External Determinants of the Stock Price Performance of Tourism, Travel, and Leisure Firms: Evidence from the United States

Hadi D. M., Irani F., GÖKMENOĞLU KARAKAYA K.

International Journal of Hospitality and Tourism Administration, cilt.23, sa.4, ss.679-695, 2022 (ESCI) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 23 Sayı: 4
  • Basım Tarihi: 2022
  • Doi Numarası: 10.1080/15256480.2020.1842838
  • Dergi Adı: International Journal of Hospitality and Tourism Administration
  • Derginin Tarandığı İndeksler: Emerging Sources Citation Index (ESCI), Scopus, Academic Search Premier, IBZ Online, Business Source Elite, Business Source Premier, CAB Abstracts, Hospitality & Tourism Complete, Hospitality & Tourism Index, PAIS International, Public Affairs Index, DIALNET
  • Sayfa Sayıları: ss.679-695
  • Anahtar Kelimeler: commercial and industrial loans, exchange rate, industrial production, Stock prices, tourism firms, tourist arrivals, USA
  • Ankara Hacı Bayram Veli Üniversitesi Adresli: Evet

Özet

© 2020 Taylor & Francis Group, LLC.This study investigates the effects of the industrial production, exchange rate, commercial and industrial loans, and international tourist arrivals on the stock prices of U.S. tourism, travel, and leisure firms by employing robust econometrics methods. Our study extends the literature by providing evidence for the importance of commercial and industrial loans, a widely ignored variable in the literature, for modeling the stock price performance of the tourism-related firms. Our findings indicate a long-run equilibrium relationship among the variables and reveal causal relationships from industrial production, commercial and industrial loans, and international tourist arrivals toward the U.S. tourism, travel, and leisure firms’ stock prices. Obtained empirical results are valuable for several parties, such as portfolio managers, investors, and managers of tourism-related companies.