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Post-Pandemic Adaptation Strategies in Sustainable Tourism: Financial Market Reactions and Investor Perceptions

Publié
Serveur de preprints
Preprints.org
DOI
10.20944/preprints202506.2500.v1

The COVID-19 pandemic acted as a critical juncture for the global tourism sector, compelling a structural re-evaluation of its long-term viability and accelerating the imperative for sustainable management practices. This study provides a rigorous quantitative assessment of the financial market's valuation of specific post-pandemic adaptation strategies adopted by tourism firms. Employing an econometric event study methodology on a global sample of publicly listed tourism and hospitality firms from 2020 to 2023, we analyze the stock price reactions to announcements related to four key strategic pillars: sustainability-driven policies, technological integration, community empowerment, and crisis management frameworks. Our empirical results indicate statistically significant positive cumulative abnormal returns (CARs) for firms announcing substantive green infrastructure investments and digital transformation initiatives, suggesting strong investor confidence in these resilience pathways. Conversely, market reaction to community-based and cultural preservation announcements, while positive, is less pronounced and exhibits higher volatility. The analysis quantifies the value-creation potential of different adaptation strategies, offering critical, data-driven insights for policymakers and corporate strategists seeking to align financial performance with sustainable development goals in the post-pandemic era.

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