The model approach towards measuring the impact of innovation on tourism enterprises’ market value
The model approach towards measuring the impact of innovation on tourism enterprises’ market value

Summary/Abstract: The purpose of present paper was to explore the relationship between financial effects of innovation/stock price changes and theoretically related variables. The research was conducted in three countries – Poland, Italy and Sweden. It concentrated on listed tourism enterprises and relied on the event-study method. The data was analysed using the regression model. All the necessary evidence concerning innovation was gathered through ProQuest database, and the information on the tourism companies’ market value through stock exchanges’ databases. Based on the literature studies a set of eight variables differentiating the relation between innovation and market value was determined. The research revealed that organisational innovation generates a stronger impact on the market value than product innovation does. It also revealed that innovation signalled by a single announcement generates higher increase in market value than the one communicated through a series of releases. The limitations included the limited spacial scope. It was also not possible to verify the significance of two variables due to the insufficient number of observations. Increasing the geographical differenciation and expanding the sample seem beneficial for further research. The proposed model posseses practical applicability. It could support tourism companies’ managers in the planning of innovation policies. The paper attempts to fulfil the research gap concerning the relation between innovation and the market value of tourism enterprises. The introduced model constitutes the main novelty.

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