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The business and finance of tourism and recreation

ISSN 1354-8166 (print); 2044-0375 (online)


Editor: Stephen Wanhill,
Professor of Tourism Economics,
University of Limerick,
and Emeritus Professor of Tourism
Research, Bournemouth University

This journal is covered by Thomson Reuters in the Social Sciences Citation Index (SSCI) and Current Contents/Social and Behavioral Sciences. Impact Factor: 0.515. 5-Year Impact Factor: 0.745. (Journal Citation Reports®, 2015 release, Thomson Reuters.)

This journal is indexed in Scopus

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Editorial coverage

Tourism Economics, published bimonthly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors.

Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).

Core subject areas:

  • forecasting
  • public policy (strategies, fiscal and other intervention policies)
  • economic development
  • market structures and competition
  • sources of capital provision
  • labour economics (quality and productivity issues)
  • business aspects of marketing
  • private and public sector interaction
  • economic appraisal at sector and project level
  • mathematical modelling
  • developments in the components of the product
  • structure of the tourism industry (including such issues as ownership, corporate size, international operations, etc)
  • regional economic effects of tourism developments
  • analysis of international data on tourism, such as WTO statistics

Submissions - Notes for authors

Please send papers by e-mail to Professor Stephen Wanhill, c/o  JEdmondson(at)ippublishing.com (this address is obtainable by clicking on Professor Wanhill's name in the preceding sentence). Receipt of your paper will be acknowledged by e-mail and it will then be forwarded to Professor Wanhill.

Length and presentation of contributions

 Papers will normally be about 5,000 words long. However, this is by no means inflexible and substantially shorter or longer papers will be considered where appropriate. Research notes and shorter report-style pieces will also be considered (1,500-2,000 words).

Submissions should be double-spaced. They can be sent to the editor either by e-mail or post c/o the publisher (details above). The publisher will send an acknowledgement on receipt of submissions. Electronic versions must be in Word (postal submissions should include one hard copy and a disk or CD).

The title page should contain full names and addresses of the authors and their affiliations. As this page will not be forwarded to referees, the title of the article (without authors) should be repeated on the first page of the text.

An abstract should be provided, comprising 100-150 words. Between 3 and 6 keywords should appear below the abstract, highlighting the main topics of the paper. The text should be organized under appropriate cross-headings (not numbered paragraphs) and where possible these should be not more than 800 words apart.

References should follow the Harvard system. That is, they should be shown within the text as the author's surname (or authors' surnames) followed by a comma and the year of publication, all in round brackets: for example, (Smith, 1998). For textual citations, where there are two authors please use the word 'and', not the ampersand (thus: '(Smith and Jones, 2012)'. Where there are more than two authors, please use the first-named author only, followed by 'et al' in italics (thus: Smith et al, 2012). At the end of the article a bibliographical list should be supplied, organized alphabetically by author (surnames followed by initials - all authors should be named). Bibliographic information should be given in the order indicated by the following examples:

Articles: Figini, P., and Vici, L. (2010), ‘Tourism and growth in a cross section of countries’, Tourism Economics, Vol 16, No 4, December 2010.

Books: Dwyer, L., Forsyth, P., and Dwyer, W. (2010), Tourism Economics and Policy, Channel View, Bristol.

Notes should be numbered consecutively in the text and typed in plain text at the end of the paper (not as footnotes on text pages).

Tables and illustrations should be presented separately at the end of the text. Authors should bear in mind that, in the print version of the journal, illustrations will be reproduced in black and white.

Prior Publication

Articles are received on the understanding that they are original contributions, and have not been published officially, either in print or electronic form, or submitted for publication elsewhere. In this respect, ‘discussion’ or ‘working’ papers, conference presentations and proceedings are not considered to be official publications, unless they have been formally deemed so by conference organizers, or presented as edited works through recognized publishing channels. If in doubt, authors are asked to draw the attention of the Editor to any prior dissemination of the paper in their letter of submission. Please note that articles should not be posted on personal Websites or social networking sites before or after submission.

Refereeing

All papers, other than research notes and reports, will be subject to a 'double blind' review - i.e. the anonymity of both authors and referees will be maintained throughout the refereeing process. There will be a minimum of two referees for each paper. Papers by authors who are not academics (such as submissions from industry) will also be subject to review before acceptance, but their distinct nature and aims will be fully taken into account.

Copyright

Authors will be asked to assign copyright, where possible, to IP Publishing Ltd. Relevant authors’ rights are protected.

Author Checklist for Final versions

Editorial Board

Editor: Stephen Wanhill, Professor of Tourism Economics, University of Limerick, and Emeritus Professor of Tourism Research, Bournemouth University, c/o IP Publishing Ltd, 4th Floor, Hamilton House, Mabledon Place, Bloomsbury, London WC1H 9BB, UK.

Special Advisers
  • Professor John Fletcher, International Centre for Tourism and Hospitality Research,
    Bournemouth University, UK
  • Professor William C. Gartner, Tourism Center,
    University of Minnesota, USA
  • Professor J. Mazanec, MODUL University
    Vienna, Austria
  • Professor Lindsay W. Turner, School of Applied Economics
    Victoria University, Australia

Editorial Advisory Board

  • Professor Eugeni Aguiló
    Universitat de les Illes Balears, Spain
  • Dr Albert Assaf
    University of Massachusetts-Amherst, USA
  • Professor Esteban Bardolet
    Universitat de les Illes Balears, Spain
  • Professor Carlos Pestana Barros
    Technical University of Lisbon, Portugal
  • Professor Juan Gabriel Brida
    Universidad de la República
    Montevideo, Uruguay
  • Professor Nevenka Čavlek
    University of Zagreb, Croatia
  • Professor Jim Deegan
    University of Limerick, Ireland
  • Dr Sarath Divisekera
    Victoria University of Technology, Australia
  • Professor Larry Dwyer
    University of New South Wales, Australia
  • Professor Peter Forsyth
    Monash University, Australia
  • Professor D.C. Frechtling
    The George Washington University, USA
  • Dr Twan Huybers
    University of New South Wales, Australia
  • Dr Stanislav Ivanov
    International University College, Bulgaria
  • Professor Carson L. Jenkins
    University of Strathclyde, UK
  • Professor Woo Gon (Woody) Kim
    Florida State University, USA
  • Professor Brian King
    The Hong Kong Polytechnic University, Hong Kong
  • Professor Adele Ladkin
    Bournemouth University, UK
  • Professor Gang Li
    University of Surrey, UK
  • Dr Peter Morrell
    Cranfield University, UK
  • Professor Yasuo Ohe
    Chiba University, Japan
  • Professor Andrea Saayman
    North-West University, South Africa
  • Dr Mondher Sahli
    Victoria University of Wellington, New Zealand
  • Dr Neelu Seetaram
    Bournemouth University, UK
  • Professor Egon Smeral
    MODUL University, Austria
  • Professor Haiyan Song
    Hong Kong Polytechnic University, Hong Kong SAR, PR China
  • Professor Natalie Stoeckl
    James Cook University, Australia
  • Dr Brian Terry
    Terry & Partners, UK
  • Professor John Westlake
    Prince of Songkla University, Thailand
Effective 1st April 2016, IP Publishing and its journals have been acquired by SAGE Publishing. Please click here for more information.

Vol 22 No 1 February 2016

5 Tourists’ expenditure behaviour: the influence of satisfaction and the dependence of spending categories

Marta Disegna and Linda Osti

31 The determinants of Norwegians’ summer tourism expenditure: foreign and domestic trips

Christer Thrane

47 Analysing expenditure of same-day visitors in cave tourism: the case of Turkey

Hasan Akca, Murat Sayili and Reyhan Cafri

57 Is participation in the tourism market an opportunity for everyone? Some evidence from Italy

Cristina Bernini and Maria Francesca Cracolici

81 Tourism demand and wages in a general equilibrium model of production

Henry Thompson

93 The price tag of tourism: does tourism activity increase the prices of goods and services?

Marina Tkalec and Maruška Vizek

111 Uncertainty, crowding aversion and tourism aversion in tourism destinations

Simone Marsiglio

125 The economic impact of international students in a regional economy from a tourism perspective

Xesús Pereira López, Melchor Fernández Fernández and André Carrascal Incera

141 Abnormal stock returns and volume activity surrounding lodging firms’ CEO transition announcements

Barry A.N. Bloom and Leonard A. Jackson

163 Research note: Which god is good for tourism?

Johan Fourie, Jaume Rosselló and María Santana-Gallego

171 Research note: Employment and wage sensitivity to tourism activities – the case of US tourist arrivals and expenditure in Hawaii

Junwook Chi

179 Research note: Using demand determinants to anticipate fluctuations in hotel occupancy

Candy, Mei Fung, Tang, Nada Kulendran, Brian King and Matthew H.T. Yap

189 Research note: Exploring preferences for liquor souvenirs at a tourist destination

Tsung-Hsien Tsai and Chien-Min Chen


Title: Tourists’ expenditure behaviour: the influence of satisfaction and the dependence of spending categories

Author(s): Marta Disegna and Linda Osti

Abstract: A review of the literature shows that the relationship between satisfaction and tourism expenditure, as well as the dependence among different tourist expenditure categories, are under- researched topics. The aim of this study is twofold: first, to investigate the influence on tourism expenditure of tourists’ satisfaction with the destination, correcting for the effect of some socio- demographic and trip-related variables; second, to study the dependence among tourist expenditure on the different tourist categories that create the overall expenditure for the trip. This study focuses on an analysis of the expenditure behaviour of a sample of international visitors who travelled in an area around the Dolomites in Northern Italy, adopting the double-hurdle model with the Heien and Wessells estimator. In discussing the results, policy implications and managerial issues for tourism destinations are presented.

Read the full article here

Title: The determinants of Norwegians’ summer tourism expenditure: foreign and domestic trips

Author(s): Christer Thrane

Abstract: Statistical modelling of the variation in micro-level tourism expenditure is an ever- expanding topic of study. The present paper adds to this research by examining how and why foreign and domestic summer vacation trips incur cross-sectional differences in total trip expenditure for Norwegian households in the period 2009 to 2012. The paper also highlights how a number of other regressors explain variation in such expenditure. The main finding is that, in gross or unadjusted terms, Norwegian households spend more than three times as much on foreign summer trips as they do on domestic trips (that is, 225% more). In net or ceteris paribus terms, the analogue difference is 48%. Two important, but only partial explanations for the gross difference in total trip expenditure between foreign and domestic trips are choice of type of lodging and choice of transportation mode. Length of stay, purpose of trip, advance booking, frequency of vacation trips, age, income and gender all affect total trip expenditure. Whether the trip is foreign or domestic moderates the effects of some of the other regressors on total trip expenditure. Implications for future research are offered.

Read the full article here

Title: Analysing expenditure of same-day visitors in cave tourism: the case of Turkey

Author(s): Hasan Akca, Murat Sayili and Reyhan Cafri

Abstract: Turkey occupies eighth place in the world for cave tourism. In recent years, the development of the cave tourism industry throughout the country and the emergence of its positive and negative impacts have attracted the interest of rural development experts, local managers and scholars. Most research is related to scientific studies in caverns, but there has been insufficient study of the profiles of visitors, expenditure patterns and problems experienced by cave tourism destinations. The main aim of this study is to analyse the determinants of the expenditure of same-day visitors on cave tourism, the socio-economic characteristics of the tourists and their attitudes towards the Ballica Cave as a tourist destination. Data were collected from 598 visitors via a questionnaire survey. The double log function was used to determine visitor expenditure on cave tourism. The geographical position of the cave and characteristics of the visitors were taken into consideration when specifying the model. According to the findings, the effect of household income on visitor expenditure was positive but not significant. Distance, age, level of education and gender were important determinants of expenditure. In addition, the majority of respondents thought that the advertising of the Ballica Cave was inadequate. Relatives, friends and neighbours were the main information sources for visitors to the cave.

Read the full article here

Title: Is participation in the tourism market an opportunity for everyone? Some evidence from Italy

Author(s): Cristina Bernini and Maria Francesca Cracolici

Abstract: This paper investigates whether there are differences in tourism consumption behaviour among families by analysing the main determinants of tourism participation at national and international levels. In particular, it explores whether tourism is becoming part of the lifestyle of Italians or whether it is still a luxury good only for the privileged. A Heckman model was used on micro-data on Italian family expenditure over the period 1997–2007, and an income elasticity analysis for different personal and household characteristics was carried out. The results show that participation in the tourism market is strongly affected by the personal characteristics of individuals and that tourism consumption is an income-sensitive good. The analysis reveals that tourism is generally a luxury good. Income elasticity analysis shows both similarities as well as differences in Italian tourism consumption patterns at national and international levels. The authors find that consumption behaviour in tourism is affected not only by economic constraints but also by cultural and territorial factors.

Read the full article here

Title: Tourism demand and wages in a general equilibrium model of production

Author(s): Henry Thompson

Abstract: Rising foreign income increases tourism demand and wages if tourism is labour-intensive relative to capital. This paper adds a third factor of production, skilled labour or natural resources, to delve more deeply into the potential income redistribution in general equilibrium due to rising foreign income. In a small open economy producing tourism and an import competing good, the wage may fall in spite of the expanding tourism sector if capital is a technical complement with the third factor. A model including a traditional export is also examined, as is a specific factors version of the model. The possibility of a falling wage with expanding labour-intensive tourism relates to a number of policy issues in touristic countries.

Read the full article here

Title: The price tag of tourism: does tourism activity increase the prices of goods and services?

Author(s): Marina Tkalec and Maruška Vizek

Abstract: The authors use panel data models on a dataset covering EU new member states and candidate countries (Montenegro and Turkey) to investigate the relationship between tourism activity and price level. Along with modelling the overall price level, the authors also separately model the price level of consumer goods, of consumer services and of goods and services associated with tourism consumption (hotels and restaurants, recreation and culture, transportation and food and beverages). Thereby, they control for other factors that commonly influence the price level of an economy, such as income, productivity, trade openness and fiscal dominance. The results suggest that tourism activity increases the overall price level in the economy. This effect is, however, much stronger for prices of consumer services; in particular, for prices of recreation and culture, and hotels and restaurants.

Read the full article here

Title: Uncertainty, crowding aversion and tourism aversion in tourism destinations

Author(s): Simone Marsiglio

Abstract: The author analyses the implications of crowding aversion and tourism aversion for the economic performance of tourism destinations in the case of uncertain tourist inflows. He analytically characterizes all possible scenarios, showing how different the preferences of tourists (towards crowding) and residents (towards tourism) interact and affect the economic outcome. The paper shows that, when tourists are crowding-averse (crowding lovers), uncertainty leads to deterioration (improvement) of economic performance, while it does not affect performance at all when tourists are crowding-indifferent. However, assessing how this will be reflected in welfare changes is more complex, since it depends also on the degree of tourism aversion among local residents.

Read the full article here

Title: The economic impact of international students in a regional economy from a tourism perspective

Author(s): Xesús Pereira López, Melchor Fernández Fernández and André Carrascal Incera

Abstract: This paper assesses the economic impact of international students in a regional economy (Galicia) from the viewpoint of the tourism industry. The current extent of international student mobility and its potential future development make it an appropriate topic for analysis in terms of its local and regional economic impacts, first and foremost at the academic and political levels. A methodology to facilitate the estimation of both the direct effects on the education sector and the possible ‘externalities’ on the tourism industry will enable economic evaluation of financial efforts to attract international students. Without considering the potential increase of other visitors, the results indicate that international students have less economic impact than that associated with inbound tourism and, in the case of exchange students (as a constituent group of international students), the economic contribution could even be negative for a local economy.

Read the full article here

Title: Abnormal stock returns and volume activity surrounding lodging firms’ CEO transition announcements

Author(s): Barry A.N. Bloom and Leonard A. Jackson

Abstract: This research empirically investigates the impact of lodging firms’ chief executive officer (CEO) transition announcements on stock performance and trading activity. Specifically, the study utilizes both parametric and non-parametric event study measures to investigate abnormal stock returns and volume activity during the periods surrounding the announcement of CEO transitions at lodging firms. The study finds significant negative abnormal returns in the periods before and after the announcement of a CEO transition. This suggests that the market did not perceive CEO transitions at lodging firms as value-enhancing events. Regarding trading volume, the study finds a decline in trading activity thirty days prior to announcement, but high trading activity during the immediate period surrounding announcements (5 days before the announcement date and 5 days after). This suggests investor uncertainty regarding the direction and value of the stocks of sampled firms. To minimize the negative impact on stock price and trading volume, it is important that lodging firms plan CEO transitions carefully and provide sufficient and timely information to stakeholders about new CEOs, their background and the value they will add to the firm. Such actions could assuage the negative impact of CEO transition announcement on firm value.

Read the full article here

Title: Research note: Which god is good for tourism?

Author(s): Johan Fourie, Jaume Rosselló and María Santana-Gallego

Abstract: The authors posit that religion has a general impact on tourism which goes beyond the direct impact of religious pilgrimages. To that end, an augmented gravity model for international tourist - arrivals is estimated. This makes it possible to assess how five major religions induce or constrain international tourism flows. The results provide evidence that the religious affiliations of both the origin and destination countries have significant explanatory power in global tourism flows, over and above pilgrimage.

Read the full article here

Title: Research note: Employment and wage sensitivity to tourism activities – the case of US tourist arrivals and expenditure in Hawaii

Author(s): Junwook Chi

Abstract: This study explores the dynamic effects of US employment, real wages, employee overtime hours, travel costs and market shocks on tourism demand to Hawaii from the US mainland. The results show that US tourist arrivals and expenditure in Hawaii are sensitive to a change in total employment. These findings suggest that employment growth is a driving force of US tourism demand for Hawaii. In examining the magnitudes of the income and substitution effects of a change in real wages, the income effect is found to outweigh its substitution effect, indicating that a rise in income resulting from a higher wage increases tourist expenditure in the USA. In addition, the 2001 terrorist attacks and the 2008 financial crisis have had detrimental impacts on tourism demand for Hawaii destinations.

Read the full article here

Title: Research note: Using demand determinants to anticipate fluctuations in hotel occupancy

Author(s): Candy, Mei Fung, Tang, Nada Kulendran, Brian King and Matthew H.T. Yap

Abstract: A logistic regression model is used to identify the determinants that influence periods of expanding and contracting occupancy growth rates for various hotel categories in Hong Kong. Tourist incomes are found to impact in different ways, depending on the category of hotel. The cycles of income growth in tourist origin countries have a greater impact on high tariff B and medium tariff hotels than on more expensive high tariff A hotels. In examining the applicability of real and nominal exchange rates to tourist hotel selections, it is found that nominal exchange rates are significant only in the case of high tariff A hotels, with a marginal probability of 0.76%. This implies that a 1% exchange rate appreciation in the tourist origin country will increase the expansion period by 0.76% in the case of high tariff A hotels.

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Title: Research note: Exploring preferences for liquor souvenirs at a tourist destination

Author(s): Tsung-Hsien Tsai and Chien-Min Chen

Abstract: The objectives of this study are to investigate tourist preferences for liquor souvenirs at a destination by identifying key influencing factors, and to assess the impact of demographic features on preferences. Three hundred and ten stated-preference samples were collected to show preferences by multinomial logit models. The data are divided into several subgroups to verify heterogeneity among tourists in relation to the purchase of liquor souvenirs. The results show that differences do exist among demographic groups purchasing liquor souvenirs at a tourist destination. Age, appearance, capacity and price have distinct impacts on different groups of tourists.

Read the full article here

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