Pub Date : 2023-12-07DOI: 10.1177/13548166231219740
Apostolos Ampountolas, Mark Legg, Gareth Shaw
The market value of a stock is a function of firm performance and market sentiment. Specific events can alter returns and present several challenges to market performances. Through an event study design, this study examines five real estate investment trusts (REITs) market indices’ responses to market shock from the initial COVID-19 outbreak. The results revealed negative cumulative abnormal returns for lodging, health care, and retail REITs over the 20-day trading window. Considering their lower drawdown losses, the remaining REIT sectors showed greater resilience than their counterparts. Block bootstrapping confirmed the returns were significantly worse for all sectors, with retail and lodging sectors having the poorest returns. This study advances the literature on pandemic-related market crashes along with how COVID-19 affected cross-sector REIT equities compared to other market indices. REIT firms can use the findings to develop more effective policy measures as responses to pandemic market conditions.
{"title":"Real estate investment trusts during market shocks: Impact and resilience","authors":"Apostolos Ampountolas, Mark Legg, Gareth Shaw","doi":"10.1177/13548166231219740","DOIUrl":"https://doi.org/10.1177/13548166231219740","url":null,"abstract":"The market value of a stock is a function of firm performance and market sentiment. Specific events can alter returns and present several challenges to market performances. Through an event study design, this study examines five real estate investment trusts (REITs) market indices’ responses to market shock from the initial COVID-19 outbreak. The results revealed negative cumulative abnormal returns for lodging, health care, and retail REITs over the 20-day trading window. Considering their lower drawdown losses, the remaining REIT sectors showed greater resilience than their counterparts. Block bootstrapping confirmed the returns were significantly worse for all sectors, with retail and lodging sectors having the poorest returns. This study advances the literature on pandemic-related market crashes along with how COVID-19 affected cross-sector REIT equities compared to other market indices. REIT firms can use the findings to develop more effective policy measures as responses to pandemic market conditions.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138592640","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 : 2023-12-05DOI: 10.1177/13548166231220286
Kewen Wang, Yongqi Yu, Xin Wang, Haidong Zheng
A growing body of research has tested the protective effect of pre-COVID-19 CSR reputation or during-COVID-19 CSR action for hospitality and tourism firms but has obtained inconclusive results. These inconclusive results may have been because of the decoupling of during-COVID-19 CSR action from pre-COVID-19 CSR reputation. From the perspective of institutional theory, we use a sample of Chinese hospitality and tourism listed firms during the COVID-19 pandemic and a cluster-adjusted panel data regression with robust standard errors to reveal that the decoupling of a firm’s during-COVID-19 CSR action from its pre-COVID-19 CSR reputation negatively impacts firm value, and the negative impact is amplified for firms under stronger stakeholder scrutiny. Our findings could contribute to institutional theory by proving that decoupling is under close stakeholder scrutiny during crises and by identifying a specific type of CSR decoupling, and could offer practical implications for firms to protect their firm values during crises.
{"title":"Walk your reputation: The impact of corporate social responsibility decoupling on the hospitality and tourism firm value in the time of crisis","authors":"Kewen Wang, Yongqi Yu, Xin Wang, Haidong Zheng","doi":"10.1177/13548166231220286","DOIUrl":"https://doi.org/10.1177/13548166231220286","url":null,"abstract":"A growing body of research has tested the protective effect of pre-COVID-19 CSR reputation or during-COVID-19 CSR action for hospitality and tourism firms but has obtained inconclusive results. These inconclusive results may have been because of the decoupling of during-COVID-19 CSR action from pre-COVID-19 CSR reputation. From the perspective of institutional theory, we use a sample of Chinese hospitality and tourism listed firms during the COVID-19 pandemic and a cluster-adjusted panel data regression with robust standard errors to reveal that the decoupling of a firm’s during-COVID-19 CSR action from its pre-COVID-19 CSR reputation negatively impacts firm value, and the negative impact is amplified for firms under stronger stakeholder scrutiny. Our findings could contribute to institutional theory by proving that decoupling is under close stakeholder scrutiny during crises and by identifying a specific type of CSR decoupling, and could offer practical implications for firms to protect their firm values during crises.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138599265","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 : 2023-12-01DOI: 10.1177/13548166231219038
Jorge Arnanz, Vicente Ramos, J. Rey-Maquieira, A. Untong
Residents’ behaviour towards tourism could be affected by a major crisis such as the recent pandemic. In this context, we evaluate how specific elements, such as residents’ characteristics, perceptions on specific origins, and the development of alternative tourism activities and segments need to be considered in this analysis. The Social Exchange Theory is used as a conceptual framework, and the empirical analysis is done for Bangkok, a grand urban tourism destination. Our results indicate that residents are aware of the potential trade-off between economic prosperity and health concerns, and that they have a different perception towards tourists from different origins. Additionally, locals were more concerned about health considerations than foreigners. The findings and the conceptual framework can serve as guidelines for tourism organisations and authorities managing urban destinations in times of crises.
{"title":"Unravelling the effects of disruptive crises on residents’ support for tourism. Lessons from COVID-19","authors":"Jorge Arnanz, Vicente Ramos, J. Rey-Maquieira, A. Untong","doi":"10.1177/13548166231219038","DOIUrl":"https://doi.org/10.1177/13548166231219038","url":null,"abstract":"Residents’ behaviour towards tourism could be affected by a major crisis such as the recent pandemic. In this context, we evaluate how specific elements, such as residents’ characteristics, perceptions on specific origins, and the development of alternative tourism activities and segments need to be considered in this analysis. The Social Exchange Theory is used as a conceptual framework, and the empirical analysis is done for Bangkok, a grand urban tourism destination. Our results indicate that residents are aware of the potential trade-off between economic prosperity and health concerns, and that they have a different perception towards tourists from different origins. Additionally, locals were more concerned about health considerations than foreigners. The findings and the conceptual framework can serve as guidelines for tourism organisations and authorities managing urban destinations in times of crises.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138620392","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 : 2023-12-01DOI: 10.1177/13548166231218766
Kyung-A Sun, Seoki Lee
In the franchising market, transactions involve franchisees paying franchisors for the right to use their business models. In such transactions, the franchise fee functions as the transaction price, which is a critical component of profitability and the long-term survival of franchise brands. Based on Ohmae’s 3Cs (i.e., cost, competition, and customers) model, this study investigates how strategic pricing approaches influence franchise fees. The empirical results suggest that franchise fees are influenced by the cost-based and the value-based approaches but not by the competition-based approach. Furthermore, among the approaches, the cost-based approach is found to have the greatest impact on the franchise fee, followed by the value-based and the competition-based approaches, respectively. Additional analysis found that the different pricing approaches are used depending on the business characteristics. By delineating the pricing mechanism of the franchise fee, these findings contribute to the literature on franchising in the hospitality industry, strategic management, and marketing and have important implications for industry practitioners.
{"title":"How do strategic pricing approaches influence franchise fee decisions?","authors":"Kyung-A Sun, Seoki Lee","doi":"10.1177/13548166231218766","DOIUrl":"https://doi.org/10.1177/13548166231218766","url":null,"abstract":"In the franchising market, transactions involve franchisees paying franchisors for the right to use their business models. In such transactions, the franchise fee functions as the transaction price, which is a critical component of profitability and the long-term survival of franchise brands. Based on Ohmae’s 3Cs (i.e., cost, competition, and customers) model, this study investigates how strategic pricing approaches influence franchise fees. The empirical results suggest that franchise fees are influenced by the cost-based and the value-based approaches but not by the competition-based approach. Furthermore, among the approaches, the cost-based approach is found to have the greatest impact on the franchise fee, followed by the value-based and the competition-based approaches, respectively. Additional analysis found that the different pricing approaches are used depending on the business characteristics. By delineating the pricing mechanism of the franchise fee, these findings contribute to the literature on franchising in the hospitality industry, strategic management, and marketing and have important implications for industry practitioners.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138608982","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 : 2023-12-01DOI: 10.1177/13548166231219638
Alejandro Alcalá-Ordóñez, Verónica Segarra
After the publication of a significant number of papers analyzing the tourism-led growth hypothesis (TLGH), a new line has arisen within the scientific literature, which attempts to analyze the capacity of tourism as an instrument of economic development, given that this concept has been widely linked to both economic aspects and socio-economic conditions of the resident population. Because of the new line mentioned, this work reviews 57 published articles (from 2005 to 2022) that examined the relationship between tourism and economic development. Specifically, the empirical results of the reviewed works suggest that tourism has positive effects on socio-economic development, acting as a tool that reduces poverty, lessens inequalities, and improves the living conditions of the resident population. In line with this, papers reviewed suggests different policy recommendations as promote access to financing, trade, campaigns for tourism or major relevance of public and private sector investments.
{"title":"Tourism and economic development: A literature review to highlight main empirical findings","authors":"Alejandro Alcalá-Ordóñez, Verónica Segarra","doi":"10.1177/13548166231219638","DOIUrl":"https://doi.org/10.1177/13548166231219638","url":null,"abstract":"After the publication of a significant number of papers analyzing the tourism-led growth hypothesis (TLGH), a new line has arisen within the scientific literature, which attempts to analyze the capacity of tourism as an instrument of economic development, given that this concept has been widely linked to both economic aspects and socio-economic conditions of the resident population. Because of the new line mentioned, this work reviews 57 published articles (from 2005 to 2022) that examined the relationship between tourism and economic development. Specifically, the empirical results of the reviewed works suggest that tourism has positive effects on socio-economic development, acting as a tool that reduces poverty, lessens inequalities, and improves the living conditions of the resident population. In line with this, papers reviewed suggests different policy recommendations as promote access to financing, trade, campaigns for tourism or major relevance of public and private sector investments.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138609978","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 : 2023-12-01DOI: 10.1177/13548166231218765
E. De Simone, Mara Giua, Cristina Vaquero‐Piñeiro
This paper investigates the influence of accreditations on tourism demand, namely, World Heritage List (WHL) designations and Geographical Indications (GIs). The analysis examines Italian data at the NUTS3 level spanning from 1999 to 2019. Contribution of the study is two-fold. Firstly, by utilizing a Difference-in-Differences model in conjunction with Propensity Score Matching (PSM-DiD), the study evaluates the impact of jointly recognizing both accreditations as a binary treatment (yes/no). Secondly, by employing Generalised Propensity Score Matching (GPSM) for continuous treatment, the study gauges how the impact of the two accreditations is contingent on the number of recognitions (consistency). These impact assessments concern both domestic and international tourists. Conclusions highlight the positive effects, encompassing tourism arrivals, overnight stays, and tourist expenditures, associated with both the combined recognition (PSM-DiD) and the consistency of accreditation (GPSM). These findings support the implementation of place-based policies promoting diverse local assets, notably cultural heritage and agri-food excellence.
{"title":"Eat, visit, love. World heritage list and geographical indications: Joint acknowledgement and consistency as drivers of tourism attractiveness in Italy","authors":"E. De Simone, Mara Giua, Cristina Vaquero‐Piñeiro","doi":"10.1177/13548166231218765","DOIUrl":"https://doi.org/10.1177/13548166231218765","url":null,"abstract":"This paper investigates the influence of accreditations on tourism demand, namely, World Heritage List (WHL) designations and Geographical Indications (GIs). The analysis examines Italian data at the NUTS3 level spanning from 1999 to 2019. Contribution of the study is two-fold. Firstly, by utilizing a Difference-in-Differences model in conjunction with Propensity Score Matching (PSM-DiD), the study evaluates the impact of jointly recognizing both accreditations as a binary treatment (yes/no). Secondly, by employing Generalised Propensity Score Matching (GPSM) for continuous treatment, the study gauges how the impact of the two accreditations is contingent on the number of recognitions (consistency). These impact assessments concern both domestic and international tourists. Conclusions highlight the positive effects, encompassing tourism arrivals, overnight stays, and tourist expenditures, associated with both the combined recognition (PSM-DiD) and the consistency of accreditation (GPSM). These findings support the implementation of place-based policies promoting diverse local assets, notably cultural heritage and agri-food excellence.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138613593","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 : 2023-11-27DOI: 10.1177/13548166231214573
Daniel Thiel, Erick Leroux, Emmanuel Labarbe
In order to reduce overtourism and traffic congestion, local authorities may have to divert recreational vehicle traffic to off-site service areas. The problem that will arise is how best to accommodate different types of users with opposing preferences in the same area, some wanting to be as close as possible to the major site to be visited, others seeking peace and quiet. We have represented their specific attitudes using a two-stage decision-making process via a conjunctive model followed by a compensatory model. We then propose to model three strategies, seeking either to optimise customer attractiveness, or profit, or space occupation, in order to define a location, capacity and price for this shared area. Using a realistic data set, the results show that economic performance follows a concave curve as a function of the population mix. Moreover, only the strategy of maximising attractiveness suggests always mixing users in the same area.
{"title":"Optimizing shared recreational vehicle service areas: A multi-strategy approach for economic performance and user satisfaction","authors":"Daniel Thiel, Erick Leroux, Emmanuel Labarbe","doi":"10.1177/13548166231214573","DOIUrl":"https://doi.org/10.1177/13548166231214573","url":null,"abstract":"In order to reduce overtourism and traffic congestion, local authorities may have to divert recreational vehicle traffic to off-site service areas. The problem that will arise is how best to accommodate different types of users with opposing preferences in the same area, some wanting to be as close as possible to the major site to be visited, others seeking peace and quiet. We have represented their specific attitudes using a two-stage decision-making process via a conjunctive model followed by a compensatory model. We then propose to model three strategies, seeking either to optimise customer attractiveness, or profit, or space occupation, in order to define a location, capacity and price for this shared area. Using a realistic data set, the results show that economic performance follows a concave curve as a function of the population mix. Moreover, only the strategy of maximising attractiveness suggests always mixing users in the same area.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139235072","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 : 2023-11-17DOI: 10.1177/13548166231215382
Puneet Vatsa, Faruk Balli
Tourism demand theory postulates that tourists’ incomes, prices in destination countries, and prices in tourists’ countries of origin are key determinants of tourism demand—but must this hold for long-haul travel? We find the answer to be no. By analyzing three international tourist archetypes arriving in New Zealand, a remote island nation, from seven countries, we demonstrate that neither incomes nor prices affect tourism demand in the short run. In the long run, some evidence suggests that tourism demand is income-sensitive; however, it remains insensitive to price changes. We also show that estimates of price elasticities are sensitive to how models are specified and should be interpreted cautiously. The results of this study are broadly relevant to long-haul destinations worldwide.
{"title":"How important are prices in long-haul travel? Evidence from New Zealand","authors":"Puneet Vatsa, Faruk Balli","doi":"10.1177/13548166231215382","DOIUrl":"https://doi.org/10.1177/13548166231215382","url":null,"abstract":"Tourism demand theory postulates that tourists’ incomes, prices in destination countries, and prices in tourists’ countries of origin are key determinants of tourism demand—but must this hold for long-haul travel? We find the answer to be no. By analyzing three international tourist archetypes arriving in New Zealand, a remote island nation, from seven countries, we demonstrate that neither incomes nor prices affect tourism demand in the short run. In the long run, some evidence suggests that tourism demand is income-sensitive; however, it remains insensitive to price changes. We also show that estimates of price elasticities are sensitive to how models are specified and should be interpreted cautiously. The results of this study are broadly relevant to long-haul destinations worldwide.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":4.4,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139262716","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 : 2023-11-10DOI: 10.1177/13548166231212244
Dinesh Jaisinghani, Muskan Kaur, Mahesh Joshi, Sharad Sharma, Abdullahi D Ahmed
This paper analyzes the nonlinear impact of political risk and economic development on tourism revenues. A dynamic threshold panel model is applied to a sample of 119 countries over 8 years. A positive association between economic development and tourism revenues is identified. The results also show that the impact of improvements in political stability on growth in tourism revenues is dependent on the current level of economic development. For highly developed countries, increased political stability does not impact tourism revenues. However, there is a significant positive impact of improved political stability on tourism revenues for less-developed countries.
{"title":"Impact of political risk and economic growth on the tourism industry: Evidence from a dynamic threshold panel model","authors":"Dinesh Jaisinghani, Muskan Kaur, Mahesh Joshi, Sharad Sharma, Abdullahi D Ahmed","doi":"10.1177/13548166231212244","DOIUrl":"https://doi.org/10.1177/13548166231212244","url":null,"abstract":"This paper analyzes the nonlinear impact of political risk and economic development on tourism revenues. A dynamic threshold panel model is applied to a sample of 119 countries over 8 years. A positive association between economic development and tourism revenues is identified. The results also show that the impact of improvements in political stability on growth in tourism revenues is dependent on the current level of economic development. For highly developed countries, increased political stability does not impact tourism revenues. However, there is a significant positive impact of improved political stability on tourism revenues for less-developed countries.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135136851","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 : 2023-11-06DOI: 10.1177/13548166231211250
Augusto Hasman, Stefano Borzillo
In this paper, we analyze the factors that have determined why certain companies in the hospitality industry managed to buffer themselves from the effects of COVID-19 more consistently than others. In particular, we focus on downside risk measures. We found that hotel companies quoted in the United States were the most affected and that investors were less willing to hold shares in those companies during the pandemic. We also observe that, although hotels obtained lower returns during the period of analysis, restaurants were more affected by extreme events.
{"title":"The hospitality industry and COVID-19: Stock price crash risk","authors":"Augusto Hasman, Stefano Borzillo","doi":"10.1177/13548166231211250","DOIUrl":"https://doi.org/10.1177/13548166231211250","url":null,"abstract":"In this paper, we analyze the factors that have determined why certain companies in the hospitality industry managed to buffer themselves from the effects of COVID-19 more consistently than others. In particular, we focus on downside risk measures. We found that hotel companies quoted in the United States were the most affected and that investors were less willing to hold shares in those companies during the pandemic. We also observe that, although hotels obtained lower returns during the period of analysis, restaurants were more affected by extreme events.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135589560","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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