Market reactions to the regulation of corporate digital responsibility: evidence from the tourism industry
研究旅游业企业数字责任（CDR）监管对股票收益的影响，发现监管带来正向异常收益，但高ESG表现和数字化转型会削弱这一效应。
While corporate digital responsibility (CDR) is of growing importance, its regulation within the tourism industry remains underexplored. This study addresses this gap by investigating the impact of CDR regulations on firm stock returns in the tourism industry. Using an event study methodology, the research finds that CDR regulations generate positive abnormal stock returns, indicating that investors perceive such policies as value-enhancing. This positive market reaction is, however, less pronounced for firms with higher environmental, social and governance (ESG) performance, suggesting that a strong ESG record acts as a buffer against regulatory shocks. Furthermore, a high degree of digital transformation amplifies this mitigating effect. This reveals that investors perceive the ESG commitments of digitally mature firms as more credible and robust, enhancing their ability to translate these commitments into market-recognised strengths. The study contributes to the literature by providing valuable insights into how investors react to CDR regulation and deepens the understanding of the interplay between CDR, ESG and digital transformation in the tourism industry.