COVID-19, financing constraints, and performance of listed tourism companies: Evidence from China

Dan Chen, Yufei Tang, Yuan Zhang and Jingyu Sun

Finance Research Letters, 2024, vol. 65, issue C

Abstract: This study takes the 2020 COVID-19 as a quasi-natural experiment, using cumulative confirmed cases of COVID-19 and data from listed tourism companies in Chinese cities from 2014 to 2022. Employing a double-difference model, we investigate the impact of the pandemic on the performance of listed tourism companies and model moderating effects to explore the moderating role of financial constraints. The results indicate a significant decline in the performance of listed tourism companies due to COVID-19 with a more pronounced effect on private and small-scale enterprises, indicating that greater financial constraints exacerbated the negative impact of the pandemic on performance.

Keywords: COVID-19 pandemic; Financing constraints; Tourism firm performance (search for similar items in EconPapers)
JEL-codes: G32 G38 H32 Z31 Z33 Z38 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:65:y:2024:i:c:s1544612324006652

DOI: 10.1016/j.frl.2024.105635

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