Building resilience in tourism firms: Evidence from COVID-19
本研究通过敏感性指数分析发现，人力资本减少、企业规模大和过往盈利高会降低旅游企业韧性，而高杠杆和资本密集度则增强韧性，为旅游企业和政策制定者提供了提升韧性的实用工具。
Multiple factors determine tourism companies' capacity to resist and overcome disruptive events, such as pandemics or wars. This paper investigates this issue using a sensitivity index and finds that reductions in human capital, bigger size, and higher past profitability diminish resilience, while higher leverage and capital intensity strengthen it. Our findings further suggest that these effects differ across countries and underscore the negative consequences of Eurozone membership. This paper broadens our understanding of how companies can improve their resilience, providing valuable insights for future preparedness strategies for tourism firms and policymakers. • Reductions in human capital significantly reduce company resilience. • Profitability can lead to lower resilience, possibly due to a complacency effect. • Firms in Sweden have a higher propensity for resilience to COVID-19. • Eurosystem membership can provide a buffering effect during disruption. • We adapt a resilience index, providing a practical tool for self-assessment.