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The impact of COVID-19 on tourism firm value in an emerging market during various pandemic prevention periods

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  • Kewen Wang
  • Wei Liu
  • Di Fan

Abstract

The tourism industry is one of the hardest hit by Coronavirus Disease 2019 (COVID-19). A growing number of studies have examined the negative impact of COVID-19 on the tourism industry, but what remains less explored is the underlying mechanism of such a negative impact of the pandemic on tourism firm value. This study focuses on three COVID-19 prevention and control periods to test the impact of COVID-19 on stock returns and the mediating effect of investors’ attention over the COVID-19 prevention and control periods. The results show that the impact of COVID-19 on stock returns varies among the lockdown and travel ban, open-up, and travel ban lifting periods. Our findings suggest that investors’ attention to COVID-19 is a critical underlying mechanism between the pandemic and the value of tourism firms.

Suggested Citation

  • Kewen Wang & Wei Liu & Di Fan, 2022. "The impact of COVID-19 on tourism firm value in an emerging market during various pandemic prevention periods," Current Issues in Tourism, Taylor & Francis Journals, vol. 25(23), pages 3799-3814, December.
    • Handle: RePEc:taf:rcitxx:v:25:y:2022:i:23:p:3799-3814
    DOI: 10.1080/13683500.2022.2078689
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    Cited by:

    1. Wang, Kewen & Li, Jingqiang & Qiao, Yuanbo & Chang, Shilong, 2024. "Corporate social responsibility Feng Shui and firm value," Annals of Tourism Research, Elsevier, vol. 105(C).
    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).

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