{"title":"Internationalization and stock returns during the pandemic: Hotels vs. casinos","authors":"SoYeon Jung , Seoki Lee","doi":"10.1016/j.ijhm.2025.104138","DOIUrl":null,"url":null,"abstract":"<div><div>This study explores the impact of COVID-19 on stock returns and the role of internationalization on the relationship between COVID-19 and stock returns by employing generalized estimating equations with weekly stock returns during 2020 for U.S. hotels and casinos. This study uncovers that as COVID-19 cases rose, hotel firms’ stock returns increased, while casino firms’ stock returns decreased. This study further discloses that the linkage between the pandemic and stock returns depends on the level of internationalization. That is, internationalization is found to hinder hotels from realizing their stock gains while mitigating casinos’ shocks to stock declines during the pandemic. The findings of the present study support the overarching effect of internationalization on stock returns during the pandemic and add clarity to the hospitality literature by focusing on the hotel and casino subsectors.</div></div>","PeriodicalId":48444,"journal":{"name":"International Journal of Hospitality Management","volume":"128 ","pages":"Article 104138"},"PeriodicalIF":8.3000,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Hospitality Management","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0278431925000611","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/2/27 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"HOSPITALITY, LEISURE, SPORT & TOURISM","Score":null,"Total":0}
引用次数: 0
Abstract
This study explores the impact of COVID-19 on stock returns and the role of internationalization on the relationship between COVID-19 and stock returns by employing generalized estimating equations with weekly stock returns during 2020 for U.S. hotels and casinos. This study uncovers that as COVID-19 cases rose, hotel firms’ stock returns increased, while casino firms’ stock returns decreased. This study further discloses that the linkage between the pandemic and stock returns depends on the level of internationalization. That is, internationalization is found to hinder hotels from realizing their stock gains while mitigating casinos’ shocks to stock declines during the pandemic. The findings of the present study support the overarching effect of internationalization on stock returns during the pandemic and add clarity to the hospitality literature by focusing on the hotel and casino subsectors.
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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