HOW DO SUSTAINABILITY AND SIZE SUPPORT HOTEL PERFORMANCE? A STUDY IN INDONESIA
DOI:
https://doi.org/10.26593/a7z3qh28Keywords:
firm size; liquidity; performance; sustainability reportAbstract
Hotels are one of the sectors that consume a tremendous amount of resources within the tourism industry. Therefore, sustainability becomes one of the concerns that needs to be taken care of. One way to communicate sustainability practices is through a Sustainability Report (SR). Previous studies on how SR affects a company’s performance show inconsistent results. Some also show that other financial factors may determine hotel companies’ performance. This research aims to analyze the effect of SR, liquidity, and firm size on Indonesian hotel companies’ performance during 2020-2022. The data is gathered through annual reports and SR published on the Indonesia Stock Exchange (BEI) website. The analysis is done through descriptive statistics and multiple regression. Statistics show that SR reporting in Indonesian hotel companies is less prevalent. Regression results show that SR, liquidity, and firm size simultaneously and positively influence performance, while partially only firm size positively affects performance. In other words, SR and liquidity should be combined with excellent firm size to impact performance positively.
References
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Rosa, F. S. da, & Silva, L. C. (2017). Environmental sustainability in hotels, theoretical and methodological contribution. Brazilian Journal of Tourism Research, 11(1), 39–60.
Saunders, M., Lewis, P., & Thornhill, A. (2016). Research Methods for Business Students. Pearson Education Limited. www.pearson.com/uk.
Sritharan, V. (2015). Does firm size influence on firm’s Profitability? Evidence from listed firms of Sri Lankan Hotels and Travels sector. Research Journal of Finance and Accounting, 201(207). www.iiste.org
Al-Wattar, Y. M. A., Almagtome, A. H., & Al-Ahafeay, K. M. (2019). The role of integrating hotel sustainability reporting practices into an Accounting Information System to enhance Hotel Financial Performance: Evidence from Iraq. African Journal of Hospitality, Tourism and Leisure, 8(5). http//:www.ajhtl.com
American Hotel & Lodging Association. (2014). Uniform System of Accounts for the Lodging Industry. The Educational Institute of the American Hotel & Motel Association.
Anandamaya, L. P. V., & Hermanto, S. B. (2021). Pengaruh Good Corporate Governance, Ukuran Perusahaan dan Leverage terhadap Kinerja Keuangan. Jurnal Ilmu Dan Riset Akuntansi, 10(5), 1–24.
Andriani, Z., Sutardjo, A., & Yani, M. (2023). Pengaruh Tekanan Stakeholder, Dewan Komisaris Independen, dan Ukuran Perusahaan terhadap Pengungkapan Laporan Keberlanjutan pada Perusahaan LQ-45 Yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2017 – 2019. EPJA Ekasakti Pareso Jurnal Akuntansi, 1(4), 326–336.
Aulla, I., Askandar, N. S., & Sari, A. F. K. (2022). Pengaruh Ukuran Perusahaan, Profitabilitas dan Tipe Industri terhadap Pengungkapan Sukarela Pelaporan Keberlanjutan. E-JRA, 11(2), 35–43.
Brigham, E. F., & Houston, J. F. (2007). Essentials of Financial Management. Cengage Learning Asia Pte Ltd.
Calisto, M. de L., Umbelino, J., Gonçalves, A., & Viegas, C. (2021). Environmental sustainability strategies for smaller companies in the hotel industry: Doing the right thing or doing things right? Sustainability (Switzerland), 13(18). https://doi.org/10.3390/su131810380
CNBC Indonesia. (2023, February 7). Tak Kuat Bayar Cicilan, Banyak Hotel Bangkrut dan Dijual [Broadcast]. https://www.youtube.com/watch?v=Lzw7S5exW3E.
Duric, Z., & Topler, J. P. (2021). The Role of Performance and Environmental Sustainability Indicators in Hotel Competitiveness. Sustainability, 13(12). https://doi.org/10.3390/su13126574
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.
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.
Jiang, J. (2023). Application of Dupont-factor analysis to financial performance and market measurement of the southeast Asian hotel industry. International Journal of Applied Economics, Finance and Accounting, 17(1), 127–134. https://doi.org/10.33094/ijaefa.v17i1.1089
Kristiyanti, L. (2021). Relationship between Good Corporate Governance, Leverage, Company Size, and Financial Performance Registered on Indonesia Stock Exchange. Business and Accounting Research (IJEBAR), 5(2), 520–530. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Kularatne, T., Wilson, C., Månsson, J., Hoang, V., & Lee, B. (2019). Do environmentally sustainable practices make hotels more efficient? A study of major hotels in Sri Lanka. Tourism Management, 71, 213–225. https://doi.org/10.1016/j.tourman.2018.09.009
Laila, F. Z., & Rahayu, Y. (2023). Pengaruh Corporate Social Responsibility, Leverage, dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 12(4), 1–15.
Langgat, J., Ramdani, B., Pavic, S., & Tok, E. (2023). Environmentally Sustainable Practices and Hotel Performance: Evidence from Malaysia. Sustainability (Switzerland), 15(6). https://doi.org/10.3390/su15065289
Makena, M. P., Willy, M., & Agnes, N. (2023). Effect of Liquidity on Financial Performance of Star Rated Hotels in Nairobi County, Kenya. International Academic Journal of Economics and Finance, 3(8), 305–322. https://iajournals.org/articles/iajef_v3_i8_305_322.pdf
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).
Nurhamdi, M., Sawukir, S., & Nurmono, N. (2023). Pengaruh Likuiditas dan Solvabilitas terhadap Profitabilitas pada Industri Perhotelan yang Terdaftar di Bursa Efek Indonesia Tahun 2016 -2020. EKOMBIS Sains Jurnal Ekonomi, Keuangan Dan Bisnis, 8(1), 89–102.
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
Regulation of Indonesia Financial Services No 51 /POJK.03/2017 (2017).
Rosa, F. S. da, & Silva, L. C. (2017). Environmental sustainability in hotels, theoretical and methodological contribution. Brazilian Journal of Tourism Research, 11(1), 39–60.
Saunders, M., Lewis, P., & Thornhill, A. (2016). Research Methods for Business Students. Pearson Education Limited. www.pearson.com/uk.
Sritharan, V. (2015). Does firm size influence on firm’s Profitability? Evidence from listed firms of Sri Lankan Hotels and Travels sector. Research Journal of Finance and Accounting, 201(207). www.iiste.org
