STOCK MARKET VALUATION OF HOTEL FIRMS’ SUSTAINABLE INITIATIVES

This study aimed to examine stock price reactions to announcements of Leadership in Energy and Environmental Design (LEED)-certified hotel openings. Using an event study method, the authors analyze news related to 15 hotel openings between the periods of 2009 and 2013. The results show that abnormal returns on stocks are significantly negative after the announcements of LEED-certified hotel openings, suggesting that stock market investors perceive sustainable investments to be value-decreasing projects in the short-term. Practical and theoretical implications are discussed within the framework of the microeconomic theory of pollution abatement

Investment and Firm Value: Is There an Optimal Investment Level in Hotel Firms?

This study aimed to examine whether an optimal investment level exists in hotel firms. The authors examined the quadratic relation between investments and hotel firm value. The results show that there is an optimal investment level that maximizes firm value. However, the optimal investment level varies across firms on the basis of the quality of investment opportunities or under- and over investment problems. The optimal investment level is higher for hotel firms with under investment problems, which suggests that these firms have valuable investment opportunities. However, the optimal investment level is lower for hotel firms with over investment problems, which implies that shareholders of these firms perceive additional investments to be value destroying. These results support the postulations of the Q theory of investment, pecking order theory, and free cash flow theory. Practical implications are discussed in the realm of financing, investment, and dividend policies

Efficacy of Gain Index in Predicting the Economic Impacts of Climate Change to Tourism Receipts in the Mediterranean Basin

This study tests the efficacy of Global Adaptation Institute (GAIN) Index, which summarizes a country\u27s vulnerability to climate change and its readiness to improve resilience, in estimating the economic impacts of climate change to tourism. We employ panel cointegration and panel DOLS methods for sixteen countries (Albania, Croatia, Cyprus, Egypt, France, Greece, Israel, Italy, Lebanon, Malta, Morocco, Slovenia, Spain, Syrian Arab Republic, Tunisia and Turkey) that have a coastline on the Mediterranean Sea. The results indicate that there is a cointegration relation in the model, and tourist arrivals depend negatively on vulnerability and economic readiness and depend positively on governances and social readiness

Destination images of visitors attending to travel expo in key markets of Turkey

The objective of the current study was to assess how the origin, education levels, gender, ages and income of expo visitors affected their perceptions of Turkey and what could be done to improve visitors’ perception of Turkey. Data were collected in three expos held in three countries via self-reported survey instruments. Survey instrument included scale items which probed people’s perceptions and images of Turkey along with other relevant variables. There were 264 Germans participants, 332 Dubains, and 94 Russians. Profiles of markets were analyzed using t-tests. The result of this study showed that demographic characteristics of participants affected their perceptions of the destination differently

Efficacy of Hedonic Shopping Value in Predicting Word of Mouth

This research examines the efficacy of hedonic shopping value in predicting tourists’ satisfaction and word of mouth communication. The data were collected through face-to-face interviews of 506 tourists of whom 383 respondents indicated that they had shopped and made a purchase during their holidays in Turkey. A total of 345 completed interviews were used for analysis. Findings suggest that hedonic shopping value is strongly linked to tourists’ satisfaction and word of mouth. Theoretical and practical implications are discussed within the context of retailing industry in a maturing tourist destination

Research methods for leisure, recreation and tourism

xxii, 385 pages ; 25 c

Customer Mood and Service Quality Evaluation of Tour Operations

The purpose of this research is to examine the moderating effect of tourists’ moods on service evaluation of tour operations and overall trip satisfaction. The study used a sample of Germany tourists who traveled to the Mediterranean region of Turkey. The overall hypothesis of the paper is that tourists’ assessments of service and satisfaction may not be free of bias, but may depend on the emotional state (such as mood) during the evaluation stage. The findings of the study are consistent with extant literature in the area in that a tourist’s mood does influence his/her response to tour operations and overall trip satisfaction level

EFFICACY OF STATIC SHIFT-SHARE ANALYSIS IN MEASURING TOURISM INDUSTRY'S PERFORMANCE IN SOUTH CAROLINA

WOS: 000404899400011

Symbolic consumption of tourism destination brands

Electronic word-of-mouth (eWOM) is recognised as a means of interpersonal communication and a powerful marketing tool. However, previous studies have focussed on related motivations, and limited attention has been given to understanding the antecedents of eWOM communication behaviour in the travel industry. This study proposes a full and partial mediation model, which brings together for the first time three key antecedents: adoption of electronic communication technology, consumer dis/satisfaction with travel consumption experience, and subjective norm. The model aims to understand the impact of these antecedents on travellers' attitude towards eWOM communication and intention to use eWOM communication media. The data were collected from international travellers (n = 524), and structural equation modelling is used to test the conceptual framework. The findings of the study suggest that overall attitude towards eWOM communication partially mediates the impact of the traveller's adoption of electronic communication technology and subjective norm, and fully mediates the impact of consumer dis/satisfaction with travel consumption experience on travellers' intention to use eWOM communication media

Measuring web site quality for online travel agencies

Online travel agencies face increasing levels of competition and, thus, experience an ever greater need to evaluate the effectiveness of their Web sites. This study examines the influence of perceived Web site quality on willingness to use online travel agencies. Six core dimensions were identified and empirically tested regarding their impact on behavioral intentions using a survey of 311 local residents in the United States. Ease of Use was found to be the most important dimension in determining Willingness to Use, followed by Information/Content, Responsiveness, Fulfillment, and Security/Privacy. No significant relationship was found for Visual Appeal. Implications of the results for online travel agency Web sites and future research are discussed