Table 6.

Test results of asymmetric impact of inbound tourism development on stock performance.

Dependent variable: HSR	Coefficient	t-Statistics [p-value]
Panel A
Constant	2.5928	2.99 [0.00] ***
b11: GTA × Cycle	0.0400	0.82 [0.49]
b12: GTA × (1 − Cycle)	0.3693	2.94 [0.00] ***
b12 − b11 = 0.3293*** (z = 2.8072)
F-statistics [p-value] = 4.32 [0.02]**		${\overline{R}}^2=0.03$
Panel B
Constant	3.0544	3.40 [0.00]***
b11: GTA × Cycle	0.0431	0.82 [0.41]
b12: GTA × (1 − Cycle)	0.3273	2.65 [0.01]***
b12 − b11 = 0.2842** (z = 2.1236)
Dummy1	−9.7820	−1.72 [0.08] *
Dummy2	−13.2726	−2.33 [0.02]**
Dummy3	−15.1730	−1.70 [0.09] *
F-statistics [p-value] = 2.79 [0.03]**		${\overline{R}}^2=0.07$

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