Spillovers from tourism demand to tourism equity indices

Faruk Balli, Muhammad Abubakr Naeem and Hatice Balli

Tourism Economics, 2022, vol. 28, issue 8, 2228-2235

Abstract: In this article, we analyse the extent of the spillover from international tourism demand on tourism sector equity indices and find that the magnitude of the spillovers are quite dispersed across different markets, which is in line with previous studies. Novel to the literature, we examine the impact of solvency and profitability positions of the firms in the tourism equity indices on evaluating the magnitude of the spillovers from tourism demand to sector equity indices. Firms that have better solvency ratios and operated in deeper financial markets find their stock returns are affected less from the fluctuations in tourism demand. Profitability positions of the firms, however, do not have significant impact on explaining the spillovers.

Keywords: spillover indices; international tourism demand; firm positions (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:28:y:2022:i:8:p:2228-2235

DOI: 10.1177/13548166211029419

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