FINANCIAL AND STOCK PERFORMANCES OF INDONESIAN STATE-OWNED ENTERPRISE AND NON- STATE-OWNED ENTERPRISE TELECOMMUNICATION COMPANY BEFORE, DURING, AND AFTER COVID-19 PANDEMIC (2017-2024) OF PT TELKOM INDONESIA TBK AND PT XL AXIATA TBK

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ADAM, JUAN (2025) FINANCIAL AND STOCK PERFORMANCES OF INDONESIAN STATE-OWNED ENTERPRISE AND NON- STATE-OWNED ENTERPRISE TELECOMMUNICATION COMPANY BEFORE, DURING, AND AFTER COVID-19 PANDEMIC (2017-2024) OF PT TELKOM INDONESIA TBK AND PT XL AXIATA TBK. Graduate thesis, Institut IPMI.

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Abstract

This study analyzes the financial and stock performance of two prominent Indonesian telecommunications firms, PT Telkom Indonesia Tbk. and PT XL Axiata Tbk., in the periods preceding, during, and following the COVID-19 epidemic. The epidemic significantly affected businesses while also generating opportunities for telecommunications corporations as essential facilitators of remote work, online education, and digital connectivity. This study examines how these companies adjusted to the shifting environment and how their financial and stock performances progressed over three phases: prior to, during, and subsequent to the pandemic (2017 2024). The primary objective is to evaluate the pandemic's effect on financial performance, concentrating on critical variables such as liquidity, profitability, solvency, and efficiency. Stock performance is evaluated by indicators such as returns and risks. Hypothesis testing techniques, including ANOVA and Kruskal-Wallis, will be employed to discern variations in financial performance Throughout the three periods, supplemented by Dunn’s test and Bonferroni correction for inter-period comparisons. Stock returns and risks will be assessed by standard deviation and beta. The result of this research, that there is significant difference in solvency ratio(EBITDA (p-value: <0.001), (DER (p-value: 0.023)and DR (p-value: 0.028)), and this study also found out that PT XL Axiata has better financial performance movement than PT Telkom Indonesia. However, PT XL Axiata stock performance is not better than PT Telkom Indonesia. Suggests that stock performance is not always move asymmetry with financial performance. For implication, PT Telkom Indonesia should focus on strategies to boost sales and improve profitability. While PT XL Axiata should focus on minimizing stock price fluctuations by strengthening investor confidence through strategic management and operational transparency. Keywords : COVID-19 Pandemic, Telecommunications Industry, Financial Performance, Stock Performance.

Item Type: Thesis (Graduate)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Master of Business Administration
Depositing User: Dwi Selviyana
Date Deposited: 16 Dec 2025 06:54
Last Modified: 16 Dec 2025 06:54
URI: http://repository.ipmi.ac.id/id/eprint/2865

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