Penggunaan Operator Hotel serta Dampaknya terhadap Kinerja Keuangan dan Risiko Financial Distress

Miranti, . (2020) Penggunaan Operator Hotel serta Dampaknya terhadap Kinerja Keuangan dan Risiko Financial Distress. Masters thesis, IPB University.

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Abstract

The hotel business and other business chains will increasingly develop in line with the growth of the tourism sector. In 2018, most accommodation businesses have their own (independent) accommodation business management system, which is 26 612 businesses or 94.27%. While the remaining 474 businesses or 1.68% have an international chain accommodation business management system and as many as 1 144 businesses or 4.05% have a national chain accommodation business management system. The development of the use of hotel operators in Indonesia, both conventional hotel operators and digital-based hotel operators (VHO) encourages the growth of the hotel operator business. One of the local players in the hospitality industry is XYZ, which was established in 1973. XYZ is a subsidiary of a State-Owned Enterprise (SEO) that operates in the hospitality industry and has three hospitality subsidiaries namely MHH, SPH, BIH, and one management services subsidiary is AHH. AHH as a hotel operator owned by XYZ is given the authority to manage the hotel so that it is expected to provide optimal performance. However, during the last five years, there were many MHH, SPH, and BIH financial indicators that were not achieved with a downward trend in financial performance. The important role of hotel operators for hotel owners both XYZ and third parties will have an impact on hotel business performance. This study was conducted to analyze the hotels financial performance, economic value added, and financial distress risk on MHH, SPH, and BIH from the XYZ policy. The intended XYZ policy is a change to a strategic holding and gives AHH the right to manage XYZ hotels. The scope of this study is limited to XYZ hotels managed by AHH since 2010. Observations made were from 2001 to 2018, or nine years before and nine years after the XYZ hotel was managed by AHH. Data was obtained based on XYZ hotel audit financial statements and other sources. Analysis of the data used in this study includes financial performance analysis and financial distress analysis. Furthermore, financial performance data and financial distress are tested using an independent t-test to find out whether there is an average difference between before and after managed by AHH. The results showed that 1) the financial performance of MHH and SPH hotels was good despite the impact of the Bali Bombings I and II in 2001 to 2006 and an increase in long-term liabilities in 2014 to 2017. While for BIH, the financial performance showed a poor trend where over the past six years negative profit with negative EVA. 2) MHH underwent financial distress in 2002 to 2006 and the following year was categorized as healthy, as company profits improved. SPH during the study period was categorized as healthy and BIH was in financial distress from 2001 to 2006 and from 2017 to 2018 due to loss and negative equity. 3) Statistical test results show that AHH as a hotel operator failed to improve the financial performance of XYZ hotels.

Item Type: Thesis (Masters)
Uncontrolled Keywords: financial distress, hotel management, hotel operator, kinerja hotel, kinerja keuangan hotel management, financial performance, hotel performance, financial distress, hotel operator
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 22 Jul 2022 02:53
Last Modified: 22 Jul 2022 02:53
URI: http://repository.sb.ipb.ac.id/id/eprint/3881

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