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The authors' approach to quality is in contrast to the usual view found in economics. They analyse the quality of tourism as a system which includes final consumption, product‐based market services, the natural environment and cultural resources at no cost, and the impact of the local society, all from the macroeconomic point of view. They point out that if optimal use is to be made of resources in the sense of achieving sustainable system quality, this use must be compatible with carrying capacity.

Market globalisation produces a very competitive scenario that affects mainly enterprises operating in very fragmented contexts. Tourist enterprises have difficulty in finding economic and efficient conditions, they are generally small‐sized and the management culture in tourism is still at the beginning. Cooperation and integration among stakeholders operating in the tourism system are the conditions that ensure the full satisfaction of tourists' expectations; but also that promote the search for business economies. A tourist destination becomes a product only if it provides tourists with an integrated supply system. The cooperation among enterprises and institutions creates added value for the tourism destinations and for the single businesses, but operators have difficulty in recognising it. Especially the mature destinations are those that find it hard to change their mode of operating, mainly because they do not wish to re‐nounce to the perpetual annuities that have already been obtained. Some examples, with reference to the Italian situation, confirm this. Operators tend to evaluate the benefits of their initiatives in the short‐run, but the results of integration actions should be assessed in the medium‐ and long‐term. Furthermore, in a process of organisational change the powers and the skills tend to be redistributed unevenly. The points of view of tourists and enterprises shall overlap more and more till they can no longer be separated. In this way the services supplied will meet the tourists' expectations. The re‐organisation of the industrial sector proved that network‐based operations are essential for the efficiency of the enterprises and for the competitiveness of the tourist areas.

The purpose of this review is to summarize existing literature on the causes and impacts of the magnitude of the COVID-19 pandemic on people and businesses, and to propose a conceptual framework for the global economic recovery. The study used existing most recent empirical literature from available for exploring of the magnitude causes and effects of the COVID-19 pandemic on the people and business and summarized the way of the world economic system. The review study uncovered that people and businesses are suffering from vulnerability scenarios that have causes and effects on current macroeconomic and microeconomic indicators. In addition, microeconomic indicators have affected in the categories of unemployed who are soaring, lowering incomes, increasing health spending, household spending, low productivity, mental stress, decreased consumption, social imbalance, collapsing commodity prices and so on. Nevertheless, macroeconomic indicators have affected in the categories of the global financial crisis, supply and demand, capital market volatility, disruption of fiscal policy, monetary policy, aviation industry, international tourism and hospitality, world trade, and high unemployment. The present study concluded that all government and non-government agencies have to play a major and mature role not only in developing of right policies and laws but also in ensuring practices and coordination as well as increase public and business awareness accordingly. The study summarized strategic and policy guideline for the recovery of the global economy by strengthening the health care system, commodity market volatility fix-up, financial market restructuring, resumption of manufacturing and economic activity, special care for micro-, small- and medium-scale enterprises, mitigate the unemployment problem, recovery package for tourism, hospitality and aviation sector, strengthening the global supply chain network, impacts on global immigration and remittance issues and develop sustainable development framework accordingly for recovery of the world economy.

This study investigates the capital structure determinants of the Middle East tourism sector by examining intellectual capital (IC) efficiency and institutional governance along with firm-specific and macroeconomic variables. This research also identifies the determinants of capital structure for tourism companies in the Gulf Cooperation Council (GCC) and non-GCC countries.

Data were collected from 45 listed tourism companies of nine Middle Eastern countries over five years from 2014 to 2018. The data were analysed using ordinary least squares (OLS) regression and checked for robustness using the generalised methods of moment (GMM) estimation.

Overall, the results indicate that tourism companies rely more on short-term debt (STD) than long-term debt (LTD), thus decreasing liquidity and increasing financial risk. Furthermore, tourism companies in non-GCC countries have higher IC efficiency compared to those in GCC countries. The aggregate institutional index is much higher for GCC countries compared to non-GCC countries. The OLS estimations suggest IC efficiency and institutional governance index provide inconclusive evidence as a determinant of capital structure proxy. High capital employed efficiency (CEE) is associated with more leverage for tourism firms. Theoretically, the results support pecking order and trade-off theories due to the relationships between firm-specific indicators and debt.

This study closes the gap in the capital structure debate by providing valuable insights into IC efficiency and institutional governance. These two factors serve as capital structure determinants in the Middle East and the GCC and non-GCC regions.

This paper aims to study the connection between the systematic equity risk of US tourism industry companies and a set of information from inside these firms and the market. The authors sought to identify which information explains equity risk to estimate patterns of behavior – especially for those companies that cannot have a beta – in terms of the cost of share capital.

To carry out the research, the authors used a panel data technique and combined accounting information from the selected companies with macroeconomic information to develop independent variables. The sample consisted of 79 firms of the arts, entertainment and recreation and accommodation and food services sectors in the USA for 2004-2013. The authors incorporated two dummy variables into the analyses. The first one was used to find out if a difference exists between the two sectors, and the other was used to examine differences before and after 2008, when the current economic and financial crisis began.

The results reveal that equity risk is explained by businesses’ size and growth, along with three indicators of business efficiency, consumer price and Stoxx Europe 50 indices. The 2008 financial crisis did not alter the behavior of the estimated model, and no difference was found between the two sectors in question.

The study’s most important limitation is the number of companies and years that make up the sample, although a broader set of data was analyzed in this work compared to previous studies.

The research results are quite useful to tourism enterprise management in the US market as they provide information that explains companies’ equity risk. Knowing this information could facilitate more efficient management, and an understanding of which information determines company risk can help to quantify risk objectively without access to betas.

The authors studied the US market as an important financial market and the tourist industry, in particular, for its economic significance, as shown by the direct contribution of travel and tourism to the US gross domestic product. Although this type of research in the tourism sector is not new, the present study answers the need identified by Park and Jang (2014) to continue this line of research by using a more interdisciplinary approach that combines hospitality research with finance and/or accounting studies.

The COVID-19 pandemic and the onset of the conflict in Ukraine led to a sustained downturn in tourist arrivals (TA) in Russia. This paper aims to explore the influence of geopolitical risk (GPR) and other indices on TA over 1995–2023.

We employ a nonlinear autoregressive distributed lag (NARDL) model to analyze the effects, capturing both the positive and negative shocks of these variables on TA.

Our research demonstrates that the NARDL model is more effective in elucidating the complex dynamics between macroeconomic factors and TA. Both an increase and a decrease in GPR lead to an increase in TA. A 1% negative shock in GPR leads to an increase in TA by 1.68%, whereas a 1% positive shock in GPR also leads to an increase in TA by 0.5%. In other words, despite the increase in GPR, the number of tourists coming to Russia increases by 0.5% for every 1% increase in that risk. Several explanations could account for this phenomenon: (1) risk-tolerant tourists: some tourists might be less sensitive to GPR or they might find the associated risks acceptable; (2) economic incentives: increased risk might lead to a depreciation in the local currency and lower costs, making travel to Russia more affordable for international tourists; (3) niche tourism: some tourists might be attracted to destinations experiencing turmoil, either for the thrill or to gain firsthand experience of the situation; (4) lagged effects: there might be a time lag between the increase in risk and the actual impact on tourist behavior, meaning the effects might be observed differently over a longer period.

Our study, employing the NARDL model and utilizing a dataset spanning from 1995 to 2023, investigates the impact of GPR, gross domestic product (GDP), real effective exchange rate (REER) and economic policy uncertainty (EPU) on TA in Russia. This research is unique because the dataset was compiled by the authors. The results show a complex relationship between GPR and TA, indicating that factors influencing TA can be multifaceted and not always intuitive.

In this study, as part of an attempt to foster sustainable development, the aim is directed at understanding the perspectives of domestic economic, financial and political risks in tourism development. On the other hand, the role of other agents of sustainable development: innovation, infrastructure, health and primary education and global crisis in tourism development, was illustrated.

To achieve this objective, the current study explored the (system) SYS-Generalized Method of Moments (GMM) technique for a panel of selected 73 economies over the period 2006–2017. This GMM approached is not undertaken without first establishing the stationarity (a preliminary test) of the employed dataset by utilizing the relevant unit root techniques.

First, the study found that minimizing risks from economic, financial and political aspects is significant and vital to the attractiveness of the tourism destinations and the eventual development of the tourism sector. Second, the study presents innovation or technological readiness and health and primary education as agents of sustainable development through the growth of international tourism arrivals while global crisis is significantly detrimental to tourism inflow.

Overall, the study presents the contribution of tourism as a pathway to sustainable development from unique dimensions. Investigating a large panel (of 73 countries) is a unique approach. In addition, considering the economic vulnerability of the panel countries from the aspects of risk arising from economic, financial and political aspects is another interesting dimension to the novelty of the study. Thus, this study offers relevant policies for tourism stakeholders.

This article proposes to summarize and evaluate research undertaken in Spain on tourism and economic development so as to contribute to the elaboration of an economic theory of development.. It analyzes the concept of touristic development for its evolution and changes, while also addressing the strategic function of tourism in Spanish economic development and the contributions of Spanish researchers in the last few decades to the area of macroeconomic analysis of tourism.

This ethnographic study explores how local and global forces influence a unique set of self-employed people in Havana’s tourism industry – dance instructors – and how these circumstances drive the strategies and rationalities they use to navigate socioeconomic transformations. Cuba’s recent history of economic crises, the decline in welfare assistance, and an array of market-driven economic reforms have driven many Cubans to search for incomes in Havana’s lucrative tourism industry. Global circulations of people, wealth, and ideas shape the opportunities Cubans find in this type of work. Furthermore, strict state policies and regulations, in conjunction with underlying systems of oppression, hinder and constrain Cubans who work in tourism-based ventures. Building on theories of neoliberalism and tourism, we discuss how Cuban dance instructors develop professional skills, standardize their activities, and address global consumer desires/demands while simultaneously drawing from collectivized social norms cultivated under Cuban socialism. These hybridized formal/informal business tactics reveal how self-employed Cubans are positioned between socialist configurations and the capital-driven tourism industry. These innovative socioeconomic logics are also critical in understanding how people living in centrally planned economies, some of which are socially marginalized because of patterns of inequality, gain access to and participate with contemporary modalities of the global economy.