The COVID-19 pandemic which happened throughout the world has damaged the economy and caused the financial performance of the company in various sectors to suffer a decline especially for Indonesian Listed Companies. This research samples includes 340 companies, which divided into four sectors. Empirical results using Wilcoxon Signed-Rank test indicate that there is a significant difference in the values of return on Assets (ROA), the leverage ratio (DER) and liquidity ratio (CR) between before and during COVID-19 pandemic. Descriptive statistics also showed that there is a decrease in the average value of ROA, CR, RTO and an increase in the average value of DER in the consumer goods, property & real estate, infrastructure and trade & service sectors. Although, according to the result of paired sample t-test and linear regression analysis, only DER has a significant effects or difference between before and during COVID-19 pandemic. Furthermore, all test showed there was no significant effect or difference in the activity ratio (RTO) of the public companies between before and during COVID-19 pandemic in Indonesia. All sectors in this research experienced a decrease in the average value of ROA and an increase in the DER, which mean COVID-19 pandemic really have negative impact to the profitability and leverage of the various sector companies in Indonesia. Companies in consumer goods sector experienced quite a significant increase in CR. Companies in infrastructure and trade & service sectors experienced a decrease in the CR during the COVID-19 pandemic.

Acknowledgement ii
Abstract iii
Table of Contents iv

1. Introduction 1
1.1. Background 1
1.2. Research Questions 4
1.3. Benefit and Importance of the Research 5

2. Literature Review & Hypothesis Development 6
2.1. Impact of Previous Economic Crisis 6
2.2. COVID-19 Conditions in Indonesia 7
2.3. Impact of COVID-19 9
2.4. Previous Researches Review 13
2.5. Theoretical Review 15
2.6. Hypotheses Development 24

3. Research Methodology 28
3.1. Research Model and Design 28
3.2. Data, Population and Sample 29
3.3. Research Variable 30

4. Data Analysis and Discussion of the Results 33
4.1. Descriptive Analysis 33
4.2. Data Normality Test 35
4.3. Paired Sample T-Test 36
4.4. Wilcoxon Signed-Rank Test 38
4.5. Linear Regression 41
4.6. The Impact of COVID-19 Pandemic on the Financial Performance of Industrial Sectors 43
4.7. Analysis and Discussion 46

5. Conclusion 50

References 52

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