Publisher

UBUB

Journal TEMATEMA Abstract

This study offers novelty through the use of EBITDA as the primary indicator in a comparative analysis of firms in developed and developing countries during the global crisis period (2019–2023). It highlights the role of government policy interventions in neutralizing the EBITDA gap and finds that firms in developing countries exhibit higher and more stable EBITDA compared to those in developed countries—a finding that challenges conventional views in the international economics literature. The purpose of this study is to analyze the differences in EBITDA between firms in developed and developing countries over the past five years using an unbalanced dataset. This study covers the period from 2019 to 2023 with a research population of 3,020 firms and 6,050 observations. The results show no significant differences in EBITDA between developed and developing countries in 2020, whereas differences are evident in 2019, 2021, 2022, and 2023. This condition may be partly explained by the COVID-19 pandemic, which led to government interventions in both countries. The analysis further shows that Indonesia has a higher average EBITDA ranking than Australia. A closer look at the descriptive statistics reveals that Australian firms are more volatile, while Indonesian firms appear far more stable.

Conclusion

The study concludes that Indonesian firms generally exhibit higher and more stable EBITDA compared to Australian firms, except during 2020 when the COVID-19 pandemic and government interventions mitigated the differences.This finding challenges the conventional assumption of greater financial resilience in developed economies.The results highlight the importance of government policy interventions in stabilizing firm performance during global crises.Furthermore, the study suggests that EBITDA can serve as a valuable indicator of economic stability and competitiveness, particularly in developing countries.

Future Research

Penelitian lebih lanjut dapat dilakukan untuk menguji apakah temuan ini konsisten di negara berkembang lainnya dengan karakteristik ekonomi dan regulasi yang berbeda. Selain itu, studi di masa depan dapat memperluas analisis dengan memasukkan variabel makroekonomi seperti tingkat inflasi, suku bunga, dan nilai tukar untuk memahami bagaimana faktor-faktor ini memengaruhi EBITDA di kedua negara. Terakhir, penelitian lanjutan dapat mengeksplorasi dampak jangka panjang dari intervensi pemerintah terhadap kinerja perusahaan dan stabilitas keuangan, dengan mempertimbangkan berbagai jenis kebijakan stimulus dan efektivitasnya dalam memulihkan EBITDA pasca-pandemi. Penelitian ini penting untuk memberikan wawasan yang lebih komprehensif tentang dinamika keuangan perusahaan di tengah ketidakpastian global dan membantu perumusan kebijakan yang lebih efektif.

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Pages	9
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