FINANCIAL PERFORMANCE, FINANCIAL POSITION, LIQUIDITY, EARNINGS, AND DEBT IN TOURISM COMPANIES FROM ASIA AND EUROPE

The COVID-19 pandemic highlights the need to provide better understanding of drivers of financial performance in different challenging frameworks, with a key focus on financial position, liquidity, earnings, and debt. This study examines the financial performance of Hotels, Resorts, and Cruise Lines companies in Asia and Europe, using data from 2019 and 2023, with the scope of exploring clusters and longitudinal patterns. Based on two samples of tourism companies from these two regions and 13 financial factors, this research applies factor analysis and a two-step cluster analysis to explore patterns of financial performance. Considering the longitudinal perspective of this research, the study provides novel insights into companies’ financial performance, considering the region of their headquarters and their ability to sustain growth and profitability.