Impacts of COVID-19 on the U.S. restaurant industry from the global perspective

Seoki Lee, Hyoungju Song, Michael S. Lin, Amit Sharma

Research output: Journal article publicationJournal articleAcademic researchpeer-review

2 Citations (Scopus)


The current study explores the impact of COVID-19 on the U.S. restaurant industry in terms of its stock performance, and further incorporates a global perspective into this examination by testing both the main and moderating effects of non-U.S. COVID-19 and also the moderating effect of the internationalization strategy of the U.S. restaurant industry. Findings of this study confirm that U.S. COVID-19 had a negative influence on U.S. restaurant firms’ stock returns while non-U.S. COVID-19 had a positive impact. Further, the non-U.S. COVID-19 had a positive moderating effect on the relationship between U.S. COVID-19 and restaurant firms’ stock returns. Unexpectedly, the study finds that U.S. restaurant firms’ internationalization strategy does not moderate the negative impact of U.S. COVID-19 on restaurants’ stock performance. Practical implications and suggestions for future research are also discussed.

Original languageEnglish
Article number2
Pages (from-to)1-13
Number of pages13
JournalJournal of Hospitality Financial Management
Issue number1
Publication statusPublished - Jun 2021
Externally publishedYes


  • COVID-19
  • Internationalization
  • Non-U.S. COVID-19
  • The restaurant industry

ASJC Scopus subject areas

  • Finance
  • Tourism, Leisure and Hospitality Management
  • Strategy and Management


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