ABSTRACT

This study investigates the critical firm-level strengths and weaknesses that explain cross-sectional variations in abnormal stock returns of Hospitality and Tourism (HT) firms during different phases of a crisis. We used the event study and multivariate regression framework for analysing the Indian HT firms’ data around the COVID-19 crisis. While reporting a significant negative influence of COVID-19, we identified the early crisis, market crash and continuation of the crisis periods. Furthermore, we observe that during the early-crisis period, business diversity, financial stability and board diversity improved HT firms’ strength to withstand the risk, while business group affiliation was of little help. During the market crash and continuation of the crisis phase, better capital intensity and financial stability proved helpful. The managers of HT firms can take cues from this study to understand firm-level characteristics that provide resilience to their firms’ value in managing different phases of the crisis.

摘要

本研究调查了关键的公司层面优势和劣势，这些优势和劣势解释了危机不同阶段酒店和旅游 (HT) 公司异常股票回报的横截面变化。我们使用事件研究和多元回归框架来分析印度 HT 公司围绕 COVID-19 危机的数据。在报告 COVID-19 的重大负面影响的同时，我们确定了早期危机、市场崩溃和危机时期的延续。此外，我们观察到，在危机早期，业务多元化、财务稳定性和董事会多元化提高了 HT 公司抵御风险的能力，而业务集团隶属关系几乎没有帮助。在市场崩溃和危机阶段的延续期间，更好的资本密集度和金融稳定性被证明是有帮助的。