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

Mohamad Kaakeh and Korhan K. Gokmenoglu ()
Additional contact information
Mohamad Kaakeh: Utrecht University, School of Economics and Finance
Korhan K. Gokmenoglu: Ankara HBV University, Faculty of Financial Sciences, Department of Capital Markets

A chapter in Sustainable Development in Banking and Finance, 2024, pp 1-5 from Springer

Abstract: 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.

Keywords: Environmental Performance; Financial Performance; COVID-19; ESG; Economic Recession (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-65533-3_1

Ordering information: This item can be ordered from
http://www.springer.com/9783031655333

DOI: 10.1007/978-3-031-65533-3_1

Access Statistics for this chapter

More chapters in Springer Proceedings in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().