The effect of institutional innovations on tourism spending in developed countries

Martin Rigelský (), Beata Gavurova (), Ladislav Suhanyi (), Radovan Bačík () and Viera Ivankova ()
Additional contact information
Martin Rigelský: University of Prešov, Slovakia
Beata Gavurova: Technical University of Košice, Slovakia
Ladislav Suhanyi: University of Prešov, Slovakia
Radovan Bačík: University of Prešov, Slovakia
Viera Ivankova: Technical University of Košice, Slovakia

Entrepreneurship and Sustainability Issues, 2021, vol. 9, issue 2, 457-472

Abstract: The new institutional economy deals with the study of innovations that can be reflected in various national sectors, including tourism. The objective of the presented study was to evaluate the significance of the effects of institutional innovations on tourism spending. The analyses included data from databases of the World Travel & Tourism Council (business tourism spending (BTS), leisure tourism spending (LTS), domestic tourism spending (DTS) and visitor exports (foreign spending) (VEFS)) and the Global Innovation Index reports published by Cornell University, INSEAD and WIPO (political environment, regulatory environment, business environment) from 2010 to 2019 for 36 OECD countries (excluding Colombia). Panel regression models (pooling, fixed, random) adjusted by robust estimation were used for analytical processing. The findings indicate that LTS was the category with the highest spending and BTS was the category with the lowest spending. One of the most important findings is that institutional innovations in the business environment have the greatest effect on tourism spending. It can be concluded that with an increase in innovations in the business environment, an increase in BTS, LTS and VEFS can be expected. In the political and regulatory environments, it is not possible to talk about demonstrable effects in general.

Keywords: tourism; innovation; expenditure; political environment; regulatory environment; business environment (search for similar items in EconPapers)
JEL-codes: F43 L83 R11 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://jssidoi.org/jesi/uploads/articles/34/Rigel ... eloped_countries.pdf (application/pdf)
https://jssidoi.org/jesi/article/926 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:9:y:2021:i:2:p:457-472

DOI: 10.9770/jesi.2021.9.2(30)

Access Statistics for this article

Entrepreneurship and Sustainability Issues is currently edited by Manuela Tvaronaviciene

More articles in Entrepreneurship and Sustainability Issues from VsI Entrepreneurship and Sustainability Center
Bibliographic data for series maintained by Manuela Tvaronaviciene ().