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dc.title | Unraveling the financial impact of COVID-19 on the tourism industry through a difference-in-difference analysis | en |
dc.contributor.author | Strouhal, Jiří | |
dc.contributor.author | Dey, Sandeep Kumar | |
dc.contributor.author | Kloudová, Jitka | |
dc.contributor.author | Hoang, Duc Sinh | |
dc.contributor.author | Tučková, Zuzana | |
dc.relation.ispartof | Journal of Tourism and Services | |
dc.identifier.issn | 1804-5650 Scopus Sources, Sherpa/RoMEO, JCR | |
dc.date.issued | 2024 | |
utb.relation.volume | 15 | |
utb.relation.issue | 28 | |
dc.citation.spage | 143 | |
dc.citation.epage | 160 | |
dc.type | article | |
dc.language.iso | en | |
dc.publisher | Vysoká škola obchodní v Praze - Center for International Scientific Research of VSO and VSPP | |
dc.identifier.doi | 10.29036/jots.v15i28.614 | |
dc.relation.uri | https://jots.cz/index.php/JoTS/article/view/614 | |
dc.relation.uri | https://jots.cz/index.php/JoTS/article/view/614/181 | |
dc.subject | tourism | en |
dc.subject | COVID-19 pandemic | en |
dc.subject | financial reporting | en |
dc.subject | IFRS | en |
dc.subject | US GAAP | en |
dc.subject | financial performance | en |
dc.description.abstract | The COVID-19 pandemic has had a significant and enduring effect on the tourism industry, specifically impacting travel agencies. To respond effectively, it is essential to comprehend the financial repercussions and challenges that these agencies confront. This study seeks to address existing gaps in knowledge by conducting a comprehensive examination of the tourism industry's financial performance in the post-COVID-19 era. Our methodology utilizes a Difference-In-Difference (D-I-D) approach, considering multiple investigations to establish a causal connection between the pandemic and the financial stability of tourism service providers. We analyse changes in the overall financial health of the tourism industry relative to other sectors both before and after the COVID-19 outbreak using Altman Z scores. Furthermore, we assess accounting harmonization across diverse jurisdictions and financial frameworks (IFRS, US GAAP, Czech GAAP, German HGB). Data is sourced from 11 multinational corporations in the tourism sector, supplemented with financial data from sectors such as Automotive, Manufacturing, Food and beverage, and Real Estate. Our empirical findings indicate that non-tourism entities experienced a 19% lower likelihood of bankruptcy post-COVID-19. This finding underscores the uniqueness of the tourism industry's challenges during the pandemic. In addition to these findings, we provide practical recommendations designed to assist companies in the tourism industry as they navigate the recovery phase following the pandemic. These insights are pivotal in enabling the industry to build resilient strategies and ensure its sustainability in a post-pandemic landscape. | en |
utb.faculty | Faculty of Management and Economics | |
dc.identifier.uri | http://hdl.handle.net/10563/1012076 | |
utb.identifier.scopus | 2-s2.0-85196955009 | |
utb.identifier.wok | 001258536700007 | |
utb.source | j-scopus | |
dc.date.accessioned | 2024-10-22T08:18:35Z | |
dc.date.available | 2024-10-22T08:18:35Z | |
dc.description.sponsorship | European Cooperation in Science and Technology, COST; NATO; COST, (CA22110); Tomas Bata University in Zlín, TBU, (IGA/FaME/2022/007); Tomas Bata University in Zlín, TBU | |
dc.description.sponsorship | COST (European Cooperation in Science and Technology) [CA22110]; Internal Grant Agency of the Tomas Bata University in Zlin bearing [IGA/FaME/2022/007] | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 International | |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/ | |
dc.rights.access | openAccess | |
utb.ou | Department of Business Economics | |
utb.contributor.internalauthor | Dey, Sandeep Kumar | |
utb.contributor.internalauthor | Tučková, Zuzana | |
utb.fulltext.sponsorship | The study has been based upon work from COST Action CA22110 "Cooperation, development and cross-border transfer of Industrial Symbiosis among industry and stakeholders" (LIAISE), supported by COST (European Cooperation in Science and Technology) and the and the Internal Grant Agency of the Tomas Bata University in Zlin bearing number IGA/FaME/2022/007. | |
utb.wos.affiliation | [Strouhal, Jiri] Skoda Auto Univ, Mlada Boleslav, Czech Republic; [Dey, Sandeep Kumar; Tuckova, Zuzana] Tomas Bata Univ Zlin, Zlin, Czech Republic; [Kloudova, Jitka] Pan European Univ, Prague, Czech Republic; [Hoang, Sinh Duc] Int Univ VNU HCMC, Ho Chi Minh City, Vietnam | |
utb.scopus.affiliation | Škoda Auto University, Mladá Boleslav, Czech Republic; Tomas Bata University, Zlín, Czech Republic; Pan-European University, Czech Republic; International University-VNU-HCMC, Viet Nam | |
utb.fulltext.projects | CA22110 | |
utb.fulltext.projects | IGA/FaME/2022/007 |
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