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This study analyzes service failures and recovery impacts on group tours using choice experiments and conditional logit models. It assesses negative word-of-mouth likelihood based on failures in food outlets, travel agencies, and scenic spots, and recovery actions like apologies, refunds, and punishment. Results show forced purchases, itinerary changes, and food sanitation significantly influence negative word-of-mouth. Preferences for recovery measures differ among Chinese, Japanese, and South Korean tourists, with Chinese favoring punitive actions, Japanese and South Koreans preferring refunds, and South Koreans finding personal apologies more acceptable. [ABSTRACT FROM AUTHOR]

This study adopts a circuits of culture approach to examine the role of tourism performing arts (TPA) storytelling in conveying a sense of place to visitors, and its potential impact on their attitudes towards sustainable tourism development. Through a survey of 437 visitors and structural equation modeling, the study reveals the distinct storytelling attributes that contribute to TPA's effectiveness. The study also finds that tourists' sense of place completely mediates the relationship between these storytelling attributes and their support for tourism development. These findings offer important insights into the potential of TPA storytelling as a tool for promoting sustainable tourism. [ABSTRACT FROM AUTHOR]

This study complements the tourism literature by proposing an asymmetrical effect of the tourism-led growth hypothesis on the city-level economy using panel data from 331 cities in China from 2004 to 2015 (3,972 observations). The results, based on an augmented Solow model and the system-generalized method of moments (GMM), reveal that the impact of tourism on city-level economic growth is indeed asymmetric and heterogeneous, depending on the presence of top-level attractions (TL), which are proxied by the World Heritage Sites or AAAAA (5A) scenic spots. The dynamic panel threshold model's results also corroborate the asymmetric threshold effect of tourism on city-level economic growth. Tourism, in particular, has facilitated positive and significant economic growth in cities with TL but has had an uncertain and statistically insignificant impact on cities without it. The findings indicate that the validity of tourism-led growth depends on the availability and number of TL in each city, which serve as a moderator. As a result, we confirm tourism's asymmetric effect and spatial heterogeneity on urban economic growth. [ABSTRACT FROM AUTHOR]

This study uses dynamic panel data to investigate the effects of Cultural World Heritage Site (CWHS) and Natural World Heritage Site (NWHS) on China's domestic tourism receipts (DTR) and inbound tourism receipts (ITR). The results show evidence of a positive asymmetrical relationship between World Heritage Site (NWHS and CWHS) and both kinds of tourism receipts. The impact of NWHS on DTR follows scale effects, while that of NWHS on ITR obeys the law of decreasing marginal utility. The link between CWHS and inbound and domestic tourism receipts follows an inverse U-shaped pattern. The optimal numbers of NWHS and CWHS obtained from those non-linear models vary, while the effect of NWHS and CWHS on DTR can be strengthened by the presence of each other, but only the impact of CWHS on ITR is influenced by NWHS. Furthermore, we describe the implications of the research results. [ABSTRACT FROM AUTHOR]

This study investigates the linear and non-linear effects of two 5A tourist attractions (5ATA) sub-groups: cultural tourist attractions (5ACTA) and natural tourist attractions (5ANTA) on China's domestic tourist arrivals (DTA) and inbound tourist arrivals (ITA). The test results reveal a positive relationship between 5ATA and regional tourism growth, mainly, 5ATA have a more significant effect on DTA than on ITA, and the impact of 5ACTA on regional tourism growth is stronger than that of 5ANTA. This study further identifies an inverse U-shaped association between 5ATA and tourist arrivals, indicating the relationship follows the law of diminishing marginal utility. [ABSTRACT FROM AUTHOR]

The rapid and continuous growth of the Internet industry is highly important to China’s economy. Based on Porter’s diamond model and using data from 2002 to 2016, we construct a cultivation factor index of China’s Internet industrial competitiveness and its four composite indicators. We study the evolvement of the indexes over 15 years and analyze events that were key to the growth of cultivation factors of China’s Internet industrial competitiveness. The findings are as follows: (1) the cultivation factor index of Internet industrial competitiveness grows fast in waves, with alternating periods of steady growth and leap growth; (2) innovation in technology application, not technology itself, promotes the rapid increase of index; and (3) the influence of environmental opportunities and governments polices is demonstrated in evolvement of the index. [ABSTRACT FROM AUTHOR]

This article examines the effects of institutional holdings and state ownership on hotel firm performance in China by employing panel regression analysis. The results show that institutional holdings as a whole and domestic institutional holdings have different effects on the performance of Chinese hotel firms. There is an inverted U-shaped relationship between institutional holdings/domestic institutional holdings and hotel performance measured by Tobin’s Q, and an upright U-shaped relationship between domestic institutional holdings and return on assets/return on equity. However, the level of foreign institutional holdings was found to have no significant impact on hotel firm performance in China. Finally, state ownership has a negative impact on Tobin’s Q. Implications for the Chinese hotel industry are discussed. [ABSTRACT FROM AUTHOR]

This article examines the determinants of corporate giving (CG) in Taiwan according to agency cost (AC) and value enhancement (VE) theories. Panel regression test results reveal several new and interesting pieces of evidence. First, VE determinants outweigh AC determinants in explainingCGthere. Second, the positive link between the currentCGratio (CGR) and the laggedCGR(CGR(-1)) suggests the consistent nature ofCG. Third, after the global financial crisis in 2008, the influence of debt leverage onCGRvanished, but the impact of managerial insiders’ shareholdings onCGRbecame significant. Last, the influences of VE determinants andCGR(-1) onCGRremain during both pre-crisis and post-crisis periods. Moreover, after the crisis,CGwas still motivated to create current value for shareholders, and was apparently used as a business strategy to signal companies’ financial or managerial stability. [ABSTRACT FROM AUTHOR]

Students’ perceptions and approaches to learning have been shown to be critical factors in determining the quality of the learning outcome. This is the 1st empirical study undertaken in the hospitality context to examine how students’ perceptions and approaches to learning influence the learning outcomes of their financial management courses. The results showed that hospitality students had negative perceptions of the financial management course. With negative perceptions, students are less likely to adopt the deep approach to learning. Because the deep approach can significantly improve students’ performance, whereas the surface approach has the opposite effect, negative perceptions decrease performance through declined adoption of the deep approach. The findings suggest that hospitality educators may enhance the quality of financial management education by changing students’ negative perceptions and by encouraging their utilization of the deep approach. [ABSTRACT FROM AUTHOR]

This paper examines the business cycle of tourism market (BCTM) in Taiwan. It begins by studying the BCTM based on a Markov regime-switching (MRS) model. The MRS model reveals strong evidence of a regime-switching BCTM with two distinct regimes: a high-growth regime (HGR) and a low-growth regime (LGR), over the period from 1st quarter of 1969 to 1st quarter of 2011. The second step is to examine the driving forces of the BCTM. Specifically, the study identifies the factors that cause the tourism market to stay in the high-growth regime (HGR). Test results show that the growth rate of gross domestic product (GDP), growth rate of exports, and inflation rate are significant drivers of the BCTM in Taiwan. [ABSTRACT FROM AUTHOR]

This study applies a Markov regime-switching model to examine Taiwan's hospitality industry based on the gross domestic product data of the hospitality industry from 1982Q1 to 2012Q2. On understanding the characteristics of Taiwan's hospitality industry, the study performs Granger causality tests to identify the driving factors of Taiwan's hospitality industry cycle. Two regimes of the hospitality industry cycle – a high-growth regime (HGR) and a low-growth regime (LGR) – are detected. Specifically, the average growth rate of HGR (LGR) is 3.01% (2.17%) and the standard deviation of HGR (LGR) is 0.69% (0.19%). The probability of the hospitality industry staying in HGR (LGR) is 98.25% (97.52%) and the expected duration of HGR (LGR) is about 57 (40) quarters. Further, the inbound tourism market growth is found to be a significant driving factor that can cause the hospitality industry to remain in the HGR. Valuable information and policy implications are provided to guide hospitality business managers and tourism policy-makers. [ABSTRACT FROM PUBLISHER]

This study investigates the influences of macroeconomic factors on hotel stock returns in Japan using a 30-year data period. In addition to the macroeconomic variables commonly used in previous studies (i.e., changes in discount rate [DSCHG], growth rates of money supply [ΔMS], changes in unemployment rate [UPCHG], growth rates of consumer price index [ΔCPI], and industrial production [ΔIP]), we also include the percentage change in yen–dollar exchange rate (ΔEXCH), the percentage change in oil price (ΔOILP), and growth rates of total trade (ΔTTR) as critical explanatory factors of Japanese hotel stock returns. This study uses the Granger causality procedure based on the vector autoregression model. Test results indicate that economic variables DSCHG, UPCHG, and ΔOILP could significantly cause Japanese hotel stock returns and serve as significant determinants of Japanese hotel stock returns. [ABSTRACT FROM PUBLISHER]

Although tourism expansion is theoretically assumed to have a direct influence on the tourism industry, previous studies have not found any significant connection between tourism expansion and tourism firms' stock performance. This study argues that tourism expansion would have a more direct impact on tourism firms' earnings than on their stock performance. Accordingly, whether tourism expansion can create significant growth in corporate earnings for tourism firms is tested on the basis of a Granger non-causality procedure using a four-variable vector autoregression model. Test results support the assumption that tourism expansion could significantly improve the corporate earnings of tourism companies. The analyses of the generalized impulse response function and variance decomposition further indicate the critical role of tourism expansion in explaining increases in the tourism industry's corporate earnings. Policy implications are provided to guide the government tourism authorities. [ABSTRACT FROM AUTHOR]

This study investigates the effects of changes in monetary policy on the stock performance of hospitality firms (airlines, hotels, restaurants and tourism firms) in Hong Kong. Changes in the monetary policy environment are measured by changes in the discount rate. Among the four hospitality sectors, hotel and tourism stocks exhibit a higher mean return and reward-to-risk ratio during expansive monetary periods. Regression test results also support the contention that different monetary policy circumstances have significant influences on the hotel and tourism stock performance. Lastly, a market timing investment strategy is proposed for hospitality stock investors to allocate their portfolios between hospitality stocks and risk-free assets according to movements in monetary policy environments. Following this market timing investment strategy, hospitality stock investors can significantly improve investment performance by achieving higher returns and lower risk. [ABSTRACT FROM AUTHOR]