PEMODELAN EPS DAN ROE MENGGUNAKAN METODE REGRESI MULTIVARIAT MELALUI UJI MANOVA
Abstract
This study aims to analyze the simultaneous influence of financial and operational ratios on two main indicators of company performance, namely Earnings per Share (EPS) and Return on Equity (ROE), in the tourism and hospitality sectors. Using the multivariate regression approach and the MANOVA test, this study examines the financial data of a star hotel that listed its shares on the Indonesian stock exchange for the period 2010–2024. The variables analyzed included Occupancy Rate, ADR, Current Ratio, Gross Operating Profit (GOP), Net Operating Profit (NOP), Debt to Equity Ratio (DER), and Debt to Asset Ratio (DAR). The regression model was shown to meet all classical assumptions and had high predictive power (R² > 97%). The results of the MANOVA test showed that only Net Operating Profit (NOP) had a significant effect on EPS and ROE simultaneously (Wilks' Lambda = 0.0014; p = 0.0001). These findings confirm that operational profitability is a key determinant of shareholder value, especially in the context of post-crisis recovery. This research makes a strategic contribution to financial decision-making in tourism companies operating in a volatile economic environment.
Keywords: Earnings per Share (EPS), Return on Equity (ROE), Net Operating Profit (NOP), Financial Performance, Tourism Industry
References
Agonizo, C., & Dananti, K. (2020). Perbandingan Kinerja Keuangan Taman Satwa Taru
Jurug Dengan Pt. Pembangunan Jaya Ancol Tbk. Jaka (Jurnal Akuntansi, Keuangan,
Dan Auditing), 1(1). https://doi.org/10.56696/jaka.v1i1.3858
Ana Luisa, C.-S., & Maria Belen, C.-S. (2018). Financing strategies in tourism sectors: hotels
and restaurants. CIENCIA UNEMI, 11(27).
Benignos, K. T., & Estores, K. I. G. (2022). Viability of an Integrated Farm as an Agritourism
Site in Toboso, Negros Occidental inthe New Normal. Technium Social Sciences
Journal, 34. https://doi.org/10.47577/tssj.v34i1.7149
Carvajal-Salgado, A. L., & Carvajal-Salgado, M. (2018). Estrategias de financiamiento en
sectores turísticos: hoteles y restaurantes. //Financing strategies in tourism sectors: hotels
and restaurants. CIENCIA UNEMI, 11(27). https://doi.org/10.29076/issn.2528
7737vol11iss27.2018pp30-42p
Carvajal Salgado, A., & Carvajal Salgado, M. (2018). Financing strategies in tourism sectors:
hotels and restaurants. Ciencia UNEMI, 11(27).
Chen, M. H., & Kim, W. G. (2010). Hotel valuation in China: A case study of a state-owned
hotel. Cornell Hospitality Quarterly, 51(3). https://doi.org/10.1177/1938965509337576
ÇİLEK, A. (2022). Entegre CRITIC-COPRAS Yaklaşımıyla Covid-19 Salgınının Borsa
İstanbul Turizm Endeksinde İşlem Gören Şirketlerin Finansal Performansına Etkisi.
Güncel Turizm Araştırmaları Dergisi, 6(1). https://doi.org/10.32572/guntad.1025344
Çöllü, D. A., Altin, A. Y., Akgün, L., & Eyduran, E. (2018). Assessment Of Factors Affecting
Financial Performance Of Tourism Companies In Bist By Means Of Data Mining
11
Jurnal Entrepreneur dan Manajemen Sains. Vol. 7 No.1. Januari 2026
Algorithms In Financial Ratios. In 3rd International Thematic Monograph - Thematic
Proceedings: Modern Management Tools and Economy of Tourism Sector in Present
Era. https://doi.org/10.31410/tmt.2018.425
Dalogaog, L. P. D. E., Padayhag, D. L., Madali, V. A. A., Sales, A. D., Salera, J. P., Lascuna,
S. J., Carpizo, R. T., Macalalad, M. B., & De Ocampo, L. G. (2019). Community-Based
Homestay Service: A Proposed Livelihood Project For The Dumagats. Abstract
Proceedings International Scholars Conference, 7(1).
Https://Doi.Org/10.35974/Isc.V7i1.1571
Demirel, E., Atakisi, A., & Atmaca, M. (2011). Financial And Economic Factors Affecting
Debt Ratio And Roe; Ise Tourism Firms Case. European Journal Of Scientific Research,
61(3).
Ezin, Y. (2022). Bist Turizm Endeksi Firmalarinin Finansal Performanslarinin Gri İlişkisel
Analiz Yöntemi İle Değerlendirilmesi. Dicle Üniversitesi İktisadi Ve İdari Bilimler
Fakültesi Dergisi, 12(24). Https://Doi.Org/10.53092/Duiibfd.1134997
Hedija, V., & Kuncová, M. (2018). Assessment of the financial health of the czech tour
operators | Hodnocení financěního zdraví českých cestovních kanceláří. Scientific Papers
of the University of Pardubice, Series D: Faculty of Economics and Administration,
25(42).
Iovino, F. (2018). Financial dynamics of lodging companies during ten years: A comparison
between hotels and other lodging companies. African Journal of Hospitality, Tourism
and Leisure, 7(6).
Jesús Such Devesa, M., Parte Esteban, L., & Garre Martínez, A. (2009). The financial
structure of the Spanish hotel industry: evidence from cluster analysis. In Tourism
Economics (Vol. 15, Issue 1).
Jo, A.-J., Kim, H.-J., & Sul, H.-K. (2015). A Difference Test between Tourism and
Manufacturing Businesses in Financial Ratios. The Korean Academic Association of
Business Administration, 28(12). https://doi.org/10.18032/kaaba.2015.28.12.3155
Kitsios, F. C., & Grigoroudis, E. (2020). Evaluating service innovation and business
performance in tourism: a multicriteria decision analysis approach. Management
Decision, 58(11). https://doi.org/10.1108/MD-09-2019-1326
Lucas, A., Ramires, A., & Monteiro, D. (2022). The United Nations Sustainable Development
Goal Of Smes Financing: Does Financial Ratios Analysis Help? Edulearn22
Proceedings, 1. https://doi.org/10.21125/edulearn.2022.1146
Martins, C., Vaz, C. B., & Alves, J. M. A. (2021). Financial performance assessment of
branded and non-branded hotel companies. Analysis of the Portuguese case.
International Journal of Contemporary Hospitality Management, 33(10).
https://doi.org/10.1108/IJCHM-02-2020-0149
Murniati, Maski, G., Noor, I., & Ekawaty, M. (2021). Identification of tourism potential and
investment strategy - A case study of banyuwangi regency. Estudios de Economia
Aplicada, 39(12). https://doi.org/10.25115/eea.v39i12.6003
Soy Temür, A. (2022a). Borsa İstanbul Turizm Endeksi (Xtrzm) Firmalarinin Entropi Temelli
Aras, Copras Ve Topsis Yöntemleri İle Finansal Performans Analizi. Verimlilik Dergisi,
2. Https://Doi.Org/10.51551/Verimlilik.907897
Soy Temür, A. (2022b). Turizm İşletmelerinin Covid-19 Öncesi Ve Covid-19 Sürecindeki
Finansal Performanslarinin Entropi Temelli Edas, Topsis Ve Waspas Yöntemleri İle
Değerlendirilmesi. Düzce Üniversitesi Sosyal Bilimler Dergisi, 12(1).
https://doi.org/10.55179/dusbed.1024694
Syriopoulos, T., Tsatsaronis, M., & Gorila, M. (2022). The global cruise industry: Financial
performance evaluation. Research in Transportation Business and Management, 45.
https://doi.org/10.1016/j.rtbm.2020.100558
12
Jurnal Entrepreneur dan Manajemen Sains. Vol. 7 No.1. Januari 2026
Uygurturk, H., Korkmaz, T., & Uygurturk, H. (2013). Determination of financial
performances of tourism companies traded at istanbul stock exchange. Actual Problems
of Economics, 147(9).
Wang, S.-M., Hsieh, C.-H., & Sie, P.-R. (2014). A Grey Relation Analysis of the Performance
of Listed Hospitality Companies in Taiwan. International Journal of Organizational
Innovation, 7(3).
Wira, V. (2021). The Effects of Financial Performance toward Firm Value on Tourism, Hotel
and Restaurant, and Transportation Sectors Listed on Indonesia Stock Exchange.
Inovbiz: Jurnal Inovasi Bisnis, 9(1). https://doi.org/10.35314/inovbiz.v9i1.1903
Yulita, I. K., & Rahayu, C. W. E. (2019). Hospitality And Tourism Industry Performance in
Indonesia Based on Benjamin Graham’s Perspective. JURNAL ILMU MANAJEMEN
DAN BISNIS, 10(1). https://doi.org/10.17509/jimb.v10i1.14485
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
