Detailed Table of Contents Preface..............................................................................................................................................xxxii Section 1 Finance and Economics Chapter 1 :TheImpactofCOVID-19ontheBusinessPerformanceandFinancialPositioninHotelIndustry TheCaseofCroatia................................................................................................................................ 1 Sanja Sever Mališ, Faculty of Economics and Business, Croatia Ivana Mamic Sačer, Faculty of Economics and Business, Croatia Thehotelindustry,amongothers,hasbeenaffectedbytheCOVID-19pandemic.Theeffectofthepandemic canbenoticedthroughfinancialstatements.TheaimofthechapteristoanalysehowtheCOVID-19 pandemichasaffectedthefinancialpositionandbusinessperformanceofthehotelsinatourism-oriented countrysuchisCroatia.Thechaptercoversthebasicinformationoftourismandthefeaturesofthehotel industryinCroatia.Theauthorsrepresentthesetsofnationalrecommendationsfordealingwiththe ,pandemicinthetourismsectorthatareenrichedwithavailablemacroeconomicstatisticaldata.Further theanalysisoffinancialstatementsofthefiveselectedhotelsispresented.Theanalysiswasdonein ordertoprovidecomparativeanalysisoffinancialresultsinthepandemicenvironment(2020)andthe previousyear(2019).Basedonthecalculatedliquidity,solvency,activity,economy,andprofitability .ratios,theauthorsconcludethatallthementionedratiosworsenedin2020foralltheobservedhotels Chapter 2 TheImpactofCOVID-19onVolatilityofTourismStocks:EvidenceFromBISTTourismIndex..... 23 Burze Yaşar, TED University, Turkey This chapter analyzes the economic impact of COVID-19 on the tourism sector in Turkey. Stock marketsareabarometerfortheeconomyandreflectthepandemic’sdirectfinancialimpactontourism companies.TheBISTTourismIndexreturnvolatilityduring2020ismodelledconsideringtheeffects ofglobaleconomicpolicyuncertainty,economicsentiment,dailynewcases,andTurkey’scontainment andhealthindex.Theindexreturnvolatilityishighduringthepandemic.Theresultsshowastatistically significantinterrelationbetweeneconomicsentiment,newcases,andcontainmentandhealthindex,and theBISTTourismindexreturnvolatility.Policiesthatslowdownthevirusspreadandfiscalsupport mayimproveconsumerandinvestorsentiment.Therevivalofconfidencewouldstrengthenthefinancial .marketsanddecreasevolatility    Chapter 3 FinancialImpactsofCOVID-19onTourism:EvidenceFromSomeListedCompanies..................... 45 Derya Üçoğlu, Istanbul Bilgi University, Turkey Tourismisavulnerablesectortorisk-relatedeventssuchasnaturaldisasters,terroristattacks,economic crises,orinfectiousdiseases.AftertheoutbreakofCOVID-19beingconfirmedapandemicinMarch theoperationsoftourismcompaniesdecreasedsharplyduetotherestrictionsandmeasuresimposed,2020 astheviruswasbeingtransmittedeasilybetweenpeoplethroughdropletsorparticlesthatfloatinthe air.Therefore,thischapterfocusesonthefinancialimpactsofCOVID-19ontourismbyexaminingthe financialstatementsanddisclosuresofsomelistedcompanies.Althoughtherearesomestudiesonthe potentialeffectsoftheCOVID-19ontheeconomyorthebusinesses,therearehardlyanyconcerning thefinancialimpactofthepandemicontourismcompaniesasoftheendofpandemic’sfirstyear.This ,studyidentifiestheeffectofCOVID-19onthefinancialpositionandperformanceoftourismcompanies .COVID-19relatedrisks,thestrategiesimplementedbycompaniesandtheirpossibleimpactonoperations Chapter 4 TheEffectofCOVID-19ontheTourismSectorinTurkey:AnEvaluationwithFinancial StatementAnalysis................................................................................................................................ 69 Duygu Şengül Çelikay, Eskişehir Osmangazi University, Turkey Ferdi Çelikay, Eskişehir Osmangazi University, Turkey ThisstudyaimstorevealtheeffectofCOVID-19onthefinancialperformanceandpositionofthetourism sector.Thefinancialstatementdataofthefirmstradedintherestaurantsandhotelssub-sectorinBorsa Istanbulwereanalyzedbyusingfinancialstatementanalysistechniques.Accordingtothecomparative incomestatements,thefirms’totalprofitturnedintoalossbydeclining181%.Thefirst9-monthanalyses areessentialinrevealingthesignificantdecreaseinthefirms’revenuesandthefactthattheexpenses .couldnotbereduced;thefirmssoldfixedassetsandrealizedcapitalincreasestocontinuetheiractivities Thepolicymakersshoulddevelopacomprehensivecashsupportpolicyanddevelopshort-termmeasures .suchascost-freefinancingopportunitiesandexpandingloanopportunitiestoreducethedamage Chapter 5 TheEconomicImpactsofCOVID-19ontheTourismGlobalValueChain........................................ 92 Maha Mohamed Elhini, The British University in Egypt, Egypt Dina Kafafy, Egyptian National Competitiveness Council, Egypt ThepurposeofthischapteristoexaminetheeconomicimpactsoftheCOVID-19pandemiconthe ,tourismglobalvaluechain(GVC).Theoreticalanalysisrevealedthatbeingtriggeredbyhealthfactors thecoronaviruspandemicexertedanunprecedentedshockonboththesupplyanddemandsidesof thetourismsectorandtheglobaleconomy.Thisresultedinimplicationsthataremoresevereandless predictablethanearliercrisesthattheworldhadwitnessed.Analysisoftheeconomicimpactonvarious componentsofthetourismGVCrevealedthatmeasuresadoptedbyworldgovernmentstoprotecttheir citizensresultedinmassivedamagetotourismrelatedindustriesandtotheglobaleconomy.Thechapter ,concludesbypredictingthattheconsequencesofthecurrentpandemicwillinevitablygiverisetonew moreinnovatetourismmodels,respondingtothechangingglobaleconomicandtourismlandscapeand .tothechangeinconsumers’characteristicsandexpectations  Chapter 6 Infernum”:EconomicImpactsoftheCOVID-19PandemicontheHealthTourismIndustry–A“ Snapshot.............................................................................................................................................. 115 Dilek Çetin, Suleyman Demirel University, Turkey Erkan Erdil, Middle East Technical University, Turkey ThetourismsectorisdirectlyandenormouslyinfluencedbyCOVID-19.Themainaimofthisstudyisto investigatetheeffectofCOVID-19onhealthtourismincomeandtourismincome.Thetourismincome .andhealthtourismincomeofTurkeyareusedforthe2002Q1-2020Q4periodfortimeseriesanalysis Forbothvariables,thestructuralbreakisdetectedforthe2020Q1period.Themainconclusionofthis studyisthatactualtourismincomeis60%lessthantheforecastvaluewhilehealthtourismincomeis 39%less.Onewaycausalityfromhealthtourismincometotourismincomeisfoundwhichindicates .forwardlinkagesofhealthtourism Chapter 7 EconomicImpactsofthePandemicontheTourismoftheDevelopingWorld:TheCaseof COVID-19........................................................................................................................................... 135 Ayca Sarialioglu Hayali, Karadeniz Technical University, Turkey Cabir Celik, Karadeniz Technical University, Turkey TheCOVID-19pandemiccrisisof2020withitspolicymeasuresandeconomicimpactshasnegatively affectedthetourismindustry,whichisregardedasthemostnegativelyaffectedoneduetothenatureof thesector,bothdirectlyandindirectly.Inotherwords,throughitspolicymeasuressuchasrestrictions ontravel,ithasaffectedthetourismsectordirectly,andthroughitseconomicimpactssuchasdecreasing ,GDPpercapitaandhencetotaldemand,ithasinfluencedthetourismsectorindirectly.Inthisregard theaimofthisstudyistoempiricallyinvestigatetheeconomicimpactsofthepandemicontourismof thedevelopingworldforthecaseoftheCOVID-19pandemiccrisisof2020.Thisisdonebyapanel dataanalysisincluding38developingcountriesfortheninemonthsof2020,January-September,the ongoingeraofpandemiccrisisof2020consideringtheavailabledata.Thefindingssupportthemain .hypothesisofthestudy Chapter 8 TheImpactoftheCOVID-19PandemicontheTourismEconomy:EvidenceFromBorsaIstanbul155 Süleyman Şen, Burdur Mehmet Akif Ersoy University, Turkey Süreyya Kovacı, Burdur Mehmet Akif Ersoy University, Turkey ThischapterseekstoexaminetheimpactofCOVID-19ontheTurkishtourismeconomy.Towardsthis end,firstofall,touristarrivalsandtourismincomeofTurkeywerecomparedbetweenpre-pandemicand withinthepandemicperiod.Afterwards,toinvestigatewhetherCOVID-19leadstoadecreaseinstock pricesoftourismfirms,thereturndataof11firmslistedintheBorsaIstanbulrestaurantsandhotels subsectorfor10monthswereexaminedbypaneldatamethods.Accordingtocomparisonoftourist arrivalsandtourismincometothepreviousyear,therewasavitaldecreaseas69%and65%respectively in2020.Moreover,coveragerateofforeigntradedeficitoftourismincomeinTurkeydecreasedalmost 80%in2020.Overall,resultsofpooledOLSregressionanalysisrevealedthatCOVID-19casesand