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Stock market effects of CrowdStrike IT outage on largest listed hotel companies

2025Journal article Open access
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datacite.subject.fosCiências Sociais::Geografia Económica e Social
datacite.subject.sdg11:Cidades e Comunidades Sustentáveis
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorCró, Susana
dc.contributor.authorMoutinho, Nuno
dc.contributor.authorMartins, António Miguel
dc.date.accessioned2025-07-02T14:29:47Z
dc.date.available2025-07-02T14:29:47Z
dc.date.issued2025
dc.description.abstractThis study analyses the short-term market effect of CrowdStrike IT outage in the 100 largest worldwide listed hotel companies. Using an event study methodology, the paper analyses how hotel companies are penalized by the market to the biggest IT disruption in history. Our results evidence a statistically significant negative reaction around the event date. This result is explained by the adverse impact caused by IT failures in the hotel’s business operations (reservation, payment, technical systems) and supply chain processes, which result in financial losses. We also observe a highest negative stock market reaction for hotel companies located in Western countries and for hotels with a low cyber risk rating. Finally, this study identifies hotel-specific characteristics that drive value during an IT outage. The research evidence that larger and more profitable hotel companies, with lower leverage and higher cyber risk ratings are more resilient to the adverse effects of IT outages.eng
dc.description.sponsorshipThe author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This paper is financed by Portuguese national funds through FCT – Fundação para a Ciˆencia e a Tecnologia, I.P., projects numbers UIDB/00685/2020 & UID00685 CEEAplA | University of Madeira (António Martins); UIDB/04007/2020 (Susana Cró) and UNIAG, UIDB/04752/2020 and UIDP/ 04752/2020 (Nuno Moutinho).
dc.identifier.citationBruno Albuquerque; Susana Cró; Nuno Moutinho; António Miguel Martins (2025). Stock market effects of CrowdStrike IT outage on largest listed hotel companies. Tourism Economics. ISSN 1354-8166. P. 1-13
dc.identifier.doi10.1177/13548166251321212
dc.identifier.issn1354-8166
dc.identifier.urihttp://hdl.handle.net/10198/34634
dc.language.isoeng
dc.peerreviewedyes
dc.publisherSAGE Publications
dc.relationCenter of Applied Economic Studies of the Atlantic
dc.relationCentre for the Research and Technology of Agro-Environmental and Biological Sciences
dc.relationApplied Management Research Unit
dc.relationMountain Research Center
dc.relationApplied Management Research Unit
dc.relation.ispartofTourism Economics
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectAbnormal returns
dc.subjectCrowdstrike
dc.subjectIT outage
dc.subjectHotels
dc.subjectEvent study
dc.titleStock market effects of CrowdStrike IT outage on largest listed hotel companieseng
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleCenter of Applied Economic Studies of the Atlantic
oaire.awardTitleCentre for the Research and Technology of Agro-Environmental and Biological Sciences
oaire.awardTitleApplied Management Research Unit
oaire.awardTitleMountain Research Center
oaire.awardTitleApplied Management Research Unit
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00685%2F2020/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04033%2F2020/PT
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oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00690%2F2020/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDP%2F04752%2F2020/PT
oaire.citation.endPage13
oaire.citation.startPage1
oaire.citation.titleTourism Economics
oaire.fundingStream6817 - DCRRNI ID
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oaire.fundingStream6817 - DCRRNI ID
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oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameMoutinho
person.givenNameNuno
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project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
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