Abstract
This study investigates the relationship between sustainable industry performance and stock returns of the Halal tourism sector. We use a comprehensive dataset comprising 192 Halal tourism firms from 38 countries over the period of 2010–2020. Our baseline analysis reveals a significant positive impact of sustainable industry performance on Halal tourism stock returns. To control endogeneity issues, we employ advanced econometric techniques, including dynamic Generalized Method of Moments and confirms the robustness of our initial results. Furthermore, we document the adverse effects of the COVID-19 pandemic on Halal tourism stocks, underscoring the vulnerability of the industry to external shocks. Additionally, our subsample analysis highlights that firms with lower levels of sustainability experience negative repercussions on their stock returns. The findings offer valuable insights for investors, policymakers, and industry stakeholders, emphasizing the importance of sustainable strategies in enhancing both financial outcomes and resilience in the ever-evolving landscape of Halal tourism.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
