Firm-level political risk and corporate investments in the hospitality and tourism industry: The moderating role of asset tangibility and corporate governance quality

IF 7.3 2区管理学 Q1 HOSPITALITY, LEISURE, SPORT & TOURISM

Tourism Management Perspectives Pub Date : 2024-08-24 DOI:10.1016/j.tmp.2024.101290

Ozgur Ozdemir , Wenjia Han , Ezgi Erkmen , Melih Madanoglu

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引用次数: 0

Abstract

Firms in the hospitality and tourism (HT) industry need to continuously make capital investments to sustain their long-term growth. These investments occur under varying conditions, including levels of political risk. Hence, this study examines the effects of firm-level political risk on corporate investments of 251 U.S. HT over the period 2002–2022. It further explores the moderating role of asset tangibility and corporate governance. Using fixed-effect regression analyses, the study finds that firm-level political risk negatively impacts corporate investments in the HT industry. Results reveal that asset tangibility and ownership concentration help mitigate the negative effect of firm-level political risk, while institutional ownership exacerbates this negative effect. Given that corporate investments are the backbone of the sustainable growth of HT firms, this research provides important implications for policymakers and practitioners in their attempts to reduce the negative effect of political risk on corporate investments.

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公司层面的政治风险与酒店和旅游业的企业投资：资产有形性和公司治理质量的调节作用

酒店与旅游业（HT）的企业需要不断进行资本投资，以维持其长期增长。这些投资是在包括政治风险在内的各种条件下进行的。因此，本研究探讨了 2002-2022 年间公司层面的政治风险对美国 251 家酒店与旅游业公司投资的影响。研究还进一步探讨了资产有形性和公司治理的调节作用。通过固定效应回归分析，研究发现企业层面的政治风险对 HT 行业的企业投资产生了负面影响。结果显示，资产有形性和所有权集中度有助于减轻公司层面政治风险的负面影响，而机构所有权则会加剧这种负面影响。鉴于企业投资是高温工业企业可持续增长的支柱，本研究为政策制定者和从业者试图降低政治风险对企业投资的负面影响提供了重要启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Tourism Management Perspectives Multiple-

CiteScore

15.60

自引率

3.40%

发文量

审稿时长

59 days

期刊介绍： Tourism Management Perspectives is an interdisciplinary journal that focuses on the planning and management of travel and tourism. It covers topics such as tourist experiences, their consequences for communities, economies, and environments, the creation of image, the shaping of tourist experiences and perceptions, and the management of tourist organizations and destinations. The journal's editorial board consists of experienced international professionals and it shares the board with Tourism Management. The journal covers socio-cultural, technological, planning, and policy aspects of international, national, and regional tourism, as well as specific management studies. It encourages papers that introduce new research methods and critique existing ones in the context of tourism research. The journal publishes empirical research articles and high-quality review articles on important topics and emerging themes that enhance the theoretical and conceptual understanding of key areas within travel and tourism management.