Table 8.

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

Dependent variable: ROA	Coefficient	t-Statistics [p-value]	Dependent variable: ROE	Coefficient	t-Statistics [p-value]
Panel A			Panel C
Constant	1.0634	10.99 [0.00]***	Constant	1.2120	8.90 [0.00]***
b41: GTA × Cycle	0.0080	2.10 [0.04]**	b51: GTA × Cycle	0.0116	2.17 [0.03]**
b42: GTA × (1 − Cycle)	0.0292	2.09 [0.04]**	b52: GTA × (1 − Cycle)	0.0401	2.03 [0.04]**
b42 − b41 = 0.0212 (z = 1.4670)			b52 − b51 = 0.0285 (z = 1.3960)
F-statistics [p-value] = 34.37 [0.00]***		${\overline{R}}^2=0.48$	F-statistics [p-value] = 31.49 [0.00]***		${\overline{R}}^2=0.46$
Panel B			Panel D
Constant	1.0976	10.27 [0.00]***	Constant	1.2680	8.43 [0.00]***
b41: GTA × Cycle	0.0073	1.91 [0.06]*	b51: GTA × Cycle	0.0105	1.94 [0.05]**
b42: GTA × (1 − Cycle)	0.0286	1.85 [0.07]*	b52: GTA × (1 − Cycle)	0.0396	1.82 [0.07]*
b42 − b41 = 0.0203 (z = 1.4562)			b52 − b51 = 0.0291 (z = 1.4978)
Dummy1	−0.0026	−0.01 [0.99]	Dummy1	0.0472	0.06 [0.95]
Dummy2	−0.2511	−0.54 [0.59]	Dummy2	−0.5236	−0.80 [0.43]
Dummy3	−0.4863	−1.04 [0.30]	Dummy3	−0.7435	−1.13 [0.26]
F-statistics [p-value] = 22.88 [0.00]***		${\overline{R}}^2=0.47$	F-statistics [p-value] = 21.08 [0.00]***		${\overline{R}}^2=0.45$

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