COVID-19大流行与休闲、艺术和酒店业的企业绩效:国际证据

Q2 Economics, Econometrics and Finance Investment Management and Financial Innovations Pub Date : 2023-10-24 DOI:10.21511/imfi.20(4).2023.10
Felisitas Defung, Michael Hadjaat, Rizky Yudaruddin
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引用次数: 0

摘要

本研究分析了2019冠状病毒病大流行对2018年至2022年间在全球证券交易所上市的来自59个国家的944家休闲、艺术和酒店公司业绩的影响。该研究使用具有稳健标准误差的普通最小二乘法,揭示了COVID-19对企业绩效的一致且统计显著的负面影响。调查结果凸显了该行业企业在疫情期间面临的困难。此外,该研究还调查了COVID-19大流行期间公司特征与公司绩效之间的关系,揭示了公司规模、流动性和杠杆在影响各行业公司绩效方面发挥着至关重要的作用。大公司表现出更大的弹性,而更大的流动性有助于更好地克服流行病造成的障碍。相比之下,杠杆率较高的公司业绩受到的负面影响更为明显,这凸显了危机期间债务管理的重要性。根据这些调查结果,强烈敦促政策制定者向休闲、艺术和酒店业提供有针对性的援助,以有效应对疫情带来的挑战。监管机构应鼓励大公司的弹性,并强调维持较高流动性水平对金融稳定的重要性。建议管理人员谨慎管理债务,以限制大流行的影响,并在面临非同寻常的挑战时提高绩效。
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COVID-19 pandemic and firm performance in leisure, arts, and hospitality industries: international evidence
This study analyzes the impact of the COVID-19 pandemic on the performance of 944 Leisure, Arts, and Hospitality companies from 59 countries listed on global stock exchanges between 2018 and 2022. Using Ordinary Least Squares with robust standard errors, the study reveals a consistent and statistically significant negative impact of COVID-19 on the performance of firms. The results highlight the difficulties faced by companies in this industry during the pandemic. In addition, the study investigates the relationship between firm characteristics and company performance during the COVID-19 pandemic, revealing that company size, liquidity, and leverage play crucial roles in influencing firm performance across industries. Larger corporations exhibit greater resiliency, while greater liquidity facilitates better navigation of pandemic-induced obstacles. In contrast, companies with greater leverage experience more pronounced negative effects on their performance, highlighting the significance of debt management during a crisis. Based on these findings, policymakers are strongly urged to provide targeted assistance to Leisure, Arts, and Hospitality industries to address the challenges the pandemic poses effectively. Regulators should encourage the resiliency of larger firms and stress the importance of maintaining higher liquidity levels for financial stability. It is recommended that managers should prudently manage debt to limit pandemic repercussions and boost performance in the face of extraordinary challenges.
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来源期刊
Investment Management and Financial Innovations
Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance
CiteScore
2.50
自引率
0.00%
发文量
99
审稿时长
11 weeks
期刊介绍: The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.
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