{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,5]],"date-time":"2026-05-05T00:02:20Z","timestamp":1777939340367,"version":"3.51.4"},"reference-count":83,"publisher":"SAGE Publications","license":[{"start":{"date-parts":[[2026,1,7]],"date-time":"2026-01-07T00:00:00Z","timestamp":1767744000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"},{"start":{"date-parts":[[2026,1,7]],"date-time":"2026-01-07T00:00:00Z","timestamp":1767744000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"funder":[{"DOI":"10.13039\/501100001871","name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","doi-asserted-by":"publisher","award":["UIDB\/ 04020\/2020"],"award-info":[{"award-number":["UIDB\/ 04020\/2020"]}],"id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001871","name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","doi-asserted-by":"publisher","award":["UID\/ ECO\/04007\/2020"],"award-info":[{"award-number":["UID\/ ECO\/04007\/2020"]}],"id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001871","name":"Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia","doi-asserted-by":"publisher","award":["UI\/BD\/150797\/2020"],"award-info":[{"award-number":["UI\/BD\/150797\/2020"]}],"id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Tourism and Hospitality Research"],"abstract":"<jats:p>This study examines how sudden shifts in tourism demand affect the Earnings Management (EM) strategies of hotel firms, using Portuguese companies as the study context. This paper uses accounting data from 490 non-listed Portuguese hotel firms collected from the ORBIS database over the 2016\u20132021 period. The presence of EM practices is investigated using the methodology developed by Burgstahler and Dichev (1997), while panel data regression is used to explore the impact of the COVID-19 pandemic on the sample firms\u2019 EM practices. Portuguese hotel firms use EM practices upward or downward depending on their starting position. In general, these firms tend to manipulate results in order to avoid reporting losses, a practice they intensify when faced with a sharp decline in demand. In particular, this paper finds that, during the recent pandemic period, such companies have aggressively used the discretionary component of accruals to disclose higher results. To the best of our knowledge, this is the first article exploring how a sudden decline in tourism demand affects the EM behaviour of firms operating in the hospitality sector. Our findings have important implications for such companies\u2019 stakeholders, especially investors and regulators.<\/jats:p>","DOI":"10.1177\/14673584251415079","type":"journal-article","created":{"date-parts":[[2026,1,7]],"date-time":"2026-01-07T21:40:30Z","timestamp":1767822030000},"update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":0,"title":["Can sudden fluctuations in tourism demand influence the earnings management practices of the hotel industry? Evidence from Portugal"],"prefix":"10.1177","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-3207-5416","authenticated-orcid":false,"given":"Beatriz","family":"Gon\u00e7alves","sequence":"first","affiliation":[{"name":"School of Economics - University of the Algarve"}]},{"given":"Lu\u00eds","family":"Coelho","sequence":"additional","affiliation":[{"name":"School of Economics - University of the Algarve"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3153-2830","authenticated-orcid":false,"given":"Patr\u00edcia","family":"Pinto","sequence":"additional","affiliation":[{"name":"School of Economics - University of the Algarve"}]}],"member":"179","published-online":{"date-parts":[[2026,1,7]]},"reference":[{"key":"e_1_3_5_2_1","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.irfa.2023.102675","article-title":"The Covid-19 outbreak, corporate financial distress and earnings management","volume":"88","author":"Aljughaiman AA","year":"2023","unstructured":"Aljughaiman AA, Nguyen TH, Trinh VQ, et al. (2023) The Covid-19 outbreak, corporate financial distress and earnings management. International Review of Financial Analysis 88(March): 1\u201313.","journal-title":"International Review of Financial Analysis"},{"key":"e_1_3_5_3_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.intacc.2007.06.004"},{"key":"e_1_3_5_4_1","doi-asserted-by":"publisher","DOI":"10.33369\/j.akuntansi.11.1.23-32"},{"issue":"1","key":"e_1_3_5_5_1","first-page":"1","article-title":"COVID-19 impact on the tourism accommodation and restaurant sectors of S\u00e3o Miguel (azores)","volume":"15","author":"Brilhante Mde F","year":"2023","unstructured":"Brilhante Mde F, Rocha ML (2023) COVID-19 impact on the tourism accommodation and restaurant sectors of S\u00e3o Miguel (azores). Sustainability 15(1): 1\u201323.","journal-title":"Sustainability"},{"key":"e_1_3_5_6_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-4101(97)00017-7"},{"key":"e_1_3_5_7_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2006.81.5.983"},{"key":"e_1_3_5_8_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jaccpubpol.2007.10.006"},{"key":"e_1_3_5_9_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2019.07.001"},{"issue":"1","key":"e_1_3_5_10_1","doi-asserted-by":"crossref","DOI":"10.1080\/02102412.2014.890820","article-title":"Earnings management among bankrupt non-listed firms: evidence from Spain.","volume":"43","author":"Campa D","year":"2014","unstructured":"Campa D, Camacho-Mi\u00f1ano MM (2014) Earnings management among bankrupt non-listed firms: evidence from Spain. Spanish Journal of Finance and Accounting \/ Revista Espa\u00f1ola de Financiaci\u00f3n y Contabilidad 43(1).","journal-title":"Spanish Journal of Finance and Accounting \/ Revista Espa\u00f1ola de Financiaci\u00f3n y Contabilidad"},{"key":"e_1_3_5_11_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.tourman.2009.07.011"},{"key":"e_1_3_5_12_1","first-page":"1","article-title":"A holistic assessment of crisis management in tourism from a demand-supply perspective - lessons learnt from COVID-19","author":"Chen Z","year":"2025","unstructured":"Chen Z, Tan J (2025) A holistic assessment of crisis management in tourism from a demand-supply perspective - lessons learnt from COVID-19. Tourism and Hospitality Research 1\u201316.","journal-title":"Tourism and Hospitality Research"},{"issue":"2","key":"e_1_3_5_13_1","article-title":"Choice of auditors and earnings management during the Asian financial crisis","volume":"22","author":"Chia YM","year":"2007","unstructured":"Chia YM, Lapsley I, Lee HW (2007) Choice of auditors and earnings management during the Asian financial crisis. Managerial Auditing Journal 22(2).","journal-title":"Managerial Auditing Journal"},{"key":"e_1_3_5_14_1","doi-asserted-by":"crossref","DOI":"10.1016\/j.ribaf.2021.101452","article-title":"The financial impact of COVID-19: evidence from an event study of global hospitality firms","volume":"58","author":"Clark J","year":"2021","unstructured":"Clark J, Mauck N, Pruitt SW (2021) The financial impact of COVID-19: evidence from an event study of global hospitality firms. Research in International Business and Finance 58(October).","journal-title":"Research in International Business and Finance"},{"key":"e_1_3_5_15_1","doi-asserted-by":"publisher","DOI":"10.1108\/JPBAFM-02-2022-0026"},{"key":"e_1_3_5_16_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.intaccaudtax.2005.01.002"},{"key":"e_1_3_5_17_1","doi-asserted-by":"publisher","DOI":"10.37741\/t.69.4.7"},{"key":"e_1_3_5_18_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2013.03.012"},{"key":"e_1_3_5_19_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2002.77.s-1.35"},{"issue":"2","key":"e_1_3_5_20_1","first-page":"193","article-title":"Detecting earnings management","volume":"70","author":"Dechow PM","year":"1995","unstructured":"Dechow PM, Sloan R, Sweeney A (1995) Detecting earnings management. The Accounting Review 70(2): 193\u2013225.","journal-title":"The Accounting Review"},{"key":"e_1_3_5_21_1","doi-asserted-by":"publisher","DOI":"10.1086\/209601"},{"key":"e_1_3_5_22_1","doi-asserted-by":"publisher","DOI":"10.29036\/jots.v13i25.382"},{"key":"e_1_3_5_23_1","doi-asserted-by":"publisher","DOI":"10.1162\/003465398557825"},{"key":"e_1_3_5_24_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcae.2015.07.001"},{"key":"e_1_3_5_25_1","doi-asserted-by":"publisher","DOI":"10.1108\/JPBAFM-10-2018-0109"},{"key":"e_1_3_5_26_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2004.79.4.967"},{"key":"e_1_3_5_27_1","doi-asserted-by":"publisher","DOI":"10.1007\/BF01025868"},{"key":"e_1_3_5_28_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijhm.2018.12.013"},{"key":"e_1_3_5_29_1","doi-asserted-by":"publisher","DOI":"10.18089\/tms.20240105"},{"key":"e_1_3_5_30_1","doi-asserted-by":"publisher","DOI":"10.1177\/14673584221085214"},{"key":"e_1_3_5_31_1","doi-asserted-by":"publisher","DOI":"10.1108\/JFRA-01-2020-0018"},{"key":"e_1_3_5_32_1","doi-asserted-by":"publisher","DOI":"10.2308\/acch.1999.13.4.365"},{"key":"e_1_3_5_33_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.annale.2022.100042"},{"key":"e_1_3_5_34_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.aos.2018.02.004"},{"key":"e_1_3_5_35_1","volume-title":"Estat\u00edsticas do turismo 2020","author":"Instituto Nacional de Estat\u00edstica","year":"2021","unstructured":"Instituto Nacional de Estat\u00edstica (2021) Estat\u00edsticas do turismo 2020. Instituto Nacional de Estat\u00edstica."},{"issue":"3","key":"e_1_3_5_36_1","first-page":"65","article-title":"Earnings management, benchmarks, and market valuation \u2014 a perspective from the hospitality industry","volume":"19","author":"Jiao F","year":"2019","unstructured":"Jiao F, Lu LW (2019) Earnings management, benchmarks, and market valuation \u2014 a perspective from the hospitality industry. Journal of Accounting and Finance 19(3): 65\u201396.","journal-title":"Journal of Accounting and Finance"},{"key":"e_1_3_5_37_1","doi-asserted-by":"publisher","DOI":"10.2307\/2491047"},{"key":"e_1_3_5_38_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2004.11.002"},{"key":"e_1_3_5_39_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr-51153"},{"key":"e_1_3_5_40_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2013.03.004"},{"key":"e_1_3_5_41_1","doi-asserted-by":"publisher","DOI":"10.1177\/09721509211053491"},{"key":"e_1_3_5_42_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jhealeco.2005.01.006"},{"key":"e_1_3_5_43_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(03)00121-1"},{"key":"e_1_3_5_44_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.tourman.2018.08.004"},{"key":"e_1_3_5_45_1","doi-asserted-by":"crossref","unstructured":"Lin J Li J (2012) An empirical analysis of earnings management during the IPO process: the evidence from manufacturing SMEs in China. In: 2012 fifth international conference on business intelligence & financial engineering Lanzhou China 18\u201321 August 2012 pp. 365\u2013369.","DOI":"10.1109\/BIFE.2012.83"},{"issue":"1","key":"e_1_3_5_46_1","first-page":"80","article-title":"Does financial crisis impact earnings management evidence from Portuguese and UK","volume":"4","author":"Lisboa I","year":"2018","unstructured":"Lisboa I, Kacharava A (2018) Does financial crisis impact earnings management evidence from Portuguese and UK. European Journal of Applied Business and Management 4(1): 80\u2013100.","journal-title":"European Journal of Applied Business and Management"},{"key":"e_1_3_5_47_1","doi-asserted-by":"publisher","DOI":"10.33119\/GN\/159032"},{"key":"e_1_3_5_48_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jaccpubpol.2017.05.001"},{"key":"e_1_3_5_49_1","doi-asserted-by":"publisher","DOI":"10.1080\/00401706.1970.10488699"},{"key":"e_1_3_5_50_1","doi-asserted-by":"publisher","DOI":"10.2307\/259398"},{"key":"e_1_3_5_51_1","volume-title":"The nature, estimation, and management of political risk.","author":"Monti-Belkaoui J","year":"1998","unstructured":"Monti-Belkaoui J, Riahi-Belkaoui A (1998) The nature, estimation, and management of political risk. Quorum."},{"issue":"4","key":"e_1_3_5_52_1","first-page":"1","article-title":"An assessment of the impact of COVID-19 pandemic in the tourism sector in Tanzania","volume":"3","author":"Mwamwaja EE","year":"2020","unstructured":"Mwamwaja EE, Mlozi S (2020) An assessment of the impact of COVID-19 pandemic in the tourism sector in Tanzania. International Tourism and Hospitality Journal 3(4): 1\u201315.","journal-title":"International Tourism and Hospitality Journal"},{"key":"e_1_3_5_53_1","doi-asserted-by":"publisher","DOI":"10.1787\/6b47b985-en"},{"key":"e_1_3_5_54_1","doi-asserted-by":"publisher","DOI":"10.22495\/cocv14i1c3p5"},{"key":"e_1_3_5_55_1","doi-asserted-by":"publisher","DOI":"10.1177\/1096348013491595"},{"key":"e_1_3_5_56_1","doi-asserted-by":"publisher","DOI":"10.5367\/te.2011.0024"},{"key":"e_1_3_5_57_1","doi-asserted-by":"publisher","DOI":"10.1177\/1938965511402930"},{"key":"e_1_3_5_58_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijhm.2014.06.008"},{"issue":"3","key":"e_1_3_5_59_1","first-page":"13","article-title":"Earnings targets in Spanish hotel industry: an approximation","volume":"6","author":"Parte-Esteban L","year":"2011","unstructured":"Parte-Esteban L, Devesa MJS, Alberca-Oliver P (2011) Earnings targets in Spanish hotel industry: an approximation. Tourismos 6(3): 13\u201336.","journal-title":"Tourismos"},{"issue":"1","key":"e_1_3_5_60_1","first-page":"30","article-title":"Impact of leverage on financial information quality: international evidence from the hospitality industry","volume":"28","author":"Poretti C","year":"2020","unstructured":"Poretti C, Schatt A, J\u00e9r\u00f4me T (2020) Impact of leverage on financial information quality: international evidence from the hospitality industry. Journal of Hospitality Financial Management 28(1): 30\u201343.","journal-title":"Journal of Hospitality Financial Management"},{"key":"e_1_3_5_61_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jhtm.2024.03.008"},{"key":"e_1_3_5_62_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijhm.2019.102330"},{"key":"e_1_3_5_63_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2006.01.002"},{"key":"e_1_3_5_64_1","article-title":"Literature review of earnings management: who, why, when, how and what for?","author":"Ruiz CV","year":"2016","unstructured":"Ruiz CV (2016) Literature review of earnings management: who, why, when, how and what for? Finnish Business Review. Available at: https:\/\/Verkkolehdet.Jamk.Fi\/Finnish-Business-Review\/Wp-Content\/Blogs.Dir\/16\/Files\/2016\/03\/FBR-2015-5.Pdf (18 January 2024).","journal-title":"Finnish Business Review"},{"issue":"4","key":"e_1_3_5_65_1","first-page":"91","article-title":"Commentary on earning management","volume":"3","author":"Schipper K","year":"1989","unstructured":"Schipper K (1989) Commentary on earning management. Accounting Horizons 3(4): 91\u2013102.","journal-title":"Accounting Horizons"},{"key":"e_1_3_5_66_1","doi-asserted-by":"publisher","DOI":"10.1080\/19368623.2017.1231652"},{"key":"e_1_3_5_67_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijhm.2014.09.001"},{"key":"e_1_3_5_68_1","doi-asserted-by":"publisher","DOI":"10.1080\/1528008X.2020.1712307"},{"key":"e_1_3_5_69_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijhm.2015.03.006"},{"issue":"3","key":"e_1_3_5_70_1","first-page":"230","article-title":"[Developments in linear regression methodology: 1959-1982]: discussion","volume":"25","author":"Snee RD","year":"1983","unstructured":"Snee RD (1983) [Developments in linear regression methodology: 1959-1982]: discussion. Technometrics 25(3): 230\u2013237.","journal-title":"Technometrics"},{"key":"e_1_3_5_71_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijhm.2005.08.002"},{"key":"e_1_3_5_72_1","doi-asserted-by":"publisher","DOI":"10.1108\/11766091111189882"},{"key":"e_1_3_5_73_1","doi-asserted-by":"publisher","DOI":"10.1108\/RAF-07-2014-0075"},{"key":"e_1_3_5_74_1","first-page":"112","article-title":"Towards a positive theory of the determination of accounting standards","volume":"53","author":"Watts RL","year":"1978","unstructured":"Watts RL, Zimmerman JL (1978) Towards a positive theory of the determination of accounting standards. The Accounting Review 53(I): 112\u2013134.","journal-title":"The Accounting Review"},{"key":"e_1_3_5_75_1","doi-asserted-by":"crossref","unstructured":"World Tourism Organization (2021) International Tourism Highlights 2020 Edition. UNWTO. Available at: https:\/\/doi.org\/10.18111\/9789284422456","DOI":"10.18111\/9789284422456"},{"key":"e_1_3_5_76_1","unstructured":"WTTC (2020) Global economic impact and trends 2020. https:\/\/wttc.org\/Portals\/0\/Documents\/Reports\/2020\/GlobalEconomicImpactTrends2020.pdf?ver=2021-02-25-183118-360"},{"key":"e_1_3_5_77_1","unstructured":"WTTC (2021) Global economic impact and trends 2021. https:\/\/wttc.org\/Portals\/0\/Documents\/Reports\/2021\/GlobalEconomicImpactandTrends2021.pdf"},{"key":"e_1_3_5_78_1","volume-title":"Travel and Tourism Economic Impact 2022: Global Trends","author":"WTTC","year":"2022","unstructured":"WTTC (2022a) Travel and Tourism Economic Impact 2022: Global Trends. World Travel and Tourism Council. https:\/\/wttc.org\/Portals\/0\/Documents\/Reports\/2022\/EIR2022-GlobalTrends.pdf"},{"key":"e_1_3_5_79_1","unstructured":"WTTC (2022b) WTTC press release."},{"key":"e_1_3_5_80_1","unstructured":"WTTC (2024) Portugal\u2019s travel and tourism poised for historic year. https:\/\/wttc.org\/news-article\/portugal-travel-and-tourism-poised-for-historic-year"},{"issue":"2","key":"e_1_3_5_81_1","first-page":"59","article-title":"The COVID-19 and earnings management: China\u2019s evidence.","volume":"13","author":"Xiao H","year":"2021","unstructured":"Xiao H, Xi J (2021) The COVID-19 and earnings management: China\u2019s evidence. Journal of Accounting and Taxation 13(2): 59\u201377.","journal-title":"Journal of Accounting and Taxation"},{"key":"e_1_3_5_82_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2022.101772"},{"key":"e_1_3_5_83_1","doi-asserted-by":"publisher","DOI":"10.1002\/jtr.2250"},{"key":"e_1_3_5_84_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr-10196"}],"container-title":["Tourism and Hospitality Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/14673584251415079","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/full-xml\/10.1177\/14673584251415079","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/14673584251415079","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,5,2]],"date-time":"2026-05-02T05:12:33Z","timestamp":1777698753000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1177\/14673584251415079"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,1,7]]},"references-count":83,"alternative-id":["10.1177\/14673584251415079"],"URL":"https:\/\/doi.org\/10.1177\/14673584251415079","relation":{},"ISSN":["1467-3584","1742-9692"],"issn-type":[{"value":"1467-3584","type":"print"},{"value":"1742-9692","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,1,7]]},"article-number":"14673584251415079"}}