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COVID-19, financing constraints, and performance of listed tourism companies: Evidence from China

Author

Listed:
  • Chen, Dan
  • Tang, Yufei
  • Zhang, Yuan
  • Sun, Jingyu

Abstract

This study takes the 2020 COVID-19 as a quasi-natural experiment, using cumulative confirmed cases of COVID-19 and data from listed tourism companies in Chinese cities from 2014 to 2022. Employing a double-difference model, we investigate the impact of the pandemic on the performance of listed tourism companies and model moderating effects to explore the moderating role of financial constraints. The results indicate a significant decline in the performance of listed tourism companies due to COVID-19 with a more pronounced effect on private and small-scale enterprises, indicating that greater financial constraints exacerbated the negative impact of the pandemic on performance.

Suggested Citation

  • Chen, Dan & Tang, Yufei & Zhang, Yuan & Sun, Jingyu, 2024. "COVID-19, financing constraints, and performance of listed tourism companies: Evidence from China," Finance Research Letters, Elsevier, vol. 65(C).
    • Handle: RePEc:eee:finlet:v:65:y:2024:i:c:s1544612324006652
    DOI: 10.1016/j.frl.2024.105635
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    References listed on IDEAS

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    Cited by:

    1. Zhang, Yuan & Li, Ying, 2025. "Enhancing innovation capabilities, digital management, and corporate competitiveness," Finance Research Letters, Elsevier, vol. 73(C).
    2. Hu, Zuwu & Liu, Ling, 2025. "Female executives’ influence on competitive strategies in tourism enterprises: A study on the moderating role of managerial shortsightedness," Finance Research Letters, Elsevier, vol. 76(C).
    3. Zhao, Zhe & Mao, Qi, 2025. "Who can survive under the pressure of “quality”? A study on the digital transformation and financial stability of tourism enterprises," Finance Research Letters, Elsevier, vol. 85(PE).

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    More about this item

    Keywords

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • Z33 - Other Special Topics - - Tourism Economics - - - Marketing and Finance
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
    • Z38 - Other Special Topics - - Tourism Economics - - - Policy
    • Z31 - Other Special Topics - - Tourism Economics - - - Industry Studies

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