Determinan Financial Distress pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia

Abstract

Industri properti dan real estate memiliki peran penting dalam pembangunan ekonomi di Indonesia, karena mampu memberikan multiplier effect terhadap pertumbuhan industri lainnya. Akan tetapi laju pertumbuhan sektor ini mengalami penurunan selama pandemi Covid-19 (2020) dan masih berlanjut pada tahun berikutnya, padahal laju pertumbuhan PDB mengalami peningkatan. Hal ini disebabkan penurunan daya beli masyarakat, rendahnya permintaan properti komersial, dan isu kenaikan suku bunga KPR, mengakibatkan perusahaan properti dan real estate mengalami kerugian dan jika kondisi ini berlanjut bisa berpotensi mendorong perusahaan masuk ke dalam kondisi financial distress. Tujuan dari penelitian ini adalah untuk menganalis kinerja keuangan perusahaan pada sebelum dan selama pandemi Covid-19, menganalisis faktor-faktor yang berpengaruh terhadap kondisi financial distress perusahaan dengan indikator Zmijewski, dan menghasilkan implikasi manajerial bagi perusahaan. Penelitian dilakukan terhadap perusahaan properti dan real estate yang terdaftar di BEI pada periode 2018-2020. Berdasarkan metode purposive sampiling, dipilih 15 perusahaan selama periode 5 tahun sehingga menghasilkan 300 pengamatan. Kemudian perusahaan dikelompokan menjadi 3 kategori, berdasarkan tren kecenderungan financial distress (cenderung memburuk, membaik dan stagnan). Penelitian ini menggunakan metode deskriptif untuk menganalisis kinerja keuangan perusahaan, dan metode regresi data panel untuk menganalsis hubungan antara variable indepeden dengan nilai financial distress berdasarkan indikator Zmijewski. Hasil analisis deskriptif menunjukkan bahwa sebelum pandemi 15 perusahaan dalam kondisi sehat, tetapi selama pandemi terdapat 1 perusahaan mengalami kondisi financial distress, yaitu MDLN. Hasil analisis pada ketiga kelompok perusahaan memperlihatkan karakteristik yang berbeda berdasarkan kemampuan profitabilitas, likuiditas dan solvabilitas. Hasil analisis regresi data panel menunjukkan bahwa rasio profitabilitas (ROE), rasio likuiditas (CR), dan rasio leverage (DER) memiliki pengaruh signifikan terhadap financial distress, sedangkan rasio aktifitas (TATO), sales growth, suku bunga (interest rate) dan nilai tukar rupiah (exchange rate) tidak berpengaruh signifikan. Adapun implikasi manajerial bagi perusahaan dan pemerintah adalah melakukan perbaikan yang mengarah kepada peningkatan rasio profitabilitas dan likuiditas, serta mengendalikan rasio solvabilitas seperti meningkatkan penjualan, menjaga kelancaran arus kas, dukungan terhadap aksesibilitas (infrastruktur), kemudahan perizinan, sertai nsentif pajak yang dapat menjangkau semua segmen usaha di sektor properti dan real estate. Selain itu, perusahaan dan inverstor perlu juga melihat pergerakan tren financial distress sebagai early warning system dalam perbaikan kinerja dan pengambilan keputusan berinvestasi.

The property and real estate industry has an important role in economic development in Indonesia, because it is able to provide a multiplier effect on the growth of other industries. However, the growth rate of this sector has decreased during the Covid-19 pandemic (2020) and continued in the following year, even though the GDP growth rate has increased. This is due to a decrease in people's purchasing power, low demand for commercial property, and the issue of rising mortgage interest rates, resulting in property and real estate companies experiencing losses and if this condition continues it could potentially push into financial distress. The purpose of this study is to analyze the company's financial performance before and during the Covid-19 pandemic, analyze the factors that affect the company's financial distress condition using the Zmijewski calculation method, and generate managerial implications for the company. The research was conducted on property and real estate companies listed on the IDX in the 2018-2020 periods. Based on the purposive sampling method, 15 companies were selected over a 5-year period resulting in 300 observations. Then the companies were grouped into 3 categories, based on the trend of financial distress trends (tending to worsen, improve and stagnate). This study uses descriptive methods to analyse the company's financial performance, and panel data regression methods to analyse the relationship between the independent variables and the value of financial distress based on the Zmijewski indicator. The results of descriptive analysis show that before the pandemic 15 companies were in good health, but during the pandemic there was 1 company experiencing financial distress, namely MDLN. The results of the analysis on the three groups of companies show different characteristics based on profitability, liquidity and solvency. The results of panel data regression analysis show that the profitability ratio (ROE), liquidity ratio (CR), and leverage ratio (DER) have a significant to financial distress, while the activity ratio (TATO), sales growth, interest rate and exchange rate have no significant effect. The managerial implications for companies and the government are to make improvements that lead to increased profitability and liquidity ratios, and control solvency ratios such as increasing sales, maintaining smooth cash flow, support for accessibility (infrastructure), ease of licensing, and tax incentives that can reach all business segments in the property and real estate sector. In addition, companies and investors also need to see the movement of financial distress trends as an early warning system in improving performance and making investment decisions.