Role of corporate sustainability disclosures in moderating the impact of country-level uncertainties on tourism sector firms’ risk

IF 6.9 2区 管理学 Q2 GREEN & SUSTAINABLE SCIENCE & TECHNOLOGY
Dilip Kumar
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引用次数: 2

Abstract

The study investigates the role of corporate sustainability disclosures in moderating the link between country-level uncertainties (economic policy uncertainty, political uncertainty and uncertainty due to climate change) and firms' risks (total risk, market risk, and default risk) in the worldwide tourism firms. We consider the volume of ESG (environmental, social and governance) activities disclosures by the firms as a proxy of corporate sustainability disclosures. The study also explores the link between sustainability disclosures and firms' risks to validate the risk-reduction hypothesis. The study further highlights the relevance of country-level uncertainties in increasing firms' risks. The findings indicate that corporate sustainability disclosures can assist in mitigating tourism firms' risks during periods of heightened country-level uncertainties. The study also documents the significance of sustainability disclosures in reducing the effect of uncertainties on tourism firms' risks during the COVID-19 period. The results validate the risk-reduction hypothesis indicating that firms' engagement in corporate sustainability practices facilitates risk mitigation efforts during periods of escalated external uncertainties. By demonstrating that firms that engage in sustainability practices and provide required disclosures are better equipped to manage risks during periods of increased uncertainty, the study provides valuable insights for industry stakeholders, including investors, policymakers, and firms themselves. [ FROM AUTHOR] Copyright of Journal of Sustainable Tourism is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
企业可持续发展披露在缓和国家层面不确定性对旅游行业企业风险影响中的作用
本研究探讨了企业可持续发展信息披露在调节国家层面的不确定性(经济政策不确定性、政治不确定性和气候变化不确定性)和企业风险(总风险、市场风险和违约风险)之间的联系中的作用。我们将公司披露的ESG(环境、社会和治理)活动的数量视为公司可持续性披露的代理。研究还探讨了可持续性披露与公司风险之间的联系,以验证风险降低假设。该研究进一步强调了国家层面的不确定性与企业风险增加的相关性。研究结果表明,在国家层面不确定性加剧的时期,企业可持续发展信息披露有助于减轻旅游企业的风险。该研究还记录了可持续性披露在减少2019冠状病毒病期间不确定性对旅游公司风险的影响方面的重要性。研究结果验证了风险降低假设,表明企业参与企业可持续发展实践有助于在外部不确定性升级期间降低风险。通过证明从事可持续发展实践并提供所需披露的公司在不确定性增加的时期能够更好地管理风险,该研究为行业利益相关者(包括投资者、政策制定者和公司本身)提供了有价值的见解。《可持续旅游杂志》版权归Taylor & Francis有限公司所有,未经版权所有者明确书面许可,其内容不得复制或通过电子邮件发送到多个网站或发布到listserv。但是,用户可以打印、下载或通过电子邮件发送文章供个人使用。这可以删节。对副本的准确性不作任何保证。用户应参阅原始出版版本的材料的完整。(版权适用于所有人。)
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来源期刊
CiteScore
23.10
自引率
8.90%
发文量
91
期刊介绍: The Journal of Sustainable Tourism advances critical understanding of the relationships between tourism and sustainable development. The journal publishes theoretical, conceptual and empirical research that explores one or more of the economic, social, cultural, political, organisational or environmental aspects of the subject. The Journal of Sustainable Tourism encourages critical views, as well as new ideas and approaches in relation to the theory and practice linking tourism and sustainability.
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