IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i4p1510-d1337020.html
   My bibliography  Save this article

Evaluating the Intellectual Capital of Intensively Tourism-Dependent Countries Between, Prior, and During the COVID-19 Pandemic

Author

Listed:
  • Ratapol Wudhikarn

    (Department of Knowledge and Innovation Management, College of Arts, Media, and Technology, Chiang Mai University, Chiang Mai 50200, Thailand
    A Research Group in Informatics for Well-Being Society, College of Arts, Media, and Technology, Chiang Mai University, Chiang Mai 50200, Thailand)

  • Photchanaphisut Pattanasak

    (Department of Knowledge and Innovation Management, College of Arts, Media, and Technology, Chiang Mai University, Chiang Mai 50200, Thailand)

  • Vorathamon Cherapanukorn

    (A Research Group in Informatics for Well-Being Society, College of Arts, Media, and Technology, Chiang Mai University, Chiang Mai 50200, Thailand
    Department of Modern Management and Information Technology, College of Arts, Media, and Technology, Chiang Mai University, Chiang Mai 50200, Thailand)

  • Boontarika Paphawasit

    (A Research Group in Informatics for Well-Being Society, College of Arts, Media, and Technology, Chiang Mai University, Chiang Mai 50200, Thailand
    Department of Modern Management and Information Technology, College of Arts, Media, and Technology, Chiang Mai University, Chiang Mai 50200, Thailand)

Abstract

The tourism industry has grappled with the challenges posed by the onset of the coronavirus disease (COVID-19) since the start of 2020, experiencing a complete lockdown that profoundly affected travel activities. This viral outbreak had a critical impact on both the financial and non-financial aspects of life, including the intellectual capital (IC) of the tourism and hospitality sectors. However, there is a scarcity of studies addressing this issue within the context of tourism-related businesses. Thus, this paper aims to investigate the changes in the overall IC and its components before and during the COVID-19 pandemic, with a specific focus on understanding the transformation of IC in the tourism industry of Thailand, a country that is highly dependent on tourism. The study involved 37 tourism-related companies listed on the Stock Exchange of Thailand (SET). Organizational data from financial and annual reports published between 2019 and 2020 were collected for analysis. The assessment of value added intellectual capital (VAIC TM ) was employed to evaluate the performance of the overall IC and its components during the pandemic. The results, based on the testing of four hypotheses, indicated that most hypotheses were accepted, signifying a substantial transformation in the overall IC performance of tourism-related companies during the pandemic crisis. This transformation was observed in the IC components of physical and human capitals. However, the structural capital was the only IC component that did not experience a significant impact from COVID-19. To comprehend the reasons and effects of the IC transformations during the pandemic, this study delved into the relevant literature. Additionally, the paper includes implications to support firms in preparing for future challenges.

Suggested Citation

  • Ratapol Wudhikarn & Photchanaphisut Pattanasak & Vorathamon Cherapanukorn & Boontarika Paphawasit, 2024. "Evaluating the Intellectual Capital of Intensively Tourism-Dependent Countries Between, Prior, and During the COVID-19 Pandemic," Sustainability, MDPI, vol. 16(4), pages 1-24, February.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:4:p:1510-:d:1337020
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/4/1510/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/4/1510/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sangyong Han & Kwangmin Jung, 2023. "CEO political orientation, risk taking, and firm performance: evidence from the U.S. property-liability insurance industry," Economics of Governance, Springer, vol. 24(1), pages 1-39, March.
    2. Jianping Zha & Ting Tan & Siqi Ma & Lamei He & Viachaslau Filimonau, 2022. "Exploring tourist opinion expression on COVID-19 and policy response to the pandemic’s occurrence through a content analysis of an online petition platform," Current Issues in Tourism, Taylor & Francis Journals, vol. 25(2), pages 261-286, January.
    3. Elias Hadjielias & Michael Christofi & Shlomo Tarba, 2022. "Contextualizing small business resilience during the COVID-19 pandemic: evidence from small business owner-managers," Small Business Economics, Springer, vol. 59(4), pages 1351-1380, December.
    4. William J. Carrington, 2015. "Do We Know Why Earnings Fall with Job Displacement? Working Paper: 2015-01," Working Papers 49908, Congressional Budget Office.
    5. Otker-Robe, Inci & Podpiera, Anca Maria, 2013. "The social impact of financial crises: evidence from the global financial crisis," Policy Research Working Paper Series 6703, The World Bank.
    6. Parvaneh Saeidi & Sayyedeh Parisa Saeidi & Leonardo Gutierrez & Dalia Streimikiene & Melfi Alrasheedi & Sayedeh Parastoo Saeidi & Abbas Mardani, 2021. "The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 34(1), pages 122-151, January.
    7. Ozlem Onaran, 2009. "Wage share, globalization and crisis: the case of the manufacturing industry in Korea, Mexico and Turkey," International Review of Applied Economics, Taylor & Francis Journals, vol. 23(2), pages 113-134.
    8. Ibrahim A. Elshaer & Alaa M. S. Azazz & Samar K. Saad, 2022. "Unethical Organization Behavior: Antecedents and Consequences in the Tourism Industry," IJERPH, MDPI, vol. 19(9), pages 1-15, April.
    9. Koeber, Charles & Wright, David W., 2006. "Gender differences in the reemployment status of displaced workers human capital as signals that mitigate effects of bias," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(5), pages 780-796, October.
    10. Subhodeep Mukherjee & Manish Mohan Baral & Chittipaka Venkataiah & Surya Kant Pal & Ramji Nagariya, 2021. "Service robots are an option for contactless services due to the COVID-19 pandemic in the hotels," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 48(4), pages 445-460, December.
    11. Nile W. Hatch & Jeffrey H. Dyer, 2004. "Human capital and learning as a source of sustainable competitive advantage," Strategic Management Journal, Wiley Blackwell, vol. 25(12), pages 1155-1178, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Anja Schöttner & Veikko Thiele, 2010. "Promotion Tournaments and Individual Performance Pay," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 19(3), pages 699-731, September.
    2. Guoli Chen & Sterling Huang & Philipp Meyer‐Doyle & Denisa Mindruta, 2021. "Generalist versus specialist CEOs and acquisitions: Two‐sided matching and the impact of CEO characteristics on firm outcomes," Strategic Management Journal, Wiley Blackwell, vol. 42(6), pages 1184-1214, June.
    3. Benjamin Johnson & Tianze Sun & Daniel Stjepanović & Giang Vu & Gary C. K. Chan, 2023. "“Buy High, Sell Low”: A Qualitative Study of Cryptocurrency Traders Who Experience Harm," IJERPH, MDPI, vol. 20(10), pages 1-16, May.
    4. Nils Grashof, 2020. "Sinking or swimming in the cluster labour pool? A firm-specific analysis of the effect of specialized labour," Jena Economics Research Papers 2020-006, Friedrich-Schiller-University Jena.
    5. Tammy L. Madsen & Michael J. Leiblein, 2015. "What Factors Affect the Persistence of an Innovation Advantage?," Journal of Management Studies, Wiley Blackwell, vol. 52(8), pages 1097-1127, December.
    6. Dolores Gallardo-Vázquez & Luis Enrique Valdez-Juárez & José Luis Lizcano-Álvarez, 2019. "Corporate Social Responsibility and Intellectual Capital: Sources of Competitiveness and Legitimacy in Organizations’ Management Practices," Sustainability, MDPI, vol. 11(20), pages 1-29, October.
    7. Joseph Raffiee, 2017. "Employee Mobility and Interfirm Relationship Transfer: Evidence from the Mobility and Client Attachments of United States Federal Lobbyists, 1998–2014," Strategic Management Journal, Wiley Blackwell, vol. 38(10), pages 2019-2040, October.
    8. Young-Choon Kim & Taekjin Shin & Sangchan Park, 2021. "Enhancing firm performance through intra-group managerial experience: Evidence from group-affiliated firms in Korea," Asia Pacific Journal of Management, Springer, vol. 38(2), pages 435-465, June.
    9. Tirta Mursitama, 2006. "Creating relational rents: The effect of business groups on affiliated firms’ performance in Indonesia," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 537-557, December.
    10. Tim R. Holcomb & R. Duane Ireland & R. Michael Holmes Jr. & Michael A. Hitt, 2009. "Architecture of Entrepreneurial Learning: Exploring the Link among Heuristics, Knowledge, and Action," Entrepreneurship Theory and Practice, , vol. 33(1), pages 167-192, January.
    11. Bastos, Amélia & Casaca, Sara F. & Nunes, Francisco & Pereirinha, José, 2009. "Women and poverty: A gender-sensitive approach," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(5), pages 764-778, October.
    12. Ajay Bhaskarbhatla & Luis Cabral & Deepak Hegde & Thomas (T.L.P.R.) Peeters, 2017. "Human Capital, Firm Capabilities, and Innovation," Tinbergen Institute Discussion Papers 17-115/VII, Tinbergen Institute, revised 03 Mar 2020.
    13. Min Huang & Mengyao Li & Cailing Huang, 2024. "Confucianism culture and green innovation: Evidence from Chinese industrial firms," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4862-4877, September.
    14. James W. Bono & David H. Wolpert, 2009. "Statistical prediction of the outcome of a noncooperative game," Working Papers 2009-20, American University, Department of Economics.
    15. Ibarra, Carlos A. & Ros, Jaime, 2023. "Trade and factor intensity, and the transmission of the global shock to labor: A panel analysis of the fall of the labor income share in the Mexican manufacturing sector," Economic Systems, Elsevier, vol. 47(1).
    16. Strese, Steffen & Gebhard, Philipp & Feierabend, David & Brettel, Malte, 2018. "Entrepreneurs' perceived exit performance: Conceptualization and scale development," Journal of Business Venturing, Elsevier, vol. 33(3), pages 351-370.
    17. Alona Bilokha & Sudip Gupta, 2024. "Shareholder litigation rights and firm productivity," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 33(2), pages 65-90, May.
    18. Fernando Castelló-Sirvent & Marta Peris-Ortiz & Malar Llopis-Amorós & Pablo Pinazo-Dallenbach, 2024. "How does the COVID-19 economic crisis impact resilience? A configurational analysis of the spinoffs," International Entrepreneurship and Management Journal, Springer, vol. 20(3), pages 1823-1848, September.
    19. Bol, Jasmijn C. & Moers, Frank, 2010. "The dynamics of incentive contracting: The role of learning in the diffusion process," Accounting, Organizations and Society, Elsevier, vol. 35(8), pages 721-736, November.
    20. García-Meca, Emma & García-Sánchez, Isabel-María, 2018. "Does managerial ability influence the quality of financial reporting?," European Management Journal, Elsevier, vol. 36(4), pages 544-557.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:4:p:1510-:d:1337020. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.