Table 3.

Test results of the response of hotel revenue measures to inbound tourism development.

Dependent variable: Occupancy	Coefficient	t-Statistics [p-value]	Dependent variable: RevPAR	Coefficient	t-Statistics [p-value]
Panel A			Panel C
Constant	0.6952	10.53 [0.00]***	Constant	1.8619	9.07 [0.00]***
GTA	0.0016	6.45 [0.00]***	GTA	0.0045	5.72 [0.00]***
F-statistics [p-value] = 50.73 [0.00]***		${\overline{R}}^2=0.53$	F-statistics [p-value] = 53.03 [0.00]***		${\overline{R}}^2=0.92$
Panel B			Panel D
Constant	0.7127	12.77 [0.00]***	Constant	1.9165	10.81 [0.00] ***
GTA	0.0013	6.37 [0.00]***	GTA	0.0034	5.35 [0.00]***
Dummy1	−0.0288	−1.15 [0.25]	Dummy1	−0.1319	−1.66 [0.10]*
Dummy2	−0.0554	−2.22 [0.03]**	Dummy2	−0.1660	−2.10 [0.04]**
Dummy3	−0.2936	−11.73 [0.00]***	Dummy3	−0.8789	−11.05 [0.00]***
F-statistics [p-value] = 65.86 [0.00]***		${\overline{R}}^2=0.71$	F-statistics [p-value] = 49.43 [0.00]***		${\overline{R}}^2=0.95$

Note: ^*Significance at the 10% level. ^**Significance at the 5% level. ^***Significance at the 1% level.