Firm-Specific Determinants of Firm Performance in the Hospitality Sector in India

The hospitality sector has been one of the worst-hit industries due to onset COVID-19 pandemic, followed by nationwide lockdowns and curfews. Further, other factors, including Russia–Ukraine war, commodity price rise, recession, have acted as hurdles in slow recovery process. Policy experts at different forums advocated for proactive robust measures government reduce adverse impacts during these unprecedented times. To design such measures, determining firm-specific factors that significantly impact their profitability is essential. In this context, study tries understand affect sector’s performance India. It also explores whether characteristics changed over time changes political regimes differ between private publicly listed companies. Using a sample 440 public firms 11 years (2010–2020) after controlling unobserved heterogeneity using firm fixed effects, we tested relationship performance. estimation results demonstrate net asset turnover, liquidity, foreign earnings intensity, age significant, positive on profitability. contrast, solvency size negatively impacted found differences magnitudes coefficients findings provide important implications managers regulators stimulate new solutions overcome ongoing difficult period.