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The COVID-19 pandemic has created an unprecedented and devastating impact on the travel and tourism industry worldwide. To sustain tourism organizations in the post-pandemic period, it is crucial to understand the factors that maintain, boost, or diminish the potential demands of international travel. With faith in the industry’s resilience, travel and tourism organizations are counting on the prospect of compensatory travel. However, little is known about the factors affecting potential demands and compensatory travel intention in a post-pandemic world. Hence, this study attempts to conceptualize compensatory travel and to investigate tourists’ cognitive and emotional processes that link risk perception about COVID-19 and compensatory travel intention. The findings support the proposed dual-processing model of suppressing and accelerating travel desire caused by COVID-19. The effect of travel desire on compensatory travel intention is also found.

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The purpose of this study was to investigate (a) the moderating effect of CEO overconfidence on the relationship between equity-based compensation and strategic risk-taking and (b) the relationship between franchising and strategic risk-taking in the U.S. restaurant industry. Given wide use of a franchise system among U.S. restaurant firms, an understanding of the association between equity-based compensation and strategic risk-taking relative to CEOs' risk behaviors seems particularly important. We conducted our empirical analysis in the U.S. restaurant industry using a sample of 659 firm-year observations from 1992 to 2013. Our findings showed that (a) overconfident CEOs, while holding equity-based compensation, tended to take on more strategically risky investments, and (b) there was a positive relation between franchising and risktaking. Considering the behavioral and industry-specific characteristics, study findings could provide a more comprehensive understanding of how equity-based compensation influences strategic risk-taking in the U.S. restaurant industry.