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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. Muhammad Zubair Chishti & Daniel Balsalobre Lorente & Umit Bulut, 2024. "Exploring the Nexus Between Information And Communication Technologies, Globalization, Terrorism, and Tourism for South Asian Economies," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 1318-1343, March.
    2. 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).
    3. Pandey, Dharen Kumar & Kumari, Vineeta & Palma, Alessia & Goodell, John W., 2024. "Are markets in happier countries less affected by tragic events? Evidence from market reaction to the Israel–Hamas conflict," Finance Research Letters, Elsevier, vol. 60(C).

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