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Estimation results of panel regressio tests based on the system-generalized method of moments indicate that EPU has a negative impact on return on assets (ROA), return on equity (ROE), and Tobin\u2019s Q. Our results are consistent for different variable specifications. We also find that firm size and leverage play a moderating role in the relationship between EPU and firm performance. Panel quantile regression results show that the impact of EPU on US tourism firm performance is asymmetric. Specifically, low-performing (25% quantile of ROA and ROE) firms are less affected by EPU, and for the case of Tobin\u2019s Q, EPU does not affect firms with a high growth opportunity (100% quantile of Tobin\u2019s Q).<\/jats:p>","DOI":"10.1177\/1354816620983148","type":"journal-article","created":{"date-parts":[[2021,1,13]],"date-time":"2021-01-13T18:59:25Z","timestamp":1610564365000},"page":"1174-1192","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":49,"title":["Understanding the effects of economic policy uncertainty on US tourism firms\u2019\u00a0performance"],"prefix":"10.1177","volume":"28","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8184-3285","authenticated-orcid":false,"given":"Conrado Diego","family":"Garc\u00eda-G\u00f3mez","sequence":"first","affiliation":[{"name":"University of Valladolid - Duques de Soria Campus, 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