{"title":"Impact of high-speed rail operation, ESG performance, and financial performance of listed tourism companies","authors":"Xintong Yan , Daibo Xiao , Hokai Chan , Guoxiong Zeng , Renxing Wei","doi":"10.1016/j.frl.2025.107071","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the relationship between the opening of high-speed rail (HSR); environmental, social, and governance (ESG) performance, and the financial outcomes of publicly traded tourism companies using data from 2012 to 2022. Empirical analysis reveals that both the opening of HSR and high ESG performance positively impact the financial performance of these listed tourism entities. The efficacy of managerial processes acts as a moderating factor in the relationship between the opening of HSR services and the financial performance of listed tourism companies, with a differential impact on the financial success of state-controlled versus privately owned tourism enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107071"},"PeriodicalIF":6.9000,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325003356","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study examines the relationship between the opening of high-speed rail (HSR); environmental, social, and governance (ESG) performance, and the financial outcomes of publicly traded tourism companies using data from 2012 to 2022. Empirical analysis reveals that both the opening of HSR and high ESG performance positively impact the financial performance of these listed tourism entities. The efficacy of managerial processes acts as a moderating factor in the relationship between the opening of HSR services and the financial performance of listed tourism companies, with a differential impact on the financial success of state-controlled versus privately owned tourism enterprises.
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