The Effect of COVID–19 Pandemic Crisis on Financial Risk of Hotels and Resorts in Thailand

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Pimonwan Tripattanasit
Yodsawinkan Kobkanjanapued
Wanrudee Suksanguan
Phatnatcha Chotkunakitti


The COVID-19 situation is a severe pandemic crisis that has affected a wide area of the world. Especially hotel and resort businesses had a lot of revenue decline due to the state of emergency and the government's lockdown measures, causing the hotel and resort business to be disrupted, lack of working capital for management, which may cause financial risks of the business in the future. Then, this research is aimed at studying the impact of the COVID-19 pandemic crisis on the debt to total assets ratio, interest coverage ratio, and working capital to total assets ratio of hotels and resorts in Thailand, totaling 171 firms business from the list published on the website of the Association for Domestic Travel (ADT). After selecting the sample group by a specific method according to the specified characteristics, the sample group totaled 115 firms after collecting data for the period 2018–2020. The statistics used in the analysis included 1) descriptive statistics, 2) correlation analysis, and 3) multiple regression analysis.

The research results showed that the COVID-19 pandemic crisis happening in Thailand during 2020 caused a decrease in the interest coverage ratio compared with the years of 2019 and 2018, the year before the COVID-19 pandemic. In other words, firms have increased financial risk. Whereas the debts to assets and working capital to total assets ratios were not affected by the COVID-19 pandemic.

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How to Cite
Tripattanasit, P., Kobkanjanapued, Y., Suksanguan, W., & Chotkunakitti, P. (2022). The Effect of COVID–19 Pandemic Crisis on Financial Risk of Hotels and Resorts in Thailand. Journal of Arts Management, 6(4), 2186–2207. Retrieved from
Research Articles


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