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Board interlocks and corporate risk-taking: An empirical analysis of listed companies from tourism and related industries in China 董事会联锁与企业风险承担:基于中国旅游及相关行业上市公司的实证分析
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-11-10 DOI: 10.1177/13548166221138636
Chen Hao, Xuegang Feng, Dandan Wu, Xiaodong Guo
Taking the tourism and related industry companies listed in Shanghai and Shenzhen of China from 2006 to 2019 as samples, this paper examines the impact of board interlock on corporate risk-taking and its micro-mechanism. Empirical evidence shows that board interlock can significantly improve corporate risk-taking, but the degree of influence varies from industry to industry. For the external risk sensitivity of industry, in the industry with high external risk sensitivity, the “quantity embedding” of interlocking directors has a stronger promoting effect on enterprise risk-taking. However, in industries with low external risk sensitivity, the “quality embedding” of interlocking directors has a stronger promoting effect on enterprise risk-taking. For the degree of industry competition, the more intense the industry competition, the stronger the role of board interlocks in promoting enterprise risk-taking. Further analysis shows that the intensity of information effect and the intensity of resource effect vary with the degree of information asymmetry and the type of directors.
本文以2006 - 2019年在沪深两地上市的旅游及相关行业公司为样本,考察了董事会联锁对公司风险承担的影响及其微观机制。实证表明,董事会联锁可以显著提高企业的风险承担能力,但影响程度因行业而异。对于行业外部风险敏感性而言,在外部风险敏感性较高的行业中,连锁董事的“数量嵌入”对企业风险承担的促进作用更强。而在外部风险敏感性较低的行业,连锁董事的“质量嵌入”对企业风险承担的促进作用更强。就行业竞争程度而言,行业竞争越激烈,董事会联锁对企业风险承担的促进作用越强。进一步分析表明,信息效应强度和资源效应强度随信息不对称程度和董事类型的不同而不同。
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引用次数: 0
Tang poetry and tourism: Cultural effects after 1000 years 唐诗与旅游:千年后的文化效应
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-11-07 DOI: 10.1177/13548166221138159
Hung Wan Kot, Ming-Hsiang Chen, C. Su, Yu-xia Lin
It is impossible to overstate the importance of culture and literature in tourism. Most studies have relied on qualitative evidence to the exclusion of precise secondary data to show a direct link between literature and tourism. Using a novel and unique index of Tang poems ranks as a proxy for cultural status and heritage accumulation to quantify the effects of Tang poetry on the expansion of domestic and international tourism, this research adds significantly to the body of knowledge on literary tourism. Based on ordinary least squares and bias-corrected propensity score matching regression analysis, the top 100 Tang poetry rankings are favorably associated with domestic tourist growth but not with international tourism expansion. These findings are crucial for the development of literary tourism.
文化和文学在旅游业中的重要性怎么强调都不为过。大多数研究都依赖于定性证据,排除了精确的二次数据,以显示文学和旅游之间的直接联系。本研究采用新颖独特的唐诗排行指数作为文化地位和遗产积累的指标,量化唐诗对国内外旅游业扩张的影响,为文学旅游的知识体系增添了重要内容。基于普通最小二乘法和偏差校正倾向得分匹配回归分析,唐诗百强排名与国内旅游增长呈正相关,但与国际旅游扩张无关。这些发现对文学旅游的发展至关重要。
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引用次数: 0
Global perspective on the permanent or transitory nature of shocks to tourist arrivals: Evidence from new unit root tests with structural breaks and factors 对游客冲击的永久性或暂时性的全球视角:来自具有结构断裂和因素的新单位根测试的证据
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-11-07 DOI: 10.1177/13548166221137385
J. Payne, Junsoo Lee
This study extends the literature on the permanent or transitory nature of shocks to per capita tourist arrivals along several dimensions. First, the study evaluates the nature of shocks to per capita tourist arrivals for a global panel of 129 countries. Second, unlike previous studies, we jointly estimate structural changes that represent either abrupt breaks or as a Fourier approximation of smooth breaks along with introducing a factor structure to test for the presence of unit roots in per capita tourist arrivals. Third, contrary to previous studies, our results show that rejection of the null hypothesis of a unit root in per capita tourist arrivals is quite limited compared to other unit root tests that fail to account for cross-correlations. Policy implications of the findings are also discussed.
本研究从几个方面扩展了关于冲击对人均游客到达的永久性或暂时性的文献。首先,该研究评估了129个国家的人均旅游人数受到冲击的性质。其次,与以前的研究不同,我们共同估计了代表突然中断或作为平滑中断的傅立叶近似的结构变化,并引入了一个因素结构来测试人均游客到达中单位根的存在。第三,与以前的研究相反,我们的结果表明,与其他未能考虑相互关联的单位根检验相比,人均游客入境人数单位根零假设的拒绝是相当有限的。本文还讨论了研究结果对政策的影响。
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引用次数: 2
Do international tourist arrivals change residents’ attitudes towards immigration? A longitudinal study of 28 European countries 国际游客的到来是否改变了居民对移民的态度?对28个欧洲国家的纵向研究
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-11-04 DOI: 10.1177/13548166221137950
A. Ivlevs, Ian Smith
Can international tourist arrivals change residents’ attitudes towards immigrants and immigration? We discuss possible underlying mechanisms and provide the first evidence on this question using data from the European Social Survey (2002–2019; n=333,505). We find that, as tourist arrivals grow, residents become more positive towards immigration in Eastern Europe. In Western Europe, the relationship tends to turn from positive to negative at relatively high levels of tourism. The instrumental variable analysis suggests that incoming tourism has a positive causal effect on attitudes towards immigration in both Western and Eastern Europe. Overall, our study reveals an overlooked dimension of the tourism-migration nexus and highlights the role that international tourism may play in shaping attitudes towards immigration and, through these attitudes, immigration policy and flows, immigrant integration and more open and inclusive societies in tourism-receiving countries.
国际游客的到来能改变居民对移民和移民的态度吗?我们讨论了可能的潜在机制,并使用欧洲社会调查(2002-2019)的数据提供了关于这个问题的第一个证据;n = 333505)。我们发现,随着游客人数的增长,东欧居民对移民的态度变得更加积极。在西欧,在相对较高的旅游水平上,这种关系往往从积极转向消极。工具变量分析表明,入境旅游对西欧和东欧的移民态度都有积极的因果影响。总体而言,我们的研究揭示了旅游-移民关系的一个被忽视的方面,并强调了国际旅游可能在塑造对移民的态度方面发挥的作用,并通过这些态度,在旅游接收国形成移民政策和流动,移民融合和更开放和包容的社会。
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引用次数: 0
Does the combination of models With different explanatory variables improve tourism demand forecasting performance? 不同解释变量的模型组合是否能提高旅游需求预测绩效?
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-10-21 DOI: 10.1177/13548166221132645
Xi Wu, A. Blake
The aim of this study is to assess whether combining econometric models with different explanatory variables can contribute to better tourism demand forecasts. Inbound tourism demand to the UK from seven leading markets is forecast, respectively, based on quarterly data using both individual and combination models. Causal econometric models that serve as constituents in combination take two specifications which are different in identified influencing factors. The empirical results show that generally including different explanatory variables in combination can produce better predictions according to both predictive accuracy measures and statistical tests. It suggests that the combination forecasting approach is superior to the individual one, and diversified information embedded in different explanatory variables should be integrated to improve tourism demand forecasting performance.
本研究的目的是评估结合不同解释变量的计量经济模型是否有助于更好的旅游需求预测。根据季度数据,使用单独模型和组合模型,分别预测了七个主要市场对英国的入境旅游需求。作为组合成分的因果计量模型采用两种规范,这两种规范在确定的影响因素上是不同的。实证结果表明,从预测精度度量和统计检验两方面来看,通常将不同解释变量组合在一起可以产生更好的预测结果。研究表明,组合预测方法优于个体预测方法,需要整合不同解释变量中嵌入的多样化信息,以提高旅游需求预测的效果。
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引用次数: 3
Impact of the Russia–Ukraine war on hospitality equity markets 俄乌战争对酒店股票市场的影响
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-10-19 DOI: 10.1177/13548166221133493
Faruk Balli, Mabruk Billah, Iftekhar Chowdhury
This study explores the impact of the Russian–Ukraine war on the hospitality equity sector market for the selected 26 countries. It reveals a sharp spike in the return connectivity at the onset of the war. The return of the sector materializes more sensitivity when tourism demand from Russia and Ukraine is more extensive and when a country has a higher energy dependency on Russia. Overall results consistently stipulate the aspect of the efficient market hypothesis.
本研究探讨了俄乌战争对选定的26个国家的酒店股权部门市场的影响。它揭示了在战争开始时返回连接的急剧上升。当来自俄罗斯和乌克兰的旅游需求更广泛,当一个国家对俄罗斯的能源依赖程度更高时,该行业的回归就会更加敏感。总体结果一致地规定了有效市场假说的方面。
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引用次数: 4
A revised perspective on tourism-economic growth nexus, exploring tourism market diversification 旅游经济增长关系的修正视角,探索旅游市场多元化
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-10-16 DOI: 10.1177/13548166221134183
B. Saboori, Z. Ghaderi, A. Soleymani
In this study for the first time, we examined the effect of tourism market diversification (TMD) on economic growth for 109 countries categorized by income groups. Employing Quantile regression, the results revealed that TMD contributes to the economic growth of low- and lower-middle-income countries only at the lower, and lower-to-intermediate quantiles. In high-income countries, TMD not only has no significant effect on economic growth at lower quantile of GDP, but its effect tends to be negative at higher quantiles. Our findings indicated that TMD strategies work better at lower levels of economic growth than at higher levels of economic growth.
在这项研究中,我们首次检验了109个按收入群体分类的国家的旅游市场多元化对经济增长的影响。采用分位数回归,结果显示TMD对中低收入国家经济增长的贡献仅在较低分位数和较低至中等分位数。在高收入国家,TMD不仅在GDP的较低分位数对经济增长没有显著影响,而且在较高分位数时其影响往往是负面的。我们的研究结果表明,TMD战略在较低经济增长水平下比在较高经济增长水平上更有效。
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引用次数: 7
How important are borders for tourism? The case of Europe 边界对旅游业有多重要?欧洲的情况
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-10-13 DOI: 10.1177/13548166221132452
Federico Carril-Caccia, J. M. Martín Martín, F. J. Sáez-Fernández
Using a bilateral dataset of trips for 32 European countries for the period 2012–2019, we aim to gauge the size and evolution of the border effect on tourism: the extent to which domestic tourism is greater (or lesser) than international tourism. We found that the tourism flow within countries was 24 times greater than between countries. Also, we show that, relative to 2012, the border effect diminished by 13% in 2019. Our results suggest that the size (and evolution) of the border effect is the same for trips that last between one and three nights (short trips) and those that last four nights or more (long trips). Nonetheless, our findings show that bilateral determinants that represent travel and transaction costs are more important when explaining short trips than long ones.
利用2012-2019年期间32个欧洲国家的双边旅行数据集,我们旨在衡量边境对旅游业影响的大小和演变:国内旅游业比国际旅游业大(或小)的程度。我们发现,国家内部的旅游流量是国家之间的24倍。此外,我们还表明,与2012年相比,2019年边境效应减少了13%。我们的研究结果表明,持续一到三个晚上的旅行(短途旅行)和持续四个晚上或更长时间的旅行(长途旅行),边界效应的大小(和演变)是相同的。尽管如此,我们的研究结果表明,在解释短途旅行时,代表旅行和交易成本的双边决定因素比长途旅行更重要。
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引用次数: 1
COVID-19 pandemic, the war in Ukraine and looming risks for tourism’s recovery 2019冠状病毒病大流行、乌克兰战争以及旅游业复苏面临的潜在风险
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-10-09 DOI: 10.1177/13548166221131722
Lucie Plzáková, E. Smeral
For more than 2 years we have been subjected to COVID-19 outbreaks of varying intensities. These shocks, and the resultant containment measures, have severely damaged both societies and economies, including tourism industries. In 2020, global GDP decreased by 3%. Rough estimates of the total economic costs of the pandemic in 2020 approximate 100% of global GDP in 2019 and encompass the recession costs in 2020, growth losses for the period from 2021 to 2030, the costs of fiscal impulses, changes in government debt and the statistical value of deaths related to COVID-19 as well as losses in education and human capital, which have substantially eroded social resilience (Yeyati and Filippini, 2021). The economic downturn triggered by COVID-19 has often been compared with the effects of the Global Financial Crisis (GFC) 2008/09, yet such comparisons are flawed as the GFC resulted primarily from a demand shock, whereas the present COVID-19 crisis is more or less a combination of both supply and demand shocks. Delivery chains have been interrupted and millions of people have lost their jobs, at least temporarily, as government measures forced most businesses to close in order to reduce infection risks. The economic downturn, coupled with high unemployment, severe income losses, burning liquidity problems and the mandated closing of shops, hotels, restaurants and the cessation of air or bus transportation have led to a freefall in demand, especially in tourism. These shocks raise important questions about the resilience of current socio-economic systems in general, and particularly in the case of the most affected sub-system: tourism. Tourism has been hit particularly hard, with international arrivals decreasing by 73% in 2020 (UNWTO, 2022); the main reasons for this development being lockdowns, mobility restrictions and income losses triggered by the pandemic and the enacted containment measures. Data for 2020 show that countries including France, Italy and Spain, which have a relative high tourism share, suffered more substantial GDP losses than countries with a lower dependency on contact-intensive services,
两年多来,我们一直遭受着不同强度的新冠肺炎疫情。这些冲击以及由此产生的遏制措施严重损害了社会和经济,包括旅游业。2020年,全球GDP下降了3%。2020年疫情总经济成本的粗略估计约为2019年全球GDP的100%,包括2020年的衰退成本、2021年至2030年期间的增长损失、财政刺激成本、政府债务变化和与新冠肺炎相关的死亡统计值,以及教育和人力资本损失,这大大削弱了社会韧性(Yeyati和Filippini,2021)。新冠肺炎引发的经济衰退经常被与2008/09年全球金融危机的影响进行比较,但这种比较是有缺陷的,因为全球金融危机主要是由需求冲击造成的,而目前的新冠肺炎危机或多或少是供需冲击的结合。由于政府采取措施迫使大多数企业关闭以降低感染风险,供应链中断,数百万人失业,至少暂时失业。经济衰退,再加上高失业率、严重的收入损失、流动性问题以及强制关闭商店、酒店、餐馆和停止航空或公共汽车运输,导致需求急剧下降,尤其是旅游业。这些冲击对当前社会经济系统的总体恢复力提出了重要问题,尤其是在受影响最严重的子系统旅游业的情况下。旅游业受到的打击尤其严重,2020年国际游客减少了73%(UNWTO,2022);这一事态发展的主要原因是疫情引发的封锁、行动限制和收入损失,以及制定的遏制措施。2020年的数据显示,包括法国、意大利和西班牙在内的旅游业份额相对较高的国家,其GDP损失比对接触密集型服务依赖程度较低的国家更大,
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引用次数: 2
Determinant of the tourism economy in Chinese cities: from an urban centrality perspective 中国城市旅游经济的决定因素:基于城市中心性的视角
IF 4.4 3区 管理学 Q1 ECONOMICS Pub Date : 2022-10-06 DOI: 10.1177/13548166221132124
Jieping Chen, Chaohui Ma, Shijun Chen
This paper aims to analyze and explain how urban centrality influences tourism development in a city. Based on the panel data of 295 prefecture-level cities in China from 2005 to 2018, the paper develops explanatory mechanisms and discusses the influence theoretically and empirically. To advance the analysis, this paper constructs a new index for urban centrality. Our empirical findings are as follows: (1) urban centrality promotes tourism income significantly. (2) Mechanism analysis illustrates that urban centrality fosters tourism through the agglomeration and industrial structure effects. (3) Heterogenous analysis suggests that the influence of urban centrality on tourism varies with city sizes and locations.
本文旨在分析和解释城市中心性对城市旅游发展的影响。本文基于2005 - 2018年中国295个地级市的面板数据,构建了解释机制,并从理论和实证两方面对其影响进行了探讨。为了推进分析,本文构建了一个新的城市中心性指标。实证结果表明:(1)城市中心性对旅游收入的促进作用显著。(2)机制分析表明,城市中心性通过集聚效应和产业结构效应促进旅游业发展。(3)异质性分析表明,城市中心性对旅游的影响随城市规模和区位的不同而不同。
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引用次数: 1
期刊
Tourism Economics
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