Table 4.

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

Dependent variable: ROA	Coefficient	t-Statistics [p-value]	Dependent variable: ROE	Coefficient	t-Statistics [p-value]
Panel A			Panel C
Constant	1.0799	11.21 [0.00]***	Constant	1.2342	9.10 [0.00]***
GTA	0.0094	2.57 [0.01]***	GTA	0.0135	2.62 [0.01]***
F-statistics [p-value] = 40.59 [0.00]***		${\overline{R}}^2=0.48$	F-statistics [p-value] = 37.23 [0.0000]***		${\overline{R}}^2=0.45$
Panel B			Panel D
Constant	1.1287	10.80 [0.00]***	Constant	1.3105	8.92 [0.00]***
GTA	0.0085	2.27 [0.02]**	GTA	0.0121	2.30 [0.02]**
Dummy1	−0.2794	-0.60 [0.55]	Dummy1	−0.3318	−0.50 [0.61]
Dummy2	−0.2722	-0.58 [0.56]	Dummy2	−0.5525	−0.85 [0.40]
Dummy3	−0.5009	-1.07 [0.29]	Dummy3	−0.7636	−1.16 [0.25]
F-statistics [p-value] = 25.42 [0.00]***		${\overline{R}}^2=0.47$	F-statistics [p-value] = 23.43 [0.00]***		${\overline{R}}^2=0.45$

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