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Do Political Instability, Terrorism, And Corruption Have Deterring Effects On Tourism Development Even In The Presence Of Unesco Heritage? A Cross-Country Panel Estimate, Ghialy Choy Lee Yap, Shrabani Saha
Do Political Instability, Terrorism, And Corruption Have Deterring Effects On Tourism Development Even In The Presence Of Unesco Heritage? A Cross-Country Panel Estimate, Ghialy Choy Lee Yap, Shrabani Saha
Research outputs 2013
This article evaluates the effects of political instability, terrorism, and corruption on tourism development, particularly UNESCO-listed heritage destinations. Using a fixed-effects panel data analysis for 139 countries over the period 1999-2009, the result reveals that a one-unit increase in political instability decreases tourist arrivals and tourism revenue between 24% and 31% and 30% and 36%, respectively. Furthermore, in the presence of heritage, terrorism has negative effects on tourism demand even though its effect is lower than that of political instability. However, the study shows that an increase in corruption index would not have an adverse influence on tourist arrival numbers, …
The Determinants Of Capital Structure: Evidence From Thai Banks, David E. Allen, Napaporn Nilapornkul, Robert Powell
The Determinants Of Capital Structure: Evidence From Thai Banks, David E. Allen, Napaporn Nilapornkul, Robert Powell
Research outputs 2013
The aim of this study is to examine the determinants of the capital structure of Thai banks. The data spans a ten year period from 1999 – 2008. The differentiation point of this study is that, whereas most studies on capital structure focus predominantly on internal bank variables, this study, in addition to internal variables includes market-based risk variables. A range of market-based default and value at risk variables were considered which were then narrowed down to improve the model. Fixed effects panel data analysis is employed, with both market and book leverage used as dependent variables. The Thai bank …