Abstract
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 language | English |
---|---|
Article number | 2 |
Pages (from-to) | 1-13 |
Number of pages | 13 |
Journal | Journal of Hospitality Financial Management |
Volume | 29 |
Issue number | 1 |
DOIs | |
Publication status | Published - Jun 2021 |
Externally published | Yes |
Keywords
- COVID-19
- Internationalization
- Non-U.S. COVID-19
- The restaurant industry
ASJC Scopus subject areas
- Finance
- Tourism, Leisure and Hospitality Management
- Strategy and Management