Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China

All industries around the world have been greatly impacted by the 2019 COVID-19 outbreak. China’s tourism market was almost suspended. Tourism enterprises generally face difficulties in the form of low capital turnover and increased operating pressure, and the overall tourism industry is showing a d...

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Autores principales:	Shanyue Jin, Yuying Gao, Shufeng (Simon) Xiao
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	COVID-19 tourism PSM-DID corporate performance corporate governance structure Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/f1fc6383bfe6497fb3ccef71b75f0c14
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spelling	oai:doaj.org-article:f1fc6383bfe6497fb3ccef71b75f0c142021-11-11T19:26:51ZCorporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China10.3390/su1321117222071-1050https://doaj.org/article/f1fc6383bfe6497fb3ccef71b75f0c142021-10-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/21/11722https://doaj.org/toc/2071-1050All industries around the world have been greatly impacted by the 2019 COVID-19 outbreak. China’s tourism market was almost suspended. Tourism enterprises generally face difficulties in the form of low capital turnover and increased operating pressure, and the overall tourism industry is showing a downturn in its development. In this study, we construct a quasi-natural experiment with the COVID-19 pandemic in public health emergencies using a propensity score matching difference in differences model (PSM-DID) to match the treatment group of tourism enterprises and the control group of non-tourism enterprises. We empirically test that the COVID-19 pandemic has produced a more severe impact on the performance of tourism enterprises than other industries. Further analysis shows that given different enterprise equity natures, the characteristics of the board, supervision, and executive salary incentive levels, the COVID-19 pandemic has a heterogeneous impact on the operating performance of tourism enterprises.Shanyue JinYuying GaoShufeng (Simon) XiaoMDPI AGarticleCOVID-19tourismPSM-DIDcorporate performancecorporate governance structureEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 11722, p 11722 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	COVID-19 tourism PSM-DID corporate performance corporate governance structure Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	COVID-19 tourism PSM-DID corporate performance corporate governance structure Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Shanyue Jin Yuying Gao Shufeng (Simon) Xiao Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China
description	All industries around the world have been greatly impacted by the 2019 COVID-19 outbreak. China’s tourism market was almost suspended. Tourism enterprises generally face difficulties in the form of low capital turnover and increased operating pressure, and the overall tourism industry is showing a downturn in its development. In this study, we construct a quasi-natural experiment with the COVID-19 pandemic in public health emergencies using a propensity score matching difference in differences model (PSM-DID) to match the treatment group of tourism enterprises and the control group of non-tourism enterprises. We empirically test that the COVID-19 pandemic has produced a more severe impact on the performance of tourism enterprises than other industries. Further analysis shows that given different enterprise equity natures, the characteristics of the board, supervision, and executive salary incentive levels, the COVID-19 pandemic has a heterogeneous impact on the operating performance of tourism enterprises.
format	article
author	Shanyue Jin Yuying Gao Shufeng (Simon) Xiao
author_facet	Shanyue Jin Yuying Gao Shufeng (Simon) Xiao
author_sort	Shanyue Jin
title	Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China
title_short	Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China
title_full	Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China
title_fullStr	Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China
title_full_unstemmed	Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China
title_sort	corporate governance structure and performance in the tourism industry in the covid-19 pandemic: an empirical study of chinese listed companies in china
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/f1fc6383bfe6497fb3ccef71b75f0c14
work_keys_str_mv	AT shanyuejin corporategovernancestructureandperformanceinthetourismindustryinthecovid19pandemicanempiricalstudyofchineselistedcompaniesinchina AT yuyinggao corporategovernancestructureandperformanceinthetourismindustryinthecovid19pandemicanempiricalstudyofchineselistedcompaniesinchina AT shufengsimonxiao corporategovernancestructureandperformanceinthetourismindustryinthecovid19pandemicanempiricalstudyofchineselistedcompaniesinchina
_version_	1718431563102814208

Corporate Governance Structure and Performance in the Tourism Industry in the COVID-19 Pandemic: An Empirical Study of Chinese Listed Companies in China

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