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Time-varying foreign currency risk of world tourism industry: effects of COVID-19

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  • Ekta Sikarwar

Abstract

The effect of excessive volatility in world market currencies caused by COVID-19, especially on the tourism industry, is pervasive. This paper examines the foreign currency risk of 131 tourism firms from 19 countries during the period of the COVID-19 pandemic and compares it with the pre-COVID-19 period to analyse the time-variation of firms’ exposure. The study provides evidence that firms face significantly higher currency risk during this pandemic, whereby firm-specific variables, such as operational efficiency, leverage and hedging, are significant determinants of firms’ currency risk in the tourism industry.

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  • Ekta Sikarwar, 2021. "Time-varying foreign currency risk of world tourism industry: effects of COVID-19," Current Issues in Tourism, Taylor & Francis Journals, vol. 24(7), pages 887-891, April.
    • Handle: RePEc:taf:rcitxx:v:24:y:2021:i:7:p:887-891
    DOI: 10.1080/13683500.2020.1868413
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    Cited by:

    1. Jin, Chengsheng & Cong, Zhenglong & Dan, Zhen & Zhang, Tidong, 2023. "COVID-19, CSR, and performance of listed tourism companies," Finance Research Letters, Elsevier, vol. 57(C).

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