The analysis of the performance of LQ45 issuers on IDX during the COVID-19 pandemic


  • Luthfia Zulfa School of Business, Institut Pertanian Bogor, Bogor, West Java
  • Noer Azam Azam School of Business, Institut Pertanian Bogor, Bogor, West Java
  • Bayu Bandono School of Business, Institut Pertanian Bogor, Bogor, West Java



performance analysis, LQ45, IDX, COVID-19


The objective of this study is to examine the factors that have influenced the performance of Indonesian companies listed in the Indonesia Stock Exchange's LQ45 stock index during the COVID-19 pandemic, spanning the period from 2017 to 2022. The study is divided into two main periods: the period preceding the pandemic (2017-2019) and the period following the pandemic (2020-2022). The coefficient of determination (R²) is employed to ascertain the extent to which independent variables, including liquidity, leverage, profitability, activity, managerial ownership, institutional ownership, company size, and company age, can explain variations in the dependent variable, namely company performance. The results demonstrate that leverage has a significant negative impact on company performance, whereas managerial ownership does not affect both groups. Conversely, institutional ownership exerts a positive and significant influence on firm performance. This study offers insights into the factors that can be regulated or monitored to maintain the company's stability and growth. Additionally, it enhances knowledge of firms' ability to survive in challenging economic conditions and provides implications for regulators and investors.


Achim, M. V., Safta, I. L., V?idean, V. L., Mure?an, G. M., & Borlea, N. S. (2022). The impact of COVID-19 on financial management: evidence from Romania. Economic Research-Ekonomska Istrazivanja, 35(1), 1807–1832.

Ali, M., Andari, D., Indah Bayunitri, B., Sugiartiningsih, S., & Ariffian, A. (2018). Analysis of Financial Performance based on Liquidity and Profitability Ratio (Case Study on PT Unilever in period 2013-2017). In Article in International Journal of Engineering and Technology (Vol. 7).

Azizah, L., & Munir, M. (2022). Analysis of the Effect of Company Performance on Company Value with Profitability as an Intervening Variable. European Journal of Business and Management Research, 7(3), 102–106.

Beattie, V., & Smith, S. J. (2013). Value creation and business models: Refocusing the intellectual capital debate. The British Accounting Review, 45(4), 243–254.

Chabachib, M., Setyaningrum, I., Hersugondo, H., Shaferi, I., & Pamungkas, I. D. (2020). Does financial performance matter? Evidence on the impact of liquidity and firm size on stock return in Indonesia. International Journal of Financial Research, 11(4), 546–555.

Chaerul Bariyyah, S., & Malau, M. (2023). Effect of Liquidity, Asset Structure, Managerial Ownership and Growth Rate on Company Performance. Journal of Economics, Finance and Accounting Studies, 5(3), 87–95.

Devi, S., Warasniasih, N. M. S., Masdiantini, P. R., & Musmini, L. S. (2020). The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange. Journal of Economics, Business, & Accountancy Ventura, 23(2), 226–242.

Dewi, A. S. M., & Wirajaya, A. (2013). Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan pada Nilai Perusahaan. E- Jurnal Akutansi Universitas Udayana, 4(2), 358–372.

Kubiczek, J., & Derej, W. (2021). Financial performance of businesses in the COVID-19 pandemic conditions – comparative study. Polish Journal of Management Studies, 24(1), 183–201.

Manurung, M. R. A., & Wijaya, J. R. T. (2022). The Effect of Family Ownership, Institutional Ownership, Managerial Ownership, Blockholder Ownership, And Board of Directors On Company Performance. Ratio: Reviu Akuntansi Kontemporer Indonesia, 3(2), 125.

Maryam, D., & Ramadhani, Y. C. (2019). Agency Cost as An Intervening Variable in the Impact of Capital Structure and Company Size on Company Performance. Jurnal Akuntansi, Manajemen Dan Ekonomi, 21(3), 54–60.

Merzyana, F., & Dermawan, E. S. (2020). Faktor yang Mempengaruhi Nilai Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Multiparadigma Akutansi Tarumanagara, 2(1), 376–384.

Mousa, M., Nosratabadi, S., Sagi, J., & Mosavi, A. (2021). The effect of marketing investment on firm value and systematic risk. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 1–17.

Mueller, E., & Spitz-Oener, A. (2006). Managerial Ownership and Company Performance in German Small and Medium-Sized Private Enterprises. German Economic Review, 7(2), 233–247.

Oktaviarni, F., Murni, Y., & Suprayitno, B. (2019). Pengaruh Profitabilitas, Likuiditas, Leverage, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi, 9(1), 1–16.

Qiu, Y. (2023). Leverage, liquidity, cash flows and company performance of Chinese listed logistics companies during COVID-19 based on multiple linear regression model and data mining. Advances in Economics and Management Research, 5, 122–129.

Setiawati, L. W., & Lim, M. (2018). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Leverage, dan Pengungkapan Sosial terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015. Jurnal Akutansi, 12(1), 29–57.

Tertius, M. A., & Christiawan, Y. J. (2015). Pengaruh Good Corporate Governance terhadap Kinerja Perusahaan pada Sektor Keuangan. Business Accounting Review, 3(1), 223–232.

Ukhriyawati, C. F., & Dewi, R. (2019). Pengaruh Struktur Modal, Pertumbuhan Perusahaan dan Ukuran Perusahaan terhadap Nilai Perusahaan Pada Perusahaan LQ-45 Yang Terdaftar di Bursa Efek Indonesia. Jurnal Equilibiria, 6(1).

von Bonsdorff, M. E., Zhou, L., Wang, M., Vanhala, S., von Bonsdorff, M. B., & Rantanen, T. (2018). Employee Age and Company Performance: An Integrated Model of Aging and Human Resource Management Practices. Journal of Management, 44(8), 3124–3150.