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2020 ; 84
(ä): 102986
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Tourism companies risk exposures on text disclosure
#MMPMID32834224
Li J
; Feng Y
; Li G
; Sun X
Ann Tour Res
2020[Sep]; 84
(ä): 102986
PMID32834224
show ga
Tourism is a risk-prone industry. But most studies focus on tourist risk
perception while ignoring company risk exposure. As service providers, the
companies play an important role in tourism activities, and systematically
identifying the risks they face is vital to the development of the tourism
industry. This paper attempts to identify tourism companies' risk exposures based
on textual risk disclosure of financial statements. Using 51,008 risk headings of
255 public companies, we adopt Sentence-Latent Dirichlet Allocation (Sent-LDA)
method to discover 30 risk exposures of the tourism industry. Further, we discuss
the universality and industry representativeness of these risk exposures, as well
as risk differences between different sub-industries and years. Findings can help
stakeholders develop reasonable and timely risk management strategies.