The impact of localized innovations on the stock returns of tourism companies

Tomasz Napierała , Dawid Szutowski


The aim of this study was to determine the role of source of innovation, its degree of novelty, and their interaction in shaping tourism companies' stock returns in different geographical contexts. The research employed the buy-and‐ hold method. It included 378 innovation announcements released in the years 2011–2016 for 111 tourism companies operating in European Union countries. Findings suggest that abnormal returns for the companies listed in the innovation leading countries were significantly smaller than those for the moderate innovators group. The study proposes a novel, geographical perspective to the analysis of the effects of innovation on stock returns in tourism.
Author Tomasz Napierała - Uniwersytet Łódzki (UŁ)
Tomasz Napierała,,
, Dawid Szutowski (WZ / KCAFiW)
Dawid Szutowski,,
Journal seriesInternational Journal of Tourism Research, ISSN 1099-2340, (A 30 pkt)
Issue year2018
Publication size in sheets0.65
Keywords in Polishinnowacja, wartość dla akcjonariuszy, turystyka
Keywords in Englishinnovation, stock returns, tourism
ASJC Classification1409 Tourism, Leisure and Hospitality Management; 3305 Geography, Planning and Development; 3313 Transportation; 2309 Nature and Landscape Conservation
Languageen angielski
Score (nominal)30
Score sourcejournalList
ScoreMinisterial score = 30.0, 18-03-2020, ArticleFromJournal
Publication indicators WoS Citations = 0; Scopus SNIP (Source Normalised Impact per Paper): 2018 = 1.578; WoS Impact Factor: 2017 = 2.449 (2) - 2017=3.362 (5)
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UwagiFirst published: 24 October 2018
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* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.
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