Digital Economy and Resilience of Tourism Enterprises:A Study on the Moderating Effect of Institutional Environment and Equity Concentration
Tourism enterprises are highly sensitive to changes in their external environment.In particular,they are extremely vulnerable to the impact of uncertain external events.As a key ability to prevent and defuse risks,resilience has gradually become an important issue within the tourism discipline.The resilience of tourism enterprises to the ability to maintain growth and stability in order to resist pressure and adapt to their complex and changeable environment.The development of tourism companies has been hit hard during the past few years following a series of events frequently leading to uncertainty,such as geopolitical conflicts and global public health crises.Following the recent wave in the development of digital economies,however,many tourism enterprises have achieved growth against this trend through digital means,which provides a new perspective for tourism enterprises to improve their resilience to resist future shocks.At present,few studies have explored the effect of the digital economy from the micro perspectives of tourism enterprises.In addition,most tourism resilience studies are still concerned with the macro perspective of the tourism economy.Therefore,this paper uses the sample data provided by 35 listed Chinese tourism enterprises from 2008 to 2021 to discuss the impact of the digital economy on the resilience of tourism enterprises.At the same time,as the digital economy is a new economic form,its impact on the resilience of tourism enterprises is considered as the result of its penetration from the overall environment into the micro perspectives of individuals.Therefore,both the tourism enterprises'external development environment and differences in their internal ownership structures will affect the efficiency of digital economy channels.Hence,this paper also analyzes the influence of external development environments and internal ownership structures on the efficiency of digital economies.In addition,this paper tests the heterogeneity of the role of digital economies in improving the resilience of tourism enterprises according to the tourism enterprises'main characteristics.The results showed that:1)The digital economy significantly improves the tourism enterprises'level of resilience,and the findings are still established following robustness and endogeneity tests;2)The institutional environment and equity concentrations in the development of tourism enterprises have a significant adjustment effect on their level of resilience.In tourism enterprises with good institutional environments and low equity concentrations,the stronger the effect of the digital economy,the stronger the resilience of tourism enterprises;3)Heterogeneity analyses show that emerging tourism enterprises and those with a low market advantage are more inclined to use digital results to improve their level of resilience.Therefore,with the help of the favorable situation of digital economic development,improving the tourism enterprises'dynamic capability to avoid and resolve risks has become an inevitable requirement for their high-quality development.Hence,tourism enterprises should comprehensively consider their own development situation and external environmental conditions,actively use digital means to integrate touristic elements and resources,optimize organizational structures,and build light,agile,and flexible digital intelligent organizations to reduce the negative impact of external operational risks.
digital economyresilience of tourism enterprisesinstitutional environmentequity concentration