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Pandemic and Financialization for Tourism Firms in Asian Emerging Markets

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  • Doruk Ömer Tuğsal

    (Adana Alparslan Türkeş Science and Technology University, Adana, Turkey.)

Abstract

This study examines the intersection of financialization and the pandemic’s impact on the tourism sector. When financialization extends beyond unproductive or service-based transactions, it can serve as a strategic response to crisis conditions. This research specifically investigates financialization as a shock absorber for tourism firms in Asia-Pacific emerging markets during the pandemic. Employing a time-varying difference-in-differences approach, the analysis utilizes a panel dataset of 80 tourism firms from five Asian countries within the pandemic period. The findings indicate that financialization provides a mechanism for safer returns amid volatility, transforming geographical spaces into profit-oriented strategies for tourism firms in Asian emerging markets. To the author’s knowledge, this is the first study to analyze the time-varying effects of financialization on tourism firms in Asia-Pacific countries during the pandemic.

Suggested Citation

  • Doruk Ömer Tuğsal, 2025. "Pandemic and Financialization for Tourism Firms in Asian Emerging Markets," Zagreb International Review of Economics and Business, Sciendo, vol. 28(1), pages 55-74.
    • Handle: RePEc:vrs:zirebs:v:28:y:2025:i:1:p:55-74:n:1003
    DOI: 10.2478/zireb-2025-0003
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    More about this item

    Keywords

    COVID-19; tourism firms; financialization; emerging Asia; time-varying difference-in-differences;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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