Econometric analysis of the hospitality industry using stock market data

Abstract

[eng] This paper describes the relationship of macroeconomic and non-economic indicators and the stock returns of the hospitality industry in Germany, France and Spain. For the study, information was collected on 4 macroeconomic and 7 non-economic variables, which included both predictable and non-predictable events from different spheres of human activity. Based on the data collected, the OLS and SUR analysis was conducted. The results showed that all countries and their hospitality industry are clearly dependent on non-economic indicators, such as political changes, the economic crisis, measures to eliminate it, mass events, as well as natural phenomena. These findings are consistent with previous empirical studies for other countries. After conducting regressive analyzes, it can also be affirmed that for countries that do not specialize in tourism as the main activity, these indicators do not have such a strong effect as for Spain, whose economy is based to a large extent on the tourism industry in recent decades.