Institutional investor preferences for lodging stocks

Although investments from institutions such as banks, insurance companies and pension funds in the lodging industry increased enormously in the 1990s, there has been no empirical research that has examined institutional preferences for lodging stocks. Understanding institutional investment patterns can help provide easier access to the capital markets for hoteliers who make large capital expenditures. This study identifies the characteristics preferred by institutional investors and also assesses whether the different institutions have heterogeneous preferences. Our results show that, in general, institutions prefer the stock of large lodging firms. They also prefer lodging firms with high capital expenditure-to-asset ratios and high debt ratios.     

Myths of tourism institutionalization and Cancún

This interdisciplinary investigation revisits Cancún’s origins and tourism institutionalization. Original accounting documents separate myth and marketing from events to debunk widely disseminated misconceptions of the Mexican state’s role. This rare view of mass tourism emergence at a (trans)formative period demonstrates the historical processes, personalities and ploys. Against a backdrop of conflicts, a banking alliance sparked integrally planned tourism centers. Cancún was the brainchild of economics-trained central bankers inexperienced in tourism with a mandate to increase foreign revenue. Amid looming failure, the bankers swapped land-for-shares to portray the project as a financial success to its stakeholders. Combined with fiscal sociology, organizational theory institutionalization through a six-stage process serves to incrementally reveal the introduction of central planning, the linchpin of Mexico’s tourism predominance.     

Work environment and atmosphere: The role of organizational support in the creativity performance of tourism and hospitality organizations

In this study, we developed and tested a new model of how organizational support affects the organizational work environment and atmosphere that facilitates creativity. A field study of 320 employees showed that organizational support was positively related to the work environment for knowledge sharing, motivation, procedural justice, and promotion. Further, the work environment plays a mediating role between organizational support and employee creativity. These measures of an organization's environment of procedural justice are related to employees’ motivation and knowledge sharing, which predict employees’ promotion.     

Impacts of geographic diversification on restaurant firms’ risk: Domestic vs. international diversification

In the hospitality context, the diversification literature has evolved to mostly focus on the impact of diversification on firm performance. However, without accounting for risk, the effect of diversification on firm value likely provides an incomplete picture. Therefore, this study investigates the influence of domestic and international geographic diversification on restaurant firms’ risk. This study uses the Berry-Herfindahl Index to measure the degree of domestic and international geographic diversification. Findings show a non-linear relationship between geographic diversification and restaurant firms’ risk. However, different shapes of the non-linear relationship are revealed between domestic and international geographic diversification and between operational and market-based risk. The results of this study indicate that the risk-reduction effects argued from the modern portfolio theory may be partially applicable to the geographic diversification for restaurant firms, suggesting a different view toward financial diversification and corporate diversification.     

A Cautionary Tale of a Resort Destination's Self-Inflicted Crisis

SUMMARY

Rotorua was New Zealand's first tourism destination, rising to prominence a hundred years ago on the back of the central government's vision for a South Pacific spa to rival those of Europe. Government resources were used to develop and support Rotorua's infrastructure and tourism industry, like no other in the British Commonwealth, for the best part of the 20th century. By the 1980s however, Rotorua's tourism industry was in a crisis, and it is posited that the crisis was largely self-inflicted. The paper provides an historical summary of key events leading to the crisis, and subsequent efforts to regain destination competitiveness through a public-private partnership. Written from the perspective of the CEO of the destination's inaugural regional tourism organisation charged with co-ordinating the marketing response to the crisis, the case provides a cautionary tale of how one destination's success as a destination has risen, fallen and risen in line with government intervention.     

Perceptions of tourism promotion and business challenges: A survey-based comparison of tourism businesses and promotion organizations

Tourism is an important economic development driver in the U.S. especially in rural areas. Most US regions have tourism-related economic development organizations to assist the local industry. Despite such assistance, however, many tourism-based businesses struggle. One possible reason is a disconnect between business needs and the activities of related organizations. This study uses survey data from tourism-based businesses and tourism promotion and economic development organizations in rural western Pennsylvania and West Virginia to compare how the various actors perceive the most pressing tourism promotion efforts and business challenges. In general, tourism businesses and support organizations agree on the promotional needs of tourism-based businesses and hold similar perceptions about industry problems. However, tourism promotion agencies underestimate the role of the internet in promotions and perceive workforce issues differently than do businesses. Better alignment of priorities within tourism partnerships should enhance promotional and educational efforts as well as the integration of tourism into overall economic development efforts.     

Exploring well-being as a tourism product resource

This study employs a qualitative research approach where focus groups (n = 11) with key stakeholders were used to understand how tourism investors view the concept of well-being in relation to tourism and the potential to use it as a tourism product resource. Findings validated by a wider group (n = 50) exposed the barriers and enablers of implementing well-being in this way. The potential for businesses and policymakers to transform these barriers into enablers was also identified. In addition, study findings were mapped onto a robust model extracted from the public health sector and applied in a tourism context using a systems theory approach. This further highlighted the potential offered to the fields of public health and tourism in the concept of well-being, and demonstrated the well-being value of tourism. Data from this research will aid tourism business practice and development by embedding a well-being philosophy for tourism destinations' strategies.     

An integrated approach for spatial analysis of the coupling relationship between tourism footprint and environment in the Beijing–Tianjin–Hebei region of China

This study aims at examining the spatial relationship between tourism footprint network and comprehensive environment which contains economic, social and ecological environment. The integrated approach combining network analysis and the coupling coordination degree model with spatial autocorrelation analysis was developed to analyze the network structure of regional tourism footprint, to evaluate the coupling coordination degree of tourism footprint network and comprehensive environment, and to explore the spatial pattern of the coupling coordination development. Data were collected from the Beijing–Tianjin–Hebei region of China. The results revealed that tourism footprints were concentrated in a few cities, and the regional coupling coordination degree showed a weak negative spatial autocorrelation. Beijing, Tianjin and Baoding had high agglomeration, while their spillover effect is not significant. Shijiazhuang and Qinhuangdao located in the High–Low area are potential growth poles. Findings indicate the integrated approach established is objective and effective, and contributes to macro policy-making of regional tourism development.     

Tourism research on the Caribbean: An evaluation

Abstract

A content analytical review of a select bibliography of tourism research on the anglophone Caribbean is provided according to time period, territorial focus, subject area, and authorship. Salient features of the literature are described along with their deficiencies. More specifically, questions of theory and method are examined, and certain suggestions are offered where improvement can be made.     

A “load-carrier” perspective approach for assessing tourism resource carrying capacity

To address the challenge of global tourism resources being overloaded or underutilization, there requires an adequate method for assessing the tourism resource carrying capacity (TRCC). However, the majority of previous evaluation perspectives on TRCC are limited by thresholds. This paper develops an innovative approach for assessing TRCC from the “load-carrier” perspective. TRCC is assessed by exploring the interaction between the carriers and loads of tourism resources. Chongqing city in China is employed as the case city to demonstrate the application of the established TRCC method. The conclusions are as follows: 1) This study elaborates the new connotation of TRCC from the perspective of “load-carrier”, and establishes the TRCC evaluation system based on the dynamic relationship between the carrier and load of tourism resources. 2) The proposed TRCC evaluation method is proved effective through an empirical study of Chongqing. 3) Chongqing's case unveils that the overload performance of TRCC can be dynamically monitored and predicted. By applying the TRCC evaluation methodology developed in this study, tourism managers and policymakers can identify whether it is the load or the carrier of tourism resources that affect the performance of TRCC, thereby taking targeted policy measures to eliminate potential risks of overload or underutilization.