-19, the health sector industry has assumed a critical position. The Covid-19 pandemic will have an impact on the funding strategies of companies in the health sector, as fluctuations in income will play a significant role in determining their ability to finance various activities. This phenomenon will manifest itself in the context of capital structure policy determinations. This study aims to examine the potential impact of the Covid-19 pandemic on the dynamics of capital structure within the health sector industry, specifically focusing on a company listed on the Indonesia Stock Exchange. This industry is of particular interest as it is directly involved in responding to the challenges posed by the Covid-19 pandemic. The present study examines the dynamics of the capital structure in question, specifically focusing on the distinction between long-term and short-term debt prior to and during the Covid-19 pandemic. It also investigates the impact of the Covid-19 pandemic and other relevant factors on the capital structure and the adjustment speed (SOA) toward target leverage. The dataset utilized in this research comprises 14 publicly traded health sector companies that are listed on the Indonesia Stock Exchange. The primary focus of this study is the company's capital structure, which is assessed using various proxies including the Debt to Equity Ratio (DER), Short Term Debt to Total Assets (SDTA), Long Term Debt to Total Assets (LDTA), and Total Debt to Assets (DTA). The independent variables under consideration encompass size, financial performance, asset structure, growth, liquidity, and non-debt tax shield. This study employs descriptive statistics, T-test, static panel data regression using the Generalized Least Squares (GLS) approach and dynamic panel data regression employing the Generalized Method of Moments (GMM) system approach for analysis. The findings of this study demonstrate a notable disparity in the levels of short-term and long-term debt observed among publicly traded healthcare companies prior to and during the Covid-19 pandemic. Prior to the onset of the Covid-19 pandemic, specifically spanning the years 2017 to 2019, the mean value of long-term debt stood at 534 billion rupiahs. Subsequently, during the Covid-19 period, there was a notable escalation to 761 billion rupiahs, representing a substantial increase of 43%. In the interim, the mean value of short-term indebtedness prior to the onset of the Covid-19 pandemic stood at IDR 1 trillion, experiencing an increase to IDR 1.5 trillion during the Covid-19 era The impact of the Covid-19 pandemic on capital structure, specifically the ratio of total debt to total assets (DTA), has been observed to be both positive and substantial. The variables that exhibit a negative and statistically significant impact on capital structure include company performance as measured by return on equity (ROE), liquidity represented by the current ratio (CR), non-debt tax shields (NDTS), and the fixed asset ratio (FAR). Company growth (GROWTH) is a determinant that exerts a positive influence on the capital structure. Public companies in the health sector exhibit a speed of adjustment (SOA) toward their target capital structure. The magnitudes of SOA values in relation to the capital structure target are as follows: the Debt-to-Equity Ratio (DER) variable exhibits an annual value of 54%, the Debt-to-Assets (DTA) variable demonstrates an annual value of 70% and the Short-term Debt-to-Assets (SDTA) variable showcases an annual value of 69%.