Tourism Sector Research Articles

Handling security and terrorism issues in developing the tourism sector through ecotourism policies on small islands in Makassar City, Indonesia

One of Indonesia’s main characteristics of tourism development is maritime tourism, which is synonymous with archipelagic countries. The diversity of maritime tourism offered by Indonesia will never end, so it needs to be considered more carefully and used relevantly to create sustainable tourism in Indonesia that provides broad benefits for the country. Many maritime tourism locations in Indonesia are beautiful but require more active promotion. The level of security and terrorism issues are a requirement that the government must consider. The novelty of this research describes the potential ecotourism development in the town of Makassar that stakeholders should consider in the formation of tourism policy. The research locations are in Makassar City, Samalona Island, Langkai Island, and Lanjukang Island. Ecotourism developed in the coastal areas of Makassar City, especially in Samalona, Lanjukang, and Langkai Islands, produces superior objects that collaborate elements of nature and society as the main attraction in the long term. Therefore, local governments need to strengthen monitoring of regional geopolitical developments in order to avoid security and terrorism problems that might cause inconvenience to tourists.

Viable and sustainable tourism for developing countries: a horizon 2050 paper

Purpose This paper aims to consider whether developing countries can create viable and sustainable tourism sectors. Design/methodology/approach To provide a focus and context to answer the question, the introduction to the subject reviews some of the earlier publication relating to tourism in the developing countries beginning from 1950 and notes how many of these publications foresaw the benefits of using tourism as a supportive activity for general development but also indicated many of the challenges and disadvantages the countries faced in so doing. Findings Looking to 2050, the paper makes two assumptions. First, the demand for international tourism will continue. Second, any future disruption of demand caused by wars, terrorism, epidemics or economic difficulties will be short-term and not as universally disruptive to international travel demand as was caused by Covid-19. The paper concludes that developing countries can create viable tourism sectors but that sustainability is unlikely in the absence of careful and sensitive management of the tourism sector. Practical implications Tourism development options must be evaluated within the potential and capacities of the individual country. There is no single development model. An important initiative is to help identify and develop local talent for the tourism sector, particularly related to planning, policy and implementation requirements. Government and the private sector should be encouraged to cooperate in development initiatives. Originality/value This paper provides an “insider view” of the realities of pursuing sustainable tourism development options and the related challenges and opportunities and emphasises the role of government in this process.

The impact of foreign direct investments on the increase in the number of visitors in tourism - Case study Republic of Kosovo

Foreign Direct Investment (FDI) plays a significant role in the Republic of Kosovo's economy, namely in the tourist sector. The primary goal of this research is to examine the impact of FDI on the increase in the number of tourist visits (NTV), as well as the trend of NTV and government spending on recreation, culture, and religion in the Republic of Kosovo. The results demonstrate that NTV increased in Kosovo between 2008 and 2022, however this increase was not consistent. The most pronounced growth was in 2021 compared to 2020, at approximately 133%, while the most pronounced decline in NTV was in 2020 compared to 2019, at -46%. From 2008 to 2022, the FDI trend was the highest in 2022, when the value of FDI reached 778.2 million euros, while the government's expenditures in the fields of recreation, culture, and religion were the highest in 2021, at approximately 61 million euros. Empirical analysis indicates that FDI has positively impacted the expansion of NTV in Kosovo, with a β parameter of 0.41. The report suggests that state officials adopt more sustainable and effective policies that will result in higher FDI, government tourism spending, and NTV in Kosovo. A sustainable FDI policy for the tourism industry will have an impact not only on tourism, but also on other tourism-related businesses. Furthermore, a critical appraisal is required in Kosovo to improve tourism performance and regional economic development, among other things.

An Overview of Higher Education in Tourism and Hospitality in Portugal

Objective: This study evaluates the higher education provision in Portugal's tourism and hospitality sector, examining its evolution and alignment with labor market demands to address the growing skills gap in the industry. Theoretical Framework: The research is grounded in concepts of labor market demands, educational alignment, and workforce development amid digital, societal, and economic transformations. Theories on skills mismatch and human capital development help understand the dynamics between education and employment in this sector. Method: A comprehensive review of higher education offerings in tourism and hospitality in Portugal was conducted, assessing the number of courses and student vacancies while analyzing job market trends. Data were collected from national educational databases and industry reports to examine the evolving relationship between educational programs and labor needs. Results and Discussion: Results indicate a notable increase in tourism and hospitality courses and student vacancies in Portugal’s higher education system, reflecting efforts to cultivate a skilled workforce. However, gaps persist in regional job distribution and the need for specialized training in certain areas. Research Implications: The findings suggest that higher education institutions are progressing in closing the skills gap by offering programs aligned with industry needs, which may influence workforce development strategies and curriculum design. Originality/Value: This study contributes to the literature by analyzing Portugal's educational response to labor market shifts, highlighting the growing alignment between education and industry needs, and providing actionable insights for improving human capital development in tourism and hospitality.

Analysis of Land Value Changes and Its Correlation with the Existence of Tourism and Accessibility in 2017-2024

Abstract: Getasan District, located in Semarang Regency, is renowned for its natural beauty, particularly with the presence of Mount Merbabu and a rapidly growing number of nature-based tourist attractions. Kopeng Tourism, a legacy from the Dutch colonial era, serves as the main attraction with its scenic views at the foot of Mount Merbabu. Additionally, the emergence of new tourist spots such as Hutan Pinus Kayon, Gedong Pass, Umbul Songo Natural Tourism, Agrotourism Kopeng "Gunung Sari," Merbabu Park, and Boemisora reflects the rapid development of tourism in this region. This rapid growth in tourism has had a direct impact on the local economy and the potential for changes in land value. This study aims to analyze the influence of tourist attractions and accessibility on land value changes in Getasan District from 2017 to 2024, amidst the significant growth of tourism. The research employed a descriptive and quantitative approach to analyze the data comprehensively. Quantitative analysis was carried out using multiple linear regression to evaluate the influence of proximity to tourist attractions and road accessibility on land value. The land value zone maps for 2017 and 2021 were obtained from the Semarang Regency Land Office, while the 2024 land value zone was created through the update of the 2021 zone. This update resulted in 130 zones with 688 sample points collected through field surveys based on fair market prices. Multiple linear regression analysis was conducted to evaluate the influence of straight-line distance from the zone centroid to tourist attractions and collector roads. The results showed that the p-value in the simultaneous test was 0.03647 (? 0.05), indicating that tourist attractions and accessibility have a simultaneous and significant influence on land value zone changes, with an impact size of 7.87%. These findings highlight the urgency of considering the rapidly developing tourism sector and accessibility in regional management and development, given their effect on land values in Getasan. Keywords: Getasan District, Kopeng Tourism, Land Value Zone

Sustainability in European luxury tourism companies: an analysis of practices and managerial perspectives

Purpose This paper aims to present findings from a preliminary study aimed at investigating sustainability practices and managerial perceptions within European luxury tourism companies. The study addressed two key research questions: What is the present state of sustainability practices in the luxury tourism sector? What are the managers' perspectives and the prevailing trends in the adoption of sustainable approaches? Design/methodology/approach The study used a mixed methods approach to gather data from a diverse range of European luxury tourism companies. The survey and the interview of companies’ representatives encompassed various organisational types engaged in different tourism activities, allowing for a comprehensive exploration of sustainability practices within the sector. Organisational characteristics, such as size, turnover and location, were considered to ensure a representative sample. Findings The findings of the study reveal a robust commitment to environmental, social and economic sustainability across the luxury tourism industry. Despite variations in organisational characteristics, including size, turnover and location, the study identified a lack of significant differences in sustainability practices, indicating a noteworthy homogeneity within the sector. The findings also show that a high percentage of companies hold sustainability certifications and share an emphasis on authenticity, local engagement and economic profitability. Research limitations/implications The study's sample size may limit the generalisability of the findings. A larger sample size would enhance the study's robustness and allow for more comprehensive insights into sustainability practices within the luxury tourism sector. The study's focus on European luxury tourism companies may limit its applicability to other regions or contexts. Originality/value This study contributes to the existing literature by providing insights into sustainability practices and managerial perspectives within the European luxury tourism sector. The study offers original insights into the current state of sustainability in luxury tourism and highlights opportunities for further research and refinement of sustainability initiatives within the sector.

SUPPORT FOR ATTRACTING INVESTMENTSTO THE DEVELOPMENT OF THE TOURISM SECTOR

The article examines the institutional support for attracting investments to the development of the tourism sector in Ukraine, which serves as a key factor for creating a favorable investment climate and stimulating industry growth. The aim of the research is to analyze, systematize, and summarize the existing institutional foundations for attracting investments, as well as to develop recommendations for overcoming institutional problems in the tourism sector's development. The study presents a system of legal, organizational, economic, and social instruments that create conditions for activating investment activities in the tourism sector. The importance of state support, improving legislation, and developing effective financial mechanisms for attracting investors is substantiated. The research findings indicate that Ukraine has significant potential in the tourism sector due to its natural, cultural, and historical resources. It is revealed that the lack of systematic legislation, inadequate training of personnel, weaknesses in financial mechanisms, and the mismatch of the tax system with industry needs hinder the development of the tourism sector. The study also identified the urgent need for a unified legislative act regulating activities in the tourism sector. Special attention is paid to the role of government organizations that provide informational support and cooperation between the state and business, as well as their participation in developing tourism development strategies. The article presents examples of international cooperation and Ukraine's participation in international organizations' programs that promote foreign investment attraction. The necessity of creating effective financial instruments, including state subsidies and grants, to support new tourism projects is justified. The research emphasizes the importance of implementing tax incentives for enterprises in the tourism sector and developing informational platforms for convenient access to investment opportunities. It is argued that institutional support for attracting investments to the development of the tourism sector in Ukraine is a comprehensive process that requires the systematization of legislation, support for innovative enterprises, modernization of personnel training, and the development of financial mechanisms that will contribute to the sustainable development of tourism infrastructure and the attraction of new investments.

The mediating role of innovation in the impact of entrepreneurial bricolage on SME performance in the tourism sector

This study examines the mediating role of innovation in the relationship between entrepreneurial bricolage and the performance of small and medium-sized enterprises (SMEs) in the tourism sector. The research examines how resource-limited SMEs utilize creative problem-solving and resource optimization to enhance their competitive advantage. The study adopts a quantitative approach. Data was collected through surveys and in-depth interviews, data were collected from 46 SMEs in East Java, Indonesia, path analysis reveals that innovation significantly enhances the positive impact of bricolage on SME performance. Path analysis was employed to examine the direct and indirect effects of entrepreneurial bricolage on SME performance, with innovation as the mediating variable. The results demonstrate that entrepreneurial bricolage significantly improves SME performance by fostering innovation, which acts as a crucial mediator. SMEs practicing bricolage are able to optimize limited resources creatively, leading to innovative products, processes, and marketing strategies that enhance competitiveness and performance in the tourism sector. The findings provide practical implications for SME owners and policymakers in resource-constrained environments, offering strategies to leverage creativity and innovation for competitive advantage. The study provides valuable insights for SMEs, policymakers, and researchers. SMEs are encouraged to adopt bricolage as a strategic tool to navigate resource constraints, while policymakers should support innovation by improving resource accessibility and providing training programs. Future research can expand on this study by exploring bricolage practices across different regions and sectors, as well as investigating the long-term impact on SME performance. This research contributes to the limited literature on entrepreneurial bricolage in tourism SMEs, particularly in developing regions such as East Java. It offers new insights into how SMEs can leverage internal capabilities and innovation to achieve sustainable growth and maintain a competitive edge in resource-constrained environments.

Examining the Nexus between Tourism Investment, Renewable Energy Consumption and CO2 Emissions in Indonesia

The tourism industry undoubtedly contributes positively to economic growth. However, numerous studies show that tourism can have diverse impacts on environmental quality. This study focuses on exploring the correlation between investment in the tourism sector, the renewable energy consumption, and the contribution of tourism-related sectors to CO2 emissions within the period 2000 – 2017 using a case study in Indonesia. By employing the distributed lag method with the Koyck approach, this study found that investment in the tourism sector in Indonesia has a statistically positive and significant correlation with CO2 emissions. Conversely, renewable energy consumption, as the control variable, exhibits a significant negative correlation with CO2 emissions. The findings suggest that the existing investment policies in Indonesia are not aligned with environmental sustainability, supporting the pollution haven hypothesis. To address this, the study underscores the need for stronger commitments to transitioning from fossil-based to renewable energy sources, ensuring that future tourism investments contribute to both economic growth and environmental preservation.

Tourism Development Impact on Economic Growth and Poverty Alleviation in West Java

Poverty alleviation is on the agenda of regional development in West Java. One of the priority sectors is tourism development, which supports inclusive economic growth and is expected to address poverty. Through various unit analyses, the study analyzed how tourism development in West Java impacts economic growth and poverty alleviation. These included indicators such as the number of tourist visits, hotel room occupancy rate, the number of hotels and restaurants, average length of stay, and the tourism sector's contribution to Original Local Government Revenue (PAD). Economic growth was assessed using indicators such as Gross Regional Domestic Product (GRDP), unemployment rate, Gini Index, and regional investment value. In contrast, the poverty variable used the percentage and number of people living in poverty, poverty line statistics, Poverty Depth Index, and Poverty Severity Index. Inferential statistical analysis, specifically Partial Least Square (PLS), was conducted using a quantitative approach and data from BPS - Statistics of West Java. Hypotheses were formulated based on the literature review, asserting that tourism development significantly and positively impacted economic growth and poverty alleviation in West Java. Results showed that tourism development significantly boosted economic performance, directly influencing economic growth. Additionally, high economic growth correlated with reduced poverty rates, highlighting the importance of inclusive growth for alleviation. Key indicators played crucial roles in poverty alleviation, including the number of hotels and restaurants, the tourism sector's contribution to regional revenue, GRDP, and regional investment value. These findings provided valuable insights for policymakers and stakeholders to develop effective strategies for leveraging tourism potential to promote inclusive economic growth and alleviate poverty in West Java.

Analysis of Tourism Performance in Ten Priority Tourism Destinations in Indonesia

This research aimed to analyze the influence of tourism indicators on performance in 10 priority tourism destinations. The indicators were reviewed using hotel room occupancy rate (TPK) for government spending on the tourism sector (PPP), crime rate (CR), inflation, air quality index (IKU), and number of college graduates. Additionally, the research was carried out with Fixed Effect Model (FEM) with estimation method Feasible Generalized Least Square (FGLS). The result showed that TPK of star hotels (TPKB), workforce, PPP, college graduates improved tourism performance. Meanwhile, the variables inflation and TPK for non-star hotels (TPKNB) provided a negative effect on improving performance in the elite tourism sector. In conclusion, the result helped in identifying relevant indicators that influenced the improvement of tourism performance, as well as ensured related parties adopted appropriate.

Solutions to Protect the Tourism Environment in an Binh Islet, Vinh Long Province

The objective of this study is to present a group of solutions in order to protect the tourism environment in An Binh Islet, Vinh Long province, Vietnam. Although Vietnamese law has very complete regulations on environmental protection in the tourism sector. But for Vinh Long, it seems that this is still a very new issue. In the tourism planning of Vinh Long province for the period 2011 - 2020, the issue of tourism environment is only mentioned in a very general way: developing tourism products on the basis of exploiting the potential of existing tourism resources, promoting rapid economic growth, and at the same time focusing on environmental protection, biodiversity, protection, promotion and preservation of national traditions.

Innovating smart cities in Latin America: Addressing regional urban challenges and opportunities

This study analyzes the role of innovation in the development of smart cities in Latin America. It focuses on how emerging technologies and sustainable strategies are being integrated into urban planning and urban development. In this sense, this study seeks to contribute to the smart city literature by answering the following research questions: (i) To what extent smart city innovative initiatives have been addressed in Latin America? and (ii) To what extent scholars have addressed sustainable innovation strategies in the smart city literature? To this end, this is the first comprehensive bibliometric analysis of smart city research in Latin America, with a structured and systematized review of the available literature. This methodological approach allows cluster visualization and detailed analysis of inter-node relationships using the VOSViewer software. The research comprises 4 stages: (a) search criteria; (b) selection of documents; (c) software and data extraction; and (d) analysis of results and trends. Results indicate that studies on the Latin America region began to develop in 2012, with Brazil as a leader in this field and the tourism sector as the most relevant. Nevertheless, strong international collaboration was identified in co-authoring studies, underscoring a cooperative approach to solving common urban problems. The most active research area is technological innovation and sustainability, with focus on solutions for urban mobility, quality of life and smart governance. Finally, this work underlines the need to continue exploring the integration of technology in urban development, suggesting an agenda to guide future research to evaluate the sustainability and long-term impacts of smart city initiatives in Latin America. From the policy perspective, smart city initiatives need to be human-centered to boost smart solutions adoption and to guarantee long term local impacts.

Big Data Analytics for Forecasting Tourism Recovery in Bali Island Using Multivariate Time Series

Bali is a famous tourist area and can significantly contribute to the Indonesian tourism sector. The COVID-19 pandemic has made Indonesian tourism, including Bali tourism, experience a decline. In March 2022, COVID-19 cases decreased, and the government began to relax some policies. The tourism sector is vital in economic recovery efforts after the COVID-19 pandemic. Therefore, it is necessary to identify tourism recovery to determine strategies and policies related to Indonesian tourism, especially in Bali. Multivariate time series forecasting of tourism demand can be used to identify tourism recovery using several significant data sources. The methods used are Vector Autoregressive (VAR), Support Vector Regression (SVR), Long Short-Term Memory (LSTM), and Gated Recurrent Unit (GRU). The data used are the monthly official number of tourists, room occupancy rate, Google Trends, number of booking.com user reviews, and nighttime light intensity in Bali Province from January 2019 to December 2022. The results show that the best forecasting method is VAR, and modeling with multivariate time series forecasting can improve the performance of forecasting results. In addition, big data can be used as a source of supporting data that can provide better forecasting results, and the size of the dataset affects the selection of the best model. Furthermore, the descriptive and forecasting analysis results show that Bali tourism has experienced post-pandemic tourism recovery. The strategies and policies of the Bali government to restore Bali tourism faster are good enough.

Effects of Tourism Village on Sustainable Livelihoods and Pandemic Resilience in Serang Village

This research explores the policy approach adopted by the management of Serang Tourism Village for village development, with an emphasis on the five livelihood capitals and the community’s strategies for sustaining livelihoods after development. Employing a mixed-methods sequential exploratory approach, the research identifies the key policy strategy as the creation of BUM Desa. This initiative has boosted PADes contributions to villages, thereby advancing local development. Consequently, this has improved access to the five livelihood capitals, fostering more sustainable livelihoods. The research also underscores the community's susceptibility to the impacts of the Covid-19 pandemic, emphasizing the importance of both the tourism and agriculture sectors in sustaining livelihoods during crises. It concludes that the tourism village strategy implemented by BUM Desa plays a significant role in supporting the community’s well-being through the five capitals, thereby protecting their living conditions from potential vulnerabilities. The results should prompt local authorities to focus on enhancing the capabilities of BUM Desa, aiming to offer more sustainable livelihoods for the community.

Impact of Tourism on Poverty Reduction: Strategies to Achieve Sustainable Development Goals Through Local Community Participation

Objective: This article aims to examine the impact of the existence of tourist destinations on the welfare of households living around tourist locations in an effort to achieve the Sustainable Development Goals category ‘No Poverty (SDGS 1)’. Method: The data used is the results of the 2021 National Socioeconomic Survey (SUSENAS). The selected respondents are households in Sumenep Regency, Madura, Indonesia. The data analysis method used is Propensity Score Matching (PSM) to avoid bias. Of the approximately 3,000 selected respondents, 101 were identified as tourist respondents and 310 non-tourist households Results and Discussion: The results of different tests on expenditure variables and income per capita show that households in tourist areas are not more prosperous than other households with similar characteristics. It can be concluded that the existence of tourist destinations has not made a positive contribution to the welfare of the community around tourist destinations. Research Implications: This study has important implications. First, the development of a sustainable tourism sector has an impact on poverty reduction. Second, the significant impact of poverty reduction can improve the welfare of society in general. Originality/Value: The originality of this research is that the use of the propensity score matching method in tourism analysis is still limited. This is an initial research that uses the PSM method to analyze the impact of tourism on poverty.

Environmental concerns and their impact on inbound tourism revenue: does the growth rate of the nation’s matter?

PurposeEnvironmental concerns are gaining traction with every passing day. Moreover, post Covid 19, similar to many sectors, the tourism sector is also trying to revive itself. Theoretically, the environment and tourism complement each other. However, empirical vetting is not adequate. This study is motivated to determine how the environment impacts tourism. In addition, the moderating influence of the growth rate of the nations on the impact of the nations on tourism is also investigated.Design/methodology/approachWe have gathered clear and balanced panel data on tourism and the environment for 106 nations for 10 years. The difficulty in measuring environment status is managed by estimating environment efficiency using Data Envelopment Analysis (DEA).FindingsSurprisingly, we find a significant impact of environmental efficiency on inbound tourism across the nations used in the study. Such findings are rarely observed in the earlier studies as very less studies look for the association of environmental efficiency with tourism. However, the findings are supportive of the principles of the Faro convention and ICOMOS (“International Council on Monuments and Sites”) charter to promote environmental quality for tourism attraction. The current research findings can change the future course of action regarding the environment for tourism. The findings of the study establish financial materiality for the tourism sector. These findings give a boost to the theory of sustainable tourism.Research limitations/implicationsThe study’s inconsistent outcome (as the literature finds significant association) regarding the insignificant influence of GDP growth rate is a limitation of the study. The insignificant association needs to be further investigated. This limitation can be a future scope on the topic.Originality/valueThe authors do not find many studies on the environment’s impact on inbound tourism. In addition, a few studies on the topic, which exist provide contradictory outcomes. Above all, the literature does not observe the moderation of the GDP growth rate on the environment’s impact on inbound tourism. This lack of studies in literature, to the best of our knowledge, is the unique contribution of the current study.

A Review of Marketing Stratergies for Promoting Sustainable Tourism Destinations in India

Sustainable tourism for Indian destinations is promoted and marketed by utilizing marketing strategies to gain interest from travelers. However, the promotion of sustainable tourism destinations is achieved in a manner that does not jeopardize the environment or community conservation. Sustainable tourism is promoted by increasing the destination's visibility, which includes social media marketing, search engine optimization, and content marketing, one such example is the scheme of Swadesh Darshan, which was launched by the Indian tourism and it aims for the development of sustainable tourism destinations. Furthermore, enhancing cultural and community features in marketing might help to attract and retain tourists' interest, thereby strengthening sustainable tourism. To entice people to visit sustainable tourist places, the tourism sector is focusing on proper selling factors, physical improvements to attractions and accessibility, and proximity to other tourist sites. Overall, the current study reveals that a comprehensive Destination Management action plan can help accelerate India's green tourism transition. This study aims to understand some of the marketing strategies employed by Indian Tourism Industry on environmentally sustainable vacation spots. The Indian travel industry is impacted by sustainable tourism, one of the topics discussed in this article. This study is descriptive and relies only on books and periodicals covering a wide range of topics that are relevant to sustainable tourism destinations in India. Moreover, the present study also highlights, the importance of online marketing strategies for marketing sustainable Indian travel destinations which is discussed to have a better understanding of the future of the tourism sector in India. The particulars of the study are emerging from the SWOT analysis model for the assessment as well as the scrutinization of the potential of the Indian tourism industry.

Pemberdayaan Perempuan Dalam Pembangunan Pariwisata di Kabupaten Pangkep

The Tourism sector is one of the developing sectors in Indonesia that can improve the economy of a country or region. Tourism is currently growing, which can open up vast employment opportunities. Women's empowerment through the community is a forum for developing the economy of Panaikang village, especially the introduction to tourism itself and its elements. One of them is the role of women in capacity building and community understanding of the benefits of tourism. Community service is packaged as technical guidance on women's war in developing villages and poverty alleviation in Panaikang Tourism Village. This technical guidance includes providing material about the Tourism Village to improve the community's standard of living around the Panaikang Tourism Village. The results of this service activity day showed that the community was very enthusiastic and actively participated in the activity. This activity has a significant impact on the community, especially in terms of gender equality and the role of women in poverty alleviation in Panaikang Village.

Post-Pandemic Financial Distress Analysis: A Study of Retailer and Tourism Companies Listed in Bursa Malaysia Using the Grover Model

A corporation enters financial distress when its cash flows are insufficient to cover its debts to stakeholders, both financial and non-financial. When the Coronavirus Disease 2019 (COVID-19) pandemic struck the world and caused lockdowns that impacted many businesses, particularly those in the tourism and retail industries, the likelihood of financial distress increased. Thus, the Grover model is used to determine and analyse the financial distress prediction in retail and tourist companies listed on Bursa Malaysia. The Grover model categorises companies as financially distressed with a G-Score equal to or less than -0.02. Meanwhile, the G-Score for companies in the safe zone is equal to or greater than 0.01. Four companies were chosen, and a sample of data was collected from 2017 to 2021. The findings showed that during the COVID-19 pandemic from 2020 to 2021, three companies were under financial distress, especially those in the tourism and hospitality sectors. Meanwhile, retailer companies, especially those in food manufacturing, were not affected by this pandemic.