Economic crisis and the image of Portugal as a tourist destination: the restaurants’ perspective

2014 ◽  
Vol 6 (5) ◽  
pp. 480-484 ◽  
Author(s):  
José Manuel Esteves
Keyword(s):  
Financial Crisis ◽  
Tourism Industry ◽  
Tax Burden ◽  
Content Type ◽  
International Financial Crisis ◽  
Food And Beverage ◽  
Two Factors ◽  
Portuguese Economy ◽  
The Portuguese Economy ◽  
The Impact

Purpose – The purpose of this paper is to demonstrate the effects of the international financial crisis on the food and beverage sector in Portugal, and the impact of a steep increase in the tax burden on this sector’s activity, together with the wider effects on the economy, enterprises and tourism in Portugal. Design/methodology/approach – The paper uses information drawn from official national information sources, together with other empirical data. Findings – The international financial crisis has caused severe damage to the food and beverage sector in Portugal. Since 2008, it has recorded successive reductions in key indicators: number of enterprises, employed persons and turnover. Besides this effect, the sharp rise in the tax burden has caused serious damage to the sector, leading to the closure of thousands of businesses, and the loss of thousands of jobs. The conjugation of these two factors, the economic and financial crisis and the increase in taxes caused serious disruption in the operation of businesses and the market as a whole. Practical implications – It is hoped that this analysis (among others) will lead to a reduction in the tax burden on the food and beverage sector of the tourism industry. It is argued that this is an impediment to progress. Originality/value – This article concludes that the current tax burden is undermining one of the main sectors of the Portuguese economy, which is vital to the country’s recovery. If it remains, there will be serious consequences for the image of Portugal, in terms of its tourism offer, its gastronomy and the excellence of service that is provided.

Exchange rate volatility and exports: a panel data analysis

2016 ◽  
Vol 43 (2) ◽  
pp. 203-221 ◽  
Author(s):  
Flavio Vilela Vieira ◽  
Ronald MacDonald
Keyword(s):  
Exchange Rate ◽  
Financial Crisis ◽  
Emerging Economies ◽  
Exchange Rate Volatility ◽  
Content Type ◽  
International Financial Crisis ◽  
Export Volume ◽  
Oil Export ◽  
Financial Crisis Of 2008 ◽  
The Impact

Purpose – The purpose of this paper is to empirically investigate the role of real effective exchange rate (REER) volatility on export volume and also to address the impact of the international financial crisis of 2008. Design/methodology/approach – The empirical methodology is based on System GMM estimation for a set of 106 countries for the period of 2000-2011. Findings – For the complete sample of countries and for a set of developing/emerging economies, there is evidence that an increase (decrease) in REER volatility reduces (increases) export volume. The results are not robust once the oil export countries are removed from the sample. The estimated coefficients for the financial crisis dummy are positive and statistically significant, indicating that export volume were 0.14 percent higher after the financial crisis of 2008 compared to the previous period (2000-2007). There is also evidence that the export volume is price (REER) and income (trade weighted) inelastic. Research limitations/implications – The empirical results are valid for the complete set of countries and for developing and emerging economies when including the oil export countries, suggesting that countries should reduce exchange rate volatility in order to foster their export volume and that oil export countries have an important role on these results. Practical implications – The paper suggests that policymakers should adopt different policies to minimize exchange rate volatility if they seek to increase export volume. The international financial crisis had a significant impact on export volume in all estimated models regardless of the set of countries used. Originality/value – One of the main novelties of this work is that it deals with possible endogeneity using GMM estimators and addresses the issue of instrument proliferation, which is not a common feature of previous empirical studies on exchange rate volatility and trade flows. Another original aspect of the research is the construction of trade weighted variables for foreign income and REER based on the major 20 export partners for each country used in the panel data estimation. The work also incorporates the years following the international financial crisis of 2008, which is an additional empirical novelty, in order to address the impact of the international financial crisis on the export volume.

A benchmarking framework for eTourism capability of destinations’ industries

2014 ◽  
Vol 5 (2) ◽  
pp. 126-142 ◽  
Author(s):  
Sofia Reino ◽  
Andrew J. Frew ◽  
Nicole Mitsche
Keyword(s):  
Technology Adoption ◽  
Information And Communication Technologies ◽  
Tourism Industry ◽  
Review Of The Literature ◽  
Content Type ◽  
Ict Adoption ◽  
Food And Beverage ◽  
Information And Communication ◽  
Size Type ◽  
The Impact

Purpose – This paper aims to provide a framework for benchmarking the eTourism capability of a destination’s tourism industry, understanding the eTourism capability of a destination’s industry as the contribution that the information and communication technologies (ICT) uptake of that industry makes to its own performance. The impact of ICT in tourism has been suggested through extensive research. Previous work has urged the development of wide-angle studies to enable benchmarking of destinations and their industries. However, relevant research is limited. Macro-level studies in the area tend to focus on a single aspect of technology to evaluate adoption, are not sector-specific nor take into consideration the different levels of contribution that systems may bring to performance. Design/methodology/approach – A review of the literature on tourism, eTourism, benchmarking and technology adoption provided the baseline for developing this benchmarking tool. Findings – The literature supported the selection of key tourism industry sectors, i.e. accommodation establishments, visitor attractions and food and beverage; the most suitable methodology, i.e. intermediary performance measures; and the business characteristics that need being taken into consideration when assessing ICT adoption by tourism businesses, e.g. size, type of establishment and area of location. Research limitations/implications – The framework has not been tested yet. It is based on a review of the literature and needs to be validated through primary research. The framework was developed based on the context of Scotland. Further work should be done to adjust the framework to other destinations worldwide. Practical implications – The framework enables destinations to benchmark the eTourism capability of their industries. Originality/value – It provides a comprehensive framework for benchmarking tourism destinations’ industries, which takes into consideration elements of technology adoption, the characteristics of the tourism industry and the particularities of the different ICT elements.

Socio-economic preconditions of resort agglomerations development in the south of Russia

2018 ◽  
Vol 10 (4) ◽  
pp. 467-477 ◽  
Author(s):  
Matvey S. Oborin ◽  
Irina Kozhushkina ◽  
Tatyana Gvarliani ◽  
Nikolay Ivanov
Keyword(s):  
Natural Resource ◽  
Federal District ◽  
Tourism Industry ◽  
Infrastructure Development ◽  
The South ◽  
Health Tourism ◽  
Resource Potential ◽  
Content Type ◽  
Advantages And Disadvantages ◽  
The Impact

Purpose This paper aims to analyze the modern problems and the main trends of development of the health-improving tourism sector in the southern part of Russia and to identify significant factors in overcoming the complex challenges related to specific socio-economic conditions in the study area. Design/methodology/approach The material that served as the basis of the study comprises statistical data from the Southern Federal District and its subjects, as well as data about the development of tourism infrastructure on the official websites of governments, Ministry of Tourism and the population of the Southern Federal District. This information was systematized from a number of perspectives, including identification of the chronology of health-improving tourism infrastructure development in the chosen territory, as well as the advantages and disadvantages in this area. Based on the results of the study, the authors also developed some recommendations to overcome existing inactive trends in the field of health tourism. Findings This paper sheds light on the understanding of the challenges and changes that took place in the resort agglomerations of the south of Russia in terms of current issues and those that must be addressed in the coming years. It was concluded that health tourism in the south of Russia has old traditions based on the natural resource potential of territories that are included in the composition of the Southern Federal District. At the same time, the authors came to the conclusion that, unfortunately, not resort agglomerations are fully utilized. Furthermore, some historic resorts were not well maintained by local authorities and have suffered more recently because of lack of investment. At present, the financial results of health resorts and others related to health-improving tourism are precarious as most operations are unprofitable, and so complex decisions are needed to address the underlying problem of resource optimization because of the important social and economic role of the cities in this region. They have special natural and resource potential and preserve traditions related to health-improving tourism. Research limitations/implications The paper provides a conceptual analysis based on limited empirical data combined with some directions for further research. Originality/value The paper attempts to reveal the impact of social, economic and geopolitical factors, both negative and positive, on the development of the health-improving tourism segment, restructuring of the Russian tourism market and the emergence of promising opportunities and new directions for development. The findings also provide insights for practitioners and researchers, and the tourism industry can draw on this analysis to guide the development of strategy, increase investment attractiveness, make more effective use of the natural resource potential and maintain pressure on government partners to provide support to tourism.

What stops creative employees to implement ideas? Individual culture value orientation perspective

2017 ◽  
Vol 30 (6) ◽  
pp. 872-887 ◽  
Author(s):  
Hongli Wang
Keyword(s):  
Power Distance ◽  
Value Orientation ◽  
Value Orientations ◽  
High Tech ◽  
Content Type ◽  
Individual Culture ◽  
Two Factors ◽  
The Individual ◽  
Individual Value ◽  
The Impact

Purpose Creativity itself does not necessarily lead to idea implementation. The purpose of this paper is to deeply understand the impact of the individual culture value orientation on employees’ motivation on whether they want to push creative ideas into implementation. Design/methodology/approach In this study, drawing on socially desirable responding (SDR) theory, the author reasons that individual value on power distance and superficial harmony and that these two factors interact to influence employees transform their creativity into implementation. The author argues that prevalence of the failure where creativity cannot be transformed into implementation results from the lack of understanding for two elusive individual culture value orientations: individual superficial harmony orientations (ISHO) and individual power distance orientations (IPDO). Data from 66 middle managers and 301 members of five high-tech firms provide a considerable support for the hypothesized model. Findings The results showed that individuals were able to improve the possibility of putting their creative ideas into practice when they are both lower in IPDO and ISHO. Originality/value Such findings help the author to understand how individual cultural value orientation complements each other to generate joint impact on the relationship between their creative ideas to idea implementation.

Chinese perception and willingness to buy Taiwanese brands

2018 ◽  
Vol 30 (4) ◽  
pp. 816-836 ◽  
Author(s):  
Nizar Souiden ◽  
Riadh Ladhari ◽  
Liu Chang
Keyword(s):  
Structural Equation ◽  
Equation Modeling ◽  
Strong Ties ◽  
Content Type ◽  
Foreign Companies ◽  
Brand Quality ◽  
Willingness To Buy ◽  
Two Factors ◽  
Negative Effect ◽  
The Impact

Purpose The purpose of this paper is to examine ethnocentrism and animosity in a special context of two societies that share cultural, historical, ethnic and geographical characteristics. In particular, it first investigates the relationships between Chinese ethnocentrism and animosity toward Taiwan, and then it examines the impact of these two factors on the Chinese perception of Taiwanese brand quality and their purchase intent. Design/methodology/approach Based on a sample of 605 respondents from China, data were analyzed by structural equation modeling. Findings The results show that although Chinese animosity toward Taiwan is moderate, it is significantly driven by ethnocentrism, which has a significant and negative effect on willingness to buy, but not on the perception of Taiwanese brand quality. The Chinese animosity toward Taiwan, however, has negative and significant effects on their perception of Taiwanese brand quality and their intention of purchasing Taiwanese brands. Research limitations/implications The immense size of the country has impeded the representativeness of the authors’ sample and the generalizability of the results. Also, the study covers only one type of product. Practical implications Forming partnerships with local Chinese businesses and developing strong ties with local communities could be considered as a solution to minimize or circumvent the effect of animosity and might help foreign companies appear more “local.” Originality/value In contrast to past studies that investigated ethnocentrism and animosity in the context of countries presenting several differences (e.g. China vs USA), this study investigates the effect of ethnocentrism and animosity in the context of two countries (China and Taiwan) that share cultural, historical, ethnic and geographic characteristics. Despite the strong ties between the two countries, the Chinese have a certain animosity, though moderate, toward Taiwan and consequently are less inclined to buy Taiwanese brands. This implies that Chinese animosity toward a country may be toned down or pronounced, depending on whether they have strong or weak ties with that country.

The main trends in the Russian tourism and hospitality market from the point of view of Russian travel agencies

2018 ◽  
Vol 10 (4) ◽  
pp. 412-420 ◽  
Author(s):  
Aleksandr Gudkov ◽  
Elena Dedkova ◽  
Kristina Dudina
Keyword(s):  
Relevant Information ◽  
Tourism Industry ◽  
Point Of View ◽  
Content Type ◽  
Qualitative Research Methodology ◽  
Recent Developments ◽  
Survey Results ◽  
The Subject ◽  
Tourism And Hospitality ◽  
The Impact

PurposeThis paper aims to discuss recent developments in the Russian tourism industry and the main reasons for new initiatives in local destination development.Design/methodology/approachThe study is based on qualitative research methodology. A summary of key literature is presented alongside the analysis of the survey results.FindingsThis paper sheds light on the challenges and changes that took place in the Russian tourism business between 2014 and 2017. The subject is poorly covered in academic literature. The basic data for analysis presented in official statistics are scarce. Therefore a more effective way of obtaining relevant information was to conduct a survey using a semi-structured questionnaire, with tourism business actors as respondents.Research limitations/implicationsThis paper provides mostly conceptual analysis based on limited empirical data; directions for further empirical research are proposed in the conclusion.Originality/valueThe paper reveals something of the impact of economic and geopolitical factors, both negative and positive ones, on the restructuring of the Russian tourism market and the emergence of promising opportunities for the development of new domestic destinations. As a result, tourism market actors are able to become more diverse.

The effect of the financial crisis on audit quality: European evidence

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maria I. Kyriakou
Keyword(s):  
Financial Crisis ◽  
Audit Quality ◽  
Ordinary Least Squares ◽  
Least Squares Regression ◽  
Cross Sectional ◽  
Accounting Firms ◽  
Content Type ◽  
Financial Firms ◽  
The Impact ◽  
Big Four

Purpose This paper aims to examine the impact of the recent financial crisis on audit quality by analysing discretionary accruals. Design/methodology/approach This study considers a sample of German, French, Italian and Spanish non-financial firms from 2005 to 2013 to investigate the auditor’s independence. It uses a cross-sectional and time-series ordinary least squares regression model to control for other predictors of the auditor’s independence when the financial crisis produces a decrease in audit quality. Findings The proportion of the non-financial firms having lower audit quality was higher during the financial crisis. In addition, during the crisis auditors were less likely to provide a higher audit quality for these non-financial firms. The level of audit quality returned to normal levels during the post-crisis years when the crisis had ceased. Originality/value These findings contribute to the literature on the impact of economic and financial changes on audit quality. In addition, this research finds that the Big Four accounting firms provide a higher audit quality in different circumstances from non-Big Four accounting firms, and that audit quality decreased during the crisis and returned to normal in the post-crisis period.

The Effects of COVID-19 on the Rent-a-Car Industry

2021 ◽  
pp. 160-186
Author(s):  
Maximiliano Emanuel Korstanje
Keyword(s):  
Financial Crisis ◽  
Tourism Industry ◽  
Central Position ◽  
Economic Downturn ◽  
Car Industry ◽  
Deep Blue ◽  
Global Commerce ◽  
The Impact

Doubtless, COVID-19 has accelerated an economic financial crisis since 2008, affecting seriously not only the tourism industry but the global commerce. Governments have adopted different positions and programs to mitigate the economic aftermath of COVID-19. As never before in its history, tourism has been placed between the wall and the deep blue sea. Although the interests and studies evaluating the impact of COVID-19 have captivated the attention of countless scholars, less attention was given to the rent-a-car industry, which occupies a central position in the tourist system. As substitute competitors of train, bus, and airplanes, the rent-a-car organizations seem to be a quintessential actor of the tourist system. Of course, because we live in a world without tourists, empirical-based studies do not abound. To fill such a gap, the present chapter describes the economic downturn of a rent-a-car organization giving a firm empirical case. Although illustrative to some extent, the obtained outcome cannot be extrapolated to other universes or samples.

When in Rome, do as the Romans do

2019 ◽  
Vol 122 (6) ◽  
pp. 1953-1967
Author(s):  
Mumtaz Ali Memon ◽  
Muhammad Zeeshan Mirza ◽  
Bibiana Lim ◽  
Waheed Ali Umrani ◽  
Mohamed Ayyub Hassan ◽  
...  
Keyword(s):  
International Students ◽  
Structural Equation ◽  
Local Food ◽  
Behavioral Control ◽  
Tourism Industry ◽  
Equation Modeling ◽  
Perceived Behavioral Control ◽  
Practical Consideration ◽  
Content Type ◽  
The Impact

Purpose International students are considered as a huge and potentially lucrative segment for various products of the tourism industry in Malaysia. One of the tourism products is the local food they consume. The purpose of this paper is to investigate key factors that contribute to international students’ intention to consume Malay food. Drawing on the theory of planned behavior (TPB), the present study examines the impact of attitude, subject norm and perceived behavioral control (PBC) on international students’ intention to consume Malay food. Design/methodology/approach A quantitative approach using self-administered questionnaire was adopted. A total of 163 samples were collected from international students studying in five different Malaysian higher education institutions. A partial least squares structural equation modeling technique was used to test the hypothesized model. Findings The findings highlight that attitude, subject norms and PBC significantly motivate international students to consume local food. The subject norm toward consuming local food was revealed as the strongest predictor of international students’ intention to consume Malay food. Originality/value Although this is one of the early studies that uses the TPB in assessing the factors that influence international students’ intention to consume local food, this paper is driven by and aimed for practical consideration and thus making a significant contribution to practice. Specifically, the findings of the present study provide important implications for tourism industry practitioners to plan and implement initiatives that may promote local food among international students studying in Malaysian institutions.

Bank mergers and acquisitions in Greece: the financial crisis and its effect on shareholder wealth

2019 ◽  
Vol 16 (2) ◽  
pp. 273-296 ◽  
Author(s):  
Ioannis Tampakoudis ◽  
Michail Nerantzidis ◽  
Demetres Subeniotis ◽  
Apostolos Soutsas ◽  
Nikolaos Kiosses
Keyword(s):  
Financial Crisis ◽  
Mergers And Acquisitions ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Shareholder Wealth ◽  
Conclusive Evidence ◽  
Wealth Effects ◽  
Bank Mergers ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to investigate the wealth implications of bank mergers and acquisitions (M&As) in the unique Greek setting given the triple crisis phenomenon – banking, sovereign debt and economic crises – that prevailed after the global financial crisis. Design/methodology/approach The study examines bank M&As and bank transactions over the period from 1997 to 2018, as well as government-assisted M&As during the crisis. The wealth effects of bank M&As are assessed using both univariate and multivariate frameworks. Findings Findings show a neutral crisis effect on the valuation of M&As upon their announcement. However, the authors provide conclusive evidence that M&A completions are value-destroying events for acquiring banks during the crisis, far worse than in the pre-crisis period. Greek banks also fail to create value from government-assisted mergers. The results suggest that the financial stability and the prevention of further deepening of the Greek crisis with possible contagion effects were achieved at the expense of shareholders and taxpayers. Originality/value To the authors’ knowledge, this is the first study that examines the impact of the Greek triple crisis on the wealth effects of bank M&As and bank transactions. Also, the study provides first evidence with regard to the economic impact of government-assisted M&As in the European context.

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