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The announcement effects of regional tourism industrial policy

Author

Listed:
  • Nobuyoshi Yamori

    (Kobe University, Japan)

  • Jianjun Sun

    (Hainan University, China)

  • Su Zhang

    (Central University of Finance and Economics, China)

Abstract

Hainan Island has a rich diversity of tourism resources. China’s central government recognized this and announced a national policy to promote Hainan Island as a first-rate international tourist destination on December 31, 2009. The authors explore the effects of the announcement using an event studies approach. The results with and without considering the clustering issue show that, first, the averages of cumulative abnormal returns are not different from 0 prior to the announcement and, second, the cumulative abnormal returns of the Hainan board continuously rose over trading days after the announcement of a regional tourism industrial policy. These findings indicate that regional tourism industrial policy is valuable not only to the tourism industry in the destination region but also to other industries in that region.

Suggested Citation

  • Nobuyoshi Yamori & Jianjun Sun & Su Zhang, 2017. "The announcement effects of regional tourism industrial policy," Tourism Economics, , vol. 23(1), pages 200-205, February.
    • Handle: RePEc:sae:toueco:v:23:y:2017:i:1:p:200-205
    DOI: 10.5367/te.2015.0493
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    Cited by:

    1. Eduard Cristobal-Fransi & Natalia Daries & Eva Martin-Fuentes & Yolanda Montegut-Salla, 2020. "Industrial Heritage 2.0: Internet Presence and Development of the Electronic Commerce of Industrial Tourism," Sustainability, MDPI, vol. 12(15), pages 1-18, July.
    2. Nicolau, Juan Luis & Sharma, Abhinav, 2022. "A review of research into drivers of firm value through event studies in tourism and hospitality: Launching the Annals of Tourism Research curated collection on drivers of firm value through event stu," Annals of Tourism Research, Elsevier, vol. 95(C).

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