The Effect of COVID-19 on the Relationship Between Environmental Performance and Financial Performance: Insight from the US Tourism Sector
Publication date
2024
Authors
Kaakeh, Mohamad
Gokmenoglu, Korhan K.
Editors
Ozatac, Nesrin
Taspinar, Nigar
Rustamov, Bezhan
Advisors
Supervisors
Document Type
Part of book
Metadata
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License
taverne
Abstract
In times of financial distress, companies are forced to cut their expenditures to survive. The devastating effects of COVID-19 on the global economy once again brought this issue to the fore. Therefore, this study investigates the effect of environmental performance spending on the financial performance of US tourism firms. Empirical results reveal a U-shaped relationship between these variables. Our findings imply that although under financial distress, the environmental targets may cease to be a priority for the company in the short run, and better environmental performance will enhance financial performance in the long run.
Keywords
COVID-19, Economic Recession, Environmental Performance, ESG, Financial Performance, Taverne, General Business,Management and Accounting, General Economics,Econometrics and Finance
Citation
Kaakeh, M & Gokmenoglu, K K 2024, The Effect of COVID-19 on the Relationship Between Environmental Performance and Financial Performance : Insight from the US Tourism Sector. in N Ozatac, N Taspinar & B Rustamov (eds), Sustainable Development in Banking and Finance - 7th International Conference on Banking and Finance Perspectives. Springer Proceedings in Business and Economics, Springer Nature, pp. 1-5, 7th International Conference on Banking and Finance Perspectives, ICBFP 2023, Famagusta, Cyprus, 19/10/23. https://doi.org/10.1007/978-3-031-65533-3_1, conference