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Feature Papers on Tourism Economics, Finance, and Management
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Feature Papers on Tourism Economics, Finance, and Management

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Tourism: Economics, Finance and Management".

Deadline for manuscript submissions: 29 April 2024 | Viewed by 18087

Special Issue Editor

Prof. Dr. Colin Michael Hall

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Collection Editor
Department of Management, Marketing and Entrepreneurship, University of Canterbury, Private Bag 4800, Christchurch 8140, New Zealand
Interests: tourism and human mobility; regional development and social/green marketing; human dimensions of global environmental change and conservation; environmental history, especially national park history & wilderness conservation; the use of tourism as an economic development and conservation mechanism
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This topical collection aims to collect high-impact papers (original research articles or comprehensive review papers) on all aspects of tourism economics, finance, and management. Waivers or discounts on article processing charges (APC) will be granted to high-quality papers submitted to this collection.

We encourage the submission of articles critically discussing the implications of the growth paradigm in tourism; ecological economic approaches to sustainable tourism; supply and value chain studies of tourism; corporate responsibility and CSR; tourism and appropriate development; comparative analyses of sustainable tourism development between countries and destinations; and the economic organization of tourism at micro and macro levels (market structure, role of public/private sectors, community interests, strategic planning, marketing, finance, and economic development). Both orthodox and heterodox economic contributions are welcome.

Prof. Dr. C. Michael Hall
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Published Papers (6 papers)

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Research

15 pages, 900 KiB  
Article
Skewed Binary Regression to Study Rental Cars by Tourists in the Canary Islands
by Nancy Dávila-Cárdenes, José María Pérez-Sánchez, Emilio Gómez-Déniz and José Boza-Chirino
J. Risk Financial Manag. 2021, 14(11), 541; https://doi.org/10.3390/jrfm14110541 - 10 Nov 2021
Viewed by 1672
Abstract
Tourism is one of the economic sectors that contributes the most to the gross domestic product in many countries, moving, in turn, other economic sectors such as transport. In particular, the automotive industry constitutes an economic subsector that moves vast amounts of money. [...] Read more.
Tourism is one of the economic sectors that contributes the most to the gross domestic product in many countries, moving, in turn, other economic sectors such as transport. In particular, the automotive industry constitutes an economic subsector that moves vast amounts of money. Concerning tourism and transport sectors, car rental is a crucial element contributing considerably to gross domestic product and job creation. Due to the effects that vehicle rental seems to have on various economic sectors, it seems interesting to know why a tourist chooses to rent a car during their vacation in a specific destination. This work aims to study those factors that can be considered relevant and affect the probability of renting a vehicle. The document addressed the following research topics: (a) identifying significant variables; and (b) can information on these factors help car rental firms? Empirically, it is shown that more tourists do not rent a car and this fact has to be considered. Thus, the classical logistic and Bayesian regression models do not seem adequate in this case, so that the authors will consider an asymmetric logistic regression model. This work analyzes 28,235 tourists who visited the Canary Islands during 2017. From a Bayesian point of view, asymmetric logistics regression is chosen as the best model because it detects relevant development factors not seen by standard logistic regressions. In light of the document’s findings, various practice recommendations improve decision-making in this field. The asymmetric logit link is a helpful device that can help rental companies make decisions about their clients. Full article
(This article belongs to the Special Issue Feature Papers on Tourism Economics, Finance, and Management)
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17 pages, 4338 KiB  
Article
Evaluation of Market with Accommodation Facilities Considering Risk Influence—Case Study Slovakia
by Adriana Csikosova, Katarina Culkova, Erik Weiss and Maria Janoskova
J. Risk Financial Manag. 2021, 14(5), 208; https://doi.org/10.3390/jrfm14050208 - 05 May 2021
Cited by 2 | Viewed by 2034
Abstract
Tourism currently contributes significantly to the national economy. When investing in the accommodation facility on the real-estate market, the tourism sector also represents a certain risk due to a high level of seasonality. This paper investigates the risks related to prices, income and [...] Read more.
Tourism currently contributes significantly to the national economy. When investing in the accommodation facility on the real-estate market, the tourism sector also represents a certain risk due to a high level of seasonality. This paper investigates the risks related to prices, income and occupancy of accommodation facilities for selected regions in Slovakia. The value of accommodation facilities is estimated using discounted cash flow, probabilistic distribution of rental prices and occupancy of accommodation facilities in selected Slovak regions. The results provide information for potential and profitable investments in exposed regions in tourism. The information can be used in the field of risk management to avoid or reduce the risk of risk investments. Although the resulting values were calculated only for some selected regions, the proposed procedure can be used for any region and compared with the current values. Full article
(This article belongs to the Special Issue Feature Papers on Tourism Economics, Finance, and Management)
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18 pages, 1565 KiB  
Article
Impact Factors on Portuguese Hotels’ Liquidity
by Luís Lima Santos, Conceição Gomes, Cátia Malheiros and Ana Lucas
J. Risk Financial Manag. 2021, 14(4), 144; https://doi.org/10.3390/jrfm14040144 - 27 Mar 2021
Cited by 4 | Viewed by 3005
Abstract
As a core activity in the tourism sector, hospitality accounts for the largest share of the sector’s revenue. The last few years, prior to the COVID-19 pandemic, have been years of strong growth both in the number of hotel companies and in the [...] Read more.
As a core activity in the tourism sector, hospitality accounts for the largest share of the sector’s revenue. The last few years, prior to the COVID-19 pandemic, have been years of strong growth both in the number of hotel companies and in the number of available rooms. The hospitality industry has also been betting on diversification as well as on the quality of its services. This activity has a strong impact on the various agents in the sector, thus it makes it essential to measure and analyze the sustainability of these hotels. One of the indicators that proficiently measure short-term sustainability is the company’s liquidity level, as it demonstrates its ability to meet short-term financial obligations. This type of indicator is useful since it provides relevant information not only for managers, but also for banks and lenders, and investors. Volatility is a characteristic of hotels which are associated with geographic location, implying changes in the main operating revenue indicators. In this sense, this research aimed to investigate if the ability to reimburse short-term responsibilities differs according to the geographic location, food and beverage service existence, official stars classification, and hotel size. Portuguese hotels with and without restaurants were analyzed in the 2013–2017 period and the number of available rooms and star rating were included in the database. All the information was obtained on SABI (a database of detailed financial information of Portuguese and Spanish companies) and RNET (the Portuguese Register of Tourist Enterprises). Findings show that the behavior of some hotels concerning short-term obligations does not differ much considering the location of the hotels. However, the Algarve and the North region have the highest values. In fact, the official star rating proved to have the greatest influence. The size of the hotels, as well as the existence of restaurants negatively influences liquidity. This information is very important for hotel investors. This study can also provide management information that allows more informed decision-making as well as the definition of corrective measures if necessary. Full article
(This article belongs to the Special Issue Feature Papers on Tourism Economics, Finance, and Management)
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15 pages, 228 KiB  
Article
The Impact of Conventions on Hotel Demand: Evidence from Indianapolis Using Daily Hotel Occupancy Data
by Colin Steitz and Joshua Hall
J. Risk Financial Manag. 2020, 13(10), 229; https://doi.org/10.3390/jrfm13100229 - 28 Sep 2020
Viewed by 2645
Abstract
This paper uses daily hotel occupancy data for the Indianapolis metro area from STR to estimate the effect of multi-day conventions on hotel demand. In addition to multi-day conventions, we hand collect data on other major events such as the Indy 500 and [...] Read more.
This paper uses daily hotel occupancy data for the Indianapolis metro area from STR to estimate the effect of multi-day conventions on hotel demand. In addition to multi-day conventions, we hand collect data on other major events such as the Indy 500 and major sporting events. Hotel demand is an important part of the economic activity generated by multi-day events because hotel rooms are largely occupied by out-of-town guests and represent new local economic activity. We look at the effect of conventions and other large events in Indianapolis on average daily room rates, revenue per room, demand, occupancy, and total revenue. We find large and statistically significant effects for multi-day conventions on hotel demand with very little evidence of crowding out. A single day of a multi-day convention brings in approximately $928,000 in additional hotel revenue. Our findings contribute to the literature on the economic impact of large events such as conventions and sporting events that attract out-of-town visitors. Full article
(This article belongs to the Special Issue Feature Papers on Tourism Economics, Finance, and Management)
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10 pages, 1488 KiB  
Article
Industrial Life-Cycle and the Development of the Russian Tourism Industry
by Marina Sheresheva, Lilia Valitova, Maria Tsenzharik and Matvey Oborin
J. Risk Financial Manag. 2020, 13(6), 113; https://doi.org/10.3390/jrfm13060113 - 03 Jun 2020
Cited by 2 | Viewed by 2915
Abstract
The purpose of the study presented in the paper is to highlight the influence of the microeconomic factors related to the evolutionary stage of the industry’s life cycle on the industry dynamics. The authors use the example of the Russian tourism industry to [...] Read more.
The purpose of the study presented in the paper is to highlight the influence of the microeconomic factors related to the evolutionary stage of the industry’s life cycle on the industry dynamics. The authors use the example of the Russian tourism industry to show that microeconomic factors are important, along with the macroeconomic, market, and demand characteristics external to the industry. Data mining was applied to obtain data from the industrial enterprise database and Rostourism official documents since there are no regular Russian statistics on firms’ exit and new entry. The authors used annual ranked listing of firms by their revenues to determine the structural indicators of the industry. The results confirm that it is important to consider not only the demand and macroeconomic indicators, which are external risks in relation to the industry, but also the internal processes at the different stages of the product cycle. In a sufficiently long period, the influence of microeconomic indicators may be no less strong than the business factors of financial risk. One should take this into consideration in econometric modeling on long time-series. Full article
(This article belongs to the Special Issue Feature Papers on Tourism Economics, Finance, and Management)
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16 pages, 320 KiB  
Article
Security Measures as a Factor in the Competitiveness of Accommodation Facilities
by Rafał Nagaj and Brigita Žuromskaitė
J. Risk Financial Manag. 2020, 13(5), 99; https://doi.org/10.3390/jrfm13050099 - 19 May 2020
Cited by 12 | Viewed by 4866
Abstract
The main aim of this article was to assess whether the level of competitiveness of accommodation facilities results from the level of safety and security provided to consumers of these services, measured by the number of security measures applied in them. The authors’ [...] Read more.
The main aim of this article was to assess whether the level of competitiveness of accommodation facilities results from the level of safety and security provided to consumers of these services, measured by the number of security measures applied in them. The authors’ task was to examine the level of concentration of security measures in the accommodation facilities and to assess whether the quality of services measured by the star-rating system provided a higher level of safety and security for customers of the accommodation facilities, measured by the number of security measures applied in them. It was decided to examine whether the level of concentration of security measures at the accommodation facilities was treated by these entities as a factor of their competitiveness. Two locations in Central and Eastern Europe, one in Poland and one in Lithuania, were analyzed. The article calculated the frequency of these measures at the accommodation facilities by type of facility (according to the star-rating system) and type of security measure (as a weighted average) and their concentration using the Herfindahl–Hirscham Index. The results showed that the higher the quality of services provided (more stars), the higher the level of safety and security is ensured. It was also found that a higher level of security was not reflected in the prices of accommodation services. Full article
(This article belongs to the Special Issue Feature Papers on Tourism Economics, Finance, and Management)
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