Short-term effects of innovations on tourism enterprise market value – event study approach

Dawid Szutowski , Marlena Bednarska


Innovations seem crucial for contemporaneous tourism enterprises willing to achieve the objective of increasing firm’s value. The research problem addressed in present paper is expressed in the following question: what is the relationship between innovations and tourism enterprises’ market value? The aim of this paper is to examine, conceptually and empirically, how innovations lift tourism enterprises’ stock returns by improving the view on future cash flows. Tourism sector was taken into consideration in order to fulfil the abovementioned research gap. This focused paper was based on relevant market data. Event study approach was chosen to test investors’ responses to innovation announcements. All tourism companies listed on Warsaw Stock Exchange were examined within the six years research period. Polish Press Agency database and Warsaw Stock Exchange databases were used to collect data. Results indicate that innovations affected positively investors’ valuation of tourism enterprises. Investors reacted the most to marketing, distributional and external collaborations innovations and most of their reactions occurred within five days from the innovation announcement.
Author Dawid Szutowski (WZ / KCAFiW)
Dawid Szutowski,,
, Marlena Bednarska (WGM / KT)
Marlena Bednarska,,
- Department of Tourism
Publication size in sheets0.6
Book Dias Francisco, Oliveira Simão, Kosmaczewska Joanna , Pereira Ângela (eds.): New Trends in Tourism Research - A Polish Perspective, 2014, GITUR -Tourism Research Group of Polytechnic Institute of Leiria, ISBN 978-989-98965-2-9, 312 p.
Keywords in Polishinnowacja, wartość rynkowa, analiza zdarzeń
Keywords in Englishinnovation, market value, event study, tourism enterprise
Languageen angielski
Score (nominal)5
ScoreMinisterial score = 5.0, 10-11-2019, MonographChapterAuthor
Citation count*3 (2020-09-23)
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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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