Due to the detrimental effects of the Covid-19 pandemic on the hotel sector, pandemic crisis management research has received lots of academic attention, from studies in sales-marketing to human resource management. However, financial management has been largely overlooked in the agenda of pandemic crisis management and hotel resilience. Therefore, this paper aims to address the research gap by exploring the role of capital structure management in maintaining financial stability and resilience capacities of hotel firms during this evolving and unpredictable Covid-19 pandemic. Using a database of 1882 firm-quarter observations of 196 hotel firms in 30 countries from Quarter 3 2018 to Quarter 2 2021, it is found that low debt capital structure mitigates the adverse impact of the pandemic on hotel firms’ financial stability during this turbulent time; particularly the negative impacts caused by government restrictions on both domestic and international travel. The benefit of low debt levels is more pronounced for more vulnerable hotels such as small, less diversified, and slow growing hotel firms. Also, hotel firms that have less long-term debt are more financial stable and resilient during pandemic period. Research outcomes suggest that financial management, in particular capital structure policies should be a critical part of hotel resilience building and crisis management strategy for hotel firms.

由于 Covid-19 大流行对酒店业的不利影响，大流行危机管理研究受到了学术界的广泛关注，从销售营销研究到人力资源管理。然而，在大流行病危机管理和酒店弹性的议程中，财务管理在很大程度上被忽视了。因此，本文旨在通过探索资本结构管理在这种不断发展且不可预测的 Covid-19 大流行期间在维持酒店公司财务稳定性和弹性能力方面的作用来弥补研究空白​​。使用包含 2018 年第 3 季度至 2021 年第 2 季度 30 个国家 196 家酒店公司的 1882 个公司季度观察的数据库，发现低债务资本结构减轻了这一动荡时期大流行对酒店公司财务稳定性的不利影响; 特别是政府对国内和国际旅行的限制所造成的负面影响。对于更脆弱的酒店，例如小型、多元化程度较低且增长缓慢的酒店公司，低债务水平的好处更为明显。此外，长期债务较少的酒店公司在大流行期间财务更稳定、更有弹性。研究结果表明，财务管理，尤其是资本结构政策，应该成为酒店企业韧性建设和危机管理战略的重要组成部分。长期债务较少的酒店公司在大流行期间财务更稳定，更有弹性。研究结果表明，财务管理，尤其是资本结构政策，应该成为酒店企业韧性建设和危机管理战略的重要组成部分。长期债务较少的酒店公司在大流行期间财务更稳定，更有弹性。研究结果表明，财务管理，尤其是资本结构政策，应该成为酒店企业韧性建设和危机管理战略的重要组成部分。