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Measuring the economic impacts of major sports events: the case of Formula One Grand Prix (F1) |
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| Authors: | Min Kil Kim Suk-Kyu Kim Jae-Ahm Park Michael Carroll Jae-Gu Yu |
| Affiliation: | 1. School of Hospitality, Sport, &2. Tourism Management, Troy University, Atlanta, GA, USA;3. Department of Sport Studies, Sangmyung University, Seoul, South Korea;4. Recreation &5. Sport Management Program, University of Arkansas, Fayetteville, AR, USA;6. Tourism Management, Troy University, Orlando, FL, USA;7. Department of Sport Studies, Chung-Ang University, Seoul, South Korea |
| Abstract: | This study was examined the new money generated from Formula One Grand Prix (F1) and the economic impacts of this new money on the host economy using input–output analysis. We find that the impact of the new money from non-local attendees or international attendees is more pronounced compared to that from local attendees. Also, F1 event appears to influence on sports-related industry as well as other industries such as manufacturing industry. Our findings suggest that the host cities should focus on increasing the non-local and international attendees in order to enhance the economic impacts of a sport event. |
| Keywords: | China sport event economic impact Formula One Grand Prix (F1) input–output analysis |