This study examines the effects of business and finance conditions on the stock performances of firms operating in the tourism, hospitality, and leisure industries. This research employs panel-based first- and second-generation estimators, such as Westerlund cointegration, dynamic ordinary least squares (DOLS), and Dumitrescu–Hurlin panel Granger causality tests, to explore long-term links between business conditions, financial development, and tourism growth in major tourist destination countries selected in this study. To our knowledge, this is the first study to attempt to explore this linkage. The long-run estimation underscores that business and finance environments are significant drivers of stock price movements in this industry. Therefore, any shock in business and finance activities will have long-term effects on tourism firms’ stock prices. Moreover, the results show that the most significant factor that explains changes in the tourism stock price is foreign tourist arrivals, indicating that the tourism stock price of major tourist countries is relatively more sensitive to changes in tourist arrivals to the country than other factors. This study proposes a new research question to estimate the effects of the business, financial conditions, and tourism growth on the stock performance of the tourism, hospitality, and leisure industries. Therefore, the results are likely to become vital for policymakers, managers, and asset pricing analysts.

本研究考察了商业和金融状况对旅游、酒店和休闲行业公司股票表现的影响。本研究采用基于面板的第一代和第二代估计器，例如 Westerlund 协整、动态普通最小二乘法 (DOLS) 和 Dumitrescu-Hurlin 面板格兰杰因果检验，以探索商业状况、金融发展和本研究选择的主要旅游目的地国家的旅游业增长。据我们所知，这是第一项试图探索这种联系的研究。长期估计强调，商业和金融环境是该行业股价变动的重要驱动因素。所以，商业和金融活动中的任何冲击都会对旅游公司的股价产生长期影响。此外，研究结果表明，解释旅游股票价格变化的最显着因素是外国游客人数，表明主要旅游国的旅游股票价格对该国游客人数变化的敏感度高于其他因素。本研究提出了一个新的研究问题，以估计商业、金融状况和旅游业增长对旅游、酒店和休闲行业股票表现的影响。因此，结果可能对政策制定者、管理者和资产定价分析师至关重要。表明主要旅游国家的旅游股票价格对该国旅游人数变化的敏感度高于其他因素。本研究提出了一个新的研究问题，以估计商业、金融状况和旅游业增长对旅游、酒店和休闲行业股票表现的影响。因此，结果可能对政策制定者、管理者和资产定价分析师至关重要。表明主要旅游国家的旅游股票价格对该国旅游人数变化的敏感度高于其他因素。本研究提出了一个新的研究问题，以估计商业、金融状况和旅游业增长对旅游、酒店和休闲行业股票表现的影响。因此，结果可能对政策制定者、管理者和资产定价分析师至关重要。