2017, Vol.41, No.10

Journal of Tourism Sciences 2023 KCI Impact Factor : 2.7

pISSN : 1226-0533 / eISSN : 2713-6388
https://journal.kci.go.kr/JTS

The purpose of this study is to examine the impact of China risk on subsequent tourism demand and hospitality industry performance in Korea. A VARX model, an impulse response analysis and a conditional forecasting analysis were used on monthly time series data from January 2000 to December 2016, to realize the study objectives. Results of the analysis reveal that all three macro economic variables relating to China have no influence on Chinese tourism demand in Korea. However, the total number of Chinese tourist arrivals affects the performance of three major hospitality industries in Korea: airlines, lodging, and travel agencies. The outcome of conditional forecasting shows that the impact of China risk on Korean hospitality industries is greater than expected.

This study examined the impacts of service failures existing in the travel chain on the cognitive, emotional and behavioral responses of disabled tourists using the principles of affective events theory. It also examined the differences among these impacts from the embodiment perspective. A total of 298 questionnaires were collected from carefully selected samples. After removing 9 incomplete ones, 289 questionnaires were used for the final data analysis. The major findings were as follows: 1) Service failure had a significant positive impact on the cognitive evaluation of disabled tourists according to the degree of their basic unmet needs. 2) Service failure did not have a significant impact on the negative emotions of disabled tourists, but their cognitive evaluation did. 3) The negative emotions of disabled tourists had a significant impact on their complaint behaviors, but had no impact on cognitive evaluation. 4) The group that was divided according to their embodied conditions did not show any significant differences in relationships among service failure and their following responses. The theoretical, practical and future implications of theses results were then discussed. Finally, future directions for further research are suggested.

We examined the relationship between stock prices for tourism business-related companies and macro-economic variables in Korea. We used stock prices of 12 tourism business-related companies listed on the Korean Stock Exchange. The focus was specifically macro-economic variables such as the industrial production index, the exchange rate, and interest rates of CD throughout the period of January 2003 to December 2016 and these factors were used for the empirical analysis. We employed a panel unit root test and a panel co-integration test. The panel Granger causality test based on a panel VAR (vector autoregressive) model because panel data estimation procedures offer more robust estimates by utilizing variations between individual stocks as well as demonstrating variations over time. We also employed an estimate panel regression model with a fixed effect. The results prove that all macro-economic variables including exchange rates, the industrial production index and CD interest rates all influence stock prices of tourism business-related companies. This is proven according to both a panel Granger causality test and a panel regression analysis used throughout this research. The results are evidence that macroeconomic variables contain significant information that can help forecast stock prices of tourism business-related companies. To our knowledge, this study is one of the first to examine the relationship between stock prices of tourism business-related companies and macro-economic variables throughout Korea that employed panel VAR model and panel regression model.