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    题名: COVID-19 shock, financial flexibility, and hotels' performance nexus
    作者: XueHui Zhang;Bao-Guang Chang;Kun-Shan Wu
    关键词: COVID-19;financial flexibility;firm performance;hotel industry;quantile regression
    日期: 2022-04-18
    上传时间: 2022-04-22 12:10:19 (UTC+8)
    出版者: Frontiers Media S.A.
    摘要: This study investigates the nexus of coronavirus disease 2019 (COVID-19) shock, financial flexibility (FF), and firm performance (FP) in Taiwan listed hotel firms. Quantile regression (QR) methods were used to analyze the data from Taiwan Stock Exchange listed hotel firms between 2020 Q1 and 2021 Q2. The results evidence that there is an inversed U-shaped linkage between FF and FP for the hotel industry. Additionally, FF has an inverted U-shaped effect on FP for the asset-light hotel firms for all quantiles except the 50th quantile. In addition, FF also has an inverted U-shaped impact on FP for the asset-heavy hotel firms in the 10th and 90th quantiles. A significant finding in this study is that there is a concave non-linear relationship between FF and FP, consistent with the law of diminishing marginal return. That is, with an increase in FF, the FP is on the rise; when FF exceeds the inflection point level, the FP begins to decline. Thus, a firm must ensure that the FF strategy it adopts must be the most efficient and effective, i.e., it must bring the trade-off between costs and benefits. The empirical results highlight the need for the hotel industry of Taiwan to take the rolling adjustment and optimization of FF after the COVID-19 pandemic for long-term sustainability.
    關聯: Frontiers in Public Health 10, 792946
    DOI: 10.3389/fpubh.2022.792946
    显示于类别:[企業管理學系暨研究所] 期刊論文

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