مقاله انگلیسی بررسی قابلیتهای انعطافپذیری مبتنی بر نقدینگی گردشگری برای واکنش به COVID-19
Abstract
Keywords
Introduction
Conceptual framework of the study
Research design and method
Results and discussion
Conclusions
Impact statement
Credit author statement
Declaration of competing interest
Acknowledgements
Appendix A. ANOVA results: K-W test, mean ranks
Appendix B. Descriptive statistics for parametric variables
References
ABSTRACT
This study explores the tourism industry’s cash-driven resilience capabilities. To map these capabilities, it enhances the existing analytical approaches to develop the two-dimensional evaluation of cash holdings of tourism businesses from four Central European Countries. The empirical investigation indicates that the non-resilient companies prevail over the resilient ones. If we consider the tourism industry sectors, cash-driven resilience capabilities differ statistically significantly at businesses size level but do not differ at the country level. It is observed that companies with greater cash-driven resilience capabilities are distinguished by a higher profitability and are less financially constrained. This study contributes to the ongoing debate on the COVID-19 impacts on the tourism industry by specifying the importance of financial slack and cash holdings in determining the resilience capabilities. In this respect, this study highlights the desired directions of system interventions and managerial concerns.
Introduction
Although the risks associated with a pandemic have remained in focus for risk management and insurance academia and practice in recent decades, the COVID-19 pandemic outbreak has resulted in unprecedented consequences (Broekhoven et al., 2006; Fan et al., 2018; Qiu, 2020; Verikios et al., 2016). Countries worldwide have taken drastic measures to stop the spread of the disease, including border closures, a ban on mass events, shutting down airports, imposing travel restrictions, and quarantines. The tourism industry is one of the most affected by COVID-19 due to severe disruptions in operating activity induced by customer loss (Hall, Scott & Gosslig ¨ 2020; UNWTO, 2020; Yang et al., 2020; Zenker & Kock, 2020). Inevitably, customer loss leads to liquidity tensions and financial constraints, as businesses are left without the cash inflows from sales. Thus, this study addresses the importance of cash holdings in facing the impact of COVID-19 on tourism businesses’ performance by exploring their cash-driven resilience capabilities (RC). To map these capabilities, this study enhances the existing analytical approaches to develop the two-dimensional evaluation of tourism businesses’ cash holdings. The first dimension captures the existing cash holdings, while the second captures the dynamics of cash holdings over time, as a determinant of prior cash behavior.