Tourism companies' risk exposures on text disclosure

Jianping Li, Yuyao Feng, Guowen Li and Xiaolei Sun

Annals of Tourism Research, 2020, vol. 84, issue C

Abstract: Tourism is a risk-prone industry. But most studies focus on tourist risk perception while ignoring company risk exposure. As service providers, the companies play an important role in tourism activities, and systematically identifying the risks they face is vital to the development of the tourism industry. This paper attempts to identify tourism companies' risk exposures based on textual risk disclosure of financial statements. Using 51,008 risk headings of 255 public companies, we adopt Sentence-Latent Dirichlet Allocation (Sent-LDA) method to discover 30 risk exposures of the tourism industry. Further, we discuss the universality and industry representativeness of these risk exposures, as well as risk differences between different sub-industries and years. Findings can help stakeholders develop reasonable and timely risk management strategies.

Keywords: Risk identification; Company risk exposure; Tourism risk; Text mining; Form 10-K (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:anture:v:84:y:2020:i:c:s0160738320301304

DOI: 10.1016/j.annals.2020.102986

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