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The increasing use of the internet has influenced the development of travel agents with the existence of online travel agents. The growth of the internet is also one of the triggers for millennials to travel. However, the Covid-19 pandemic makes millennials have to consider the risks in their purchase intentions at travel agents. This research wants to study how perceived risks affect online purchase intention of travel agencies during the Covid-19 pandemic. There are six perceptions of risk that are measured, namely, financial risk, product risk, risk, security, time risk, social risk, and psychological risk. The survey will be carried out by distributing questionnaires to 310 respondents who will focus on the millennial generation as respondents. The results showed that during a pandemic, the observed risk of perception had a negative effect on purchase intentions of online travel agents. Product risk, time risk and psychological risk are the three risks that have the highest negative influence on online purchase intentions during the Covid-19 pandemic. The results also show that the pandemic changes consumer behavior in seeing the risks they will face. By understanding the differences in risk perceptions, companies can reduce perceived risks that will have a negative impact on consumer purchase intentions.

In Indonesia, enterprise risk management (ERM) disclosure is mandatory and is expected to be substantial risk mitigation for investors. However, it becomes a question of whether the investors respond positively to ERM disclosure. ERM implementation requires the company's resources that should impact its profitability.

eWOM has become an important source of additional information for customers in determining the purchase of a product or service such as a hotel. Unfortunately, Covid-19 pandemic occurred in 2020 and changed consumer behavior regarding information needs to fulfill their sense of secure to stay at hotel. Therefore, this study aims to examine the role of electronic word of mouth of boutique hotels and information on the application of health protocols on the intention to book boutique hotels during the Covid-19 pandemic by paying attention to consumer perceived usefulness and enjoyment aspects. A total of 216 responses to a survey were collected. Structural Equation Model (SEM) was used to analyze data using PLS-SEM to test the hypotheses. The results of this study is perceived usefulness and perceived enjoyment of electronic word of mouth and health protocol influence significanly to hotel booking intention. This means that it indicates that online reviews and application of health protocols are perceived as useful and fun information to use that encourages customer boutique hotel booking intentions. During this pandemic, the results also showed that customers prioritized the fulfillment of utilitarian values, namely searching for information about the hotel as a whole as perceived usefulness of hotel online reviews as an external factor in hotel management and the application of hotel health protocols as an internal factor in hotel management before stay. The managerial implication of this research encourages boutique hotel management to to provide the best service and promote the uniqueness of boutique hotels to encourage good and detail reviews and implement health protocol in order to increase boutique hotel booking intentions.