Sustainability, innovation, and competitive advantage in tourism: An event study of the inflation reduction act
研究了美国《通胀削减法案》相关立法事件如何影响旅游和酒店企业的市场价值，发现绿色创新先行者初期受益但随后因竞争加剧而优势减弱。
This study analyzes the impact of policy-induced changes on the market valuation of tourism and hospitality firms, focusing on green innovation and competitive advantage. Using a sample of publicly listed tourism and hospitality firms in the United States, and drawing on an integrated theoretical framework, we examine how policy shifts reshape competitive dynamics. More precisely, this paper analyzes how legislative events related to the Inflation Reduction Act affected firms’ market value fluctuations. The main results indicate that first-movers in green innovation initially benefited from policy uncertainty but faced competitive erosion once the approval of the new policy reduced entry barriers for competitors. These findings contribute to the strategic management and sustainability literature, highlighting the need for continuous innovation beyond regulatory incentives to sustain long-term differentiation.