From Crisis to Recovery: Financial Performance Transformation in Tourism Sector
DOI:
https://doi.org/10.55606/tourecon.v3i1.62Keywords:
Comparative Study, COVID-19, Financial Performance, Financial Ratios, Tourism SectorAbstract
This study aims to analyze and compare the financial performance of tourism sector com- panies before and after the COVID-19 pandemic. The tourism sector experienced a severe decline due to travel restrictions, mobility limitations, and reduced tourist demand, which directly affected com- pany revenues and financial stability. This research focuses on tourism companies listed on the Indo- nesia Stock Exchange (IDX) by comparing the pre-pandemic period (2018–2019) and the post-pan- demic period (2022–2023). Financial performance is measured using liquidity ratios (Current Ratio), solvency ratios (Debt to Equity Ratio), profitability ratios (Return on Assets), activity ratios (Total Asset Turnover), and market performance ratios (Market-to-Book). The analysis uses descriptive sta- tistics and difference tests, including paired sample t-tests and Wilcoxon signed-rank tests based on data normality. The results show significant differences in all observed financial ratios between the two periods. Liquidity, profitability, activity, and market performance declined after the pandemic, while leverage increased, indicating higher reliance on debt during the recovery period. These findings con- firm that the financial recovery of the tourism sector remains gradual and uneven.
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