The impact of COVID-19 and digital transformation on stock price volatility from the perspective of cultural and tourism industries

作者：Liyuan Liu, Di Wu, Nianjiao Peng · 发表于：International Review of Economics & Finance · 年份：2025 · DOI：10.1016/j.iref.2025.104144 · 被引用次数：10 · 研究领域：COVID-19 Pandemic Impacts、Diverse Aspects of Tourism Research、Consumer Behavior in Brand Consumption and Identification

The COVID-19 pandemic, which emerged in December 2019, has profoundly disrupted the global economy, with the cultural and tourism industries experiencing particularly significant stock price volatility. This study investigates the dual impact of the COVID-19 pandemic and digital transformation on stock price volatility within the cultural and tourism sectors. Using data from Chinese listed cultural and tourism enterprises between 2017 and 2022, this study explores the interplay between the pandemic, digital transformation, and corporate stock price fluctuations. Empirical findings reveal that the COVID-19 pandemic has significantly heightened stock price volatility in these industries, particularly reflected in annualized monthly returns. However, digital transformation demonstrates a positive moderating effect, effectively mitigating the adverse impacts of the pandemic on stock price stability. This moderating effect varies across enterprises of different sizes and ownership structures. The study not only deepens the understanding of stock price volatility patterns in the cultural and tourism industries during crises but also highlights the critical role of digital transformation in enhancing corporate resilience and stabilizing market performance.