Spillovers from tourism demand to tourism equity indices

Faruk Balli, Muhammad Abubakr Naeem, Hatice Ozer-Balli

Research output: Contribution to journalArticlepeer-review

6 Citations (Scopus)


In this article, we analyse the extent of the spillover from international tourism demand on tourism sector equity indices and find that the magnitude of the spillovers are quite dispersed across different markets, which is in line with previous studies. Novel to the literature, we examine the impact of solvency and profitability positions of the firms in the tourism equity indices on evaluating the magnitude of the spillovers from tourism demand to sector equity indices. Firms that have better solvency ratios and operated in deeper financial markets find their stock returns are affected less from the fluctuations in tourism demand. Profitability positions of the firms, however, do not have significant impact on explaining the spillovers.

Original languageEnglish
Pages (from-to)2228-2235
Number of pages8
JournalTourism Economics
Issue number8
Publication statusPublished - Dec 2022
Externally publishedYes


  • firm positions
  • international tourism demand
  • spillover indices

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Tourism, Leisure and Hospitality Management


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