Journal
CURRENT ISSUES IN TOURISM
Volume 24, Issue 7, Pages 887-891Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/13683500.2020.1868413
Keywords
Foreign currency risk; COVID-19; tourism; currency exposure; firm-level
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The study found that tourism firms face significantly higher currency risk during the COVID-19 pandemic, with firm-specific variables such as operational efficiency, leverage and hedging being significant determinants of these risks in the industry.
The effect of excessive volatility in world market currencies caused by COVID-19, especially on the tourism industry, is pervasive. This paper examines the foreign currency risk of 131 tourism firms from 19 countries during the period of the COVID-19 pandemic and compares it with the pre-COVID-19 period to analyse the time-variation of firms' exposure. The study provides evidence that firms face significantly higher currency risk during this pandemic, whereby firm-specific variables, such as operational efficiency, leverage and hedging, are significant determinants of firms' currency risk in the tourism industry.
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