Profitability structure of tourist companies during and after crises

World Development Sustainability Pub Date : 2026-06-01 Epub Date: 2026-02-25 DOI:10.1016/j.wds.2026.100281

Felicetta Iovino

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Abstract

The aim of this paper is to analyse the financial performance of tourism companies, tour operators and travel agencies on one hand and hotels on the other hand during and after the period of the financial crisis (2008).

We have used secondary data from AIDA database about the Italian tourism companies. The profitability has been analysed using the main profitability ratios, ROA and ROE. A trend analysis have been employed for the period 2008-2017.

The crisis hasn’t had strong impacts on these companies. In fact, there has been only a small decrease in profitability ratios in 2009. The type of business is the main factor that affects these types of businesses, instead the geographical localization doesn’t show relevant effects.

The paper is one of the first to use an historical prospective to analyse the effects of a major crisis such as the financial crisis of 2008 in a country like Italy where tourism is a very significant part of the GDP. Furthermore, this analysis has been carried out using profitability ratios and in particular ROE that expresses the overall profitability of a company.

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危机期间和危机后旅游公司的盈利结构

本文的目的是分析旅游公司，旅游经营者和旅行社一方面和酒店在金融危机期间和之后的另一方面的财务绩效（2008）。我们使用了AIDA数据库中关于意大利旅游公司的二手数据。利用主要盈利能力比率、总资产收益率和净资产收益率对盈利能力进行了分析。对2008-2017年期间进行了趋势分析。这场危机并没有对这些公司造成太大影响。事实上，2009年的利润率只有小幅下降。业务类型是影响这些业务类型的主要因素，而地理定位并没有表现出相关的影响。这篇论文是第一个使用历史观点来分析重大危机的影响的论文之一，比如2008年的金融危机，在意大利这样的国家，旅游业是GDP的重要组成部分。此外，这种分析是使用盈利能力比率进行的，特别是表示公司整体盈利能力的ROE。

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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World Development Sustainability

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