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]		${\overline{R}}^2=0.00$
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]**		${\overline{R}}^2=0.06$
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]		${\overline{R}}^2=0.05$
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]**		${\overline{R}}^2=0.06$

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