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1.
Journal of Travel Research ; 62(1):75-90, 2023.
Article in English | Scopus | ID: covidwho-2244725

ABSTRACT

Many tourism destinations aim at expanding their market share of high spending visitors by shifting from quantity to quality. The COVID-19 pandemic has forced the introduction of social distancing requiring hotspots and mass destinations to reduce their capacity. This paper proposes a two-step approach for identifying top spending European countries over time, distinguishing between leisure and business travelers. The methodology employs the Country Product Dummy index with a hierarchical clusterization, enriched by a convergence analysis. This approach overcomes general shortcomings of descriptive statistics and cluster analyses directly applied to raw expenditure data. The outcomes of this analysis provide a detailed picture of the European travelers' expenditure across time and geographical area. The identified top spending countries of leisure and business travelers can be targeted through ad-hoc marketing campaigns and specific packages for privileging quality tourism and planning economic recovery in the post-COVID-19 reopening phase, while shifting away from mass tourism. © The Author(s) 2021.

2.
Journal of Air Transport Management ; 106, 2023.
Article in English | Scopus | ID: covidwho-2244584

ABSTRACT

This paper combines the k-means clustering method in combination with PCA and the system dynamic modeling approach to derive a better insight into the behavior of airline profitability during the time span of 1995 until 2020. The model includes various explanatory variables that capture different aspects of airline economic and operational metrics, whose fluctuations may affect the airline profitability. By forecasting these exogenous variables, the system dynamic model is used to predict airline profitability through 2025 and answer the question of whether the US airline industry will return to its pre-COVID 19 pandemic state. The latter research question can be agreed with, as the effect of introducing a fourth dimension derived from Principal Component Analysis (PCA) to sufficiently cover the variation within the dataset during the years of COVID-19 pandemic diminishes towards the end of the forecast period. Furthermore, the key measures from PCA imply that under the assumption of continuous growth and a non-exogenous shock, future years will not cluster in past years. The six different clusters from 2019 to 2025 showed how the system stays in a certain state for a few years and then drifts further to a new state. There are only a few variables that change to transfer from one cluster to the next. © 2022 The Authors

3.
Transportation Research Part D: Transport and Environment ; 115, 2023.
Article in English | Scopus | ID: covidwho-2242295

ABSTRACT

Grandfather rights require airlines to operate at least 80 % of their slots, if they are to keep them in the next scheduling period. To prevent losing slots, the airlines may operate slot-rescue flights, an airline strategy called slot hoarding. We model strategies of a monopolistic airline which chooses between long-haul and short-haul flights at a slot-coordinated airport. In cases of a binding use-it-or-lose-it rule, we observe a bias in the airline route network in favor of slot-rescue flights on short-haul distances. Slot-rescue flights reduce airline profits, but raise consumer surplus and airport profits. The overall effect of slot-rescue flights on welfare, however, remains ambiguous. Recently, slot hoarding and its climate impact have received considerable attention during the COVID-19 pandemic. We show that the environmental effects of slot-rescue flights are asymmetric. The climate damage of slot hoarding in the EU is reduced by the EU ETS, whereas CORSIA is rather ineffective. © 2022 Elsevier Ltd

4.
Revista Espanola De Estudios Agrosociales Y Pesqueros-Reeap ; - (259):175-200, 2022.
Article in Spanish | Web of Science | ID: covidwho-2240823

ABSTRACT

The wine sector has become increasingly important in recent decades, both in Spain and particularly in Castilla y Leon. Not only because of the quantity and quality of its production, but also because of its international projection, as well as its repercussions in areas such as culture, tourism and the environment. The aim of this paper is to analyse the evolution of the sector in Castilla y Leon in the period 2010-2020, adopting an economic-financial perspective. To this end, after a strategic analysis of the sector, the financial position of a sample of 29 companies in Castilla y Leon is studied in terms of liquidity, solvency and profitability, among others. The analysis allows us to conclude that wine companies have experienced sustained growth over the last decade accompanied by a decrease in financial risk, which places them in an ideal position for the future. Finally, the sector is satisfactorily overcoming the COVID-19 crisis.

5.
International Journal of Information Technology and Decision Making ; 2023.
Article in English | Scopus | ID: covidwho-2240118

ABSTRACT

In the past, it was believed that investors may generate abnormal returns (AR) for trading stocks by employing technical trading rules. However, since the COVID-19 pandemic broke out, stock markets around the world seem to suffer a serious impact. Therefore, whether investors can beat the markets by applying technical trading rules during the period of COVID-19 pandemic becomes an important issue for market participants. The purpose of this study is to examine the profitability of trading stocks with the use of technical trading rules under the COVID-19 pandemic. By trading the constituent stocks of DJ 30 and NASDAQ 100, we find that almost all of the trading rules employed in this study fail to beat the market during the COVID-19 pandemic period, which is different from the results in 2019. The revealed findings of this study may shed light on that investors should adopt technical trading with care when stock markets are seriously affected by black swan events like COVID-19. © 2023 World Scientific Publishing Company.

6.
Sustainability (Switzerland) ; 15(1), 2023.
Article in English | Scopus | ID: covidwho-2245376

ABSTRACT

The hospitality sector has been one of the worst-hit industries due to the onset of the COVID-19 pandemic, followed by nationwide lockdowns and curfews. Further, other factors, including the Russia–Ukraine war, commodity price rise, and recession, have acted as hurdles in the slow recovery process. Policy experts at different forums have advocated for proactive and robust measures by the government to reduce adverse impacts during these unprecedented times. To design such measures, determining the firm-specific factors that significantly impact their profitability is essential. In this context, this study tries to understand firm-specific factors that affect the hospitality sector's performance in India. It also explores whether the firm-specific characteristics have changed over time due to changes in political regimes and differ between private and publicly listed companies. Using a sample of 440 public and private hospitality firms for 11 years (2010–2020) and after controlling for unobserved heterogeneity using firm fixed effects, we tested the relationship between firm characteristics and performance. The estimation results demonstrate that the net asset turnover, liquidity, foreign earnings intensity, and age have significant, positive impacts on profitability. In contrast, solvency and size have negatively impacted firm performance. Further, we found differences in the magnitudes of coefficients for private and publicly listed companies. The findings provide important implications for managers and regulators to stimulate new solutions to overcome the ongoing difficult period. © 2022 by the authors.

7.
61st IEEE Conference on Decision and Control, CDC 2022 ; 2022-December:531-538, 2022.
Article in English | Scopus | ID: covidwho-2235547

ABSTRACT

Last-mile delivery services have become ubiquitous in the recent past. Delivery services for food (eg., DoorDash, Grubhub, Uber Eats) and groceries (eg., Instacart, Cornershop) earned a combined revenue of $25B in 2020, and are expected to exceed $72B in revenues by 2025. The COVID-19 pandemic accelerated the growth of such services by making their value proposition even more attractive. The lower risk of contact coupled with the convenience of ordering from the comfort of their homes led to widespread customer adoption. Even so, most last-mile delivery services are not profitable. The high cost of delivery is cited as the major cause of losses. Thus, analyzing the factors influencing delivery costs is crucial for understanding the long-term viability of these services. The pooling of orders is a critical source of efficiency in last-mile delivery. We propose a queuing-based spatial model for the delivery process to analyze the value created by pooling. We demonstrate how the trade-off between delivery times and the cost of delivery, mediated by the extent of pooling, dictates which services will be economically viable. Our simulation study of a typical grocery delivery service in Los Angeles, California suggests that delivery times of less than 1 hour are unprofitable for most regions in the US. We find that driver wages account for 90% of the delivery cost. We also discuss the potential impact of technological innovations such as automated delivery and labor regulations on the profitability of last-mile delivery services. © 2022 IEEE.

8.
International Journal of Finance & Economics ; 2023.
Article in English | Web of Science | ID: covidwho-2232934

ABSTRACT

There has been a tremendous growth in cryptocurrencies, which has challenged policy makers around the globe. We obtain millisecond data of some of the most frequently traded cryptocurrencies - bitcoin, ethereum, ripple, litecoin and dash - and two cryptocurrency indices - CRIX and CCI30 - to examine their profitability. Our profitability findings suggest that cryptocurrency traders generate significant profits after considering reasonable transaction costs. We also observe that cryptocurrency market participants can expand and sustain the levels of profitability levels in the subsequent trading activity. Our robustness checks with more recent post-Covid data are consistent with the initial profitability findings, although we observe lower levels of profits for the two indices and weaker profit persistency for all digital assets.

9.
Post - Communist Economies ; 35(1):2016/01/01 00:00:00.000, 2023.
Article in English | ProQuest Central | ID: covidwho-2230640

ABSTRACT

The aim of this study is to depict the performance of Russian manufacturing subsidiaries of multinational corporations during the first year of the COVID-19 pandemic. Using a unique handcrafted database of financial reports from 259 subsidiaries for 2019 and 2020, we retraced three indicators of business robustness: the dynamics of revenues, positive profitability, and the level of financial solvency. Most of the studied subsidiaries (85%) were able to withstand the crisis and maintain satisfactory financial solvency. Revenues decreased in 2020 to 40% of the studied subsidiaries, and the share of loss-making subsidiaries reached 31%. However, more than 40% of the studied subsidiaries achieved both an increase in revenues and positive profitability of sales in 2020. In this respect we may assess the level of ‘ownership advantage' of multinational corporations regarding assisting their subsidiaries to achieve different elements of business robustness during the pandemic.

10.
International Journal of Finance & Economics ; 28(1):193-207, 2023.
Article in English | ProQuest Central | ID: covidwho-2230340

ABSTRACT

Market practitioners and speculators attempt to make benefits from the existence of market price gaps and profit opportunities by arbitrage strategies. Although some investors trade stocks based on the available financial and fundamental information of a particular share, there are others who make profits by risk hedging and swing trading opportunities. One of these strategies is pairs trading, which is a sub‐category of statistical arbitrage. Pairs trading can assure reasonably a risk‐free profit gaining. This paper aims to make a hypothetical portfolio composed of pairs of stocks by exploring a significant association between their prices in the Toronto Stock Exchange, TSX. We compare the profitability of distance, co‐integration, and copula functions as the pair's selection and trading strategy devices in TSX over January 2017 to June 2020. Our results show that the highest profitability comes from trading by the copula method. Our time frame includes two heterogeneous pre and post COVID‐19 periods. Although the financial markets are struggling with a hard situation over the COVID‐19 days, the performance of the methodologies is not affected by the crisis.

11.
Transportation (Amst) ; : 1-24, 2021 Dec 02.
Article in English | MEDLINE | ID: covidwho-2234028

ABSTRACT

The research aims to examine the vulnerability and resilience of road transport enterprises in Poland to a crisis caused by the COVID-19 pandemic. In theory, we refer to the Schumpeterian perspective of creative destruction. In the empirical analysis, survey data on 500 transport companies randomly selected from the database were used. We estimated partial proportional odds models to show the factors responsible for the enterprises' vulnerability and resilience to unforeseen shock. The perspective refers to the total sample size and the division into two subgroups: micro and small and medium enterprises. To justify the results, we calculated a set of statistical indicators and tests. These models enable separating enterprises according to the vulnerability level. Transport enterprises occurred significantly vulnerable to the COVID-19 crisis, particularly the demand shock. The only factor that influenced resilience was the decrease in fuel prices, which allowed a cost reduction. The crisis showed that government aid was helpful in the short run, particularly for micro and small enterprises. The medium-sized enterprises were more resilient than micro and small ones. We formulated several recommendations to help transport enterprises to adjust in the medium term.

12.
Int J Environ Res Public Health ; 20(2)2023 Jan 15.
Article in English | MEDLINE | ID: covidwho-2236545

ABSTRACT

This research analyzes the influence of COVID-19 and public health spending policies on the economic sustainability of Spanish private hospitals. Moreover, it explores the relationship between public health spending policies and the spread of COVID-19 in Spain. Private health care is an understudied sector, yet it is fundamental to the health of citizens. Moreover, the economic causes linked to the spread of the pandemic have not yet been clearly established. Therefore, this work covers a gap in the literature. Private hospital profitability was analyzed by applying ordinary least squares and panel data regressions on financial and macroeconomic data for the period 2017-2020. The spread of COVID-19 was examined by means of cluster and component analysis. The results show that the COVID-19 pandemic negatively affected the economic sustainability of Spanish private hospitals, which was also influenced by public health spending. In turn, the spread of the pandemic was mainly related to population density, but was also influenced by public health spending and the gross domestic product of the region. Therefore, policymakers must consider that it is essential to make adequate investments in the healthcare system to cope with pandemics such as COVID-19. In addition, managers can see how corporate social responsibility is a valuable strategy for maintaining hospital profitability.


Subject(s)
COVID-19 , Health Expenditures , Humans , Public Health , Pandemics , COVID-19/epidemiology , Delivery of Health Care
13.
BizInfo ; 13(2):65-71, 2022.
Article in English | CAB Abstracts | ID: covidwho-2226114

ABSTRACT

Besides obvious negative consequences for people's health, the COVID-19 pandemic placed significant negative consequences on the economy as well. Since pandemic made tourism and travel almost impossible, these industries of tourism and hospitality suffered the most. The aim of this paper is to assess whether the onset of the COVID-19 pandemic has caused a change in the level of profitability of companies from hotel industry in the Republic of Serbia. The research sample consisted of 100 companies from hotel industry in the Republic of Serbia, where their operations in 2019 and 2020 were observed. The Operating Profit Margin, Net Profit Margin, Return on Assets and Return on Equity were used for the purposes of measuring profitability. The research determined that in the largest number of observed hotel companies in 2020, there was a decrease in profitability considering all four used indicators. By applying the Wilcoxon rank test and the t-test of paired samples, it was determined that the mentioned reductions in the used profitability indicators are statistically significant.

14.
Cogent Business & Management ; 9(1), 2022.
Article in English | ProQuest Central | ID: covidwho-2222496

ABSTRACT

This research proves the consistency of Agency Theory as a solution to explain the role of the influence of profitability, board size, woman on board, which is divided into two, namely woman on board of commissioner and woman on board of directors, as well as political connections to financial distress. Panel data from these variables were obtained from companies listed in LQ-45 in 2017–2021 which were then analyzed with a quantitative approach through the regression analysis of Ordinary Least Squares, Fixed Effects, Random Effects, and Robust, which was carried out simultaneously. The results of this analysis have a higher level of accuracy compared to partial testing. The first finding explains that the Profitability Ratio has a negative effect on financial distress, the second finding explains that board size has a positive effect on financial distress, the third finding explains that woman on board of commissioner has no effects on financial distress, however, the fourth finding explains that woman on board of director has a positive effect on financial distress, while the fifth finding explains the political connection has no positive effect to financial distress. Panel data-based research through simultaneous testing can be considered for principals in appointing agents to manage the company. Simultaneous analysis of panel data is a new breakthrough in research testing with more detailed results.

15.
Acta Universitatis Danubius Oeconomica ; 18(4), 2022.
Article in English | ProQuest Central | ID: covidwho-2218951

ABSTRACT

European maritime trade continues to be primarily driven by the evolution of the European and world economy and business. Although the relationship between economic output and trade in goods appears to be changing, with a marked decline in trade in the total value of Gross Domestic Product in recent years, the demand for maritime transport services remains dependent on the performance of the world economy. While industrial activity, economic production, the number of goods, trade and maritime trade may increase at different rates, these variables remain positively correlated. In the conditions of interdependence and globalization, seaborne trade, with efficiency and profitability, is the engine of economic development and prosperity. The European market for the transport of general goods is determined by the need for such goods worldwide, the world economy, the demographic situation, industrialization, and the surplus and deficit of industrialized goods.

16.
Global Economic Observer ; 10(2):18-26, 2022.
Article in English | ProQuest Central | ID: covidwho-2218560

ABSTRACT

The COVID-19 pandemic has significantly affected the financial situation of the individuals and companies in the Russian Federation, as a result of the mobility restrictions and lockdowns. In this context, banking system has played an important role in financing the economy. To avoid a credit crunch and to facilitate economic recovery, the Bank of Russia has adopted a wide range of stabilization measures, as cutting the key rate, easing banking capital and liquidity regulations, providing extensive liquidity, new lending facilities to banks etc. The purpose of this article is to analyse the Central Bank's response to the pandemic and to assess the financial stability of the banking system in the Russian Federation during the COVID-19 crisis. To achieve this goal, a chronology of the main measures adopted during the pandemic by the Bank of Russia is presented. In addition, the main indicators of the banking stability are analysed, namely, the level of capitalization and liquidity, the return on capital and assets, but also the quality of bank loans.

17.
Animals (Basel) ; 13(3)2023 Jan 31.
Article in English | MEDLINE | ID: covidwho-2224998

ABSTRACT

The current Quality Standard regulating the Iberian pig provides for various differentiated farming systems subject to the type of management implemented and the breed of the pigs. This study attempts to analyse the differences between two of these production systems, i.e., the outdoor and the indoor rearing systems by comparing the main technical and economic factors of six farms, three operating under each system, in order to ascertain the most profitable production system. This analysis is based on the information provided by the farm owners. It also evaluates the impact that the COVID-19 pandemic outbreak had on profitability. The results show that both systems spend the same resources on animal feed, which represents nearly 60% of the expense, with the price of purchase of piglets representing 30-32% of the total; however, there are differences in the cost of labour, which is higher in the outdoor variant. In economic terms, outdoor farms obtained a higher gross margin than indoor farms did. Although their production costs are higher, these are offset with larger incomes due to the higher market price of the pigs at the time of slaughter. Lastly, all the farms under study reveal large financial losses on account of COVID-19, given that there was a general decrease in the revenues due to the decrease in the selling price of the pigs, which seems to be the most determinant factor for the economic profits made by these kinds of farms.

18.
Access-Access to Science Business Innovation in the Digital Economy ; 4(1):7-23, 2023.
Article in English | Web of Science | ID: covidwho-2218262

ABSTRACT

Objectives: Understanding the processes of transformation of the investment activity of domestic business entities is decisive, when making decisions and forming effective scenarios for the further development of business activities aimed at increasing profits. There are complex economic realities for the development of production today, so, the economic agents are faced with the task of finding the optimal ratio between investments in the production restructuring processes and investments in innovative projects. This problem can be solved only by forming the optimal structure of their own capital investments. The purpose of this study is to identify the main trends in the investment activity of domestic enterprises using a comprehensive analysis of the structural dynamics of real investment projects and its impact on their financial results. Methods/Approach: During the analysis of investment process, relative indicators that characterize the shares of the components in the structure of the investments were calculated;charts and graphs were constructed, analytical tables were compiled. Multifactor linear regression models were built to determine the importance of the investment components' dominance and their impact on the profitability of the enterprise. Canonical correlation analysis was used to study the relationship between financial performance indicators of Ukrainian enterprises and using the high technologies in their production activities. Results: It was found that the dynamics of indicators that identify structural and dynamic changes in the structure of capital investments of Ukrainian enterprises and the selection of certain structural regimes indicate the dependence of the rate of growth and structural shifts on the political situation in the country, as well as on the coronavirus pandemic, which caused significant fluctuations in the investment activity of domestic business entities. Conclusions: The study confirmed that the indicator of the financial performance of Ukrainian enterprises is most influenced gross investment in existing buildings and structures, gross investment in construction and alteration of buildings and gross investment in purchased software.

19.
Journal of Accounting, Finance and Auditing Studies ; 9(1):154-171, 2023.
Article in English | ProQuest Central | ID: covidwho-2218094

ABSTRACT

Purpose: The purpose of this research is to analyze the effect of internal control and financial distress on earnings management and add the CEO's reputation as a moderating variable. The object of this study is to determine the companies that listed on Indonesia Stock Exchanges between 2019 and 2020. The research data were tested and analyzed using panel regression analysis on SmartPLS software. Methodology: The research sample is chosen using the purposive sampling technique. Data analysis for the study employed the SmartPLS program. This research used accrual earnings management to measure the earnings management, springate model to measure financial distress, internal control index to measure internal control and CEO's reputation index is used to measure CEO's reputation. Findings: The research results found that financial distress and internal control positively affect earnings management. In addition, this research results also found that a CEO's reputation can have a moderately significant and positive effect on the relationship between financial distress and earnings management. Originality/Value: This research finding is helpful for corporate governance in maximizing investment strategies. The consideration of the value of internal control is also a reference when investing. As such, it tends to assist company management in executing investment strategies to see the value of the CEO's reputation and internal controls. The novelty research provides new insight into how CEO's reputation moderates the relationship between financial distress and earning management.

20.
International Journal of Information Technology & Decision Making ; : 1-29, 2023.
Article in English | Web of Science | ID: covidwho-2214016

ABSTRACT

In the past, it was believed that investors may generate abnormal returns (AR) for trading stocks by employing technical trading rules. However, since the COVID-19 pandemic broke out, stock markets around the world seem to suffer a serious impact. Therefore, whether investors can beat the markets by applying technical trading rules during the period of COVID-19 pandemic becomes an important issue for market participants. The purpose of this study is to examine the profitability of trading stocks with the use of technical trading rules under the COVID-19 pandemic. By trading the constituent stocks of DJ 30 and NASDAQ 100, we find that almost all of the trading rules employed in this study fail to beat the market during the COVID-19 pandemic period, which is different from the results in 2019. The revealed findings of this study may shed light on that investors should adopt technical trading with care when stock markets are seriously affected by black swan events like COVID-19.

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