Mohammad Ashraful Ferdous Chowdhury, Mohammad Abdullah, Z. Sulong
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引用次数: 0
Abstract
This study investigates the relationship between sustainable industry performance and stock returns of the Halal tourism sector. We use a comprehensive dataset comprising 192 Halal tourism firms from 38 countries over the period of 2010–2020. Our baseline analysis reveals a significant positive impact of sustainable industry performance on Halal tourism stock returns. To control endogeneity issues, we employ advanced econometric techniques, including dynamic Generalized Method of Moments and confirms the robustness of our initial results. Furthermore, we document the adverse effects of the COVID-19 pandemic on Halal tourism stocks, underscoring the vulnerability of the industry to external shocks. Additionally, our subsample analysis highlights that firms with lower levels of sustainability experience negative repercussions on their stock returns. The findings offer valuable insights for investors, policymakers, and industry stakeholders, emphasizing the importance of sustainable strategies in enhancing both financial outcomes and resilience in the ever-evolving landscape of Halal tourism.
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).