Firms in the hospitality and tourism (HT) industry need to continuously make capital investments to sustain their long-term growth. These investments occur under varying conditions, including levels of political risk. Hence, this study examines the effects of firm-level political risk on corporate investments of 251 U.S. HT over the period 2002–2022. It further explores the moderating role of asset tangibility and corporate governance. Using fixed-effect regression analyses, the study finds that firm-level political risk negatively impacts corporate investments in the HT industry. Results reveal that asset tangibility and ownership concentration help mitigate the negative effect of firm-level political risk, while institutional ownership exacerbates this negative effect. Given that corporate investments are the backbone of the sustainable growth of HT firms, this research provides important implications for policymakers and practitioners in their attempts to reduce the negative effect of political risk on corporate investments.

中文翻译：

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公司层面的政治风险和酒店和旅游业的公司投资：有形资产和公司治理质量的调节作用


酒店和旅游业（HT）行业的公司需要不断进行资本投资以维持长期增长。这些投资是在不同的条件下进行的，包括政治风险水平。因此，本研究考察了 2002 年至 2022 年期间企业层面的政治风险对 251 US HT 企业投资的影响。它进一步探讨了资产有形性和公司治理的调节作用。研究通过固定效应回归分析发现，企业层面的政治风险会对企业在 HT 行业的投资产生负面影响。结果表明，资产有形性和所有权集中度有助于减轻公司层面政治风险的负面影响，而机构所有权则加剧了这种负面影响。鉴于企业投资是HT公司可持续增长的支柱，这项研究为政策制定者和从业者试图减少政治风险对企业投资的负面影响提供了重要的启示。