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Unraveling the financial impact of COVID-19 on the tourism industry through a difference-in-difference analysis

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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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