Jesus, CarinaSerra Coelho, Luís MiguelRamos, Celia2025-09-302025-09-302026-010278-4319http://hdl.handle.net/10400.1/27763Multiple factors determine tourism companies' capacity to resist and overcome disruptive events, such as pandemics or wars. This paper investigates this issue using a sensitivity index and finds that reductions in human capital, bigger size, and higher past profitability diminish resilience, while higher leverage and capital intensity strengthen it. Our findings further suggest that these effects differ across countries and underscore the negative consequences of Eurozone membership. This paper broadens our understanding of how companies can improve their resilience, providing valuable insights for future preparedness strategies for tourism firms and policymakers.engCOVID-19CrisisDynamic capabilitiesFirm-levelHospitalityResilienceTourismjournal article10.1016/j.ijhm.2025.104395