TY - JOUR
T1 - Resilience of the hospitality industry during crises
T2 - A comparison between the 2008 financial crisis and COVID-19
AU - Lee, Seoki
AU - Song, Hyoung Ju
AU - Yoon, Hyejin
AU - Kim, Chang Sik
AU - Ham, Sunny
N1 - Publisher Copyright:
© 2023
PY - 2024/1
Y1 - 2024/1
N2 - Crises play a significant role in the business world by causing unexpected and negative impacts, and the hospitality industry is known to be volatile and highly sensitive to external forces, such as crises. Due to the on-going global crisis of the COVID-19, impacts of the pandemic on businesses in both general and hospitality contexts have been extensively examined. Especially, how firm-specific characteristics help a firm survive a crisis with better resilience has been closely explored based on the resource-based view, but this investigation has not been fully extended to a comparison between major crises. Therefore, this study is conducted to compare two major crises, the 2008 financial crisis and the COVID-19 pandemic, on how seven firmspecific financial characteristics (firm size, leverage, dividend payout, retained earnings, capital intensity, cash holdings, and previous return on assets) and two business strategies (franchising and internationalization) provide better resilience for the hospitality industry.
AB - Crises play a significant role in the business world by causing unexpected and negative impacts, and the hospitality industry is known to be volatile and highly sensitive to external forces, such as crises. Due to the on-going global crisis of the COVID-19, impacts of the pandemic on businesses in both general and hospitality contexts have been extensively examined. Especially, how firm-specific characteristics help a firm survive a crisis with better resilience has been closely explored based on the resource-based view, but this investigation has not been fully extended to a comparison between major crises. Therefore, this study is conducted to compare two major crises, the 2008 financial crisis and the COVID-19 pandemic, on how seven firmspecific financial characteristics (firm size, leverage, dividend payout, retained earnings, capital intensity, cash holdings, and previous return on assets) and two business strategies (franchising and internationalization) provide better resilience for the hospitality industry.
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U2 - 10.1016/j.ijhm.2023.103622
DO - 10.1016/j.ijhm.2023.103622
M3 - Article
AN - SCOPUS:85176220340
SN - 0278-4319
VL - 116
JO - International Journal of Hospitality Management
JF - International Journal of Hospitality Management
M1 - 103622
ER -