Does high-speed railway affect the cost behavior of tourism firms? Evidence from China

IF 3.6 3区管理学 Q1 ECONOMICS

Tourism Economics Pub Date : 2023-01-09 DOI:10.1177/13548166221150698

Fangjun Wang, Lizhu Ma, Baojun Gao, Y. Liu

引用次数: 0

Abstract

Cost stickiness, which is also termed cost asymmetry, describes the asymmetric relationship between revenue and cost. In this study, we examine whether high-speed railway (HSR) connection affects the cost stickiness of tourism firms. Employing a sample of 324 Chinese tourism firms from 2003 to 2018 and applying a difference-in-difference (DID) method, we find that the cost stickiness of tourism firms increases after HSR connection. Our results also reveal that the relationship between HSR connection and cost stickiness is more pronounced in firms with higher free cash flow (FCF), higher labor costs, and in state-owned enterprises (SOEs). Our research advances an in-depth understanding of the cost behavior in tourism firms and sheds light on the policy effect of HSR connection.

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高铁是否影响旅游企业的成本行为?来自中国的证据

成本粘性，也被称为成本不对称，描述了收入和成本之间的不对称关系。在本研究中，我们考察了高铁连接是否会影响旅游企业的成本粘性。采用2003 - 2018年324家中国旅游企业样本，运用差分法分析发现，高铁连接后，旅游企业的成本粘性有所增加。研究结果还表明，在自由现金流(FCF)较高、劳动力成本较高的企业和国有企业中，高铁连接与成本粘性的关系更为明显。本研究有助于深入理解旅游企业的成本行为，揭示高铁连接的政策效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Tourism Economics Multiple-

CiteScore

9.30

自引率

11.40%

发文量

期刊介绍： Tourism Economics, published quarterly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).