Capital structure of hospitality and tourism-related firms: Unveiling the impact of COVID-19 pandemic on European firms with different size and ownership structure
Sumaira Ashraf , Ahmed A. Sarhan , Antonio Manuel Martins de Almeida , Susana Teles
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Abstract
The COVID-19 pandemic has imposed an unprecedented impact on economies around the world. The hospitality and tourism-related sectors were among the hardest-hit industries. This empirical study examines the impact of the pandemic on the capital structure decisions of hospitality and tourism firms operating in five related industries. Our analysis also focuses on identifying this impact across different firm sizes and ownership structures, using a dataset of 94,588 firms from 31 European countries over the period 2012–2021. The findings reveal that leverage is higher during the pandemic across all industries, with the effect being more pronounced in small and publicly listed firms than in larger and private ones. However, the gambling and sports sectors show inconsistent results.
期刊介绍：
The International Journal of Hospitality Management serves as a platform for discussing significant trends and advancements in various disciplines related to the hospitality industry. The publication covers a wide range of topics, including human resources management, consumer behavior and marketing, business forecasting and applied economics, operational management, strategic management, financial management, planning and design, information technology and e-commerce, training and development, technological developments, and national and international legislation.
In addition to covering these topics, the journal features research papers, state-of-the-art reviews, and analyses of business practices within the hospitality industry. It aims to provide readers with valuable insights and knowledge in order to advance research and improve practices in the field.
The journal is also indexed and abstracted in various databases, including the Journal of Travel Research, PIRA, Academic Journal Guide, Documentation Touristique, Leisure, Recreation and Tourism Abstracts, Lodging and Restaurant Index, Scopus, CIRET, and the Social Sciences Citation Index. This ensures that the journal's content is widely accessible and discoverable by researchers and practitioners in the hospitality field.
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