The Impact of the Financial Crisis of 2007 to 09 on the US Tourism Industry and Firm Performance

2017 ◽  
Author(s):  
Cody Yu-Ling Hsiao Hsiao ◽  
Alice Qing Zhang
Keyword(s):  
Firm Performance ◽  
Financial Crisis ◽  
Tourism Industry ◽  
The Us ◽  
The Impact

scholarly journals Sustainable Tourism, Economic Growth and Employment—The Case of the Wine Routes of Spain

2021 ◽  
Vol 13 (13) ◽  
pp. 7164
Author(s):  
Guillermo Vázquez Vicente ◽  
Victor Martín Barroso ◽  
Francisco José Blanco Jiménez
Keyword(s):  
Economic Growth ◽  
Economic Impact ◽  
Rural Areas ◽  
Local Development ◽  
Tourism Industry ◽  
Wine Tourism ◽  
Development Tool ◽  
The Us ◽  
The Impact ◽  
Positive Effect

Tourism has become a priority in national and regional development policies and is considered a source of economic growth, particularly in rural areas. Nowadays, wine tourism is an important form of tourism and has become a local development tool for rural areas. Regional tourism development studies based on wine tourism have a long history in several countries such as the US and Australia, but are more recent in Europe. Although Spain is a leading country in the tourism industry, with an enormous wine-growing tradition, the literature examining the economic impact of wine tourism in Spanish economy is scarce. In an attempt to fill this gap, the main objective of this paper is to analyze the impact of wine tourism on economic growth and employment in Spain. More specifically, by applying panel data techniques, we study the economic impact of tourism in nine Spanish wine routes in the period from 2008 to 2018. Our results suggest that tourism in these wine routes had a positive effect on economic growth. However, we do not find clear evidence of a positive effect on employment generation.

Euro-Atlantic Relations in the XXI Century: Problems and Scenarios

2015 ◽  
Vol 59 (11) ◽  
pp. 31-37
Author(s):  
N. Arbatova
Keyword(s):  
Foreign Policy ◽  
Financial Crisis ◽  
The United States ◽  
Defense Spending ◽  
Main Question ◽  
The Us ◽  
The World ◽  
World Economic ◽  
The Impact ◽  
Economic And Financial Crisis

The Euro-Atlantic relations after the end of the Cold war have been strongly influenced by the impact of three interrelated crises: the existential crisis of NATO, the world economic and financial crisis, and the crisis in the Russia-West relations. The end of bipolarity has changed the threat environment and revealed how different alliance members formulate their threat perception and foreign policy interests. Europe stopped to be the US foreign policy priority. The US pivot to Asia has raised European concerns about American commitments to collective defense. The removal of the threat of a global conflict resulted in the EU initiatives aimed at promoting integration in the field of common security and defense policy (CSDP). Even though the US has officially welcomed a stronger European pillar in NATO, it has become concerned about new approaches that could divide transatlantic partnership and take resources away from military cooperation. At the same time the unilateralist preferences of the Bush administration generated deep political divisions between the United States and the European Union. The world economic and financial crisis contributed to a dangerous gulf between American and European defense spending. The US has complained about the tendency of the alliance’s European members to skimp on defense spending and take advantage of America’s security shield to free ride. In the absence of a clear external threat NATO tried to draft new missions, which were found in NATO’s expansion to the post-Communist space and Alliance’s out of area operations. But these new missions could not answer the main question about NATO’s post-bipolar identity. Moreover, the Kosovo operation of NATO in 1999 fueled Russia’s concerns about NATO’s intentions in the post-Soviet space. The creeping crisis in the Russia-West relations resulted in the Caucasus and Ukrainian conflicts that provided kind of glue to transatlantic relations but did not return them to the old pattern. There can be several representing possible futures lying ahead. But under any scenario EU will be faced with a necessity to shoulder more of the burden of their own security.

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.

How Has the EU Protected Depositors in the Financial Crisis?

2014 ◽  
Vol 16 ◽  
pp. 289-312
Author(s):  
Niall J Lenihan
Keyword(s):  
Financial Crisis ◽  
Banking System ◽  
The Us ◽  
The Impact ◽  
Deposit Guarantee Schemes ◽  
The Eu

AbstractThis chapter addresses the question of how the EU has protected depositors in the financial crisis. The chapter will discuss (1) the impact in Europe of the US system for the protection of depositors, (2) the important changes made to the EU Deposit Guarantee Schemes Directive, first in 2009 in response to the 2007 deposit run on Northern Rock, and then again in 2014 in response to the financial crisis, (3) the decision of the EFTA Court regarding the scope of Iceland’s obligations under the EU Deposit Guarantee Schemes Directive, following the collapse of the Icelandic banking system in 2008, and (4) the introduction of a powerful depositor preference rule throughout the EU, in response to the resolution of the Cypriot banking system in 2013. This chapter argues that the EU has responded to the impact of the financial crisis on bank depositors by enhancing the legal protections available to depositors.

The Impact of Publishing and Patenting Activities on New Product Development and Firm Performance: The Case of the US Pharmaceutical Industry

2003 ◽  
Vol 07 (02) ◽  
pp. 213-221 ◽  
Author(s):  
G. Steven McMillan ◽  
Alfredo Mauri ◽  
Robert D. Halmilton
Keyword(s):  
Firm Performance ◽  
Pharmaceutical Industry ◽  
Product Development ◽  
New Product Development ◽  
New Product ◽  
The Us ◽  
Managerial Implications ◽  
Performance Results ◽  
The Impact

This paper studies the role of publishing and patenting activities as predictors of new product development for a sample of companies in the U.S. pharmaceutical industry. The research also examines the relation between new product development and firm performance. Hypotheses are developed based on the well-established absorptive capacity literature. The results show that publishing scientific articles and stock of patents are both significant predictors of the number of new molecular entities (NMEs) for which a firm receives approval. In addition, the degree to which a firm builds on its own technology (measured as self-citations in its patents) also predicts NMEs, but the regression coefficient had an unexpected negative sign. Finally, the performance results confirm that the approval of NMEs is significantly associated with the market-to-book ratio of a firm. The managerial implications of these findings and study limitations are also discussed.

scholarly journals TRANSMISI DAMPAK MELALUI JARINGAN PERDAGANGAN: PENDEKATAN ASIAN-IO

2014 ◽  
Vol 16 (4) ◽  
pp. 339-372
Author(s):  
Ibrahim Ibrahim ◽  
Tri Winarno ◽  
Melva Viva Grace ◽  
Yan Fitri
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Value Added ◽  
Jel Classification ◽  
Input Output ◽  
Asian Countries ◽  
Production Chain ◽  
The Us ◽  
Similar Point ◽  
The Impact

Global financial crisis which began in the US in the latter part of 2008 hit a lot of countries in both trade and finance. In trade aspect, the crisis spread widely; in Indonesia, the total export value in 2009 dropped to 14,3%. Therefore, the economy of China, tightly linked with Asian countries including Indonesia, which rapidly rose before the crisis but slowed after it should be monitored as this condition, could indirectly hold down Indonesia’s GDP. Applying RAS method to update Asian IO data, this research has attempted to describe the trade structure of Asian countries in 2010. Also, it implemented a simulation of the impact of US and China’s GDP decline and US exports on Indonesia’s GDP, both at aggregate and sector levels. The result of the mapping shows that Indonesia is getting more dependent on China. Generally, the link between Indonesia’s exported products and global production chain is weak. Indonesia’s export commodities which are mostly of intermediate goods have low contribution towards value added. Moreover, the result of the simulation shows that 1% decrease in China’s GDP has greater impact on Indonesia’s GDP (0,14%) than that of the US (0,05%) and EU (0,07%) though with similar point.  Keyword: Trade Interactions, Input Output Model JEL Classification : F16, R15

scholarly journals Diversification Strategy and Financial Performance of Nigeria Private Firms

2020 ◽  
Vol 8 (07) ◽  
pp. 1883-1889
Author(s):  
Ada Mac- Ozigbo ◽  
Dr. Cross Ogohi Daniel
Keyword(s):  
Firm Performance ◽  
Financial Crisis ◽  
Regression Models ◽  
Global Financial Crisis ◽  
Private Firms ◽  
Linear Regression Models ◽  
Her Family ◽  
Diversified Firms ◽  
The Impact ◽  
Better Than

The relationship between diversification and firm performance varies among institutions and over time. Less is known about the advantageousness of diversification in economy-wide crises, which have occurred frequently in recent years Using data from a recent survey, we studied nearly 400 Nigeria private firms using two different approaches panel and cross-period comparisons. The findings of both approaches show that diversified firms performed better than focused firms. This was also true during the 2008 global financial crisis. The higher the diversification level, the more positive the firm performance was. We also investigated the influence of ownership structure. Firms that are totally owned by the founding owner and his/her family tend to have unsatisfactory performance under crisis. This finding provides evidence of the increasing attention on management and governance to explain firm. Linear regression models were evaluated to test the effect of diversification on firm performance. Panel A uses profit as the dependent variable, and Panel B uses sales. For each year (2007, 2008, and 2009), two regression models were evaluated: one testing the impact of diversification and the other testing the impact of the diversification level. We found that diversified firms performed better than focused firms during the recent global financial crisis. The diversification level was positively and linearly related to performance, that is, more diversified firms performed better. Moreover, we found that private firms that are totally owned by the founding owner and his/her family performed worse under crisis.

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