The Effect of COVID-19 on the Relationship Between Environmental Performance and Financial Performance: Insight from the US Tourism Sector

Mohamad Kaakeh, Korhan K. Gokmenoglu*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

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.

Original languageEnglish
Title of host publicationSustainable Development in Banking and Finance - 7th International Conference on Banking and Finance Perspectives
EditorsNesrin Ozatac, Nigar Taspinar, Bezhan Rustamov
PublisherSpringer Nature
Pages1-5
Number of pages5
ISBN (Print)9783031655326
DOIs
Publication statusPublished - 2024
Event7th International Conference on Banking and Finance Perspectives, ICBFP 2023 - Famagusta, Cyprus
Duration: 19 Oct 202320 Oct 2023

Publication series

NameSpringer Proceedings in Business and Economics
ISSN (Print)2198-7246
ISSN (Electronic)2198-7254

Conference

Conference7th International Conference on Banking and Finance Perspectives, ICBFP 2023
Country/TerritoryCyprus
CityFamagusta
Period19/10/2320/10/23

Keywords

  • COVID-19
  • Economic Recession
  • Environmental Performance
  • ESG
  • Financial Performance

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