Proceedings of the 10th Padang International Conference on Education, Economics, Business and Accounting (PICEEBA-2 2022)

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The Impact of Capital Structure Management on Financial Stability in Tourism, Restaurant, and Hospitality Industry Moderated COVID-19

Authors
Sunarti Sunarti1, *, Erni Masdupi1
1Universitas Negeri Padang, Padang, Indonesia
*Corresponding author. Email: sunarti07des@gmail.com
Corresponding Author
Sunarti Sunarti
Available Online 16 September 2025.
DOI
10.2991/978-94-6463-839-4_135How to use a DOI?
Keywords
Capital Structure; Financial Stability; Low Debt; Low Short-Term Debt; Low Long-Term Debt; Size firm; Sales Growth
Abstract

With COVID-19 serving as a moderating variable, this study examines the effects of low debt capital structures—which include both low short-term and low long-term debt—on the financial stability of companies in the restaurant, hospitality industry, and tourist sectors. Before taking into account the impact of COVID-19, the results show that low debt levels have a negative and significant effect on financial stability using a sample of 36 companies listed on the Indonesia Stock Exchange and z-score regression analysis with SPSS 27. Conversely, low debt levels show positive impact and significant effect when regulated by COVID-19. Before considering the moderation effect of COVID-19, both low short-term and low long-term debts positively and significantly impact financial stability. However, after accounting for COVID-19, this impact turns negative and significant.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 10th Padang International Conference on Education, Economics, Business and Accounting (PICEEBA-2 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
16 September 2025
ISBN
978-94-6463-839-4
ISSN
2352-5428
DOI
10.2991/978-94-6463-839-4_135How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Sunarti Sunarti
AU  - Erni Masdupi
PY  - 2025
DA  - 2025/09/16
TI  - The Impact of Capital Structure Management on Financial Stability in Tourism, Restaurant, and Hospitality Industry Moderated COVID-19
BT  - Proceedings of the 10th Padang International Conference on Education, Economics, Business and Accounting (PICEEBA-2 2022)
PB  - Atlantis Press
SP  - 1725
EP  - 1743
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-839-4_135
DO  - 10.2991/978-94-6463-839-4_135
ID  - Sunarti2025
ER  -