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Article
Publication date: 8 November 2022

Mutaju Isaack Marobhe and Jonathan Mukiza Peter Kansheba

This article examines dynamic volatility spillovers between stock index returns of four main hospitality sub-sectors in US during the coronavirus disease 2019 (COVID-19…

Abstract

Purpose

This article examines dynamic volatility spillovers between stock index returns of four main hospitality sub-sectors in US during the coronavirus disease 2019 (COVID-19) pandemic. These are tourism and travel, hotel and lodging, recreational services and food and beverages. Volatility spillovers are explicitly used as accurate and informative proxies for risk contagion between sectors during turbulent times.

Design/methodology/approach

The authors employ dynamic conditional correlation-generalized autoregression heteroskedasticity (DCC-GARCH) and wavelet coherence analysis (WCA) to analyze the phenomenon. The authors’ timeframe is divided into three main sub-periods, namely the pre-pandemic, the first wave and the second wave periods.

Findings

This study’s results reveal immense negative shocks in returns of all four sub-sectors on the Black Monday (8th March 2020). Moreover, high volatility persistence was observed during both waves with an exception of tourism and travel which exhibited lower volatility persistence during the second wave. The authors discovered magnified contagion effects between tourism and travel, hotel and lodgment and recreational services during the first wave of the pandemic with tourism and travel being the main volatility transmitter. Lower magnitudes of spillovers were observed between food and beverages and other sub-sectors with a decoupling effect being evident during the second wave.

Research limitations/implications

This study’s findings contribute to the contagion theory by providing evidence of disproportional volatility spillover among hospitality sub-sectors despite being exposed to similar turbulent economic conditions.

Practical implications

Crucial implications can be drawn from this study’s findings to assist in risk management, asset valuation and portfolio management. The importance of close monitoring, safety measures, international diversification and adequacy of liquid assets during health crises cannot be stresses enough for hospitality firms. Retail investors, speculators and asset managers can take advantage of this study’s findings to design trading strategies and hedge against risk.

Originality/value

A body of knowledge pertaining to effects of crises such as COVID-19 on hospitality stocks has been proliferating. Nonetheless, there is still a relative dearth of empirical literature on volatility spillover between hospitality sub-sectors especially during periods of rising economic uncertainties.

Details

Journal of Hospitality and Tourism Insights, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9792

Keywords

Book part
Publication date: 15 March 2022

You-How Go and Cheong-Fatt Ng

The aim of this chapter is to examine the role of real exchange rates in the relationship between tourist arrival and economic growth in Malaysia over the period of…

Abstract

The aim of this chapter is to examine the role of real exchange rates in the relationship between tourist arrival and economic growth in Malaysia over the period of 2000–2018. We disaggregate Malaysian tourists into six geographical regions, namely Asia, Singapore, Europe, Pacific region, Americas, and Africa. Using a non-linear autoregressive distributed lag model, we find that the appreciation of real exchange rates with positive growth of economy plays a prominent role in influencing international tourist arrivals from Singapore, other Asian countries, Pacific region, Europe, and Americas. Our study suggests that real appreciation is important in providing some insights into the effectiveness of growth-led-tourism policies. In line with this, some implications are provided at the end of this chapter.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-80117-313-1

Keywords

Book part
Publication date: 25 May 2021

Esat Saçkes

Despite developments in the fields of technology and health, some people may still have congenital or acquired disabilities. In our world, where one in every seven…

Abstract

Despite developments in the fields of technology and health, some people may still have congenital or acquired disabilities. In our world, where one in every seven consumers is disabled, these consumers also have the right to utilize the services offered to them in the best way as the other six. With the developed technology and innovations, it has become easier and more inexpensive for disabled consumers to access products and services. The number of disabled consumers is also increasing day by day in the tourism sector. However, the designs of touristic products are not suitable for every type of disability. The concept in disabled tourism that is known as “Quiet Tourism” in the literature represents the group including consumers with hearing and speech loss. This section aims to present consumers with hearing and speech loss who have to continue their lives this way becoming a new market for accommodation firms and what types of difficulties and opportunities may be encountered. It is aimed to show that the existing infrastructure at accommodation firms is not adequate, but there is a considerable potential.

Details

Contemporary Issues in Social Science
Type: Book
ISBN: 978-1-80043-931-3

Keywords

Book part
Publication date: 26 May 2022

Dani Dagustani, Gatot Iwan Kurniawan, Heppy Agustiana Vidyastuti and Rediawan Miharja

West Java, one of the provinces in Indonesia, is trying to develop the coastal tourism sector by applying the eco-tourism concept. The observation results found that there…

Abstract

West Java, one of the provinces in Indonesia, is trying to develop the coastal tourism sector by applying the eco-tourism concept. The observation results found that there were differences in the concept applied by the local government, namely toward mass tourism. Therefore, one of the strategies proposed is developing tourist areas using a combination of eco-tourism and mass tourism. The increase in the tourism sector in this area will not only help the economic growth of the local community but also contribute to the improvement of the economy of West Java. This study aims to estimate the risks that will occur if the developer uses the mix-use method. The research was conducted by interviewing and distributing questionnaires to the Tourism Office, National Disaster Relief Agency, Business Actors and Communities, and Tourists. The method used is descriptive with quantitative analysis using a risk matrix based on AS/NZS 4360-2004 (Australian-New Zealand Standard). Meanwhile, the qualitative analysis used the interview method and Focus Group Discussion (FGD). The findings in this study are that both quantitative and qualitative analyses can provide input through risk identification and priority. This research also provides theoretical and managerial implications.

Details

Modeling Economic Growth in Contemporary Indonesia
Type: Book
ISBN: 978-1-80262-431-1

Keywords

Book part
Publication date: 26 May 2022

Yetty Nurhayati, Pudjihardjo, Susilo and Marlina Ekawaty

The growth of tourism development in Malang makes some regions optimize their tourism potential, leading to economic growth in Indonesia. Malang regency has several…

Abstract

The growth of tourism development in Malang makes some regions optimize their tourism potential, leading to economic growth in Indonesia. Malang regency has several tourism villages with the concept of sustainable tourism. Using leverage analysis from the multidimensional scaling approach (MDS), we find two sensitive attributes. An analytical hierarchy process (AHP) test was conducted, resulting in the best strategy for each tourism village: developing strawberry-picking tour for Pujon Kidul and new tourism packages related to water attraction for Sanankerto and developing Bromo volcano tourism package for Gubugklakah. These strategies are believed to increase the development of tourist villages without compromising their sustainability.

Article
Publication date: 5 August 2022

Manu Sharma, Geetilaxmi Mohapatra and Arun Kumar Giri

The main purpose of the present research is to explore the possible effectiveness of information and communication technology (ICT), infrastructure development, exchange…

Abstract

Purpose

The main purpose of the present research is to explore the possible effectiveness of information and communication technology (ICT), infrastructure development, exchange rate and governance on inbound tourism demand using time series data in India.

Design/methodology/approach

The stationarity of the variables is checked by using the ADF, PP and KPSS unit root tests. The paper uses the Bayer-Hanck and auto-regressive distributed lag (ARDL) bounds testing approach to cointegration to examine the existence of long-run relationships; the error-correction mechanism for the short-run dynamics and the vector error correction method (VECM) to test the direction of causality.

Findings

The findings of the research indicate the presence of cointegration among the variables. Further, long-run results indicate infrastructure development, word-of-mouth and ICT have a positive and significant linkage with international tourist arrivals in India. However, ICT has a positive and significant effect on tourist arrivals in the short run as well. The VECM results indicate long-run unidirectional causality from infrastructure, ICT, governance and exchange rate to tourist arrivals.

Research limitations/implications

This study implies that inbound tourism demand in India can be augmented by improving infrastructure, governance quality and ICT penetration. For an emerging country like India, this may have far-reaching implications for sustaining and improving tourism sector growth.

Originality/value

This paper is the first of its kind to empirically examine the impact of ICT, infrastructure and governance quality in India using modern econometric techniques. Inbound tourism demand research aids government and policymakers in developing effective public policies that would reposition India to gain from a highly competitive global tourism industry.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

Book part
Publication date: 8 November 2019

Aliaksandr I. Tarasionak and Viktoryia M. Dziadok

The development of the tourism and hospitality industry in Belarus has a long-term positive trend. This process is uneven and the growth rate is below the global average…

Abstract

The development of the tourism and hospitality industry in Belarus has a long-term positive trend. This process is uneven and the growth rate is below the global average. To stimulate the development of the tourism and hospitality industry, measures are being taken in the form of creating visa-free zones, stimulating business activity, holding major sport events. The potential for growth in this industry has not yet been exhausted. The assessment of the competitiveness of Belarus in comparison with the neighboring countries showed that the development of the tourism and hospitality industry requires improvement of the business environment, increase of openness for tourists, strengthening of country marketing in the world tourism market.

Article
Publication date: 2 February 2022

Ojonugwa Usman, Andrew Adewale Alola and George Ike

In this paper, the authors investigate the inbound tourism demand elasticities of the Middle East and North African (MENA) countries. The authors emphasize the role of…

Abstract

Purpose

In this paper, the authors investigate the inbound tourism demand elasticities of the Middle East and North African (MENA) countries. The authors emphasize the role of external and internal conflicts, world gross domestic product and relative prices over the period 1995–2017.

Design/methodology/approach

This study applies the heterogeneous panel data estimators based on the fully modified-OLS (FM-OLS), dynamic-OLS (DOLS) and the recently developed method of moments quantile regression (MMQR).

Findings

The empirical results indicate that the effect of external and internal conflicts on inbound tourism demand is negative and inelastic with external conflict having a stronger effect. The effect of both classifications of conflicts diminishes as the market share of the tourist destination increases. In addition, the role of the world GDP on tourism demand is positive and elastic, suggesting that tourism is a luxury good while an increase in relative prices diminishes inbound tourism demand.

Originality/value

The paper, therefore, concludes that if policy measures are not put in place to curtail incidences of conflicts, economic growth in these countries may suffer setbacks. This by implications could affect the attainment of the sustainable development goals (SDGs) targets.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 24 July 2021

J. François Outreville

The purpose of this paper is to present a new methodology to estimate the migration of grades of top rated restaurant and the default rate over time.

Abstract

Purpose

The purpose of this paper is to present a new methodology to estimate the migration of grades of top rated restaurant and the default rate over time.

Design/methodology/approach

To demonstrate how to develop migration matrices the empirical results are based on the real number of top-rated French restaurants in Gault-Millau in a specific year and how they migrate from one grade to another over the period 1974–2010.

Findings

The purpose of the empirical analysis is only to illustrate the methodology. It is shown that migration rates are relatively stable over time.

Research limitations/implications

Results are presented only to illustrate the methodology. Further analysis could provide a sound basis to compare the rating systems from one guide to another.

Originality/value

This research note explores the notion of migration rate by developing an alternative way of measuring how restaurants survive over time.

Details

International Journal of Culture, Tourism and Hospitality Research, vol. 16 no. 1
Type: Research Article
ISSN: 1750-6182

Keywords

Article
Publication date: 6 April 2021

Manu Sharma, Geetilaxmi Mohapatra and Arun Kumar Giri

The purpose of this paper is to examine the relationship between tourism sector development and poverty reduction in India using annual data from 1970 to 2018. The paper…

Abstract

Purpose

The purpose of this paper is to examine the relationship between tourism sector development and poverty reduction in India using annual data from 1970 to 2018. The paper attempts to answer the critical question: Is tourism pro-poor in India?

Design/methodology/approach

Stationarity properties of the series are checked by using the ADF unit root test. The paper uses the Auto Regressive Distributed Lag (ARDL) bound testing approach to cointegration to examine the existence of long-run relationships; error-correction mechanism for the short-run dynamics, and Granger non-causality test to test the direction of causality.

Findings

The cointegration test confirms a long-run relationship between tourism development and poverty reduction for India. The ARDL test results suggest that tourism development and economic growth reduces poverty in both the long run and the short run. Furthermore, inflation had a negative and significant short-run impact on the poverty reduction variable. The causality test confirms that there is a positive and unidirectional causality running from tourism development to poverty reduction confirming that tourism development is pro-poor in India.

Research limitations/implications

This study implies that poverty in India can be reduced by tourism sector growth and price stability. For a fast-growing economy with respect to economic growth and tourism sector growth, this may have far-reaching implications toward inclusive growth in India.

Originality/value

This paper is the first of its kind to empirically examine the causal relationship between tourism sector development and poverty reduction in India using modern econometric techniques.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

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