Table 7.

Test results of asymmetric impact of inbound tourism development on hotel revenue measures.

Dependent variable: Occupancy	Coefficient	t-Statistics [p-value]	Dependent variable: RevPAR	Coefficient	t-Statistics [p-value]
Panel A			Panel C
Constant	0.6945	10.44 [0.00]***	Constant	1.8579	9.02 [0.00]
b21: GTA × Cycle	0.0016	5.99 [0.00]***	b31: GTA × Cycle	0.0042	5.11 [0.00]***
b22: GTA × (1 − Cycle)	0.0024	2.53 [0.01]***	b32: GTA × (1 − Cycle)	0.0090	3.11 [0.00]***
b22 − b21 = 0.0008 (z = 0.8778)			b32 − b31 = 0.0048 (z = 1.6236)
F-statistics [p-value] = 42.36 [0.00]***		${\overline{R}}^2=0.53$	F-statistics [p-value] = 44.59 [0.00]***		${\overline{R}}^2=0.92$
Panel B			Panel D
Constant	0.7118	12.45 [0.00]***	Constant	1.9103	10.56 [0.00]***
b21: GTA × Cycle	0.0012	6.09 [0.00]***	b31: GTA × Cycle	0.0032	4.88 [0.00]***
b22: GTA × (1 − Cycle)	0.0019	2.29 [0.03]**	b32: GTA × (1 − Cycle)	0.0075	2.73 [0.00]***
b22 − b21 = 0.0007 (z = 0.6659)			b32 − b31 = 0.0043 (z = 1.5755)
Dummy1	−0.0254	−0.95 [0.34]	Dummy1	−0.0761	−0.88 [0.38]
Dummy2	−0.0657	−2.66 [0.01]***	Dummy2	−0.1618	−2.05 [0.04]**
Dummy3	−0.2865	−11.65 [0.00]***	Dummy3	−0.8760	−11.05 [0.00]***
F-statistics [p-value] = 59.14 [0.00]***		${\overline{R}}^2=0.73$	F-statistics [p-value] = 44.76 [0.00]***		${\overline{R}}^2=0.95$

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