{"title":"Does climate policy uncertainty influence corporate cash holdings? Evidence from the U.S. tourism and hospitality sector","authors":"Lei Zhang, Jing Gao","doi":"10.1177/13548166231224561","DOIUrl":null,"url":null,"abstract":"We examine the influence of climate policy uncertainty (CPU) on corporate cash holding decisions of U.S. tourism and hospitality firms. We find that CPU is negatively associated with corporate cash holdings for tourism and hospitality firms in the United States. A further analysis indicates that the impact of CPU on cash holdings lasts 2 years and disappears afterward. We also show that CPU is negatively associated with corporate cash holdings for hotel firms, but its impacts on airline, restaurant, and casino firms are insignificant. Results from cross-sectional analyses show that financial constraints and climate risk exposure moderate the relationship between CPU and corporate cash holdings. Our main findings are insensitive to additional robustness tests, including an instrumental variable test and subsample analyses. Our results have timely implications for academics, investors, and regulators.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"31 14","pages":""},"PeriodicalIF":3.6000,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Tourism Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1177/13548166231224561","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
We examine the influence of climate policy uncertainty (CPU) on corporate cash holding decisions of U.S. tourism and hospitality firms. We find that CPU is negatively associated with corporate cash holdings for tourism and hospitality firms in the United States. A further analysis indicates that the impact of CPU on cash holdings lasts 2 years and disappears afterward. We also show that CPU is negatively associated with corporate cash holdings for hotel firms, but its impacts on airline, restaurant, and casino firms are insignificant. Results from cross-sectional analyses show that financial constraints and climate risk exposure moderate the relationship between CPU and corporate cash holdings. Our main findings are insensitive to additional robustness tests, including an instrumental variable test and subsample analyses. Our results have timely implications for academics, investors, and regulators.
期刊介绍：
Tourism Economics, published quarterly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).
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