COVID-19, financing constraints, and performance of listed tourism companies: Evidence from China

被引：2
作者：
Chen, Dan [1 ]
Tang, Yufei [1 ]
Zhang, Yuan [1 ]
Sun, Jingyu [1 ]
机构：
[1] Hefei Univ, Sch Tourism & Exhibit, Hefei 230061, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 65卷
关键词：
COVID-19; pandemic; Financing constraints; Tourism firm performance; STOCK; IMPACT;
D O I：
10.1016/j.frl.2024.105635
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study takes the 2020 COVID-19 as a quasi-natural experiment, using cumulative confirmed cases of COVID-19 and data from listed tourism companies in Chinese cities from 2014 to 2022. Employing a double-difference model, we investigate the impact of the pandemic on the performance of listed tourism companies and model moderating effects to explore the moderating role of financial constraints. The results indicate a significant decline in the performance of listed tourism companies due to COVID-19 with a more pronounced effect on private and small-scale enterprises, indicating that greater financial constraints exacerbated the negative impact of the pandemic on performance.
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页数：10
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