The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy

By using the Event Study Method (ESM), this paper aims to examine the effect of new coronavirus (SARS-CoV-2) disease (COVID-19) outbreak on the market performance of the hotel industry in the U.S. We also compare the impact of COVID-19 outbreak with three previous diseases outbreaks. The results sho...

Descripción completa

Detalles Bibliográficos
Autores principales: García-Gómez, Conrado Diego, Demir, Ender, Díez-Esteban, José María, Bilan, Yuriy
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier 2021
Materias:
Research Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8387753/
https://www.ncbi.nlm.nih.gov/pubmed/34471714
http://dx.doi.org/10.1016/j.heliyon.2021.e07836
_version_ 1783742507077599232
author García-Gómez, Conrado Diego
Demir, Ender
Díez-Esteban, José María
Bilan, Yuriy
author_facet García-Gómez, Conrado Diego
Demir, Ender
Díez-Esteban, José María
Bilan, Yuriy
author_sort García-Gómez, Conrado Diego
collection PubMed
description By using the Event Study Method (ESM), this paper aims to examine the effect of new coronavirus (SARS-CoV-2) disease (COVID-19) outbreak on the market performance of the hotel industry in the U.S. We also compare the impact of COVID-19 outbreak with three previous diseases outbreaks. The results show that there is a negative influence of the diseases outbreaks on stock returns of hotels in the U.S. However, the impact of COVID-19 is incomparably higher in magnitude compared to previous diseases. Furthermore, given the importance of following flexible corporate strategies to adapt to new and unpredicted situations, it is found that the ALFO (assets-light, fee-orientated) strategy acts as a mitigator for the predicted market value drop due to the pandemic.
format Online
Article
Text
id pubmed-8387753
institution National Center for Biotechnology Information
language English
publishDate 2021
publisher Elsevier
record_format MEDLINE/PubMed
spelling pubmed-83877532021-08-31 The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy García-Gómez, Conrado Diego Demir, Ender Díez-Esteban, José María Bilan, Yuriy Heliyon Research Article By using the Event Study Method (ESM), this paper aims to examine the effect of new coronavirus (SARS-CoV-2) disease (COVID-19) outbreak on the market performance of the hotel industry in the U.S. We also compare the impact of COVID-19 outbreak with three previous diseases outbreaks. The results show that there is a negative influence of the diseases outbreaks on stock returns of hotels in the U.S. However, the impact of COVID-19 is incomparably higher in magnitude compared to previous diseases. Furthermore, given the importance of following flexible corporate strategies to adapt to new and unpredicted situations, it is found that the ALFO (assets-light, fee-orientated) strategy acts as a mitigator for the predicted market value drop due to the pandemic. Elsevier 2021-08-19 /pmc/articles/PMC8387753/ /pubmed/34471714 http://dx.doi.org/10.1016/j.heliyon.2021.e07836 Text en © 2021 Published by Elsevier Ltd. https://creativecommons.org/licenses/by-nc-nd/4.0/This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
spellingShingle Research Article
García-Gómez, Conrado Diego
Demir, Ender
Díez-Esteban, José María
Bilan, Yuriy
The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy
title The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy
title_full The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy
title_fullStr The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy
title_full_unstemmed The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy
title_short The impact of COVID-19 outbreak on hotels’ value compared to previous diseases: the role of ALFO strategy
title_sort impact of covid-19 outbreak on hotels’ value compared to previous diseases: the role of alfo strategy
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8387753/
https://www.ncbi.nlm.nih.gov/pubmed/34471714
http://dx.doi.org/10.1016/j.heliyon.2021.e07836
work_keys_str_mv AT garciagomezconradodiego theimpactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy
AT demirender theimpactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy
AT diezestebanjosemaria theimpactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy
AT bilanyuriy theimpactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy
AT garciagomezconradodiego impactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy
AT demirender impactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy
AT diezestebanjosemaria impactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy
AT bilanyuriy impactofcovid19outbreakonhotelsvaluecomparedtopreviousdiseasestheroleofalfostrategy

Ejemplares similares