Capital structure of hospitality and tourism-related firms: Unveiling the impact of COVID-19 pandemic on European firms with different size and ownership structure

IF 9.9 1区管理学 Q1 HOSPITALITY, LEISURE, SPORT & TOURISM

International Journal of Hospitality Management Pub Date : 2024-12-19 DOI:10.1016/j.ijhm.2024.104067

Sumaira Ashraf , Ahmed A. Sarhan , Antonio Manuel Martins de Almeida , Susana Teles

引用次数: 0

Abstract

The COVID-19 pandemic has imposed an unprecedented impact on economies around the world. The hospitality and tourism-related sectors were among the hardest-hit industries. This empirical study examines the impact of the pandemic on the capital structure decisions of hospitality and tourism firms operating in five related industries. Our analysis also focuses on identifying this impact across different firm sizes and ownership structures, using a dataset of 94,588 firms from 31 European countries over the period 2012–2021. The findings reveal that leverage is higher during the pandemic across all industries, with the effect being more pronounced in small and publicly listed firms than in larger and private ones. However, the gambling and sports sectors show inconsistent results.

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酒店和旅游相关企业的资本结构：揭示COVID-19大流行对不同规模和所有权结构的欧洲企业的影响

新冠肺炎疫情对全球经济造成了前所未有的影响。酒店和旅游相关行业是受影响最严重的行业之一。本实证研究考察了疫情对五个相关行业的酒店和旅游公司资本结构决策的影响。我们的分析还侧重于确定不同公司规模和所有权结构的影响，使用了2012-2021年期间来自31个欧洲国家的94,588家公司的数据集。调查结果显示，在疫情期间，所有行业的杠杆率都较高，对小型和上市公司的影响比大型和私营公司更为明显。然而，赌博和体育部门的结果却不一致。

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

International Journal of Hospitality Management HOSPITALITY, LEISURE, SPORT & TOURISM-

CiteScore

21.20

自引率

9.40%

发文量

218

审稿时长

85 days

期刊介绍： The International Journal of Hospitality Management serves as a platform for discussing significant trends and advancements in various disciplines related to the hospitality industry. The publication covers a wide range of topics, including human resources management, consumer behavior and marketing, business forecasting and applied economics, operational management, strategic management, financial management, planning and design, information technology and e-commerce, training and development, technological developments, and national and international legislation. In addition to covering these topics, the journal features research papers, state-of-the-art reviews, and analyses of business practices within the hospitality industry. It aims to provide readers with valuable insights and knowledge in order to advance research and improve practices in the field. The journal is also indexed and abstracted in various databases, including the Journal of Travel Research, PIRA, Academic Journal Guide, Documentation Touristique, Leisure, Recreation and Tourism Abstracts, Lodging and Restaurant Index, Scopus, CIRET, and the Social Sciences Citation Index. This ensures that the journal's content is widely accessible and discoverable by researchers and practitioners in the hospitality field.