This study analyzes the impact of economic policy uncertainty (EPU) on the performance of US tourism firms using a sample of 296 publicly traded tourism companies from 2000 to 2018 with a sample of 3068 firm-year observations. Estimation results of panel regressio tests based on the system-generalized method of moments indicate that EPU has a negative impact on return on assets (ROA), return on equity (ROE), and Tobin’s Q. Our results are consistent for different variable specifications. We also find that firm size and leverage play a moderating role in the relationship between EPU and firm performance. Panel quantile regression results show that the impact of EPU on US tourism firm performance is asymmetric. Specifically, low-performing (25% quantile of ROA and ROE) firms are less affected by EPU, and for the case of Tobin’s Q, EPU does not affect firms with a high growth opportunity (100% quantile of Tobin’s Q).

这项研究使用2000年至2018年的296家上市旅游公司的样本以及3068家公司年的观察样本，分析了经济政策不确定性（EPU）对美国旅游公司业绩的影响。基于系统通用矩量法的面板回归测试的估计结果表明，EPU对资产回报率（ROA），股本回报率（ROE）和Tobin Q均具有负面影响。我们的结果对于不同的变量规格是一致的。我们还发现，公司规模和杠杆作用在EPU和公司绩效之间的关系中起着调节作用。面板分位数回归结果表明，EPU对美国旅游公司业绩的影响是不对称的。具体来说，绩效较低的公司（ROA和ROE的25％的分位数）受EPU的影响较小，对于Tobin Q，