Page 190 - GLOBAL TOURISM CHALLENGES IN 21st CENTURY
P. 190
Table 2Regression statistics for Beta (2005-2014) - Significance at the 95%
confidence level
$/. .0% *517 037 0785 6%7 73/)
%HWD
5
6TXDUHG
W 6WDW
,Q RUGHU WR GHWHUPLQH %HWD FRHIILFLHQWV VWDELOLW\ RYHU ORQJ UXQ ZH FRPSDUH RXU
ILQGLQJV ZLWK SUHYLRXVO\ FDOFXODWHG %HWD FRHIILFLHQWV IRU SHULRG WRWDO
REVHUYDWLRQ DV IROORZV
Table 3 Regression statistics for Beta (2000-2006)
$/. .0% *517 037 0785 6%7 73/)
%HWD
5
6TXDUHG
W 6WDW
'HVFULSWLYH VWDWLVWLFV RI ERWK DQDO\]HG SHULRGV LV VLJQLILFDQWO\ GLIIHUHQW ,W LV
LPSRUWDQW WR PDNH GLIIHUHQFH EHWZHHQ VRPH WLPH VHULHV DW 06( 7LPH SHULRG
ZDV FKDUDFWHUL]HG ZLWK ORZ YRODWLOLW\ DQG KLJK OHYHO RI OLTXLGLW\ DW 06( $V D
UHVXOW RI WKH FULVHV IURP 06( KDV H[SHULHQFHG KLJK YRODWLOLW\ DQG YHU\ ORZ OHYHO
RI OLTXLGLW\ XQWLO QRZDGD\V
%HIRUH PDNLQJ IXUWKHU FRQFOXVLRQ ZH KDYH WHVW WKH QHFHVVLW\ WR FDOFXODWH %HWD
FRHIILFLHQWV DW 06( KDYLQJ LQ PLQG WKDW VRPH DXWKRUV DUJXH WKDW %HWD SURYLGHV
EHWWHU UHVXOWV IRU VWRFN YDOXDWLRQ
,Q WKHLU SDSHU )HUQDQGH] DQG %HUPHMR DXWKRUV FRPSXWH WKH FRUUHODWLRQV RI
WKH DQQXDO VWRFN UHWXUQV RI WKH 'RZ -RQHV FRPSDQLHV ZLWK D ȕ 5P DQG
ZLWK E 5P 5P LV WKH UHWXUQ RI WKH 6 3 DQG ILQG WKDW WKH VHFRQG FRUUHODWLRQ
DVVXPLQJ EHWD IRU DOO FRPSDQLHV LV KLJKHU WKDQ WKH ILUVW RQH RQ DYHUDJH 7KH\
SURYLGH HYLGHQFH WKDW %HWD ZRUNV EHWWHU WKDQ FDOFXODWHG EHWDV
'HVSLWH WKHLU UHVXOWV )HUQDQGH] UHSRUWV WKDW RI WKH SURIHVVRUV WKDW MXVWLI\
WKH EHWDV XVH UHJUHVVLRQV ZHEV GDWDEDVHV WH[WERRNV RU SDSHUV DOWKRXJK PDQ\ RI
WKHP DGPLW WKDW FDOFXODWHG EHWDV ³DUH SRRUO\ PHDVXUHG DQG KDYH PDQ\ SUREOHPV´.
2QO\ RI WKH SURIHVVRUV MXVWLILHG WKH EHWD XVLQJ H[FOXVLYHO\ SHUVRQDO MXGJPHQW
QDPHG TXDOLWDWLYH EHWDV FRPPRQ VHQVH EHWDV LQWXLWLYH EHWDV ORJLFDO PDJQLWXGH EHWDV
DQG RZQ MXGJPHQW EHWDV E\ GLIIHUHQW SURIHVVRUV
:H SURYLGH WKH FRUUHODWLRQV RI WKH DQQXDO VWRFN UHWXUQV RI WKH 0%,
FRPSDQLHV XVLQJ VDPH PHWKRGRORJ\ ZLWK D 5P DVVXPLQJ EHWD IRU DOO
FRPSDQLHV DQG ZLWK E ȕ 5P 5P LV WKH UHWXUQ RI WKH 0%, LQ RUGHU WR GHWHUPLQH
ZKLFK FRUUHODWLRQ SURYLGH EHWWHU UHVXOWV LQ DYHUDJH IRU DOO FRPSDQLHV DW 06(
8VLQJ UHJUHVVLRQ DQDO\VLV ZH KDYH GHWHUPLQHG FRUUHODWLRQ EHWZHHQ VWRFNV SULFHV
DQG 0%, 5W 5P DW 06( DV VKRZQ RQ IROORZLQJ WDEOH
ϭϴϯ

