THE EFFECTS OF TECHNICAL PROGRESS ON ITALIAN TOURISM COMPANIES
Purpose. The purpose of the present research was to determine the effects of technical progress on the value of Italian tourism companies.
Design/methodology/approach. The research was performed on the data on three tourism companies listed on the Borsa Italiana: Autogrill, GrandiViaggi, and Snai. The research was based on publicly available data on technical progress retrieved from the ProQuest database. The effects of the technical advancement were measured using the event-study method. All the data on the asset prices was retrieved from the database of the stock exchange.
Findings. The research indicates that on average the implementation of any kind of technical advancement augments the company’s market value by 1% within 21 days surrounding the release of the information to the market. However, the results differentiated strongly among the different types of technical advancement projects.
Research limitations. The main limitation is that the research covered only the technical advancement projects from one country.
Originality/value. The paper fulfils the knowledge gap concerning the results of the technical progress in tourism enterprises.
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