Pub Date : 2024-08-10DOI: 10.1177/13548166241273667
Augusto Voltes-Dorta
Following New York City’s recent regulations requiring hosts of short-term accommodations to obtain licenses, most hosts either exited the market or switched to monthly rentals. This raises the question of the implicit value of a short-term rental license—a topic that has not received much attention in the literature. To address this gap, we estimated several fixed-effect negative-binomial regressions using data on New York’s extant Airbnb listings from February 2023 to March 2024. We found that short-term licensed listings earn, on average, between 5.2 and 7.2 thousand dollars more per year than unlicensed ones.
{"title":"Estimating the implicit value of a short-term rental license: A case study of Airbnb survivals in New York city","authors":"Augusto Voltes-Dorta","doi":"10.1177/13548166241273667","DOIUrl":"https://doi.org/10.1177/13548166241273667","url":null,"abstract":"Following New York City’s recent regulations requiring hosts of short-term accommodations to obtain licenses, most hosts either exited the market or switched to monthly rentals. This raises the question of the implicit value of a short-term rental license—a topic that has not received much attention in the literature. To address this gap, we estimated several fixed-effect negative-binomial regressions using data on New York’s extant Airbnb listings from February 2023 to March 2024. We found that short-term licensed listings earn, on average, between 5.2 and 7.2 thousand dollars more per year than unlicensed ones.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2024-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141921107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-08-10DOI: 10.1177/13548166241273638
Lingling Jiang, Zhike Lv
Considering that carbon emissions are one of the main causes of climate change, it is increasingly urgent to reduce CO2 emissions from tourism. This study aims to scientifically assess whether the digital economy can mitigate the negative environmental effects of tourism. Based on a two-way fixed effects model for a global sample of 100 countries from 2003 to 2020, this study highlights the tourism-CO2 emissions nexus is negatively moderated by the digital economy. Specifically, while tourism development results in increased CO2 emissions, our research shows that the digital economy can mitigate this negative impact. Furthermore, heterogeneity analyses reveal that this moderating effect is particularly pronounced in high-income countries. This study provides valuable insights for policymakers in fostering the growth of the digital economy in support of sustainable tourism development.
{"title":"Digitalization means green? Linking the digital economy to environmental performance in the tourism industry","authors":"Lingling Jiang, Zhike Lv","doi":"10.1177/13548166241273638","DOIUrl":"https://doi.org/10.1177/13548166241273638","url":null,"abstract":"Considering that carbon emissions are one of the main causes of climate change, it is increasingly urgent to reduce CO2 emissions from tourism. This study aims to scientifically assess whether the digital economy can mitigate the negative environmental effects of tourism. Based on a two-way fixed effects model for a global sample of 100 countries from 2003 to 2020, this study highlights the tourism-CO2 emissions nexus is negatively moderated by the digital economy. Specifically, while tourism development results in increased CO2 emissions, our research shows that the digital economy can mitigate this negative impact. Furthermore, heterogeneity analyses reveal that this moderating effect is particularly pronounced in high-income countries. This study provides valuable insights for policymakers in fostering the growth of the digital economy in support of sustainable tourism development.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2024-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141920394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-20DOI: 10.1177/13548166241265820
Mohammad Ashraful Ferdous Chowdhury, Mohammad Abdullah, Z. Sulong
This study investigates the relationship between sustainable industry performance and stock returns of the Halal tourism sector. We use a comprehensive dataset comprising 192 Halal tourism firms from 38 countries over the period of 2010–2020. Our baseline analysis reveals a significant positive impact of sustainable industry performance on Halal tourism stock returns. To control endogeneity issues, we employ advanced econometric techniques, including dynamic Generalized Method of Moments and confirms the robustness of our initial results. Furthermore, we document the adverse effects of the COVID-19 pandemic on Halal tourism stocks, underscoring the vulnerability of the industry to external shocks. Additionally, our subsample analysis highlights that firms with lower levels of sustainability experience negative repercussions on their stock returns. The findings offer valuable insights for investors, policymakers, and industry stakeholders, emphasizing the importance of sustainable strategies in enhancing both financial outcomes and resilience in the ever-evolving landscape of Halal tourism.
{"title":"Examining the impact of Halal tourism industry sustainability on stock returns","authors":"Mohammad Ashraful Ferdous Chowdhury, Mohammad Abdullah, Z. Sulong","doi":"10.1177/13548166241265820","DOIUrl":"https://doi.org/10.1177/13548166241265820","url":null,"abstract":"This study investigates the relationship between sustainable industry performance and stock returns of the Halal tourism sector. We use a comprehensive dataset comprising 192 Halal tourism firms from 38 countries over the period of 2010–2020. Our baseline analysis reveals a significant positive impact of sustainable industry performance on Halal tourism stock returns. To control endogeneity issues, we employ advanced econometric techniques, including dynamic Generalized Method of Moments and confirms the robustness of our initial results. Furthermore, we document the adverse effects of the COVID-19 pandemic on Halal tourism stocks, underscoring the vulnerability of the industry to external shocks. Additionally, our subsample analysis highlights that firms with lower levels of sustainability experience negative repercussions on their stock returns. The findings offer valuable insights for investors, policymakers, and industry stakeholders, emphasizing the importance of sustainable strategies in enhancing both financial outcomes and resilience in the ever-evolving landscape of Halal tourism.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141819305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-19DOI: 10.1177/13548166241266912
Christopher F. Parmeter
The past two decades has seen tourism research embrace frontier methods to assess efficiency in tourism. Generically these methods are split into two different camps, deterministic and stochastic frontier models. Deterministic models are by their nature nonparametric and do not require distributional assumptions. Stochastic models allow for noise to enter the frontier, typically at the expense of a variety of potentially unverifiable assumptions. The primary objective of this short survey is to alert readers to the many advances that have been made to eliminate or mitigate various parametric assumptions in the stochastic frontier model.
{"title":"A tourist in the economics of tourism: Reflections on nonparametric estimation of stochastic frontier models","authors":"Christopher F. Parmeter","doi":"10.1177/13548166241266912","DOIUrl":"https://doi.org/10.1177/13548166241266912","url":null,"abstract":"The past two decades has seen tourism research embrace frontier methods to assess efficiency in tourism. Generically these methods are split into two different camps, deterministic and stochastic frontier models. Deterministic models are by their nature nonparametric and do not require distributional assumptions. Stochastic models allow for noise to enter the frontier, typically at the expense of a variety of potentially unverifiable assumptions. The primary objective of this short survey is to alert readers to the many advances that have been made to eliminate or mitigate various parametric assumptions in the stochastic frontier model.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141822860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-18DOI: 10.1177/13548166241264595
Bora Kim, Seoki Lee
Some business leaders, just like some artists and politicians, acquire celebrity status and become more visible as star CEOs through increased media attention. However, to date, little has been known about how such celebrity status affects the individual and their organizations. Based on identity control theory and celebrity role constraints logic in the context of upper echelons perspective, this study provides initial empirical evidence on how restaurant CEOs’ celebrity affects managerial risk-taking actions and how CEO-specific and firm-specific factors moderate this relationship. The results indicate that the main effect of CEO celebrity on risk-taking is insignificant. Yet, the dynamic is swayed positively by a CEO’s background, especially when CEOs are outsiders; these celebrity CEOs demonstrate a propensity for bolder strategies. Moreover, as a restaurant firm’s franchising quotient escalates, a star CEO exhibits amplified risk tendencies. The results provide theoretical and practical implications for restaurant corporate governance and shareholders.
{"title":"Restaurant celebrity chief executive officer and risk-taking: The moderating role of chief executive officer origin and franchising","authors":"Bora Kim, Seoki Lee","doi":"10.1177/13548166241264595","DOIUrl":"https://doi.org/10.1177/13548166241264595","url":null,"abstract":"Some business leaders, just like some artists and politicians, acquire celebrity status and become more visible as star CEOs through increased media attention. However, to date, little has been known about how such celebrity status affects the individual and their organizations. Based on identity control theory and celebrity role constraints logic in the context of upper echelons perspective, this study provides initial empirical evidence on how restaurant CEOs’ celebrity affects managerial risk-taking actions and how CEO-specific and firm-specific factors moderate this relationship. The results indicate that the main effect of CEO celebrity on risk-taking is insignificant. Yet, the dynamic is swayed positively by a CEO’s background, especially when CEOs are outsiders; these celebrity CEOs demonstrate a propensity for bolder strategies. Moreover, as a restaurant firm’s franchising quotient escalates, a star CEO exhibits amplified risk tendencies. The results provide theoretical and practical implications for restaurant corporate governance and shareholders.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":3.6,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141826475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-06-14DOI: 10.1177/13548166241262349
Maximo Camacho, M. C. Ramos-Herrera
Investigating the impact of tourism on inequality, we employ a panel Autoregressive Distributed Lag model. With data from 1995 to 2020 across 120 countries, our Pooled Mean Group estimation reveals a positive impact. Interestingly, divergent patterns emerge when examining developed and developing countries separately. In the long run, tourism is associated with reduced inequality in developed countries but increased inequality in developing ones. However, in the short run, tourism consistently leads to increased inequality across all country types. Therefore, policy recommendations aimed at fostering equality through tourism should consider the varying effects based on the term considered and the level of development in countries. These findings are consistent across various measures of income inequality, including the Gini index, Theil index, Palma ratio, and Atkinson index.
{"title":"Does tourism reduce income inequality?","authors":"Maximo Camacho, M. C. Ramos-Herrera","doi":"10.1177/13548166241262349","DOIUrl":"https://doi.org/10.1177/13548166241262349","url":null,"abstract":"Investigating the impact of tourism on inequality, we employ a panel Autoregressive Distributed Lag model. With data from 1995 to 2020 across 120 countries, our Pooled Mean Group estimation reveals a positive impact. Interestingly, divergent patterns emerge when examining developed and developing countries separately. In the long run, tourism is associated with reduced inequality in developed countries but increased inequality in developing ones. However, in the short run, tourism consistently leads to increased inequality across all country types. Therefore, policy recommendations aimed at fostering equality through tourism should consider the varying effects based on the term considered and the level of development in countries. These findings are consistent across various measures of income inequality, including the Gini index, Theil index, Palma ratio, and Atkinson index.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2024-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141342286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-06-11DOI: 10.1177/13548166241259517
Ioannis Bournakis
This paper reviews Professor Mike G. Tsionas’ significant contributions to efficiency and productivity measurement, focusing on his pioneering work in Stochastic Frontier Analysis and Econometrics. Highlighting key publications, such as his influential study on financial development and economic growth, it emphasizes novel methodologies like Bayesian Econometric techniques. Professor Tsionas’ research has advanced our understanding of firm productivity and efficiency performance across various sectors (manufacturing, tourism, banking and hospitality). His collaborative spirit and mentorship have left a lasting impact on his colleagues and the academic community.
本文回顾了 Mike G. Tsionas 教授在效率和生产力衡量方面的重大贡献，重点介绍了他在随机前沿分析和计量经济学方面的开创性工作。本文重点介绍了他的重要著作，如他关于金融发展和经济增长的有影响力的研究，并强调了贝叶斯计量经济学技术等新方法。齐奥纳斯教授的研究推动了我们对各行业（制造业、旅游业、银行业和酒店业）企业生产力和效率表现的理解。他的合作精神和导师风范给同事和学术界留下了持久的影响。
{"title":"The diverse academic contributions of Professor Mike Tsionas","authors":"Ioannis Bournakis","doi":"10.1177/13548166241259517","DOIUrl":"https://doi.org/10.1177/13548166241259517","url":null,"abstract":"This paper reviews Professor Mike G. Tsionas’ significant contributions to efficiency and productivity measurement, focusing on his pioneering work in Stochastic Frontier Analysis and Econometrics. Highlighting key publications, such as his influential study on financial development and economic growth, it emphasizes novel methodologies like Bayesian Econometric techniques. Professor Tsionas’ research has advanced our understanding of firm productivity and efficiency performance across various sectors (manufacturing, tourism, banking and hospitality). His collaborative spirit and mentorship have left a lasting impact on his colleagues and the academic community.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141358744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-06-04DOI: 10.1177/13548166241258796
Hassan F. Gholipour, M. Farzanegan, Charbel Bassil, Xuan Zhao
We explore the relationship between the mortgage debt of households and their spending on domestic and outbound tourism and travel. We estimate a dynamic panel data model for a sample of 27 countries for 2010-2021, and find evidence for a negative relationship. Hence, we show that in countries where the mortgage per capita is high, residents allocate fewer expenditures on domestic and outbound tourism. We also find that the reduction in outbound tourism spending is more pronounced than the decrease in domestic tourism spending. Our findings can benefit policymakers and firms in the tourism industry by providing the knowledge necessary for creating successful promotional strategies.
{"title":"Mortgage debt and domestic and outbound travel expenditures: International evidence","authors":"Hassan F. Gholipour, M. Farzanegan, Charbel Bassil, Xuan Zhao","doi":"10.1177/13548166241258796","DOIUrl":"https://doi.org/10.1177/13548166241258796","url":null,"abstract":"We explore the relationship between the mortgage debt of households and their spending on domestic and outbound tourism and travel. We estimate a dynamic panel data model for a sample of 27 countries for 2010-2021, and find evidence for a negative relationship. Hence, we show that in countries where the mortgage per capita is high, residents allocate fewer expenditures on domestic and outbound tourism. We also find that the reduction in outbound tourism spending is more pronounced than the decrease in domestic tourism spending. Our findings can benefit policymakers and firms in the tourism industry by providing the knowledge necessary for creating successful promotional strategies.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141265694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-06-04DOI: 10.1177/13548166241259519
Sujin Song, Da Hyun Samantha Hwang, Sungbeen Park
While previous hospitality and tourism research has concentrated on the benefits of information and communication technology (ICT) adoption from the perspectives of customers and suppliers, less attention has been placed on this stream of research from an upper echelons perspective. Furthermore, a limited number of studies have explored the relationship between ICT adoption and its financial implications. Using various theoretical foundations (i.e., upper echelons theory, industrial organization theory, resource-based view, and organizational learning theory), this study attempts to provide an overarching conceptual framework that can explain the antecedents and consequences of adopting ICT. More specifically, this paper delves into industry- and firm-specific conditions to better understand the relationship between a top management team’s (TMT) attributes and ICT adoption as well as the relationship between ICT adoption and its financial implications.
{"title":"What makes hospitality and tourism executives adopt information and communication technology: Antecedents and outcomes of ICT adoption","authors":"Sujin Song, Da Hyun Samantha Hwang, Sungbeen Park","doi":"10.1177/13548166241259519","DOIUrl":"https://doi.org/10.1177/13548166241259519","url":null,"abstract":"While previous hospitality and tourism research has concentrated on the benefits of information and communication technology (ICT) adoption from the perspectives of customers and suppliers, less attention has been placed on this stream of research from an upper echelons perspective. Furthermore, a limited number of studies have explored the relationship between ICT adoption and its financial implications. Using various theoretical foundations (i.e., upper echelons theory, industrial organization theory, resource-based view, and organizational learning theory), this study attempts to provide an overarching conceptual framework that can explain the antecedents and consequences of adopting ICT. More specifically, this paper delves into industry- and firm-specific conditions to better understand the relationship between a top management team’s (TMT) attributes and ICT adoption as well as the relationship between ICT adoption and its financial implications.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141266005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-06-03DOI: 10.1177/13548166241257966
Maria Giovanna Brandano, Alessandra Faggian, Adriana C. Pinate
The recent COVID-19 pandemic crisis affected all economic sectors, but tourism was hit the hardest. However, the resilience of tourism has also been recognized. In this context, the aim of the paper is (i) to analyze the impact of COVID-19 on tourism flows in Italy, by looking at NUTS-3 level data on national and international tourism arrivals and (ii) to understand whether, and to what extent, some “alternative” destinations benefited during the pandemic. Spatial autocorrelation analysis (global and local) and spatial regression models are used to capture the determinants of the variation in tourism flows in 2020 and 2021. Results demonstrate that tourism demand has different patterns across Italian provinces after COVID-19; both types of tourism have a significant path of spatial dependence that was stronger in 2020; international tourism has a more evident North/South divide and, the short-term resilience depends on the characteristics of the destination.
{"title":"The impact of COVID-19 on the tourism sector in Italy: A regional spatial perspective","authors":"Maria Giovanna Brandano, Alessandra Faggian, Adriana C. Pinate","doi":"10.1177/13548166241257966","DOIUrl":"https://doi.org/10.1177/13548166241257966","url":null,"abstract":"The recent COVID-19 pandemic crisis affected all economic sectors, but tourism was hit the hardest. However, the resilience of tourism has also been recognized. In this context, the aim of the paper is (i) to analyze the impact of COVID-19 on tourism flows in Italy, by looking at NUTS-3 level data on national and international tourism arrivals and (ii) to understand whether, and to what extent, some “alternative” destinations benefited during the pandemic. Spatial autocorrelation analysis (global and local) and spatial regression models are used to capture the determinants of the variation in tourism flows in 2020 and 2021. Results demonstrate that tourism demand has different patterns across Italian provinces after COVID-19; both types of tourism have a significant path of spatial dependence that was stronger in 2020; international tourism has a more evident North/South divide and, the short-term resilience depends on the characteristics of the destination.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141269793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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