Pandemic and Financialization for Tourism Firms in Asian Emerging Markets

Doruk Ömer Tuğsal ()
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Doruk Ömer Tuğsal: Adana Alparslan Türkeş Science and Technology University, Adana, Turkey.

Zagreb International Review of Economics and Business, 2025, vol. 28, issue 1, 55-74

Abstract: This study examines the intersection of financialization and the pandemic’s impact on the tourism sector. When financialization extends beyond unproductive or service-based transactions, it can serve as a strategic response to crisis conditions. This research specifically investigates financialization as a shock absorber for tourism firms in Asia-Pacific emerging markets during the pandemic. Employing a time-varying difference-in-differences approach, the analysis utilizes a panel dataset of 80 tourism firms from five Asian countries within the pandemic period. The findings indicate that financialization provides a mechanism for safer returns amid volatility, transforming geographical spaces into profit-oriented strategies for tourism firms in Asian emerging markets. To the author’s knowledge, this is the first study to analyze the time-varying effects of financialization on tourism firms in Asia-Pacific countries during the pandemic.

Keywords: COVID-19; tourism firms; financialization; emerging Asia; time-varying difference-in-differences (search for similar items in EconPapers)
JEL-codes: G3 G30 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:zirebs:v:28:y:2025:i:1:p:55-74:n:1003

DOI: 10.2478/zireb-2025-0003

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