Do investor relations matter in the tourism industry? Evidence from public opinions in China

Xu, Mingli; Yang, Wei; Huang, Zhongdong

doi:10.1016/j.econmod.2020.02.033

Economic Modelling

2021

DOI: 10.1016/j.econmod.2020.02.033

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Do investor relations matter in the tourism industry? Evidence from public opinions in China

Mingli Xu

Wei Yang

Zhongdong Huang

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Cited by 9 publications

(1 citation statement)

References 60 publications

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“…Unsurprisingly in this context, tourism has attracted widespread policy attention. 3 Our study is based on the empirical context of Mexico, a country where tourism has grown to become an important economic force starting in the 1950s and 1960s. Since the development of tourism in Mexico has been driven by both international and domestic tourism flows, we set out to study the consequences of both cross-border and inter-regional tourism integration, and decompose the gains from tourism into an international and domestic component.…”

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confidence: 99%

Tourism and Economic Development: Evidence from Mexico’s Coastline

Faber

Gaubert

2019

American Economic Review

137

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Tourism is a fast-growing services sector in developing countries. This paper combines a rich collection of Mexican microdata with a quantitative spatial equilibrium model and a new empirical strategy to study the long-term economic consequences of tourism both locally and in the aggregate. We find that tourism causes large and significant local economic gains relative to less touristic regions that are in part driven by significant positive spillovers on manufacturing. In the aggregate, however, these local spillovers are largely offset by reductions in agglomeration economies among less touristic regions, so that the national gains from trade in tourism are mainly driven by a classical market integration effect. (JEL L60, L83, O14, O18, R11, Z31, Z32)A conventional view in the literature on economic growth and development is that the production of traded goods is subject to dynamic productivity improvements, whereas the services sector is perceived to be more stagnant. 1 In line with this view, the locus of agglomeration economies is generally assumed to be the manufacturing sector, rather than services. This asymmetry has important implications for the growth strategies of developing countries, and whether they should prioritize the development of traded goods producing sectors. At the same time, there is relatively little empirical evidence on the economic consequences of the development of the services sector in developing countries, and whether the reallocation of factors of production into services can give rise to adverse long-term effects both locally and in the aggregate. 2 This paper sets out to study the economic consequences of tourism, a fast-growing services sector in developing countries. Tourism involves the export of otherwise non-traded local services by temporarily moving consumers across space, rather than 1 This view is in the tradition of Baumol (1967). See Herrendorf, Rogerson, and Valentinyi (2014) for a review of the recent literature, and McMillan and Rodrik (2011) for an analysis in the context of developing countries. 2 See, for example, Copeland (1991) for an early theoretical discussion of tourism as a potential "Dutch disease."

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confidence: 99%

Tourism and Economic Development: Evidence from Mexico’s Coastline

Faber

Gaubert

2019

American Economic Review

137

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Do green concerns promote corporate green innovation? Evidence from Chinese stock exchange interactive platforms

Qian

Wang

et al. 2022

Manage Decis Econ

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How to inspire firms to conduct green innovation is still an under-explored question.This study finds that the green concerns of minority shareholders can significantly promote firms to conduct green innovation. Mechanism tests reveal that green concerns promote firm green innovation by increasing media attention and reducing financing constraints. Further research shows that the positive effect of green concerns of minority shareholders on green innovation is more significant for companies with high competition, more effective internal controls, and high public involvement at the location. Based on the findings, policy implications of promoting corporate green innovation are discussed. | INTRODUCTIONWith the growing prominence of environmental pollution, Chinese society has gradually realized the importance of green innovation for high-quality economic development (Guo et al., 2021). Green innovation refers to reducing environmental pollution at its source through developing new products and technologies (Kunapatarawong & Martinez-Ros, 2016). There are multiple factors that influence firm green innovation, including macro-environmental and economic policies, industrial structure and external pressures (e.g., environmental protection departments, non-profit organizations, media, and capital markets) (Cuerva et al., 2014;Gohoungodji et al., 2020), micro corporate green culture and corporate governance structure, as well as individual knowledge and characteristics (e.g., internal executive and inventors) (Quan et al., 2021). Successful green innovation can help companies improve their market position, expand the market scale, and ultimately gain a competitive advantage (Zhang, Xing, & Wang, 2020). As one of the main stakeholders, investors profoundly influence corporate green innovation by participating in company decisions through voting, parades, etc. (Cundill et al., 2018). According to Porter's hypothesis, productivity gains from implementing green innovation will offset the costs associated with environmental protection, so investors tend to prefer environmentally friendly companies (Porter & Van der Linde, 1995). It has been shown that stock prices fall rapidly when companies experience environmental incidents (Capelle-Blancard & Laguna, 2010). Meanwhile, minority shareholders will also respond positively to corporate environmental announcements in the capital market (Jacobs et al., 2010). Like equity investors, debt investors prefer bonds that invest in green projects in the corporate bond market. There is a premium for green bonds in China compared with regular bonds when other conditions are the same (Wang et al., 2020).Different investors may have different impacts on green innovation. State-controlled companies undertake the mission to accomplish political goals. They are more likely to obtain the support of commercial bank credit, so they are generally more willing to carry out green innovations than non-state-owned companies (Bai et al., 2019). In contrast, in family-owned firms, shareholders will be r...

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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 studies in tourism and hospitality

Nicolau

Sharma

2022

Annals of Tourism Research

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Do investor relations matter in the tourism industry? Evidence from public opinions in China

Cited by 9 publications

References 60 publications

Tourism and Economic Development: Evidence from Mexico’s Coastline

Tourism and Economic Development: Evidence from Mexico’s Coastline

Do green concerns promote corporate green innovation? Evidence from Chinese stock exchange interactive platforms

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 studies in tourism and hospitality

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