Financial Disclosure in the Travel and Leisure Industry

International Journal of Tourism Research, Vol. 18, 2016

Posted: 14 Nov 2016

See all articles by Andreas Andrikopoulos

Andreas Andrikopoulos

University of the Aegean - Department of Business Administration

Anna Merika

American College of Greece (DEREE)

Andreas G. Merikas

University of Piraeus

Date Written: November 13, 2016

Abstract

This study explores the determinants of Internet financial disclosure in the travel and leisure industry. Studying the case of the firms that are listed in the London Stock Exchange, we employ the generalized method of moments in order to investigate the cross-sectional variation in the quantity of financial information, which is disclosed on corporate websites of travel and leisure firms. We find that disclosure is positively associated with corporate size, financial leverage, concentrated ownership, dual listing and profitability. We also discover that profitability is not only a determinant of financial disclosure in the travel and leisure industry but also its consequence: More profitable firms yield more requests for transparency among their stakeholders, and they also have the necessary resources to respond to these requests.

Keywords: internet disclosure, profitability, travel and leisure industry

Suggested Citation

Andrikopoulos, Andreas and Merika, Anna and Merikas, Andreas G., Financial Disclosure in the Travel and Leisure Industry (November 13, 2016). International Journal of Tourism Research, Vol. 18, 2016, Available at SSRN: https://ssrn.com/abstract=2868657

Andreas Andrikopoulos (Contact Author)

University of the Aegean - Department of Business Administration ( email )

8 Michalon Str
Chios, GR 82 100
Greece

Anna Merika

American College of Greece (DEREE) ( email )

Gravias 6,
Aghia Paraskevi
Athenes, 153-42
Greece

Andreas G. Merikas

University of Piraeus ( email )

Piraeus, LA
Greece

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