Covid-19 and hotel tourism: some assessments from financial statements of three European nations

This study investigates, with the analysis of financial statements, the economic-financial performance of 18,841 Italian (6,253), French (4,604) and Greek (7,984) hotels in the decade encompassing the pandemic crisis (2013-2022). We studied the trend of the profitability ratio, ROA (Return on Assets), and the capitalisation ratio, which reflects financial structure, and conducted appropriate statistical analyses. The results show that Covid-19 affected profitability; otherwise, it was positive everywhere but not high. On the other hand, although improving, the financial structure is disappointing because the companies are undercapitalised. Relatively homogeneous trends in the three countries for profitability but not for equity/debt ratios. Future research with other variables, as well as the integration of quantitative data with qualitative data, will be helpful. This study stimulates and encourages a culture of space-time comparisons, re-evaluating the potential of accounting information systems to promote growth and development strategies based on appropriate reporting information. It also contains valuable pointers for public authorities that often support tourism.