Capital structure of hospitality and tourism-related firms: Unveiling the impact of COVID-19 pandemic on European firms with different size and ownership structure
研究了新冠疫情对欧洲31国酒店旅游企业资本结构的影响，发现疫情期间杠杆率普遍上升，小企业和上市公司受影响更大。
The COVID-19 pandemic has imposed an unprecedented impact on economies around the world. The hospitality and tourism-related sectors were among the hardest-hit industries . This empirical study examines the impact of the pandemic on the capital structure decisions of hospitality and tourism firms operating in five related industries. Our analysis also focuses on identifying this impact across different firm sizes and ownership structures, using a dataset of 94,588 firms from 31 European countries over the period 2012–2021. The findings reveal that leverage is higher during the pandemic across all industries, with the effect being more pronounced in small and publicly listed firms than in larger and private ones. However, the gambling and sports sectors show inconsistent results.