Do companies' risk perceptions affect investor confidence? Evidence from textual risk disclosure in the tourism industry

IF 7.3 2区管理学 Q1 HOSPITALITY, LEISURE, SPORT & TOURISM Tourism Management Perspectives Pub Date : 2023-10-20 DOI:10.1016/j.tmp.2023.101189

Yuyao Feng , Jianping Li , Xiaolei Sun , Guowen Li

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Abstract

Few studies have examined tourism risk perception from a company perspective, which can better reflect their real risk situation. Moreover, when companies' risk perception is captured, it can have an impact on investor confidence and lead to abnormal market volatility. Therefore, it is essential to investigate tourism companies' risk perceptions and their effect on investor confidence. For this purpose, we first identify 31 risk perceptions from textual risk disclosures in annual reports using text mining technology. We then construct a panel regression model to assess its influence on investor confidence. This study overcomes the barriers to tourism companies' risk perception identification and effect characterization in data acquisition and technology. This work can enrich the research on tourism risk perception and improve tourism companies' risk management efficiency. The findings suggest that tourism companies should increase their protection against liquidity risk and actively explore international markets to enhance investor confidence.

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企业的风险认知会影响投资者的信心吗?旅游业文本风险披露的证据

很少有研究从公司的角度来考察旅游风险感知，这能更好地反映他们的真实风险状况。此外，当公司的风险感知被捕捉到时，可能会对投资者信心产生影响，并导致市场异常波动。因此，有必要调查旅游公司的风险认知及其对投资者信心的影响。为此，我们首先使用文本挖掘技术从年度报告中的文本风险披露中识别出31种风险感知。然后，我们构建了一个面板回归模型来评估其对投资者信心的影响。本研究克服了旅游企业在数据获取和技术上进行风险感知识别和效果表征的障碍。这项工作可以丰富旅游风险感知的研究，提高旅游企业的风险管理效率。研究结果表明，旅游企业应加强对流动性风险的防范，积极开拓国际市场，增强投资者信心。

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来源期刊

Tourism Management Perspectives Multiple-

CiteScore

15.60

自引率

3.40%

发文量

审稿时长

59 days

期刊介绍： Tourism Management Perspectives is an interdisciplinary journal that focuses on the planning and management of travel and tourism. It covers topics such as tourist experiences, their consequences for communities, economies, and environments, the creation of image, the shaping of tourist experiences and perceptions, and the management of tourist organizations and destinations. The journal's editorial board consists of experienced international professionals and it shares the board with Tourism Management. The journal covers socio-cultural, technological, planning, and policy aspects of international, national, and regional tourism, as well as specific management studies. It encourages papers that introduce new research methods and critique existing ones in the context of tourism research. The journal publishes empirical research articles and high-quality review articles on important topics and emerging themes that enhance the theoretical and conceptual understanding of key areas within travel and tourism management.