Yuyao Feng , Jianping Li , Xiaolei Sun , Guowen Li
{"title":"企业的风险认知会影响投资者的信心吗?旅游业文本风险披露的证据","authors":"Yuyao Feng , Jianping Li , Xiaolei Sun , Guowen Li","doi":"10.1016/j.tmp.2023.101189","DOIUrl":null,"url":null,"abstract":"<div><p>Few studies have examined tourism risk perception from a company perspective, which can better reflect their real risk situation. Moreover, when companies' risk perception is captured, it can have an impact on investor confidence and lead to abnormal market volatility. Therefore, it is essential to investigate tourism companies' risk perceptions and their effect on investor confidence. For this purpose, we first identify 31 risk perceptions from textual risk disclosures in annual reports using text mining technology. We then construct a panel regression model to assess its influence on investor confidence. This study overcomes the barriers to tourism companies' risk perception identification and effect characterization in data acquisition and technology. This work can enrich the research on tourism risk perception and improve tourism companies' risk management efficiency. The findings suggest that tourism companies should increase their protection against liquidity risk and actively explore international markets to enhance investor confidence.</p></div>","PeriodicalId":48141,"journal":{"name":"Tourism Management Perspectives","volume":null,"pages":null},"PeriodicalIF":7.3000,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Do companies' risk perceptions affect investor confidence? Evidence from textual risk disclosure in the tourism industry\",\"authors\":\"Yuyao Feng , Jianping Li , Xiaolei Sun , Guowen Li\",\"doi\":\"10.1016/j.tmp.2023.101189\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Few studies have examined tourism risk perception from a company perspective, which can better reflect their real risk situation. Moreover, when companies' risk perception is captured, it can have an impact on investor confidence and lead to abnormal market volatility. Therefore, it is essential to investigate tourism companies' risk perceptions and their effect on investor confidence. For this purpose, we first identify 31 risk perceptions from textual risk disclosures in annual reports using text mining technology. We then construct a panel regression model to assess its influence on investor confidence. This study overcomes the barriers to tourism companies' risk perception identification and effect characterization in data acquisition and technology. This work can enrich the research on tourism risk perception and improve tourism companies' risk management efficiency. The findings suggest that tourism companies should increase their protection against liquidity risk and actively explore international markets to enhance investor confidence.</p></div>\",\"PeriodicalId\":48141,\"journal\":{\"name\":\"Tourism Management Perspectives\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.3000,\"publicationDate\":\"2023-10-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Tourism Management Perspectives\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S2211973623001174\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"HOSPITALITY, LEISURE, SPORT & TOURISM\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Tourism Management Perspectives","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2211973623001174","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"HOSPITALITY, LEISURE, SPORT & TOURISM","Score":null,"Total":0}
Do companies' risk perceptions affect investor confidence? Evidence from textual risk disclosure in the tourism industry
Few studies have examined tourism risk perception from a company perspective, which can better reflect their real risk situation. Moreover, when companies' risk perception is captured, it can have an impact on investor confidence and lead to abnormal market volatility. Therefore, it is essential to investigate tourism companies' risk perceptions and their effect on investor confidence. For this purpose, we first identify 31 risk perceptions from textual risk disclosures in annual reports using text mining technology. We then construct a panel regression model to assess its influence on investor confidence. This study overcomes the barriers to tourism companies' risk perception identification and effect characterization in data acquisition and technology. This work can enrich the research on tourism risk perception and improve tourism companies' risk management efficiency. The findings suggest that tourism companies should increase their protection against liquidity risk and actively explore international markets to enhance investor confidence.
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.