The COVID-19 pandemic has significantly changed individuals' daily life due to increased risk aversion, which has affected their consumption patterns and preferences. To understand the effect of the pandemic on consumer behavior through risk aversion, this study investigated the relationships among the pandemic, social distancing, online information search, and firm performance in the hospitality and tourism industries. For data analysis, we developed two joint models and estimated the models using the fixed-effects method. The results of the first model showed that social distancing triggered by COVID-19 news stories affected firm value. The second regional-level analysis revealed that the number of confirmed cases and COVID-19 news stories influenced individuals’ social distancing and online information search for tourist attractions and the changed social distancing and online search, in turn, affected the volume of online hotel reviews.

由于风险规避增加，COVID-19大流行极大地改变了人们的日常生活，从而影响了他们的消费方式和偏好。为了了解流行病通过风险规避对消费者行为的影响，本研究调查了流行病，社会距离，在线信息搜索以及酒店和旅游业公司绩效之间的关系。为了进行数据分析，我们开发了两个联合模型，并使用固定效应方法对模型进行了估算。第一个模型的结果表明，由COVID-19新闻故事触发的社会距离影响了公司价值。