The impact of COVID-19 outbreak on hotels' value compared to previous diseases: the role of ALFO strategy

García-Gómez, Conrado Diego; Demir, Ender; Maria Díez-Esteban, Jose; Bilan, Yuriy

dc.title	The impact of COVID-19 outbreak on hotels' value compared to previous diseases: the role of ALFO strategy	en
dc.contributor.author	García-Gómez, Conrado Diego
dc.contributor.author	Demir, Ender
dc.contributor.author	Maria Díez-Esteban, Jose
dc.contributor.author	Bilan, Yuriy
dc.relation.ispartof	Heliyon
dc.identifier.issn	2405-8440 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued	2021
utb.relation.volume	7
utb.relation.issue	8
dc.type	article
dc.language.iso	en
dc.publisher	Elsevier Sci Ltd
dc.identifier.doi	10.1016/j.heliyon.2021.e07836
dc.relation.uri	https://www.sciencedirect.com/science/article/pii/S2405844021019393
dc.subject	COVID-19	en
dc.subject	pandemic outbreak	en
dc.subject	hotel financial performance	en
dc.subject	event study	en
dc.description.abstract	By using the Event Study Method (ESM), this paper aims to examine the effect of new coronavirus (SARS-CoV-2) disease (COVID-19) outbreak on the market performance of the hotel industry in the U.S. We also compare the impact of COVID-19 outbreak with three previous diseases outbreaks. The results show that there is a negative influence of the diseases outbreaks on stock returns of hotels in the U.S. However, the impact of COVID-19 is incomparably higher in magnitude compared to previous diseases. Furthermore, given the importance of following flexible corporate strategies to adapt to new and unpredicted situations, it is found that the ALFO (assets-light, fee-orientated) strategy acts as a mitigator for the predicted market value drop due to the pandemic.	en
utb.faculty	Faculty of Management and Economics
dc.identifier.uri	http://hdl.handle.net/10563/1010549
utb.identifier.obdid	43882840
utb.identifier.scopus	2-s2.0-85121245253
utb.identifier.wok	000691789000004
utb.identifier.pubmed	34471714
utb.source	J-wok
dc.date.accessioned	2021-09-14T09:02:25Z
dc.date.available	2021-09-14T09:02:25Z
dc.description.sponsorship	Spanish Public Funds through the Min-istry of Science and Innovation [PID2020-114797GB-I00]
dc.description.sponsorship	Ministerio de Ciencia e Innovación, MICINN: PID2020-114797GB-I00
dc.format.extent	8
dc.rights	Attribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.uri	https://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights.access	openAccess
utb.contributor.internalauthor	Bilan, Yuriy
utb.fulltext.affiliation	Conrado Diego García-Gómez a,* , Ender Demir b, José María Díez-Esteban c, Yuriy Bilan d a University of Valladolid – Duques de Soria Campus, Department of Financial Economics and Accounting, Calle Universidad s/n, 42004, Soria, Spain b Reykjavik University, Department of Business Administration, School of Social Sciences, Menntavegur 1 IS-102, Reykjavik, Iceland c University of Burgos, Department of Economics and Business Administration, Pza. Infanta Elena, 09001, Burgos, Spain d Tomas Bata University in Zlín, Faculty of Management and Economics, 5139 Mostni Str., Zlin, 760 01, Czech Republic
utb.fulltext.dates	-
utb.fulltext.sponsorship	This work was supported by Spanish Public Funds through the Min-istry of Science and Innovation in the framework of the project PID2020-114797GB-I00.
utb.wos.affiliation	[Diego Garcia-Gomez, Conrado] Univ Valladolid, Duques de Soria Campus, Dept Financial Econ & Accounting, Calle Univ S-N, Soria 42004, Spain; [Demir, Ender] Reykjavik Univ, Sch Social Sci, Dept Business Adm, Menntavegur 1, IS-102 Reykjavik, Iceland; [Maria Diez-Esteban, Jose] Univ Burgos, Dept Econ & Business Adm, Pza Infanta Elena, Burgos 09001, Spain; [Bilan, Yuriy] Tomas Bata Univ Zlin, Fac Management & Econ, 5139 Mostni Str, Zlin 76001, Czech Republic
utb.scopus.affiliation	University of Valladolid – Duques de Soria Campus, Department of Financial Economics and Accounting, Calle Universidad s/n, Soria, 42004, Spain; Reykjavik University, Department of Business Administration, School of Social Sciences, Menntavegur 1 IS-102, Reykjavik, Iceland; University of Burgos, Department of Economics and Business Administration, Pza. Infanta Elena, Burgos, 09001, Spain; Tomas Bata University in Zlín, Faculty of Management and Economics, 5139 Mostni Str., Zlin, 760 01, Czech Republic
utb.fulltext.projects	PID2020-114797GB-I00
utb.fulltext.faculty	Faculty of Management and Economics
utb.fulltext.ou	-