Healthcare Companies Performance before and during Covid-19: Empirical Evidence from 150 companies in Indonesia, Malaysia, and Singapore

The aim of this study is analyzing the effects of Economic Value Added (EVA) and Cash Value Added (CVA) on firm performance, also analyzing whether COVID-19 pandemic affected the firm performance of listed healthcare companies in South-east Asia countries significantly. The objective of this study is to see if healthcare sectors company are really a better option for investors in this time, especially because of the emergence of COVID-19. The firm performance in this study was measured with Market Value Added (MVA). This study took samples of listed healthcare companies from three South-east Asia countries, Indonesia, Malaysia, and Singapore. The study samples included 16 samples from 16 Indonesian Healthcare companies listed in the Indonesia Stock Exchange (IDX), 13 samples from 19 Malaysian Healthcare companies listed in the Bursa Malaysia, and 23 samples from 33 Singaporean Healthcare companies listed in the Singapore Stock Exchange (SGX), the total samples used were of 150 companies. The samples used in this study are from selected companies representing the whole segment. All samples were based on the informations provided in their annual report ended per 31 December. Multi regression analysis method was applied in this study to determine the effects of COVID-19 pandemic on the listed healthcare companies' performance. Based on the tests conducted for this study, it is found that EVA and CVA have a positive significant effect on MVA. However, there was no significant difference found between MVA before and during COVID-19 pandemic.