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The Effect of COVID-19 on the Relationship Between Environmental Performance and Financial Performance: Insight from the US Tourism Sector

In: Sustainable Development in Banking and Finance

Author

Listed:
  • Mohamad Kaakeh

    (Utrecht University, School of Economics and Finance)

  • Korhan K. Gokmenoglu

    (Ankara HBV University, Faculty of Financial Sciences, Department of Capital Markets)

Abstract

In times of financial distress, companies are forced to cut their expenditures to survive. The devastating effects of COVID-19 on the global economy once again brought this issue to the fore. Therefore, this study investigates the effect of environmental performance spending on the financial performance of US tourism firms. Empirical results reveal a U-shaped relationship between these variables. Our findings imply that although under financial distress, the environmental targets may cease to be a priority for the company in the short run, and better environmental performance will enhance financial performance in the long run.

Suggested Citation

  • Mohamad Kaakeh & Korhan K. Gokmenoglu, 2024. "The Effect of COVID-19 on the Relationship Between Environmental Performance and Financial Performance: Insight from the US Tourism Sector," Springer Proceedings in Business and Economics, in: Nesrin Ozatac & Nigar Taspinar & Bezhan Rustamov (ed.), Sustainable Development in Banking and Finance, pages 1-5, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-65533-3_1
    DOI: 10.1007/978-3-031-65533-3_1
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