Financial Disclosure in the Travel and Leisure Industry. (12th May 2016)

• Record Type: Journal Article
• Authors: Andrikopoulos, Andreas; Merika, Anna A.; Merikas, Andreas G.
• Is Part Of: International journal of tourism research. Volume 18:Number 6(2016:Nov./Dec.)
• Page Start: 612
• Page End: 619
• Publication Date: 2016-05-12
• Subjects: internet disclosure -- profitability -- travel and leisure industry; Tourism -- Periodicals; 338.4791
• DOI: 10.1002/jtr.2078
• Languages: English
• ISSNs: 1099-2340

Abstract

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. Copyright © 2016 John Wiley & Sons, Ltd.