Investment inefficiency in the hospitality industry: The role of economic policy uncertainty

García-Gómez, Conrado Diego; Demir, Ender; Díez-Esteban, José María; Popesko, Boris

dc.title	Investment inefficiency in the hospitality industry: The role of economic policy uncertainty	en
dc.contributor.author	García-Gómez, Conrado Diego
dc.contributor.author	Demir, Ender
dc.contributor.author	Díez-Esteban, José María
dc.contributor.author	Popesko, Boris
dc.relation.ispartof	Journal of Hospitality and Tourism Management
dc.identifier.issn	1447-6770 Scopus Sources, Sherpa/RoMEO, JCR
dc.identifier.issn	1839-5260 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued	2023
utb.relation.volume	54
dc.citation.spage	383
dc.citation.epage	391
dc.type	article
dc.language.iso	en
dc.publisher	Elsevier Ltd.
dc.identifier.doi	10.1016/j.jhtm.2023.01.006
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S1447677023000062
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S1447677023000062/pdfft?md5=17b739b0a97237220eff87074f19e6d5&pid=1-s2.0-S1447677023000062-main.pdf
dc.subject	economic policy uncertainty	en
dc.subject	investment inefficiency	en
dc.subject	underinvestment	en
dc.subject	overinvestment	en
dc.subject	hospitality firms	en
dc.description.abstract	Corporate investment inefficiency in the hospitality industry is an understudied topic. In this paper, we examine the effect of Economic Policy Uncertainty (EPU) on the investment inefficiency of a sample of 213 hospitality firms in the U.S. for the period 2010-2019. The results reveal that a rise in economic policy uncertainty leads to an increase in firm-level investment inefficiency in the hospitality industry. The underinvestment and the overinvestment problems are exacerbated by uncertainty. The results are robust for different variables specification and econometric techniques. Policy implications are also provided.	en
utb.faculty	Faculty of Management and Economics
dc.identifier.uri	http://hdl.handle.net/10563/1011420
utb.identifier.obdid	43884530
utb.identifier.scopus	2-s2.0-85147810521
utb.identifier.wok	000967991700001
utb.source	j-scopus
dc.date.accessioned	2023-02-25T13:54:26Z
dc.date.available	2023-02-25T13:54:26Z
dc.description.sponsorship	Ministerio de Ciencia e Innovación, MICINN: PID2020-114797GB-I00
dc.description.sponsorship	Spanish Public Funds through the Ministry of Science and Innovation [PID2020-114797GB-I00]
utb.ou	Department of Business Administration
utb.contributor.internalauthor	Popesko, Boris
utb.fulltext.sponsorship	This research has been financed by Spanish Public Funds through the Ministry of Science and Innovation in the framework of the project PID2020-114797GB-I00. All the remaining errors are our responsibility.
utb.wos.affiliation	[Garcia-Gomez, Conrado Diego] Univ Valladolid, Dept Financial Econ & Accounting, Duques Soria Campus,Calle Univ S-N, Soria 42004, Spain; [Demir, Ender] Reykjavik Univ, Sch Social Sci, Dept Business Adm, Reykjavik, Iceland; [Diez-Esteban, Jose Maria] Univ Burgos, Dept Econ & Business Adm, Pza Infanta Elena, Burgos 09001, Spain; [Popesko, Boris] Tomas Bata Univ Zlin, Fac Management & Econ, Dept Business Adm, Zlin, Czech Republic
utb.scopus.affiliation	University of Valladolid, Duques de Soria Campus, Department of Financial Economics and Accounting, Calle Universidad s/nSoria 42004, Spain; Department of Business Administration, School of Social Sciences, Reykjavik University, Reykjavik, Iceland; University of Burgos, Department of Economics and Business Administration, Pza. Infanta Elena, Burgos, 09001, Spain; Department of Business Administration, Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic
utb.fulltext.projects	PID2020-114797GB-I00