Felisitas Defung, Michael Hadjaat, Rizky Yudaruddin
{"title":"COVID-19大流行与休闲、艺术和酒店业的企业绩效:国际证据","authors":"Felisitas Defung, Michael Hadjaat, Rizky Yudaruddin","doi":"10.21511/imfi.20(4).2023.10","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":39060,"journal":{"name":"Investment Management and Financial Innovations","volume":"22 6","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"COVID-19 pandemic and firm performance in leisure, arts, and hospitality industries: international evidence\",\"authors\":\"Felisitas Defung, Michael Hadjaat, Rizky Yudaruddin\",\"doi\":\"10.21511/imfi.20(4).2023.10\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":39060,\"journal\":{\"name\":\"Investment Management and Financial Innovations\",\"volume\":\"22 6\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-10-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Investment Management and Financial Innovations\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.21511/imfi.20(4).2023.10\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Investment Management and Financial Innovations","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.21511/imfi.20(4).2023.10","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
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.
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.