Table 5.
Test results of the response of hotel stock return and risk to inbound tourism development.
Coefficient | t-Statistics [p-value] | |
---|---|---|
Dependent variable: HSR | ||
Panel A | ||
Constant | 2.8851 | 3.27 [0.00]*** |
GTA | 0.0284 | 0.86 [0.39] |
F-statistics [p-value] = 0.73 [0.39] | ||
Panel B | ||
Constant | 3.1630 | 3.49 [0.00]*** |
GTA | 0.0750 | 1.46 [0.15] |
Dummy1 | −14.6590 | −2.59 [0.01]*** |
Dummy2 | −14.8865 | −2.62 [0.01]*** |
Dummy3 | −14.9832 | −1.73 [0.08]* |
F-statistics [p-value] = 2.45 [0.05]** | ||
Dependent variable: Risk | ||
Panel C | ||
Constant | 10.5287 | 17.93 [0.00]*** |
GTA | −0.0127 | −0.39 [0.39] |
F-statistics [p-value] = 0.73 [0.39] | ||
Panel D | ||
Constant | 10.3968 | 9.42 [0.00] *** |
GTA | −0.0096 | −0.29 [0.77] |
Dummy1 | 0.8567 | 0.23 [0.82] |
Dummy2 | 2.5389 | 0.66 [0.51] |
Dummy3 | 9.5647 | 1.65 [0.10]* |
F-statistics [p-value] = 2.35 [0.02]** |
Note: *Significance at the 10% level. **Significance at the 5% level. ***Significance at the 1% level.