Research Note: US lodging firms' exposure to energy price risk

• Lee, Seul Ki ^[1] ; Jang, SooCheong ^[2]
  1. [1] Sejong University

     Sejong University

     Corea del Sur

     
  2. [2] Purdue University

     Purdue University

     Township of Wabash, Estados Unidos

     
• Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 21, Nº. 5, 2015, págs. 1095-1102
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • To date, studies on hotel energy use have examined the implications in terms of direct cost savings, environmental sustainability and corporate social responsibility. However, as the profitability of lodging firms is subject to changes in energy prices, their value may depend on exposure to energy price volatility. This paper examines the exposure of US lodging firms to energy price risk between 2001 and 2014. The authors find that energy price considerably affected stock returns of lodging firms throughout the sample period, and conclude that participation in an energy saving programme reduces the lodging firm's stock return exposure to energy price risk, thereby enhancing firm value.