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The purpose of this paper is to show the effect of Turkey's geopolitical risk on the number of international tourist arrivals to the country. When Turkish economy in 2019 is analyzed, it is seen that the share of tourism in national income is 11%. For this reason, national economy is significantly affected by changing of the number of international tourist arrivals. Security problems are an important variable affecting tourist arrivals.

The paper focused on secondary data for the period 2000–2019 for macroeconomic variables. Accordingly, the number of international tourist arrivals was added as a dependent variable, geopolitical risk as an independent variable, gross domestic product (GDP) and economic freedom index as control variables and inflations as an external variable to the model. The residual augmented least squares–the autoregressive distributive lag (RALS-ADL) cointegration test and the dynamic ordinary least squares (DOLS) coefficient estimator were used. It allows for more robust results to be obtained when the residues do not have a normal distribution.

The RALS-ADL cointegration test result shows that there is a cointegration relationship between variables at a 1% significance level. Moreover, the DOLS coefficient estimator results indicate that an increase in economic freedom and GDP increase the number of international tourists, whereas an increase in the Geopolitical Risk Index and inflation decreases the number of international tourism arrival. It can be said that tourists consider the security and economic stability of the host country when making tourism decisions.

Turkey is one of the most risky developing countries, as well as one of the most popular travel destinations. When the literature is examined, it has been found that studies for Turkey usually determine the relationship between the variables for a short period of time. However, to ensure sustainable growth and environment of confidence, the long-run relationship between variables should be determined so that policymakers can make more impactful decisions. Therefore, the aim of this study is to make a literature contribution, taking into account the long-term effects. In addition, unlike other studies, this study fills the gap in literature using the RALS-ADL cointegration test, which produces robust estimators.

India is not geographically close to either Russia or Ukraine. However, India's trade relations with them make it vulnerable to the consequences of the war between these countries. Thus, the present study aims to examine the impact of the Russia–Ukraine war on various sectoral indices of the Indian economy.

Event study methodology has been used in this study for analysis. The date of the war announcement is the event day. The sample studied includes ten sectors of the Indian economy listed on the National Stock Exchange (NSE). Results correspond to the period of −167 days to +20 days of the announcement of the war, i.e. from June 25, 2021, to March 28, 2022.

Almost all the sample sectors earned significantly positive abnormal returns in the post-event period. The metal industry has led this group by showcasing the highest abnormal returns. Though Indian sectors made overall positive returns, the market soon corrected itself and abnormal returns were wiped out.

These results can benefit portfolio managers, analysts, investors and policymakers in hedging risks and selecting suitable investments during increased global uncertainty. The study's conclusions help policymakers establish an institutional and supervisory framework that will make it easier to spot systematic risks and reduce them by putting countercyclical measures in place.

India has no geographical proximity or trade relations with Russia or Ukraine, as strong as any other European country. However, Russia has remained a strong ally to India in the trade of defense equipment. Similar is the case with Ukraine, a significant global partner for India. Thus, the impact of conflict between these two countries has not been limited to Europe only but has also engulfed related economies. Hence, the present study is one of the first attempts to examine the burns sustained by the Indian economy due to this war.

Vietnam has repositioned itself from a war-torn country to a popular tourist destination. Although research on Vietnam tourism has grown in number, a macro analysis of national tourism governance and policies has largely been missing.

This synthesis paper offers a systemic analysis of Vietnam’s tourism accommodating intensified government intervention and dramatic market changes in recent decades. The authors offer a chronological analysis of tourism development along with the major political and economic turns of the country.

The patterns of tourism development reflect a compromise between centralization and decentralization of the governance system and a trade-off between economic and social objectives of development. Balancing these opposites, the internal strength of the domestic market and the resilience of communities and businesses become key assets for growth in circumstances where the socialist market economy continues to inform the current and future development of the industry.

Although the case of Vietnam is unique, the adaptive mechanism of the tourism industry highlighted in this paper offers a useful lesson for other developing countries. The research addresses tourism in the political economy in developing countries, which is valuable for researchers, policy analysts as well as practitioners in tourism.

The practical contribution of the study is derived from authors’ academic and industrial backgrounds. Findings from the study serve as a useful reference for those who embark on the study of tourism governance and policy-making in developing countries and problems associated with the economic transitional process. Those problems of the disparity between centralization and decentralization of the political system might not be only significant in Vietnam, but also prevail in developing countries. Thus, this study offers a point of departure for future empirical and comparative research on the kindship of tourism and political economy in a full scale.

The transitional economy as viewed through the tourism industry is prominently presented in the “evolutionary” approach to the transitional economy, which exhibits several unique features: the transition from a centrally planned (command) economy to a market economy and the manifestations of a socialist orientation in the modern economic management system (Vuong et al., 2019). While data from this study is mainly illustrative of the first point, the transition from a planned economy to a market economy, the second characteristic, the manifestation of a social orientation has only slightly been addressed and will need further elaboration in a future study. While Vietnam’s tourism positions itself in a socialist market-oriented economy might set a unique case, the study highlights the politics of tourism is shaped by the politico-economic system. The authors conclude that the adaptation of Vietnam tourism to a socialist market-orientated economy is better perceived as a social evolution achievement rather than a feature of capitalism.

The latest study on tourism governance (Bui et al., 2022) has outlined the evolution of the tourism administrative system and markets in the country; however, linkages of tourism to the broader political economic system have yet to be addressed. Addressing this gap, the authors carry out analysis of policies and governance from the insider’s viewpoint, when team members have been involved in numerous tourism planning and development projects, both on international and national scales. The practical experience along with thorough review of literature and statistical data contributes to shaping a fresh understanding of tourism in a transitional economy.

这篇综述对越南旅游业进行了系统分析, 包括近几十年来不断增强的政府干预以及巨大的市场变化。作者根据时间顺序分析了旅游业的发展以及该国的主要政治及经济的转变。此外, 政策文件的内容分析及旅游市场分析进一步说明了政治经济体系对旅游治理及政策的影响。

越南已将自己从一个饱受战争的国家重新定位成备受欢迎的旅游目的地。尽管对越南旅游业的研究不断增多, 但对国家旅游治理和政策的宏观分析却被之前的探究所忽略。此研究通过展示越南转型经济中的旅游治理模式连接了两个学科, 并且丰富了政治经济学和旅游学的文献。

旅游政策和市场分析反应了治理体系集权与分权之间的折中以及经济和社会发展目标之间的权衡。国内市场的内在优势以及社区及企业的韧性可以成为成长的关键资产来平衡这些对立面, 同时社会主义市场经济将继续影响产业的当前及未来的发展。因此我们的结论是, 越南旅游业适应社会主义市场经济应该被视为社会进化的成就, 而不是资本主义的特征。

考虑到一篇文章所能解决的问题有限, 作者无法就转型经济与中国进行比较研究。我们的研究为未来亚洲旅游与政治经济之间联系的实证和比较研究提供了一个出发点。

研究结果为发展中国家旅游治理和政策制定研究提供了有益的参考。

研究结果对于发展中国家旅游治理及政策制定研究具有重要参考意义。这项研究的成果对于发展中国家的旅游政策分析师, 特别是亚洲的研究人员来说很有价值。

当前的研究弥补了政治经济学中的一个研究不足, 即马克思主义学说及其与旅游业的对话。知识转移是本研究的一个亮点, 它源自对国家政治经济议程中的旅游治理的批判性分析。

Vietnam ha pasado de ser un país devastado por la guerra a convertirse en un popular destino turístico. Aunque la investigación sobre el turismo en Vietnam ha crecido en número, ha faltado en gran medida un macroanálisis de la gobernanza y las políticas turísticas nacionales. Nuestra investigación ha enriquecido la literatura tanto de la economía política como del turismo tendiendo un puente entre ambas disciplinas al presentar las pautas de la gobernanza del turismo en la economía de transición de Vietnam.

Este documento de síntesis ofrece un análisis sistemático del turismo de Vietnam que abarca la intensificación de la intervención gubernamental y los drásticos cambios del mercado en las últimas décadas. Los autores ofrecen un análisis cronológico del desarrollo del turismo junto con los principales giros políticos y económicos del país. Además, el análisis del contenido de los documentos políticos y el análisis del mercado turístico ilustran mejor las repercusiones de los sistemas político-económicos en la gobernanza y las políticas turísticas.

Las políticas turísticas y el análisis del mercado revelan un compromiso entre la centralización y la descentralización del sistema de gobernanza y un compromiso entre los objetivos económicos y sociales del desarrollo. Al equilibrar estos opuestos, la fuerza interna del mercado nacional y la resistencia de las comunidades y las empresas se convierten en activos clave para el crecimiento en unas circunstancias en las que la economía de mercado socialista sigue informando el desarrollo actual y futuro de la industria. Concluimos que la adaptación del turismo vietnamita a una economía socialista orientada al mercado se percibe mejor como un logro de la evolución social que como una característica del capitalismo.

Dentro del limitado abanico de cuestiones que podrían abordarse en un solo artículo, los autores no pueden establecer un estudio comparativo con China, en lo que respecta a la economía de transición. Nuestro estudio ofrece un punto de partida para futuras investigaciones empíricas y comparativas sobre la conexión entre turismo y economía política en Asia.

Las conclusiones del estudio sirven de referencia útil para quienes se embarcan en el estudio de la gobernanza y la formulación de políticas turísticas en los países en desarrollo.

Los resultados de la investigación son valiosos para los investigadores del sudeste asiático en particular y para los analistas de la política turística del mundo en desarrollo en general.

La presente investigación contribuye a un área poco investigada de la economía política, a saber, la doctrina marxista y su diálogo con el turismo. La transferencia de conocimientos es un aspecto destacado de esta investigación, que se ha derivado de un análisis crítico de la gobernanza del turismo en la agenda económica política nacional.

The purpose of this paper is to show the spatial extent and growth of tourism and its likely patterns as past forces of change are replaced by new pressures to reduce climate change and meet new definitions of success.

The approach involves a review of changes that have occurred over the Horizon period with a focus on the spatial spread and development of tourism, using and based on a literature review, past research and personal experience. Likely new developments are identified based on the expected result of influences including climate change mitigation and altered understandings of what is meant by success in tourism.

Much of the spatial change in tourism has been evolutionary rather than revolutionary, but in the future, restrictive forces external to tourism may change travel patterns with severe effects on long haul travel and a change in travel mode.

The research focus needs to produce effective measures of success as understood by all stakeholders in tourist destinations. Alternative destinations will need to replace those long haul destinations no longer available and research needs to refocus on managing rather than solely attracting visitors.

Long haul destinations will lose market share, destinations will change goals to satisfaction for stakeholders and travel modes will change to lower emission generators.

Destination choice will be reduced, transport modes may be limited and tourism closer to home will become the norm.

A general overview of this type has not been presented before.

揭示旅游业的空间范围和增长及其可能改变的模式, 因为以往的变化驱动力被减少气候变化的新压力并满足成功的新定义所取代。

由于缓解气候变化等影响和对旅游业成功含义的理解的改变而可能出现的一些新发展。本文基于文献综述、过去的研究和个人经验, 对综述期间发生的变化进行梳理, 重点关注旅游的空间扩散和发展。

过去, 旅游的很多空间变化是渐进式的, 而不是革命性的。但在未来, 旅游外部的限制性力量可能会改变旅行模式, 对长途旅行和旅行方式的变化产生严重影响。

研究重点需要产生为旅游目的地所有利益相关者所理解的, 有效的对于成功的衡量标准。替代性目的地将取代那些不可用的长途目的地。研究需要重新关注旅游业管理, 而不仅仅是吸引游客。

长途目的地将失去市场份额, 目的地将改变目标以满足利益相关者, 旅行模式将转变为低排放模式。

目的地的选择性将会减少, 交通方式可能会受到限制, 离家更近的旅游将成为常态。

这种类型的一般性概述以前没有研究过。

Mostrar la extensión espacial y el crecimiento del turismo y su probable patrón alterado a medida que las fuerzas de cambio del pasado son sustituidas por nuevas presiones para reducir el cambio climático y satisfacer nuevas definiciones de éxito.

Una revisión de los cambios que se han producido durante el periodo Horizonte, centrándose en la extensión espacial y el desarrollo del turismo, basándose en la revisión bibliográfica, la investigación previa y la experiencia personal, y los posibles nuevos desarrollos como resultado de antecedentes, incluyendo la mitigación del cambio climático y la alteración de la comprensión de lo que se entiende por éxito en el turismo.

Gran parte del cambio espacial en el turismo ha sido evolutivo más que revolucionario, pero, en el futuro, fuerzas restrictivas externas al turismo pueden cambiar los patrones de viaje con graves efectos en los viajes de larga distancia y un cambio en el modo de viajar.

El enfoque de la investigación necesita producir medidas efectivas de éxito tal y como las entienden todas las partes interesadas en los destinos turísticos. Los destinos alternativos tendrán que sustituir a los destinos de larga distancia que ya no estén disponibles y la investigación debe volver a centrarse en la gestión en lugar de únicamente en atraer visitantes.

Los destinos de larga distancia perderán cuota de mercado, los destinos cambiarán sus objetivos por la satisfacción de las partes interesadas y los modos de viaje cambiarán a generadores de menos emisiones.

Se reducirá la oferta de destinos, los modos de transporte pueden verse limitados y el turismo más cercano se convertirá en la norma.

No se había presentado antes una revisión general con este enfoque.

The purpose of this paper is to analyse the impact of Andalusia’s tourism promotion budgets and the efficiency of its campaigns from 2010 to 2022.

A mixed-methods approach is used. Tourism promotion budgets from 2010 to 2022 were measured as a supply indicator. Demand indicators (e.g. airport’s passenger arrivals, number of tourists and hotel occupancy rate) are analysed to measure tourism promotion budget impacts on them.

Tourism promotion budgets are a priority to stimulate tourism demand for Andalusia in times of uncertainly, and promotion campaigns are pivotal to attract and convert potential customers into actual tourists. Moreover, findings reveal that tourism promotion budgets had positive impacts on tourism demand. Whereas tourism promotion campaigns such as “Andalucía wants you back”, “Intensely”, Fitur, World Travel Market, ITB Berlin events and tourism advertising through digital channels have helped to improve tourism demand in Andalusia, ignoring the effects of the COVID-19 pandemic in the year 2020.

This study emphasizes how tourism promotion budgets and promotion campaigns must be constantly monitored by destination marketing organizations to measure the efficiency and effectiveness of assigned economic budgets and its return on investment.

Introduction: The pandemic era has given rise to emerging VUCA factors, characterised by volatility, uncertainty, complexity, and ambiguity. Navigating the impact of these challenges is essential for adapting and thriving in a post-pandemic world; therefore, it is important to identify VUCA factors.

Purpose: The purpose of this study is to identify and analyse the VUCA factors that emerged during the COVID-19 pandemic, focusing on sectors such as hospitality, tourism, education, construction, manufacturing, Information Technology, healthcare, and automobiles.

Need for the Study: Analysing emerging VUCA factors is crucial for businesses to prepare for unforeseen events. While VUCA factors were previously studied during significant events like the Greater Recession, BREXIT, and demonetisation, the pandemic has presented unprecedented challenges, making the identification of emerging VUCA components crucial.

Methodology: The methodology involves reviewing articles and research papers to understand the pandemic’s impact on various sectors. The findings provide insights into prominent VUCA factors and their implications for businesses, contributing to existing knowledge.

Findings: This research uncovers the challenges organisations encountered in the pandemic’s VUCA environment, offering insights into uncertainties and strategies for survival. It highlights the importance of adaptability, resilience, and innovation in overcoming VUCA’s negative impacts and establishing a new business paradigm.

Practical Implications: This chapter is essential in providing valuable insights for organisations, policymakers, and businesses on crisis preparedness, emphasising the significance of agility, robust contingency planning, and sector-specific considerations. Reviewing operations and implementing backup plans, businesses can develop effective strategies for long-term resilience and success in the face of unforeseen disruptions.

This research paper aims to identify and provide insights into rejuvenation strategies in Kaş as a microtourism destination based on the views of stakeholders.

The research utilizes a single-case design, applying an inductive approach to analyze data collected from semi-structured interviews. Thematic analysis was employed to analyze the data.

The inductive thematic analysis yields nine different main themes: product transformation, integrated sustainable development strategies, cooperation, promotion through the right channels, stable tourism policy, selective tourism strategy, tourism awareness, access to tourist movements and management and tools for monitoring the quality and sustainability of tourism.

This research offers practical recommendations for regional authorities, residents and business stakeholders to foster sustainable tourism development by addressing resource utilization and existing challenges in the rejuvenation of Kaş.

This research contributes to theory by addressing the lack of applied research on the rejuvenation process in micro-tourism destinations, using Kaş (Turkey) as a case study. It identifies and emphasizes the unique challenges in microdestinations, enhancing our understanding and filling a critical knowledge gap. The identified rejuvenation strategies in Kaş are positioned to serve as a model for similar destinations, emphasizing their distinctive characteristics and challenges.

The Internet has encouraged rural tourism experience providers to develop a new management strategy that opts for disintermediation to access the market. In this context, incoming travel agencies (destination management companies [DMCs]), despite the local component, lose capacity to promote the rural tourism. The main question is what kind of relationship between stakeholders would enhance effective intermediation processes between them. The paper examines such constraints and limitations of existing relationships between small local rural tourism producers and DMCs.

Using the Basque Country region of northern Spain as a case study, the authors used a mixed qualitative and quantitative methodology based on semi-structured in-depth interviews and an online survey. The data analysis strategy used incorporated descriptive and exploratory factor analysis (EFA).

In this research, most of the tourism disintermediation factors identified in previous literature were reinforced when tested in the rural context. The results confirm that power, value, product differentiation, digitisation and stakeholder collaboration are key elements. The value provided in the international segment by DMCs, though, was found to be irrelevant.

This article contributes to filling a gap in the literature on rural tourism destination management from a holistic view of the destination understanding the business-to-business (B2B) relationship among stakeholders in rural tourism. This paper focuses on those elements that create value for local producers to sell the products through intermediaries and provides a framework for understanding the factors involved in value creation in rural tourism intermediation, which is applicable to further empirical studies and provides interesting managerial implications.

By examining the impact of the day of the week during the COVID-19 pandemic and the subsequent economic recession, it is possible to provide insights into market behaviour during volatile times that can be furnished to investors and policymakers for informed decisions.

This study investigates the day-of-the-week effect on the Colombo Stock Exchange (CSE), with particular emphasis on the variations in this effect during the COVID-19 pandemic and the subsequent economic crisis.

The study applies the Exponential Generalised Autoregressive Conditional Heteroskedasticity (EGARCH) model, allowing for the evaluation of asymmetric responses to positive and negative shocks. The data span from January 2006 to December 2022 and are segmented into different periods: the entire sample, war and post-war periods, the COVID-19 pandemic and the economic crisis period, each reflecting distinct market conditions.

The study uncovers a significant day-of-the-week effect on the CSE. Mondays and Tuesdays typically show a negative effect, while Thursdays and Fridays display a positive impact. However, this pattern shifts notably during the COVID-19 pandemic, with all weekdays exhibiting significant positive impact, and varies further across different waves of the pandemic. The economic crisis period also shows unique weekday effects, particularly before and after an important political event.