Economic and Organizational Impact of COVID-19 on Colombia’s Tourism Sector
Abstract
:1. Introduction
2. Literature Review
2.1. Economic Impact of COVID-19 on SMEs and Tourism
2.2. Business Situation
2.3. Strategic Management
2.4. Innovation and Development
3. Materials and Methods
- N = population = 1177
- Z = 95% confidence level = 1.96
- p = expected probability of success = 0.5
- q = probability of failure = 0.5
- d2 = precision (maximum admissible error) = 0.05
4. Results
4.1. Exploratory Factor Analysis (EFA) and Reliability Tests
4.2. Business Situation (BS) When Facing the Economic Impact of the COVID-19 Crisis (ICTS)
4.3. How the COVID-19 Crisis Affected Strategic Management of Tourism SMEs
4.4. Extent to Which Innovation and Development Processes (ID) Are Conditioned by the COVID-19 Crisis
4.5. Business Situation (BS) and Its Relationship to ID
4.6. How ID Influences Organizational Strategic Management
5. Results Discussion
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
- Tourism club
- Travel agency
- Lodging
- Food and beverage
- 11–50
- 51–100
- 101–200
- 201–500
- Over 500 workers
- Under 1000
- 1000–10,000
- 10,001–50,000
- 50,001–100,000
- Over 100,000
- Public administrations
- Consumers and families
- Other companies
- Consumers and families and other companies
- Other
- No formula—decreased greatly
- Annual—decreased
- Intermediate—no change
- Monthly—increased
- Every period-increased greatly
- No formula—decreased greatly
- Annual—decreased
- Intermediate—no change
- Monthly—increased
- Every period—increased greatly
- None—decreased greatly
- Growth in economic structure (active)—decreased
- Growth and performance—no change
- Margin and performance—increased
- All financial goals—increased greatly
- No formula—decreased greatly
- Annual—decreased
- Intermediate—no change
- Monthly—increased
- Every period—increased greatly
- Does not identify—decreased greatly
- Annual—decreased
- Intermediate—no change
- Monthly—increased
- Every period—increased greatly
- (0–40%)—decreased greatly
- (41–70%)—decreased
- (71–90%)—no change
- (91–100%)—increased
- (>100%)—increased greatly
- (0)—decreased greatly
- (1–5 thousand USD)—decreased
- (5–20 thousand USD)—no change
- (20–50 thousand USD)—increased
- (Over 50 thousand USD)—increased greatly
- (0)—decreased greatly
- (1–5 thousand USD)—decreased
- (5–20 thousand USD)—no change
- (20–50 thousand USD)—increased
- (Over 50 thousand USD)—increased greatly
- (0)—decreased greatly
- (1–5 thousand USD)—decreased
- (5–20 thousand USD)—no change
- (20–50 thousand USD)—increased
- (Over 50 thousand USD)—increased greatly
- (0)—decreased greatly
- (1–5 thousand USD)—decreased
- (5–20 thousand USD)—no change
- (20–50 thousand USD)—increased
- (Over 50 thousand USD)—increased greatly
- (0)—decreased greatly
- (1–5 thousand USD)—decreased
- (5–20 thousand USD)—no change
- (20–50 thousand USD)—increased
- (Over 50 thousand USD)—increased greatly
- (0)—decreased greatly
- (1–5 thousand USD)—decreased
- (5–20 thousand USD)—no change
- (20–50 thousand USD)—increased
- (Over 50 thousand USD)—increased greatly
- —decreased greatly
- (1–2 years)—decreased
- (3)—no change
- (4)—increased
- (5 or more years)—increased greatly
- 0—decreased greatly
- (1–30%)—decreased
- (31–60%)—no change
- (61–80%)—increased
- (81–100%)—increased greatly
- (0–30%)—decreased greatly
- (31–60%)—decreased
- (61–80%)—no change
- (81–100%)—increased
- (>100%)—increased greatly
- (0)—decreased greatly
- (1–5 thousand USD)—decreased
- (5–10)—no change
- (10–50)—increased
- (Over 50 thousand USD)—increased greatly
- Reduced it even more—decreased greatly
- Did not decrease it further—diminished
- Recovered 70–80% of the paycheck—no change
- 100%—increased
- >100%—increased greatly
- Yes
- No
- Yes
- No
- (0)—decreased greatly
- (1–10 million)—diminished
- (10–50 million)—medium
- (50–200 million)—increased
- (Over 200 million)—increased greatly
Appendix B. Categorization of Factors
Variable | Factors | Measuring Ranges |
Business situation (BS) | Tourism subsector | 1= Tourist clubs |
2 = Travel agencies | ||
3 = Lodging | ||
4 = Food and beverage | ||
Number of workers | 1 = 11–50 workers—greatly reduced | |
2 = (51–100)— decreased | ||
3 = (101–200)—no change | ||
4 = (201–500)—increased | ||
5 = (Over 500 workers)—greatly increased | ||
Sales volume (thousand USD) | 1 = (Under 1000)—greatly reduced | |
The lower range of USD244 thousand; corresponds to the base value for SMEs in Colombia according to the sector (December 957 of 2019). | 2 = (1000–10,000)—decreased | |
3 = (10,000–50,000)—no change | ||
4 = (50,000–100,000)—increased | ||
5 = (Over 100,000)—greatly increased | ||
Main clients | 1 = Consumers and families | |
2 = Other companies | ||
3 = Public administrations | ||
4 = Others | ||
5 = Consumers and families, other businesses | ||
Organizational management (OM) | Formulation of income budget | 1 = Not formulated—greatly diminished |
2 = Annual—decreased | ||
3 = Intermediate—no change | ||
4 = Monthly—Increased | ||
5 = All periods—greatly increased | ||
Expenditure budget | 1 = Not formulated—greatly diminished | |
2 = Annual—decreased | ||
3 = Intermediate—no change | ||
4 = Monthly—increased | ||
5 = All periods—greatly increased | ||
Financial goals (type) | 1 = None—greatly reduced | |
2 = Economic structure growth (assets)—decreased | ||
3 = Growth and performance—no change | ||
4 = Margin and yield—increased | ||
5 = All financial goals—greatly increased | ||
Cost identification | 1 = Not formulated—greatly diminished | |
2 = Annual—decreased | ||
3 = Intermediates—no change | ||
4 = Monthly—increased | ||
5 = All periods—greatly increased | ||
Productive capacity | 1 = (0–40%)—greatly diminished | |
2 = (41–70%)—decreased | ||
3 = (71–90%)—no change | ||
4 = (91–100%)—increased | ||
5 = (>100%)—greatly increased | ||
Innovation and development (ID) | Investment in product development (these values are annual) | 1 = (0)—greatly diminished |
2 = (1–5 million)—decreased | ||
3 = (5–20 million)—no change | ||
4 = (20–50 million)—increased | ||
5 = (Over USD50 million)—greatly increased | ||
Marketing investment | 1 = (0)—greatly diminished | |
2 = (1–5 million)—decreased | ||
3 = (5–20 million)—no change | ||
4 = (20–50 million)—increased | ||
5 = (Greater than USD50 million)—greatly increased | ||
Investment in process improvement | 1 = (0)—greatly diminished | |
2 = (1–5 million)—decreased | ||
3 = (5–20 million)—no change | ||
4 = (20–50 million)—increased | ||
5 = (Over USD50 million)—greatly increased | ||
Number of years (with I + D) | 1 = (0)—greatly diminished | |
2 = (1–2 years)—decreased | ||
3 = (3)—no change | ||
4 = (4)—increased | ||
5 = (5 years or more)—greatly increased | ||
Impact of the COVID-19 crisis on SMEs in the tourism sector (ICTS) | Remote work | 1 = 0—greatly diminished |
2 = (1–30%)—decreased | ||
3 = (31–60%)—no change | ||
4 = (61–80%)—increased | ||
5 = (81–100%)—greatly increased | ||
Investment in reactivation | 1 = (0)—greatly diminished | |
2 = (1–5 million)—decreased | ||
3 = (5–20 million)—no change | ||
4 = (20–50 million)—increased | ||
5 = (Over USD50 million)—greatly increased | ||
Payroll recovery (as of December 2021) | 1 = It has reduced it even further—greatly diminished | |
2 = No, still diminished—decreased | ||
3 = Recovered 70–80% of payroll—no change | ||
4 = 100%—increased | ||
5 = >100%—greatly increased | ||
Continues to be affected by the crisis | 1 = Yes | |
Binary variable, Likert scale does not apply. | 2 = No | |
Amount of public support | 1 = (0)—greatly diminished | |
2 = (1—10 million)—decreased | ||
3 = (10–50 million)—no change | ||
4 = (50–200 million)—increased | ||
5 = (Over USD 200 million)—greatly increased | ||
Percentage of revenue 2020 compared to 2019 | 1 = (<=25%)—greatly diminished | |
2 = (26–50%)—decreased | ||
3 = (51–75%)—no change | ||
4 = (76–100%)—increased | ||
5 = (>100%)—greatly increased |
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Activity | Population | Sample |
---|---|---|
Lodging | 437 | 107 |
Travel agencies | 186 | 46 |
Recreation clubs and agrotourism | 69 | 17 |
Prepared food and beverage | 485 | 119 |
Totals | 1177 | 289 |
Variable | Items | Factors | Authors |
---|---|---|---|
Business situation (BS) | Item 1 BS1 | Tourism subsector | Neise T., Verfurth P., Franz M. |
Item 2 BS2 | Number of workers | Melnyk S., Schoenherr T., Verter V. et al. | |
Item 3 BS3 | Sales volume | Marjanski, A., Sulkowski, L. | |
Item 4 BS4 | Main clients | Markovic S., Koporcic N., Arslanagic-Kalajdzic M. et al. | |
Organizational management (OM) | Item 5 OM1 | Formulation of income budget | Haqbin, A., Shojaei, P., Radmanesh, S. |
Item 6 OM2 | Expenditure budget | O’Toole C., McCann F., Lawless M. et al. | |
Item 7 OM3 | Financial goals (type) | Ganlin P., Qamruzzaman M., Mehta A. et al. | |
Item 9 OM4 | Cost identification | Hrivnák M., Moritz P., Chreneková M., | |
Item 10 OM5 | Productive capacity | Doerr S., Erdem M., Franco G. et al. | |
Innovation and development (ID) | Item 11 ID1 | Investment in product development | Anggadwita, G., Martini E., Hendayani R., Adam N., Alarifi G. |
Item 12 ID2 | Marketing investment | Polas M., Raju V.—Rakshit S., Mondal S., Islam N. et al. | |
Item 13 ID3 | Investment in process improvement | Rakshit S., Islam N., Mondal S. et al. | |
Item 17 ID4 | Number of years (with I + D) | Yuniarty S. I., Abdinagoro S. et al. | |
Impact of the COVID-19 crisis on SMEs in the tourism sector (ICTS) | Item 18 ICTS1 | Remote work | Park S., Lee S., Cho J.—Bargados, A. |
Item 20 ICTS2 | Investment in reactivation | Félix A. G. and García N.—Piga, C. A., Abrate G., Viglia G., and de Canio, F. | |
Item 21 ICTS3 | Payroll recovery (as of December 2021) | Chen C. F., Wang Z., Tang X. L. | |
Item 22 ICTS4 | Still affected by the crisis | Le D. and Phi G. | |
Item 24 ICTS5 | Amount of public support | Sanabria J. M., Aguiar T. and Araujo Y. | |
Item 25 ICTS6 | Mehta K. and Sharma S. |
Items | Mean | Standard Deviation | Variance | Skewness | Kurtosis |
---|---|---|---|---|---|
Item 1 BS1: Tourism subsector | 2.5129 | 1.35223 | 1.829 | 0.022 | −1.81 |
Item 2 BS2: Number of workers | 1.8561 | 1.11453 | 1.242 | 1.08 | 0.122 |
Item 4 BS4: Main clients | 1.5391 | 0.58192 | 0.339 | 1.622 | 1.587 |
Item 5 OM1: Formulation of income budget | 2.7269 | 1.22896 | 1.51 | 0.425 | −0.83 |
Item 6 OM2: Expenditure budget | 2.6863 | 1.1962 | 1.431 | 0.442 | −0.761 |
Item 7 OM3: Financial goals (type) | 2.8598 | 1.09995 | 1.21 | 0.449 | −0.428 |
Item 9 OM4: Cost identification | 2.6384 | 1.13946 | 1.298 | 0.396 | −0.748 |
Item 10 OM5: Productive capacity | 2.8081 | 1.08529 | 1.178 | 0.353 | −0.571 |
Item 11 ID1: Investment in product development | 2.4465 | 1.20113 | 1.443 | 0.861 | −0.217 |
Item 12 ID2: Marketing investment | 3.0037 | 1.05389 | 1.111 | 0.24 | −0.685 |
Item 13 ID3: Investment in process improvement | 1.8856 | 0.68579 | 0.47 | 0.774 | 1.805 |
Item 17 ID4: Number of years (with I + D) | 2.2657 | 1.27493 | 1.625 | 1.057 | 0.055 |
Item 18 ICTS1: Remote work | 2.5018 | 0.93838 | 0.881 | 0.198 | −0.291 |
Item 20 ICTS2: Investment in reactivation | 2.7565 | 1.10876 | 1.229 | 0.74 | −0.327 |
Item 21 ICTS3: Payroll recovery (as of December 2021) | 2.893 | 1.02902 | 1.059 | 0.401 | −0.617 |
Item 22 ICTS4: Still affected by the crisis | 2.8819 | 1.12253 | 1.26 | 0.504 | −0.664 |
Item 24 ICTS5: Amount of public support | 2.6753 | 1.32696 | 1.761 | 0.096 | −1.403 |
Item 25 ICTS6: Percentage of revenue 2020 compared to 2019 | 2.9188 | 1.1159 | 1.245 | 0.451 | −0.701 |
Variable | Factors | Factor Loadings | AVE | CR | |
---|---|---|---|---|---|
Business situation | Tourism subsector (BS1) | 0.71 | 0.67 | 0.65 | 0.85 |
Number of workers (BS2) | 0.77 | 0.68 | |||
Sales volume (BS3) | −0.03 | 0.00 | |||
Main clients (BS4) | 0.72 | 0.70 | |||
Organizational management | Formulation of income budget (OM1) | 0.73 | 0.86 | 0.95 | 0.75 |
Expenditure budget (OM2) | 1.00 | 0.99 | |||
Financial goals (type) (OM3) | 0.86 | 0.85 | |||
Cost identification (OM4) | 1.01 | 0.95 | |||
Productive capacity (OM5) | 0.70 | 0.74 | |||
Innovation and development | Investment in product development (ID1) | 0.82 | 0.99 | 0.64 | 0.99 |
Marketing investment (ID2) | 0.64 | 0.69 | |||
Investment in process improvement (ID3) | 0.78 | 0.64 | |||
Number of years (with I + D) (ID4) | 0.80 | 0.65 | |||
Impact of the COVID-19 crisis on SMEs in the tourism sector | Remote work (ICTS1) | 0.70 | 0.95 | 0.69 | 0.95 |
Investment in reactivation (ICTS2) | 0.84 | 0.70 | |||
Payroll recovery (as of December 2021) (ICTS3) | 0.93 | 0.88 | |||
Still affected by the crisis (ICTS4) | 0.97 | 0.93 | |||
Amount of public support (ICTS5) | −0.78 | 0.61 | |||
Percentage of revenue 2020 compared to 2019 (ICTS6) | 1.00 | 1.00 |
Relationships | Regression Weights | Std. Dev. | t-Value | p-Value |
---|---|---|---|---|
The business situation of tourism SMEs in Colombia may influence the economic indicators caused by the COVID-19 crisis. | 0.815 | 0.161 | 2.815 | 0.005 |
The COVID-19 crisis has affected the strategic management of tourism SMEs in Colombia. | 0.839 | 0.057 | 4.162 | 0.000 |
Innovation and development in tourism SMEs have been decisive, although conditioned by the COVID-19 crisis. | 1.105 | 0.019 | 5.568 | 0.003 |
Depending on the business situation of tourism SMEs, these firms promoted innovation and devel-opment which contributes to improving the business situation | F = −0.18 and 0.357 | 0.042 | 2.941 | 0.033 |
Innovation and development practices support organizational management of tourism SMEs. | 4.905 | 1.635 | 4.67 | 0.004 |
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Tobón Perilla, L.N.; Urquía Grande, E.; Cano Montero, E.I. Economic and Organizational Impact of COVID-19 on Colombia’s Tourism Sector. Sustainability 2022, 14, 13350. https://doi.org/10.3390/su142013350
Tobón Perilla LN, Urquía Grande E, Cano Montero EI. Economic and Organizational Impact of COVID-19 on Colombia’s Tourism Sector. Sustainability. 2022; 14(20):13350. https://doi.org/10.3390/su142013350
Chicago/Turabian StyleTobón Perilla, Luz Natalia, Elena Urquía Grande, and Elisa Isabel Cano Montero. 2022. "Economic and Organizational Impact of COVID-19 on Colombia’s Tourism Sector" Sustainability 14, no. 20: 13350. https://doi.org/10.3390/su142013350