Chen Chun-Da, Su Ching-Hui Joan, Chen Ming-Hsiang
Department of Business, College of Business, Lamar University, Beaumont, TX, 77710, USA.
Department of Apparel, Events, and Hospitality Management, Iowa State University, Ames, IA, 50011, USA.
Tour Manag. 2022 Dec;93:104581. doi: 10.1016/j.tourman.2022.104581. Epub 2022 Jun 6.
Given that the United Nations views environmental, social, and governance (ESG) as a practical framework for anchoring responsible corporate behavior to achieve its sustainable development goals, this study constructs an autoregressive jump intensity trend (ARJI-trend) model to determine if ESG can improve future resilience and create crisis-resilient value for chained-brand hotel corporations from the effects of COVID-19. The findings indicate that the ARJI-trend model indeed captures both the permanent and transitory components of the hotel corporation's ESG performance related to stock return dynamics. When ESG rating is taken into account, the following conclusions emerge: 1) the transitory component of time-varying return variance decreases but the permanent component does not; 2) the hotel corporation portfolios with a lower transitory component experiences a higher return, implying that the hotel corporations with a higher ESG rating appear to be more defensiveness; and 3) with proper asset reallocation, a portfolio centered on strong ESG-conscious hotel corporations is a safe-haven asset during market turmoil.
鉴于联合国将环境、社会和治理（ESG）视为一个实用框架，用以规范企业的责任行为以实现其可持续发展目标，本研究构建了一个自回归跳跃强度趋势（ARJI - 趋势）模型，以确定ESG是否能够提升连锁品牌酒店企业未来的恢复力，并从新冠疫情的影响中创造出具有危机恢复力的价值。研究结果表明，ARJI - 趋势模型确实捕捉到了与股票回报动态相关的酒店企业ESG绩效的永久和暂时成分。当考虑ESG评级时，得出以下结论：1）时变回报方差的暂时成分减少，但永久成分未减少；2）暂时成分较低的酒店企业投资组合回报率较高，这意味着ESG评级较高的酒店企业似乎更具防御性；3）通过适当的资产重新配置，以具有强烈ESG意识的酒店企业为中心的投资组合在市场动荡期间是一种避险资产。
