{"title":"Outbound tourism and outward foreign direct investment","authors":"Yunhui Cao , Kerui Du","doi":"10.1016/j.annals.2023.103713","DOIUrl":null,"url":null,"abstract":"<div><p><span>Malik and Latif (2021, 2023) have conducted empirical research that demonstrates a positive relationship between Chinese outbound tourism and China's outward foreign direct investment. However, their studies possess significant flaws. Firstly, they fail to account for the heteroscedasticity of random errors, yielding flawed statistical inferences. Secondly, the control variables lack bilateral attributes between countries and overlook time-fixed effects, resulting in omitted endogeneity. Thirdly, their regressions inadvertently exclude a substantial number of observations due to missing values of the independent variable, introducing </span>sample selection<span> biases. This article aims to address these concerns by reanalyzing the empirical data and using a series of econometric methods to handle endogeneity issues. Our findings indicate that Chinese outbound tourism does not significantly influence China's outward foreign direct investment.</span></p></div>","PeriodicalId":48452,"journal":{"name":"Annals of Tourism Research","volume":null,"pages":null},"PeriodicalIF":10.4000,"publicationDate":"2024-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Annals of Tourism Research","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S016073832300186X","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"HOSPITALITY, LEISURE, SPORT & TOURISM","Score":null,"Total":0}
引用次数: 0
Abstract
Malik and Latif (2021, 2023) have conducted empirical research that demonstrates a positive relationship between Chinese outbound tourism and China's outward foreign direct investment. However, their studies possess significant flaws. Firstly, they fail to account for the heteroscedasticity of random errors, yielding flawed statistical inferences. Secondly, the control variables lack bilateral attributes between countries and overlook time-fixed effects, resulting in omitted endogeneity. Thirdly, their regressions inadvertently exclude a substantial number of observations due to missing values of the independent variable, introducing sample selection biases. This article aims to address these concerns by reanalyzing the empirical data and using a series of econometric methods to handle endogeneity issues. Our findings indicate that Chinese outbound tourism does not significantly influence China's outward foreign direct investment.
Malik 和 Latif(2021 年、2023 年)进行的实证研究表明,中国出境旅游与中国对外直接投资之间存在正相关关系。然而,他们的研究存在重大缺陷。首先,他们没有考虑随机误差的异方差性,导致统计推论存在缺陷。其次,控制变量缺乏国家间的双边属性,忽略了时间固定效应,导致遗漏的内生性。第三,由于自变量的缺失值,他们的回归无意中排除了大量的观测值,带来了样本选择偏差。本文旨在通过重新分析实证数据并使用一系列计量经济学方法来处理内生性问题,从而解决这些问题。我们的研究结果表明,中国出境旅游对中国对外直接投资没有显著影响。
期刊介绍:
The Annals of Tourism Research is a scholarly journal that focuses on academic perspectives related to tourism. The journal defines tourism as a global economic activity that involves travel behavior, management and marketing activities of service industries catering to consumer demand, the effects of tourism on communities, and policy and governance at local, national, and international levels. While the journal aims to strike a balance between theory and application, its primary focus is on developing theoretical constructs that bridge the gap between business and the social and behavioral sciences. The disciplinary areas covered in the journal include, but are not limited to, service industries management, marketing science, consumer marketing, decision-making and behavior, business ethics, economics and forecasting, environment, geography and development, education and knowledge development, political science and administration, consumer-focused psychology, and anthropology and sociology.