COVID-19: hotel industry response to the pandemic evolution and to the public sector economic measures
COVID-19: hotel industry response to the pandemic evolution and to the public sector economic measures
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DOI：
10.1080/02508281.2020.1826225
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发表时间：
2020-11-05
影响因子：
4.2
通讯作者：
Vives-Perez, Jordi
中科院分区：
文献类型：
--
作者：
Anguera-Torrell, Oriol;Aznar-Alarcon, Juan Pedro;Vives-Perez, Jordi
酒店业是受COVID-19负面影响最严重的经济行业之一。其复苏取决于控制这一流行病的能力和公共机构为促进总体经济复苏而采取的政策的宏观经济效率。在这种情况下，酒店业利益相关者必须评估COVID-19大流行演变直接造成的经济影响，沿着经济政策可能对支持该行业产生的影响。因此，本文使用回归技术估计了20家全球最大的公开上市酒店公司的股票市场回报率对疫情演变及其运营的不同国家的不同公共部门经济措施的反应。具体而言，在2020年2月24日至4月24日期间审查了行业反应。主要结果显示，一方面，酒店业受到COVID-19演变的负面影响。另一方面，酒店股票价格与直接影响公共预算的经济政策正相关，而非直接影响的措施，如流动性规定或财政援助，似乎不支持该行业。
The hotel industry is one of the most negatively impacted economic sectors by the COVID-19. Its recovery relies on the capacity to control the pandemic and to the macroeconomic efficiency of the policies undertaken by public institutions to enhance general economic recovery. In this context, it is essential for hotel industry stakeholders to assess the economic impact directly attributable to the COVID-19 pandemic's evolution, along with the effect that economic policies may have in supporting the industry. Accordingly, this paper estimates how the 20 world-largest and publicly listed hotel companies' stock market returns reacted to the pandemic evolution and to the different public sector economic measures across the different countries they operate using regression techniques. Specifically, the industry response is examined during the period ranging from February 24 to April 24, 2020. The main results show, on the one hand, that the hotel industry has been negatively affected by the COVID-19 evolution. On the other hand, hotel stock prices are positively correlated to economic policies with direct impact in public budget, whereas measures with non-direct impact, such as liquidity provisions or financial assistance, seem not to support the industry.