Hotel Revenue Performance: Roles of Labor, Liquidity, and Governance Mechanism
Abstract
There is a remarkable contribution of hotel industries towards Indonesian GDP in the past few years. However, hotel business is vulnerable to uncertainty such as economic crisis, regulation changes, and pandemic. This vulnerability inevitably causes a decrease in hotels’ occupancy rate that would lead to lower revenue growth. This study aims to analyze three factors that represents these uncertainties namely labor cost, liquidity, and governance mechanism. The samples involved in this paper were hotel companies listed in Indonesia Stock Exchange in 2017-2022 period. Data is collected through published financial reports. Multiple regression is done by using SPSS version 21. The results showed that: (1) labor cost significantly and negatively affected hotel revenue growth. This finding indicates that labor cost is only one of components forming labor productivity while labor productivity has more determining power in increasing hotel revenue; (2) board of director size significantly and negatively affected hotel revenue growth. This finding indicates that there is higher chance of negligence to duties for board of director members who have more peers in comparison with those who have less; (3) liquidity did not significantly affect hotel revenue growth. This finding suggests hotel companies to allocate their cash and cash equivalents to other allocations that have more capability in generating revenue. Furthermore, the R square is 0,243 meaning that hotel revenue growth is 24,3% explained by labor cost and board of director size.
Keywords:
Revenue, Governance, Labor, Board of Directors, Hotel
References
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Kim, E. L., & Tanford, S. (2021). Turning Discounts Into Profits: Factors Influencing Online Purchasing Decisions for Hotel Add-on Items. Cornell Hospitality Quarterly, 62(4), 438–454. https://doi.org/10.1177/1938965520935397
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Nurhayati, E., & Ermalina, E. (2021). Analysis of the Influence of Liquidity and Profitability on Stock Prices of Restaurant, Hotel and Tourism Sub Sector Companies Listed on BEI 2015-2020. Bilancia: Jurnal Ilmiah Akuntansi, 5(4), 370–379. http://www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/BILANCIA/index
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Silom, D., Saerang, I. S., & Rumokoy, L. J. (2023). Pengaruh Global Economic Policy Uncertainty, Likuiditas, Leverage, dan Firm Size terhadap Kinerja Perusahaan Sub Sektor Pariwisata, Hotel dan Restoran yang Terdaftar Di Bursa Efek Indonesia. Jurnal EMBA, 11(1), 349–360. https://www.policyuncertainty.com
Song, H. J., Yeon, J., Lee, S., & Li, Z. (2022). The effect of an increase in federal minimum wage on the U.S. hotel industry: a difference-in-differences approach. Current Issues in Tourism, 25(6), 887–900. https://doi.org/10.1080/13683500.2021.1903402
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Al-Homaidi, E. A., Almaqtari, F. A., Ahmad, A., Tabash, M. L., & Author, C. (2019). Impact of Corporate Governance Mechanisms on Financial Performance of Hotel Companies: Empirical Evidence from India. In African Journal of Hospitality, Tourism and Leisure (Vol. 8, Issue 2). http//:www.ajhtl.com
Ali, B. J., Gardi, B., Jabbar Othman, B., Ali Ahmed, S., Burhan Ismael, N., Abdalla Hamza, P., Mahmood Aziz, H., Yassin Sabir, B., Sorguli, S., & Anwar, G. (2021). Hotel Service Quality: The Impact of Service Quality on Customer Satisfaction in Hospitality. International Journal of Engineering, Business and Management (IJEBM), 5(3), 2456–8678. https://doi.org/10.22161/ijebm.5.3
Aprilia, H. (2023, February 21). Bangkrut dan Terlilit Utang Pasca Pandemi, Ratusan Hotel di Pulau Bali Dijual. Https://Kabarbaru.Co/Bangkrut-Dan-Terlilit-Utang-Pasca-Pandemi-Ratusan-Hotel-Di-Pulau-Bali-Dijual/.
Asmaniati, F., Osman, I. E., Swantari, A., Wicaksono, H., Hidayat, C., & Maharani, M. (2023). Faktor-Faktor Yang Mempengaruhi Kinerja Karyawan Hotel 88 di Jakarta. Journal of Hospitality Accommodation Management, 2(1), 19–26. https://doi.org/10.52352/jham.v2i1.965
Centika, I., & Lestari, D. (2023). Pengaruh CAR, LDR, Ukuran Dewan Komisaris Independen, dan Ukuran Dewan Direksi terhadap Kinerja Bank Umum. Kalbisiana, 9(1), 136–146.
CNBC Indonesia. (2023, February 7). Tak Kuat Bayar Cicilan, Banyak Hotel Bangkrut dan Dijual. https://www.youtube.com/watch?v=Lzw7S5exW3E.
Guilding, C. (2014). Accounting Essentials for Hospitality Managers. Routledge.
Harahap, L. R., Anggraini, R., & Effendy, R. Y. (2021). Analisis Rasio Keuangan Terhadap Kinerja Perusahaan PT Eastparc Hotel, Tbk (Masa Awal Pandemi Covid-19). Competitive Jurnal Akuntansi Dan Keuangan, 5(1). http://eastparc.co.id/investment/detail/1,
Hasiana, D. (2023, February 12). Banyak Hotel Dijual di RI, PHRI Singgung soal Utang. Https://Economy.Okezone.Com/Read/2023/02/12/320/2763441/Banyak-Hotel-Dijual-Di-Ri-Phri-Singgung-Soal-Utang?Page=2.
Hermawan, D., Setiawan, S., & Eka, P. C. (2022). Dampak Karakteristik Dewan Direksi terhadap Kinerja Keuangan pada Perusahaan Kriteria Syariah Sektor Perdagangan, Jasa, dan Investasi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(2), 576–582. https://doi.org/10.47065/ekuitas.v4i2.1868
Indrajaya, N. (2023, February 19). Wagub Bali Soal Banyak Hotel Dijual: Banyak yang Terlilit Utang. Https://Travel.Detik.Com/Travel-News/d-6577286/Wagub-Bali-Soal-Banyak-Hotel-Dijual-Banyak-Yang-Terlilit-Utang.
Jao, R., Daromes, F. E., & Yono, B. (2020). Peran Mediasi Reputasi Perusahaan terhadap Hubungan Ukuran Dewan Direksi dan Return Saham. Jurnal Ilmiah Akuntansi Manajemen, 3(1), 1–15.
Jasinskas, E., Streimikiene, D., Svagzdiene, B., & Simanavicius, A. (2016). Impact of hotel service quality on the loyalty of customers. Economic Research-Ekonomska Istrazivanja , 29(1), 559–572. https://doi.org/10.1080/1331677X.2016.1177465
Khalasha, U., & Lestari, D. (2020). Pengaruh LDR, EPS, Intellectual Capital, Ukuran Dewan Direksi, Dan Kepemilikan Terkonsentrasi Terhadap Nilai Perusahaan. Kalbisocio, Jurnal Bisnis Dan Komunikasi, 7(2), 77–86.
Khanh Huy, N., & Linh, N. K. (2021). Labor Productivity in Hotel Service: Empirical Evidence from Vietnam. VNU Journal of Economics and Business, 1(4), 12–23. https://doi.org/10.25073/2588-1108/vnueab.4597
Kim, E. L., & Tanford, S. (2021). Turning Discounts Into Profits: Factors Influencing Online Purchasing Decisions for Hotel Add-on Items. Cornell Hospitality Quarterly, 62(4), 438–454. https://doi.org/10.1177/1938965520935397
Kurnianingrum, D., & Sari, M. (2021). Pengaruh Likuiditas dan Efisiensi Keuangan Terhadap Harga Saham Perusahaan Kategori Pariwisata, Restoran, dan Hotel. Jurnal Ekonomi & Manajemen Universitas Bina Sarana Informatika, 19(2). https://doi.org/10.31294/jp.v17i2
Lo, P., Sugiarto, S., Widjojo, H., & Tercia, C. Y. R. (2023). Membangun Resiliensi Bisnis Perhotelan Berlandaskan Sumber Daya & Crafting Strategy. Penerbit Andi.
Maharani, R., Siswatiningsih, I., & Kusumawardani, M. R. (2022). Pengaruh Profitabilitas, Likuiditas, Pertumbuhan Perusahaan terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Hotel, Pariwisata, dan Restoran yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2019. GEMILANG: Jurnal Manajemen Dan Akuntansi, 2(4).
Melián-Alzola, L., Fernández-Monroy, M., & Hidalgo-Peñate, M. (2020). Hotels in contexts of uncertainty: Measuring organisational resilience. Tourism Management Perspectives, 36. https://doi.org/10.1016/j.tmp.2020.100747
Melián-González, S., & Bulchand-Gidumal, J. (2020). Employment in tourism: The jaws of the snake in the hotel industry. Tourism Management, 80. https://doi.org/10.1016/j.tourman.2020.104123
Mikrad, M., & Budi, A. (2020). Pengaruh Struktur Modal, Likuiditas, dan Keputusan Investasi terhadap Nilai Perusahaan Pada Perusahaan Jasa Sub Sektor Pariwisata, Hotel, dan Restoran Yang Terdaftar di BEI Tahun 2014-2018. Dynamic Management Journal , 4(1).
Minh, N. H., Thu Ha, N., Chi Anh, P., & Matsui, Y. (2015). Service quality and customer satisfaction: A case study of hotel industry in Vietnam. Asian Social Science, 11(10), 73–85. https://doi.org/10.5539/ass.v11n10p73
Nurhayati, E., & Ermalina, E. (2021). Analysis of the Influence of Liquidity and Profitability on Stock Prices of Restaurant, Hotel and Tourism Sub Sector Companies Listed on BEI 2015-2020. Bilancia: Jurnal Ilmiah Akuntansi, 5(4), 370–379. http://www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/BILANCIA/index
Nurwani, N. (2020). Pengaruh Modal Kerja, Likuiditas, dan Profitabilitas: Perusahaan Hotel, Restoran, dan Pariwisata yang Terdaftar di Bursa Efek Indonesia. KITABAH, 4(1).
Pangaribowo, W. S. (2022, September 14). Ratusan Karyawan Hotel Ibis dan Malioboro Mall Di-PHK, Manajemen Baru Angkat Bicara. Https://Yogyakarta.Kompas.Com/Read/2022/09/14/171003678/Ratusan-Karyawan-Hotel-Ibis-Dan-Malioboro-Mall-Di-Phk-Manajemen-Baru?Page=all.
Pasaribu, F. R. C. P. (2020). Analisis Pengaruh Profitabilitas, Likuiditas, Struktur Aktiva terhadap Struktur Modal pada Perusahaan Sub Sektor Restoran, Hotel dan Pariwisata yang Terdaftar Di BEI. Jurnal FinAcc, 4(10).
Phucharoen, C., & Sangkaew, N. (2020). Does firm efficiency matter in the hospitality industry?: An empirical examination of foreign demand for accommodation and hotel efficiency in Thailand. Journal of Tourism Analysis, 27(1), 62–80. https://doi.org/10.1108/JTA-08-2019-0034
Purike, E. (2021). Kendala dan Dampak Pandemi Covid-19 pada Sektor Pariwisata Dan Perhotelan di Kota Bandung. Cross-Border, 4(2), 566–580.
Saputri, I. P., Nurlaela, S., & Titisari, K. H. (2020). Profitabilitas, Likuiditas, Struktur Aktiva, Ukuran Perusahaan, Pertumbuhan Penjualan Dan Struktur Modal Perusahaan Restoran, Hotel & Pariwisata. Jurnal Penelitian Ekonomi Dan Akuntansi (JPENSI), 5(1).
Saunders, M., Lewis, P., & Thornhill, A. (2016). Research Methods for Business Students. Pearson Education Limited. www.pearson.com/uk.
Silom, D., Saerang, I. S., & Rumokoy, L. J. (2023). Pengaruh Global Economic Policy Uncertainty, Likuiditas, Leverage, dan Firm Size terhadap Kinerja Perusahaan Sub Sektor Pariwisata, Hotel dan Restoran yang Terdaftar Di Bursa Efek Indonesia. Jurnal EMBA, 11(1), 349–360. https://www.policyuncertainty.com
Song, H. J., Yeon, J., Lee, S., & Li, Z. (2022). The effect of an increase in federal minimum wage on the U.S. hotel industry: a difference-in-differences approach. Current Issues in Tourism, 25(6), 887–900. https://doi.org/10.1080/13683500.2021.1903402
Statistics Indonesia. (2023a). Data Series Subyek Produk Domestik Bruto (Lapangan Usaha). Https://Www.Bps.Go.Id/Indicator/11/65/1/-Seri-2010-Pdb-Seri-2010.Html.
Statistics Indonesia. (2023b). Data Series Subyek Tenaga Kerja. Https://Www.Bps.Go.Id/Indicator/6/1190/1/Jumlah-Pekerja-Pada-Industri-Pariwisata-Dalam-Proporsi-Terhadap-Total-Pekerja.Html.
Statistics Indonesia. (2023c, July 26). Upah Minimum Regional/Propinsi (Rupiah). Https://Www.Bps.Go.Id/Indicator/19/220/1/Upah-Minimum-Regional-Propinsi.Html.
Utama, S., Fitriany, Siregar, S. V., Rahadian, Y., Utama, C. A., & Simanjuntak, J. (2022). Tata Kelola Korporat di Indonesia. Penerbit Salemba Empat.
Published
2024-07-01
How to Cite
Agung, C., Inawati, W., & Anggita, M. (2024). Hotel Revenue Performance: Roles of Labor, Liquidity, and Governance Mechanism. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 7(2), 1758-1770. https://doi.org/https://doi.org/10.36778/jesya.v7i2.1615
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Articles
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
