The Effects of COVID-19 on the Rent-a-Car Industry

2021 ◽  
pp. 160-186
Author(s):  
Maximiliano Emanuel Korstanje
Keyword(s):  
Financial Crisis ◽  
Tourism Industry ◽  
Central Position ◽  
Economic Downturn ◽  
Car Industry ◽  
Deep Blue ◽  
Global Commerce ◽  
The Impact

Doubtless, COVID-19 has accelerated an economic financial crisis since 2008, affecting seriously not only the tourism industry but the global commerce. Governments have adopted different positions and programs to mitigate the economic aftermath of COVID-19. As never before in its history, tourism has been placed between the wall and the deep blue sea. Although the interests and studies evaluating the impact of COVID-19 have captivated the attention of countless scholars, less attention was given to the rent-a-car industry, which occupies a central position in the tourist system. As substitute competitors of train, bus, and airplanes, the rent-a-car organizations seem to be a quintessential actor of the tourist system. Of course, because we live in a world without tourists, empirical-based studies do not abound. To fill such a gap, the present chapter describes the economic downturn of a rent-a-car organization giving a firm empirical case. Although illustrative to some extent, the obtained outcome cannot be extrapolated to other universes or samples.

The Impact of COVID-19 on the Rent-a-Car Industry

2021 ◽  
pp. 111-133
Author(s):  
Maximiliano Emanuel Korstanje
Keyword(s):  
Tourism Industry ◽  
Central Position ◽  
Car Industry ◽  
Service Sectors ◽  
The Impact

Without any doubt, coronavirus disease slumped global economies in an unparalleled crisis, one of the worst downturns since 2008. COVID-19 not only affected negatively the tourism industry but also other service sectors. To some extent, governments have adopted two different dispositions against the virus. While some nations imposed a strict lockdown, others privilege the consumption and domestic circuits of payment. In its history, the tourism industry has never faced a crisis of this caliber, and its impacts remain unsure even to date. Although the interests and studies evaluating the impact of COVID-19 have captivated the attention of countless scholars, less attention has been given to the rent-a-car industry, which occupies a central position in the tourist system. As substitute competitors of train, bus, and airplanes, the rent-a-car organizations seem to be a quintessential actor of the tourist system. Of course, because we live in a world without tourists, empirical-based studies do not abound these days.

Taiwan’s Wealth Gap and the Evolution of Electoral Politics after the 2008 Global Financial Crisis

Asian Survey ◽  
2013 ◽  
Vol 53 (5) ◽  
pp. 825-853 ◽  
Author(s):  
Zhenqing Zheng
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Electoral Politics ◽  
Party Politics ◽  
Economic Downturn ◽  
Electoral Campaigns ◽  
Wealth Gap ◽  
The Impact

Taiwan’s economic downturn and wealth gap, under the impact of the 2008 global financial crisis, spurred livelihood/redistributive questions to become electoral issues. This paper explores the linkage between the wealth gap and electoral campaigns, and points to a new political economy trend in today’s Taiwan: class mobilization has become the new driver of party politics, with identity mobilization played down.

Public Support to the European Car Industry: The Impact of the Financial Crisis

2014 ◽  
Vol 15 (3) ◽  
pp. 283-321 ◽  
Author(s):  
Laura Grigolon ◽  
Nina Leheyda ◽  
Frank Verboven
Keyword(s):  
Financial Crisis ◽  
Public Support ◽  
Car Industry ◽  
The Impact

scholarly journals Diversification and Community Bank Performance during a Financial Crisis

2016 ◽  
Vol 3 (4) ◽  
pp. 1 ◽  
Author(s):  
Kathy Estes
Keyword(s):  
Financial Crisis ◽  
Economies Of Scale ◽  
Economic Downturn ◽  
Community Banks ◽  
Community Bank ◽  
Diversification Strategies ◽  
Multiple Regression Models ◽  
Recent Financial Crisis ◽  
The Impact ◽  
The Relationship

<p><em>Many U.S. banks failed or performed poorly during the recent financial crisis.  Although the costliest failures were large institutions, the majority of failures were community banks (less than $1 billion in total assets).  Community banks, which are considered instrumental in small business lending and employment growth, face different risks and challenges than their larger counterparts, including a lack of economies of scale and scope and exclusion from “too-big-to-fail” status.  These challenges, coupled with the recent failures, motivate research into potential strategies managers can use to improve performance.  This study examined the relationship between three potential diversification strategies and community bank risk-adjusted performance from 2007 to 2011.  Understanding these relationships could improve management’s decision-making, allowing them to choose risk-mitigating strategies during a severe economic downturn.  Herfindahl-Hirschman Indexes (HHIs) were calculated as proxies for geographic, activity, and asset diversification.  Multiple regression models for each of the five years were used to calculate the impact of diversification variables on risk-adjusted ROA.  The results show that diversification in all areas is directly related to performance; however, only the asset diversification relationship is significant.  To the extent possible for community banks, diversification may improve risk-adjusted performance.</em></p>

Breaking the Bargain?

2020 ◽  
pp. 65-84
Author(s):  
Timothy Hellwig ◽  
Yesola Kweon ◽  
Jack Vowles
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Individual Risk ◽  
Economic Downturn ◽  
Effective Response ◽  
The Great Recession ◽  
Long Term Effect ◽  
Political Effects ◽  
The Global Financial Crisis ◽  
The Impact

In the wake of the Global Financial Crisis (GFC) and the Great Recession that followed, insecurity emerged as a central theme in elections across the developed democracies. But what drives feelings of insecurity? In this chapter we show that mass perceptions of economic precariousness are shaped not only by individual- and macro-level economic conditions but by political elites as well. Elites take action to buffer the effects of economic downturn through concrete policy efforts. Politicians and party leaders can also help calm insecure voters through their messages, speeches, and rhetoric. Statistical analyses of CSES data show that the financial crisis has both short-term and long-term effect on individuals’ economic perceptions. Furthermore, feelings of insecurity are shaped by elite cues. Party emphases on welfare concerns serve to moderate the impact of individual risk exposure on perceived insecurity. Chapter implications are twofold. First, a complete understanding of its political effects requires taking into account the effect of the crisis at both stages of development and recovery. And second, what matters for feelings of (in)security is less the magnitude of the crisis but elites’ ability to demonstrate an effective response.

Economic crisis and the image of Portugal as a tourist destination: the restaurants’ perspective

2014 ◽  
Vol 6 (5) ◽  
pp. 480-484 ◽  
Author(s):  
José Manuel Esteves
Keyword(s):  
Financial Crisis ◽  
Tourism Industry ◽  
Tax Burden ◽  
Content Type ◽  
International Financial Crisis ◽  
Food And Beverage ◽  
Two Factors ◽  
Portuguese Economy ◽  
The Portuguese Economy ◽  
The Impact

Purpose – The purpose of this paper is to demonstrate the effects of the international financial crisis on the food and beverage sector in Portugal, and the impact of a steep increase in the tax burden on this sector’s activity, together with the wider effects on the economy, enterprises and tourism in Portugal. Design/methodology/approach – The paper uses information drawn from official national information sources, together with other empirical data. Findings – The international financial crisis has caused severe damage to the food and beverage sector in Portugal. Since 2008, it has recorded successive reductions in key indicators: number of enterprises, employed persons and turnover. Besides this effect, the sharp rise in the tax burden has caused serious damage to the sector, leading to the closure of thousands of businesses, and the loss of thousands of jobs. The conjugation of these two factors, the economic and financial crisis and the increase in taxes caused serious disruption in the operation of businesses and the market as a whole. Practical implications – It is hoped that this analysis (among others) will lead to a reduction in the tax burden on the food and beverage sector of the tourism industry. It is argued that this is an impediment to progress. Originality/value – This article concludes that the current tax burden is undermining one of the main sectors of the Portuguese economy, which is vital to the country’s recovery. If it remains, there will be serious consequences for the image of Portugal, in terms of its tourism offer, its gastronomy and the excellence of service that is provided.

scholarly journals The Impact of the Financial Crisis on Entrepreneurship Among Older Adults

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 460-461
Author(s):  
Julie Kim
Keyword(s):  
Older Adults ◽  
Labor Market ◽  
Financial Crisis ◽  
Economic Downturn ◽  
Active Aging ◽  
Younger Adults ◽  
Individual Level ◽  
The 2008 Financial Crisis ◽  
Entrepreneurial Activities ◽  
The Impact

Abstract Older adults are assumed to be more averse to uncertainty than younger adults as economics and psychology studies based on prospect theory and related risk aversion theories show. Indeed, compared to younger adults, older adults engage in a smaller share of entrepreneurship. Yet adults 50 and over make up a steadily growing group of entrepreneurs in the US, and the 2008 financial crisis has not slowed them down. Sociological perspectives on older adults’ entrepreneurship consider disruption in the structural conditions of the labor market as a result of the economic crisis and a culture of active aging to argue that older adults’ entrepreneurial behaviors stem from structural and cultural roots. Analyses using 2003-2015 individual-level data from the Global Entrepreneurship Monitor show that an economic downturn did not thwart older adults’ entrepreneurial activities any more than it affected younger adults’ activities. Further, older adults’ odds of planning to start a business and actually starting a business were higher after the crisis than before the crisis. A closer examination reveals that older adults with less wealth generally have higher odds of pursuing entrepreneurship than other older adults. Meanwhile, wealthier older adults have higher odds of pursuing opportunity-driven entrepreneurship. Evidence suggests that the saliency of labor market conditions or the culture of active aging depends on older adults’ social location.

scholarly journals Diversification and Community Bank Performance during a Financial Crisis

2014 ◽  
Vol 3 (4) ◽  
pp. 01-40
Author(s):  
Kathy Estes
Keyword(s):  
Financial Crisis ◽  
Economies Of Scale ◽  
Economic Downturn ◽  
Community Banks ◽  
Community Bank ◽  
Diversification Strategies ◽  
Multiple Regression Models ◽  
Recent Financial Crisis ◽  
The Impact ◽  
The Relationship

Many U.S. banks failed or performed poorly during the recent financial crisis.  Although the costliest failures were large institutions, the majority of failures were community banks (less than $1 billion in total assets).  Community banks, which are considered instrumental in small business lending and employment growth, face different risks and challenges than their larger counterparts, including a lack of economies of scale and scope and exclusion from “too-big-to-fail” status.  These challenges, coupled with the recent failures, motivate research into potential strategies managers can use to improve performance.  This study examined the relationship between three potential diversification strategies and community bank risk-adjusted performance from 2007 to 2011.  Understanding these relationships could improve management’s decision-making, allowing them to choose risk-mitigating strategies during a severe economic downturn.  Herfindahl-Hirschman Indexes (HHIs) were calculated as proxies for geographic, activity, and asset diversification.  Multiple regression models for each of the five years were used to calculate the impact of diversification variables on risk-adjusted ROA.  The results show that diversification in all areas is directly related to performance; however, only the asset diversification relationship is significant.  To the extent possible for community banks, diversification may improve risk-adjusted performance.

scholarly journals Spill Over of Novel Covid-19 Pandemic on Punjab Tourism

2021 ◽  
Author(s):  
Ramanpreet Kaur ◽  
Manju Mittal
Keyword(s):  
Key Words ◽  
Preventive Measures ◽  
Virus Disease ◽  
Extended Period ◽  
Tourism Industry ◽  
Economic Downturn ◽  
Health Crisis ◽  
Global Pandemic ◽  
Tourism Sector ◽  
The Impact

The paper purposes to describe the spread of Covid-19 in Punjab, pre Covid-19 period, its effects on Punjab Tourism, and also put forwards a set of recovery measures for tourism sector. The data used is secondary in nature, collected from news broadcasted by several media outlets, various journals, newspapers, articles and official website of Punjab Tourism, Ministry of Tourism, WHO.  The study investigated that the outbreak of the global pandemic Covid-19 (Corona Virus Disease -2019) pandemic is an unprecedented shock to the state’s tourism industry. The Punjab Tourism was in a prospering state before Covid-19 struck. With the prolonged country-wide lockdown, global economic downturn and associated disruption of movement of tourists, the Punjab tourism industry is facing an extended period of decline.  The study indicates the effects of Covid-19 in Punjab Tourism and also extends the preventive measures to tackle the pandemic. Although, the length of the impact will depend upon the duration and gravity of the health crisis, the duration of the lockdown and the manner in which the situation unfolds once the lockdown is lifted yet the situation can be tackled by adopting the suggestive recovery measures.  Key words: COVID-19 Pandemic; Punjab Tourism; Tourists Arrival; Spill Over; Recovery Measures.

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