Signaling in times of uncertainty: The effectiveness of risk-coping measures disclosure in the hospitality sector

In health-related crises, hotels tend to disclose risk-coping measures (RCMs) as a vital element of crisis management. While there has been active research on these measures, much of the work has focused on consumer perceptions and travel intentions. Drawing on signaling theory, we address this gap by rigorously quantifying the underexplored linkage between RCMs disclosure and performance outcomes. Leveraging a quasi-experimental design that combines difference-in-differences method with propensity score matching, we analyze matched hotel samples with/without RCMs disclosure. Our findings reveal significant performance gains for disclosing hotels, driven primarily by firm-operated measures, whereas consumer-involved initiatives yield neutral or adverse effects. Pandemic severity, government responses, and hotel status further moderate efficacy. Additionally, mediation analysis reveals that performance improvements are partially attributable to the increase in positive consumer feedback. Our findings contribute to the crisis management and tourism literature and offer managerial insights for enhancing operational performance in the hospitality industry.