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April 24, 2026International Journal of Tourism Research0 citations

ESG Performance and Crash Risk of the US Tourism Industry

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SSSyed Jawad Hussain ShahzadEBElie BouriNANaeem Ashraf

Key Points

  • The research aims to understand how ESG performance affects crash risk in US travel and leisure firms during the COVID-19 pandemic.
  • Examined ESG performance of travel and leisure firms compared to non-travel and leisure firms.
  • Analyzed component-level ESG scores to identify specific impacts on crash risk.
  • Assessed the relationship between ESG performance and stock price behavior during the pandemic.
  • Travel and leisure firms with low ESG scores have higher exposure to stock price crash risk.
  • Low environmental performance combined with high social performance increases crash risk.
  • Aggregate ESG scores may mask the true impacts of individual ESG components on risk.

Abstract

ABSTRACT We examine the role of environmental, social, and governance (ESG) performance on the crash risk of US travel and leisure (T&L) firms around the COVID‐19 pandemic. We find that T&L firms with low ESG scores are more exposed to stock price crash risk than US non‐T&L firms. Analysing the ESG score at the component level indicates that low environmental but high social performance increases the crash risk of T&L firms. Therefore, each ESG component should be examined separately, as the aggregate ESG score may obscure its true effect on stock price crash risk when environmental and social performance compete for resources and risk management attention.

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Cite This Study

Shahzad et al. (2026) studied this question.

synapsesocial.com/papers/69eb0bfa553a5433e34b570ahttps://doi.org/10.1002/jtr.70334
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