Dual Crises Resilience: Financial Dynamics of ASEAN Tourism Firms

Chandika Mahendra Widaryo; Muhammad Ramadhani Kesuma; Margareth Henrika S; Ellen D. Oktanti Irianto; Aini Rohana Nur; Lusiana Desy Ariswati

doi:10.31004/riggs.v4i2.1127

Authors

Chandika Mahendra Widaryo Mulawarman University
Muhammad Ramadhani Kesuma mulawarman University
Margareth Henrika S Mulawarman University
Ellen D. Oktanti Irianto Mulawarman University
Aini Rohana Nur Mulawarman University
Lusiana Desy Ariswati Mulawarman University

DOI:

https://doi.org/10.31004/riggs.v4i2.1127

Keywords:

ASEAN Tourism, Dual Crises, Financial Resilience, Liquidity, Solvency

Abstract

This study examines the financial resilience of ASEAN tourism firms during the dual crises of the COVID-19 pandemic and Middle East geopolitical conflicts from 2019 to 2023, focusing on liquidity (Current Ratio) and solvency (Debt-to-Asset Ratio). Employing panel data regression on 160 observations from 32 publicly listed firms sourced from the Wall Street Journal, it analyzes the impact of revenue, earnings per share (EPS), and firm size. Findings indicate that revenue negatively affects liquidity, firm size enhances both liquidity and solvency, and EPS marginally reduces solvency. Larger firms demonstrate greater resilience, while smaller firms face vulnerabilities. The study highlights adaptive strategies like domestic tourism and digital transformation, offering insights for 2025 crises. Its novelty lies in its dual-crisis analysis within the ASEAN context, contributing to financial resilience literature and informing policies for liquidity management and non-debt financing.

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