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The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to investigate whether investors priced the effect of significant events before the Lehman Brothers' bankruptcy in European and Asia-Pacific banks. Abnormal returns on the event days range from −4.32% to 5.03% in Europe and −5.13% to 6.57% in Asia-Pacific countries. When Lehman Brothers went bankrupt on September 15, 2008, abnormal returns averaged the lowest at −4.32% in Europe and −5.13% in Asia-Pacific countries. The significant abnormal returns show that Lehman Brothers' collapse was a turning point, and investors paid attention to the precrisis events as warning signs of the oncoming crisis.

One of the significant components of a firm's overall sustainability is establishing and nurturing governance. This study attempts to understand how politically connected firms maintain sustainability measures in terms of risk-taking strategies. This paper has two purposes. The first purpose is to provide empirical evidence on the politically connected (PC) firms' corporate risk-taking and performance. The second purpose is to investigate the moderating impact of PC firms' risk on corporate performance.

To conduct the analysis to test our hypothesis efficiently, data has been collected from Bloomberg and annual reports of all Malaysian PC and non-PC companies. The final sample comprises 561 firms over the investigation period 2010–2019. The methodology entails Ordinary Least Squares (OLS) regressions of the impact of the PC firms on corporate risk-taking and performance. The authors also conduct t-tests of the equality of means of corporate risk-taking and performance between PC and non-PC companies.

The authors’ results show that politically connected firms undertake significant less corporate risk and relish higher financial performance than their counterparts. It implicatively insinuates that the presence of a politician on the board enables the management to mitigate the risk-taking, which makes the firms more profitable. The authors’ results corroborate network theory, suggesting that political ties alleviate the agency issue and safeguard the shareholders' interest.

The study's results were important as they highlighted the sustainable development of PC and non-PC companies, offering insights to researchers, policymakers, regulators, financial report users, investors, environmental unions, employees, clients and society.

This paper is novel since it is unique in evaluating sustainable practice in PC and non-PC firms.

The study has two objectives, first, to examine the effect of COVID-19 deaths and corruption on the government's policy responses, and second, to investigate the effect of COVID-19, corruption and government response on hotel performance, using the developmental system's framework of resilience theory.

The study utilizes hotel data from ten countries collected from 1st March 2020 to 28th February 2021. The data are analyzed using the panel regression analysis in E-views.

The study confirms that government policies direct impact the hotel performance. Specifically, economic support policies have a positive effect on hotel performance, while COVID-19 deaths and restrictions have a negative impact on hotels. The study also found a strong association between corruption and the level of restrictions that governments choose to implement. Therefore, for effective recovery, governments must be mindful of the context in which businesses operate and the effect of their policies on the hotel industry.

The strong correlation between COVID-19 deaths and RevPAR highlights the significance of understanding and addressing customers' risk perception to enhance the resilience of the hotel industry. The findings emphasize the importance of collaboration between the hotel industry and the government for effective crisis management and policymaking.

This study empirically examines how various policy responses and crisis levels impact hotel performance. It sheds light on why countries respond to crises differently and the effects of different policy responses on the hotel industry. The study has many implications for the industry stakeholders and policymakers.