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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: 0.800

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Editorial coverage

Tourism Economics, published quarterly, 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, either by e-mail or post, to Professor Stephen Wanhill, c/o IP Publishing Ltd, 258 Belsize Road, London NW6 4BT, UK. Please note that e-mail submissions should be sent to 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, 258 Belsize Road, London NW6 4BT, 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 Eberhard Bischoff
    University of Wales Swansea, UK
  • Professor Juan Gabriel Brida
    Free University of Bolzano, Italy
  • 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
  • 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
    Austrian Institute of Economic Research and 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

Vol 20 No 3 June 2014

451 Measuring and analysing domestic tourism: the importance of an origin and destination matrix

Teresa Guardia Gálvez, Juan Muro Romero and María Jesús Such Devesa

473 A total requirements view of a tourism and hospitality market is more accurate than traditional location quotients

J. Reid Cummings and Donald R. Epley

493 Impact of different dimensions of corporate social responsibility on tourism demand: does the status quo matter?

Carmelo J. León and Jorge E. Araña

509 Stability of input–output coefficients by capacity utilization for short-term tourism demand fluctuation

Ya-Yen Sun and Kam-Fai Wong

527 Output volatility and tourism specialization in small island developing states

Mahalia Jackman

545 Asymmetric effects of monetary policy changes on hospitality stock performance

Ming-Hsiang Chen

567 CEO resignations and new and relevant information conveyance: evidence from the hospitality industry

Leonard A. Jackson

579 European tour operators’ market power when renting hotel rooms in Northern Norway

Sigbjørn Tveteraas, Frank Asche and Kristin Lien

595 Thailand’s long-run tourism demand elasticities

Akarapong Untong, Vicente Ramos, Mingsarn Kaosa-Ard and Javier Rey-Maquieira

611 The determinants of international academic tourism demand in Europe

João Paulo Cerdeira Bento

629 Factors influencing rural tourists’ purchasing behaviour: four types of direct farm markets in South Korea

Kyung-Hee Kim and Duk-Byeong Park

647 Research note: Service quality and market structure in the international tourist hotel industry

Yu-Chen Lin and Chiang-Ming Chen

655 Research note: A study of the business cycle of the hotel industry in Taiwan

Ming-Hsiang Chen, Kun Lun Wu and Hung-Jen Su

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Title: Measuring and analysing domestic tourism: the importance of an origin and destination matrix

Author(s): Teresa Guardia Gálvez, Juan Muro Romero and María Jesús Such Devesa

Abstract: In this study, using the Spanish domestic and outbound tourism survey FAMILITUR, an inter-regional tourism flows analysis is carried out for the period 2004–2008. The degree of concentration of origin–destination trips is calculated in order to obtain the market share of the distribution of regional trips. An intra-regional perspective is also presented to confirm other divergences in terms of the region’s capacity of attraction for its own residents. Finally, a ‘gravity’ model of domestic travel flows between the 17 Spanish autonomous communities is estimated to characterize the variables that affect Spaniards’ tourism flows.

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Title: A total requirements view of a tourism and hospitality market is more accurate than traditional location quotients

Author(s): J. Reid Cummings and Donald R. Epley

Abstract: The traditional use of location quotients to determine the cluster of local industries that produce products and services primarily for export is outdated in that it uses employment ratios only. A better approach uses the total dollars spent locally. Combined with absolute levels of employment, this research shows that the tourism and hospitality industry cluster is very different from those selected traditionally. Dollars-spent-locally uses data from local input–output tables and presents a more accurate profile of the interrelationships among tourism and hospitality industries. The authors illustrate this more accurate approach for one area using current cross-sectional industry data.

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Title: Impact of different dimensions of corporate social responsibility on tourism demand: does the status quo matter?

Author(s): Carmelo J. León and Jorge E. Araña

Abstract: The authors, using discrete choice experiments, study the economic valuation of corporate social responsibility (CSR) policy measures in sun-and-beach tourist destination demand. They also examine the role of the status quo effect on CSR actions in tourist destinations. The status quo effect occurs because people generally place much more value on avoiding a loss than on acquiring a gain. Visitors to Cartagena de Indias (Colombia) were presented with alternative profiles of CSR measures and were given one of two treatments that varied according to the definition of the status quo alternative and the valuation question. The design of the experiments enabled the authors to compare the respondents’ willingness to pay (WTP) a higher price for their holiday in a destination that has in place several CSR measures and willingness to accept (WTA) a lower price for the same destination with a lower CSR profile. The data are modelled using a flexible approach that allows for the consideration of alternative decision rules in the visitor’s decision process. The results show that tourists care about CSR attributes and are likely to make their vacation choices on the basis of such attributes. Moreover, in this context the standard economic theory assumption of preferences symmetry is not satisfied. In other words, the cost of not implementing CSR actions is higher than the benefits of implementing them. When a destination increases CSR actions the number of visitors and their WTP for their visit are likely to increase, but at substantially lower rates than the WTP for alternative destinations (WTA) when the destination reduces its CSR actions. These results may explain why conventional studies find ambiguous effects of CSR action on tourist choice.

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Title: Stability of input–output coefficients by capacity utilization for short-term tourism demand fluctuation

Author(s): Ya-Yen Sun and Kam-Fai Wong

Abstract: The ability to portray accurately the regional economic impacts of short-term tourism demand rests on the resemblances between the long-run input–output (IO) technical coefficients and a short-term production function of business sectors. The purpose of this research was to investigate the stability of cost structure by capacity utilization in the tourism industry, using the accommodation sector in Taiwan as an example. Panel data consisting of firm-level financial information based on 13 individual cost categories from 2000 to 2009 were analysed to reveal the magnitude and direction of cost structure changes with respect to occupancy rate. The results indicated that income multipliers and profit multipliers fluctuated substantially but compensated for each other, while IO technical coefficients were very stable. In a situation involving a tourism event, type I and type II sales multipliers and the value added multipliers of the accommodation sector remained relatively stable, but the standard income multipliers were greatly overestimated, or underestimated for tourism recession scenarios. Applying a regional IO model to estimate short-term tourism demand should therefore take into consideration the substitution pattern between personal income and business profits.

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Title: Output volatility and tourism specialization in small island developing states

Author(s): Mahalia Jackman

Abstract: This paper investigates the relationship between tourism specialization and output volatility in a sample of 34 small island developing states (SIDS). The initial results suggest that there is a positive relationship between tourism and output volatility. Then, to test whether or not the impact of tourism is uniform across SIDS, the author divides the sample of SIDS by their regional groupings. The positive relationship between tourism specialization and volatility seems to be isolated to states in the Asia and Pacific region; that is, the region with the lowest level of tourism specialization on average. However, an evaluation of the fluctuations in tourism receipts indicates that the average volatility of tourism is highest in this region. This implies that the impact of tourism on economic volatility depends greatly on the level of volatility in tourism and, to a lesser extent, on the level of specialization.

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Title: Asymmetric effects of monetary policy changes on hospitality stock performance

Author(s): Ming-Hsiang Chen

Abstract: The literature has documented a significant effect of monetary policy changes on hospitality stock returns. Extending the current hospitality literature, this paper tests asymmetric effects of Federal Reserve (Fed) monetary policy changes on long-term US hospitality index returns (HIRs) in bull and bear markets. Monetary policy changes are measured by directional changes in the discount rate (dr) and in the federal funds rate (ffr). This study uses a Markov regime-switching model of stock returns to identify bull and bear stock market conditions. The test results bring new evidence to the hospitality literature. The significant effects of both dr and ffr on all five HIRs exist only in bear markets over the 36-year period from January 1973 to May 2008. In addition, after controlling for all three different macroeconomic conditions, asymmetry in the impact of both dr and ffr remains robust in bear markets, but not in business cycle contractions or under tight credit market conditions. The findings support the credit channel of monetary policy transmission mechanism by showing that characteristics of hospitality sectors interact with stock market conditions to determine the impact of Fed policy changes on HIRs.

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Title: CEO resignations and new and relevant information conveyance: evidence from the hospitality industry

Author(s): Leonard A. Jackson

Abstract: Chief executive officer (CEO) resignations are of interest to shareholders. The market typically responds to such changes in relation to the gain or loss of human capital. This study investigates the issue of whether or not resignations of hospitality industry CEOs convey new and relevant information to the public markets. The study examines 32 resignations from 26 firms over a 12-year period and finds that CEO resignations from hospitality firms convey new and relevant information to the financial markets, albeit in a delayed manner. Findings also suggest information symmetry, indicating that investors can be confident that hospitality stocks are traded fairly in the capital markets.

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Title: European tour operators’ market power when renting hotel rooms in Northern Norway

Author(s): Sigbjørn Tveteraas, Frank Asche and Kristin Lien

Abstract: Market power studies tend to concentrate on seller power, but in several value chains buyer power is an equally important topic. An example is large tour operators’ dealings with a fragmented accommodation industry at a tourist destination. The authors present a framework for testing for the degree of oligopsony power exerted by tour operators, where exchange rates play an important role in identifying the model. The empirical framework was applied to demand for hotel accommodation in Northern Norway. The results indicate that European tour operators have oligopsony power in relation to the regional hotel industry, with a markdown of over 24%.

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Title: Thailand’s long-run tourism demand elasticities

Author(s): Akarapong Untong, Vicente Ramos, Mingsarn Kaosa-Ard and Javier Rey-Maquieira

Abstract: This paper estimates Thailand’s long-run tourism demand elasticities for a set of origin countries by applying dynamic ordinary least squares. A detailed analysis of the potential competing destinations for each origin country is performed to ensure a precise coefficient for the substituting elasticity. A long-run static model of time varying parameter is then used to analyse the effects on the estimation of a potential structural change caused by the 1997 economic crisis and the subsequent change in exchange rate policy. The results show that there are different demand elasticities for each origin market and that own price elasticity is lower than substituting price elasticity for most origin countries. These findings indicate that price-setting strategies should be specific for each origin market and that information about prices in competing destinations needs to be considered. Moreover, the results show that there was a structural change in 1997 that severely affected the estimation.

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Title: The determinants of international academic tourism demand in Europe

Author(s): João Paulo Cerdeira Bento

Abstract: More and more students in Europe are willing to travel abroad for their higher education. This student mobility is considered as a type of tourist activity and the term ‘international academic tourism’ is applied to it. This paper presents an empirical analysis, using the system generalized method of moments estimator for dynamic panel data models. The purpose is to analyse the economic and other determinants of tourism demand in the European Region Action Scheme for the Mobility of University Students (Erasmus) based on inbound student and work placement mobility data during the exchange period from 2000 to 2010. The econometric results suggest that tourism demand is mainly driven by factors that are not strictly economic, such as relevant aspects of the destination chosen and preferences related to travel, the role of the tertiary education sector and the contribution of the Erasmus student mobility programme in the destination country. These findings have important implications for tourism policymakers.

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Title: Factors influencing rural tourists’ purchasing behaviour: four types of direct farm markets in South Korea

Author(s): Kyung-Hee Kim and Duk-Byeong Park

Abstract: The objective of this study is to identify the factors that influence the purchasing behaviour of rural tourists in relation to four types of direct farm markets in South Korea: pick-your-own markets, on-farm markets, farmers’ markets and online markets after visitation. The estimation results obtained from a binomial logistic regression model were used to identify the characteristics of those tourists most likely to opt for each type of direct farm market. A field survey was used to collect data from 437 visitors to rural areas in South Korea. The results show that various factors differentially affect tourists’ decisions to visit specific areas or to visit each type of direct farm market. The findings indicate that the people most likely to buy in pick-your-own markets tend to be wealthier or male, whereas married women and people who live in metropolitan areas are more likely to visit on-farm markets.

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Title: Research note: Service quality and market structure in the international tourist hotel industry

Author(s): Yu-Chen Lin and Chiang-Ming Chen

Abstract: This paper empirically examines the relationship between service quality and market structure using metropolitan-level panel data from the Taiwanese hotel industry. The empirical results indicate, first, that the influence of market structure on room service quality is U-shaped – high and low levels of market concentration lead to better service quality; and, second, that market structure is positively associated with food and beverage service quality.

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Title: Research note: A study of the business cycle of the hotel industry in Taiwan

Author(s): Ming-Hsiang Chen, Kun Lun Wu and Hung-Jen Su

Abstract: This paper exploits a Markov regime-switching model to study the business cycle of the hotel industry (BCHI) in Taiwan from January 1999 to September 2011. The aggregate hotel room sales earnings are used to examine the business cycle of the Taiwanese hotel industry. The Markov regime-switching model detects two distinct regimes of the BCHI: a high-growth regime (HGR) and a low-growth regime (LGR). The average growth rate of HGR (LGR) is 4.12% (0.35%). The corresponding standard deviation in the two regimes is 5.60% and 0.30%, implying that LGR is more stable than HGR. The probability of the hotel industry staying in LGR (HGR) is 97% (66%) and the expected duration of HGR (LGR) is about 3 (39) months. Moreover, this study shows that the tourism market growth is significant in causing the hotel industry to stay in the HGR. The empirical findings provide useful information and policy implications for government tourism policymakers and tourist hotel managers.

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