Comparative Financial Performance of Companies in the Hotel, Restaurant, and Tourism Subsector Listed on the Indonesia Stock Exchange Before and During the COVID-19 Pandemic
DOI:
https://doi.org/10.31933/dijms.v4i6.1957Keywords:
COVID-19 Pandemic, Financial Performance, Tourism SectorAbstract
The objective of this study is to examine, quantify, and analyze the variations in the financial performance of companies operating in the hotel, restaurant, and tourism subsector that are listed on the Indonesia Stock Exchange (BEI). The analysis focuses on the years 2019 (pre-COVID-19) and 2020–2021 (during the COVID-19 pandemic). Key financial ratios, including the return on assets, the current ratio, the debt-to-equity ratio, and the total asset turnover, are employed to assess the companies' performance. The study's target population comprises hotel, restaurant, and tourism businesses operating between 2019 and 2021. Sample selection employs purposive sampling based on specific criteria. Data analysis encompasses descriptive statistical analysis and the Kolmogorov-Smirnov normality test, which reveals non-normal data distributions. Consequentially, a non-parametric hypothesis test, the Wilcoxon signed the rank test, is employed to determine differences. The findings indicate significant variations in return on assets, the current ratio, the debt-to-equity ratio, and the total asset turnover between the pre-pandemic year of 2019 and the pandemic years of 2020 and 2021.
References
Antoun, R., Coskun, A., & Georgievski, B. (2018). Determinants of financial performance of banks in Central and Eastern Europe Roger. BEH - Business and Economic Horizons Volume, 14(3).
Ardi, T., & Nursiam. (2022). Comparison Analysis Of Company Financial Performance In The Times Before And During The Covid-19 Pandemic (Study On Food And Beverage Companies Listed On The Idx In 2019-2020). Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 6(4), 1689–1699. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Arianto, B. (2021). Dampak Pandemi COVID-19 terhadap Perekonomian Dunia. Jurnal Ekonomi Perjuangan, 2(2), 106–126. https://doi.org/10.36423/jumper.v2i2.665
Asha, I. A., & Fatimah, A. N. (2022). Analisis Kinerja Keuangan Terhadap Pertumbuhan Laba Selama Pandemi Covid-19 Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bei. JURNAL MANEKSI, 11(1), 273–280.
Bataha, I. E., Ilat, V., Yoke, M., & Kalalo, B. (2023). The Effect of Dividend Policy and Market to Book Value of Equity on Firm Value in Energy Sector Companies Listed on Indonesia Stock Exchange. Jurnal Ekonomi Dan Bisnis Digital (MINISTAL), 2(1), 29–42.
BPS. (2021a). Analisis Hasil Survei Dampak COVID- 19 Jilid 2. Analisis Hasil Survei Dampak COVID-19 Terhadap Pelaku Usaha. BPS RI, 1–27. https://www.bps.go.id/publication/2020/12/21/ 7ec02d39d6732972dcebe54f/analisis-hasil- survei-dampak-covid-19-terhadap-pelaku- usaha-jilid-2.htm
BPS. (2021b). Berita Resmi Statistik 1 Februari 2021. https://www.bps.go.id/pressrelease/2021/02/01/1796/jumlah-kunjungan-wisman-ke-indonesia-bulan-desember-2020-mencapai-164-09-ribu-kunjungan-.html
BPS. (2021c). Perkembangan Pariwisata dan Transportasi Nasional Desember 2020. BPS RI, 02(11).
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management. Cengage Learning, Inc.
Carmelia, R., Carvina, A., Agustina, S., Lemy, D. M., Studi, P., Perhotelan, M., & Pariwisata, F. (2021). Pengaruh Covid-19 Terhadap Operasional Dining Room Restoran Penyedia Hidangan Barat Di Ruko Golden 8, Gading Serpong, Kecamatan Kelapa Dua, Tangerang. Jurnal Kepariwisataan Indonesia, 15(1), 25–35.
Daryanto, W. M., Rizki, M. I., & Mahardhika. (2021). Financial Performance Analysis of Construction Company Before and During Covid-19 Pandemic in Indonesia. International Journal of Business, Economics and Law, 24(4), 99–108.
Fatihudin, D., Jusni, & Mochklas, M. (2018). How measuring financial performance. International Journal of Civil Engineering and Technology, 9(6), 553–557.
Haidary, Q., & Abbey, B. (2018). Financial Performance of Commercial Banks in Afghanistan. International Journal of Economics and Financial Issues, 8(1), 242–249.
Hutapea, F. D. H., & Sudjiman, P. E. (2019). The Effect Of Liquidity Ratios And Ratio Of Rentability To Solvability Ratios. (Empirical Study Of Plactics And Packaging Sub Sector Companies Listed On The Indonesia Stock Exchange In 2015-2019). Ekonomi, 13(2), 33–46.
IAI. (2019). Level Dasar (CAFB) Manajemen Keuangan. Ikatan Akuntansi Indonesia.
Iskandar Zulkarnain, Nanda Sulistiyowati, & Sjukun. (2022). the Effect of Return on Equity and Debt To Equity Ratio on Stock Prices in the Company Transportation Sub Sector Listed on the Indonesia Stock Exchange for the 2015-2019 Period. International Journal of Social Science, 1(6), 955–966. https://doi.org/10.53625/ijss.v1i6.1666
Islamiyah, D., & Sukaris. (2023). The Influence Of Loan Yo Deposite Ratio, Operational Costs And Operational Revenue, Non Performing Loans On Profitability In Banking Companies Listed On The Indonesia Stock Exchange. Proceeding Universitas Muhammadiyah Gresik Social Science and Humanities Internasional Conference (UMGCINMATIC), 2(1).
Kanakriyah, R. (2020). Dividend Policy and Companies” Financial Performance. Journal of Asian Finance, Economics and Business, 7(10), 531–542. https://doi.org/10.13106/jafeb.2020.vol7.no10.531
Kasmir. (2016). Analisis Laporan Keuangan. PT. Rajagrafindo Persada.
Kasmir. (2018). Analisis Laporan Keuangan. PT. Rajagrafindo Persada.
Khoiriah, N. (2022). The Effect of Current Ratio, Debt to Equity Ratio and Total Asset Turnover on Return on Equity (Manufacturing Industry Companies in the Consumer Goods Sector Food and Beverage Sub-sector Listed on the Indonesia Stock Exchange for the Period 2013-2020). Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(2), 10282–10292. https://doi.org/10.33258/birci.v5i2.4827
Kuswati, I., Nurlaila, R., & Muttaqin, I. (2022). Comparison of the Financial Performance of Bank Syariah Indonesia Pre and Post Merger During the Covid-19 Pandemic. Annual International Conference on Islamic Economics and Business, 2(1), 198–211. http://conference.iainsalatiga.ac.id/index.php/aicieb/article/view/133/182
Malikah, A. (2021). Comparison of Financial Performance Before and During COVID-19: Case Study of Hospitality Business, Indonesia. Golden Ratio of Finance Management, 1(1), 51–60. https://doi.org/10.52970/grfm.v1i1.204
Nguyen, H. T. X. (2022). The Effect of COVID-19 Pandemic on Financial Performance of Firms: Empirical Evidence from Vietnamese Logistics Enterprises. Journal of Asian Finance, 9(2), 177–0183. https://doi.org/10.13106/jafeb.2022.vol9.no2.0177
Notta, O., & Vlachvei, A. (2014). The Impact of Financial Crisis on Firm Performance in Case of Greek Food Manufacturing Firms. Procedia Economics and Finance, 14(14), 454–460. https://doi.org/10.1016/s2212-5671(14)00734-5
Prakoso, F. A. (2020). Dampak Coronavirus Disease (Covid-19) Terhadap Industri Food & Beverages. Manajemen Bisnis.
Safitri, R. A., Susanti, S. M. W., & Zulfatunisa, S. L. S. P. (2022). Analisis Laporan Keuangan untuk Mengukur Kinerja Kuangan PT Astra Internasional TBK. Istithmar?: Jurnal Studi Ekonomi Syariah, 6, 137–145.
Tukwain, I., & Simamora, S. (2021). Evaluasi perbandingan kinerja keuangan perusahaan berdasarkan metode financial ratio dan dupont system Pada Pt. Angkasa Pura I Danpt. Angkasa Pura Ii (Periode 2013-2016). JURNAL M-PROGRESS.
WHO. (2020). Novel Corona Virus (2019-nCov) situation reports - World Health Organization (WHO). https://www.who.int/emergencies/diseases/novel-coronavirus-2019/situation-reports
Widyawati, N. L., & Ningtyas, M. N. (2022). Analysis Of Financial And Share Performance Performance Before And After The Covid-19 Pandemic On The Indonesia Stock Exchange (Idx). Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 16(2), 292–307. https://doi.org/10.47747/ijfr.v3i3.725
Ardi, T., & Nursiam. (2022). Comparison Analysis Of Company Financial Performance In The Times Before And During The Covid-19 Pandemic (Study On Food And Beverage Companies Listed On The Idx In 2019-2020). Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 6(4), 1689–1699. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Arianto, B. (2021). Dampak Pandemi COVID-19 terhadap Perekonomian Dunia. Jurnal Ekonomi Perjuangan, 2(2), 106–126. https://doi.org/10.36423/jumper.v2i2.665
Asha, I. A., & Fatimah, A. N. (2022). Analisis Kinerja Keuangan Terhadap Pertumbuhan Laba Selama Pandemi Covid-19 Pada Perusahaan Sektor Infrastruktur Yang Terdaftar Di Bei. JURNAL MANEKSI, 11(1), 273–280.
Bataha, I. E., Ilat, V., Yoke, M., & Kalalo, B. (2023). The Effect of Dividend Policy and Market to Book Value of Equity on Firm Value in Energy Sector Companies Listed on Indonesia Stock Exchange. Jurnal Ekonomi Dan Bisnis Digital (MINISTAL), 2(1), 29–42.
BPS. (2021a). Analisis Hasil Survei Dampak COVID- 19 Jilid 2. Analisis Hasil Survei Dampak COVID-19 Terhadap Pelaku Usaha. BPS RI, 1–27. https://www.bps.go.id/publication/2020/12/21/ 7ec02d39d6732972dcebe54f/analisis-hasil- survei-dampak-covid-19-terhadap-pelaku- usaha-jilid-2.htm
BPS. (2021b). Berita Resmi Statistik 1 Februari 2021. https://www.bps.go.id/pressrelease/2021/02/01/1796/jumlah-kunjungan-wisman-ke-indonesia-bulan-desember-2020-mencapai-164-09-ribu-kunjungan-.html
BPS. (2021c). Perkembangan Pariwisata dan Transportasi Nasional Desember 2020. BPS RI, 02(11).
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management. Cengage Learning, Inc.
Carmelia, R., Carvina, A., Agustina, S., Lemy, D. M., Studi, P., Perhotelan, M., & Pariwisata, F. (2021). Pengaruh Covid-19 Terhadap Operasional Dining Room Restoran Penyedia Hidangan Barat Di Ruko Golden 8, Gading Serpong, Kecamatan Kelapa Dua, Tangerang. Jurnal Kepariwisataan Indonesia, 15(1), 25–35.
Daryanto, W. M., Rizki, M. I., & Mahardhika. (2021). Financial Performance Analysis of Construction Company Before and During Covid-19 Pandemic in Indonesia. International Journal of Business, Economics and Law, 24(4), 99–108.
Fatihudin, D., Jusni, & Mochklas, M. (2018). How measuring financial performance. International Journal of Civil Engineering and Technology, 9(6), 553–557.
Haidary, Q., & Abbey, B. (2018). Financial Performance of Commercial Banks in Afghanistan. International Journal of Economics and Financial Issues, 8(1), 242–249.
Hutapea, F. D. H., & Sudjiman, P. E. (2019). The Effect Of Liquidity Ratios And Ratio Of Rentability To Solvability Ratios. (Empirical Study Of Plactics And Packaging Sub Sector Companies Listed On The Indonesia Stock Exchange In 2015-2019). Ekonomi, 13(2), 33–46.
IAI. (2019). Level Dasar (CAFB) Manajemen Keuangan. Ikatan Akuntansi Indonesia.
Iskandar Zulkarnain, Nanda Sulistiyowati, & Sjukun. (2022). the Effect of Return on Equity and Debt To Equity Ratio on Stock Prices in the Company Transportation Sub Sector Listed on the Indonesia Stock Exchange for the 2015-2019 Period. International Journal of Social Science, 1(6), 955–966. https://doi.org/10.53625/ijss.v1i6.1666
Islamiyah, D., & Sukaris. (2023). The Influence Of Loan Yo Deposite Ratio, Operational Costs And Operational Revenue, Non Performing Loans On Profitability In Banking Companies Listed On The Indonesia Stock Exchange. Proceeding Universitas Muhammadiyah Gresik Social Science and Humanities Internasional Conference (UMGCINMATIC), 2(1).
Kanakriyah, R. (2020). Dividend Policy and Companies” Financial Performance. Journal of Asian Finance, Economics and Business, 7(10), 531–542. https://doi.org/10.13106/jafeb.2020.vol7.no10.531
Kasmir. (2016). Analisis Laporan Keuangan. PT. Rajagrafindo Persada.
Kasmir. (2018). Analisis Laporan Keuangan. PT. Rajagrafindo Persada.
Khoiriah, N. (2022). The Effect of Current Ratio, Debt to Equity Ratio and Total Asset Turnover on Return on Equity (Manufacturing Industry Companies in the Consumer Goods Sector Food and Beverage Sub-sector Listed on the Indonesia Stock Exchange for the Period 2013-2020). Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(2), 10282–10292. https://doi.org/10.33258/birci.v5i2.4827
Kuswati, I., Nurlaila, R., & Muttaqin, I. (2022). Comparison of the Financial Performance of Bank Syariah Indonesia Pre and Post Merger During the Covid-19 Pandemic. Annual International Conference on Islamic Economics and Business, 2(1), 198–211. http://conference.iainsalatiga.ac.id/index.php/aicieb/article/view/133/182
Malikah, A. (2021). Comparison of Financial Performance Before and During COVID-19: Case Study of Hospitality Business, Indonesia. Golden Ratio of Finance Management, 1(1), 51–60. https://doi.org/10.52970/grfm.v1i1.204
Nguyen, H. T. X. (2022). The Effect of COVID-19 Pandemic on Financial Performance of Firms: Empirical Evidence from Vietnamese Logistics Enterprises. Journal of Asian Finance, 9(2), 177–0183. https://doi.org/10.13106/jafeb.2022.vol9.no2.0177
Notta, O., & Vlachvei, A. (2014). The Impact of Financial Crisis on Firm Performance in Case of Greek Food Manufacturing Firms. Procedia Economics and Finance, 14(14), 454–460. https://doi.org/10.1016/s2212-5671(14)00734-5
Prakoso, F. A. (2020). Dampak Coronavirus Disease (Covid-19) Terhadap Industri Food & Beverages. Manajemen Bisnis.
Safitri, R. A., Susanti, S. M. W., & Zulfatunisa, S. L. S. P. (2022). Analisis Laporan Keuangan untuk Mengukur Kinerja Kuangan PT Astra Internasional TBK. Istithmar?: Jurnal Studi Ekonomi Syariah, 6, 137–145.
Tukwain, I., & Simamora, S. (2021). Evaluasi perbandingan kinerja keuangan perusahaan berdasarkan metode financial ratio dan dupont system Pada Pt. Angkasa Pura I Danpt. Angkasa Pura Ii (Periode 2013-2016). JURNAL M-PROGRESS.
WHO. (2020). Novel Corona Virus (2019-nCov) situation reports - World Health Organization (WHO). https://www.who.int/emergencies/diseases/novel-coronavirus-2019/situation-reports
Widyawati, N. L., & Ningtyas, M. N. (2022). Analysis Of Financial And Share Performance Performance Before And After The Covid-19 Pandemic On The Indonesia Stock Exchange (Idx). Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 16(2), 292–307. https://doi.org/10.47747/ijfr.v3i3.725
Downloads
Published
2023-07-20
How to Cite
Nurwiyanta, N., Andika Andika, Anisa Kusuma Hermatien, & Kartinah Kartinah. (2023). Comparative Financial Performance of Companies in the Hotel, Restaurant, and Tourism Subsector Listed on the Indonesia Stock Exchange Before and During the COVID-19 Pandemic. Dinasti International Journal of Management Science, 4(6), 1204–1214. https://doi.org/10.31933/dijms.v4i6.1957
Issue
Section
Articles
License
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Management Science (DIJMS) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Management Science (DIJMS).
