Table 5.

Determinants of foreign tourism revenues. Comparison with Chen and Haynes' results (2012).

Model 3						Model 4
China case study			Spain case study			China case study			Spain case study
Dependent	ltr		Dependent	ltr		Dependent	ltr		Dependent	Ltr
	FE			FE			FE			FE
lrider	0,074	(0,113)	lrider	0,269	(3173)	lrider			lrider
lrlen			lrlen			lrlen	0,046	(0,092)	lrlen	–14,874**	(5876)
lgpppc	0,711**	(0,234)	lgpppc	0,637	(0,640)	lgpppc	0,759**	(0,246)	lgpppc	0,322	(0,644)
lhotel	0,055	(0,053)	lhotel	0,591***	(0,025)	lhotel	0,024	(0,061)	lhotel	0,594***	(0,025)
lresta	0,037	(0,057)				lresta	0,029	(0,060)
whs	0,008	(0,010)	whs	–0,040***	(0,008)	whs	0,004	(0,011)	whs	–0,040***	(0,008)
artc	0,000	(0,001)				artc	0,000	(0,001)
lib	–0,002	(0,002)	lib	0,077***	(0,015)	lib	–0,007	(0,006)	lib	0,074***	(0,015)
museum	–0,002	(0,002)	museum	–0,005	(0,011)	museum	–0,002	(0,002)	museum	–0,004	(0,011)
exchange	0,130	(0,083)	exchange	0,013	(0,028)	exchange	0,097	(0,086)	exchange	–0,002	(0,028)
pollution	0,000	(0,000)				pollution	0,000	(0,000)
SARS	–0,439***	(0,060)	Forum	–0,002	(0,003)	SARS	–0,444***	(0,059)	Forum	–0,002	(0,002)
Bjolumpic	–0,081	(0,070)	AmCup	–0,001	(0,002)	Bjolumpic	–0,092	(0,071)	AmCup	0,000	(0,002)
Shexpo	–0,072	(0,072)	ExpoZ	–0,002	(0,003)	Shexpo	–0,068	(0,072)	ExpoZ	–0,001	(0,002)
Year	0,014	(0,025)	Year	–46,454**	(21,149)	Year	0,009	(0,028)	Year	–14,415	(17,678)
HSR	0,254***	(0,077)	HSR	0,017***	(0,004)	HSR	0,256***	(0,078)	HSR	0,017***	(0,004)
cons	–28,931	(48,611)	cons	45,901**	(19,242)	cons	–18,293	(54,808)	cons	29,331**	(14,825)
R-adj	0,684		R-adj	0,638		R-adj	0,665		R-adj	0,641
No. of obs	313		No. of obs	799		No. of obs	295		No. of obs	799

Figures in parentheses are standard deviation. ***,**,* denote coefficients significant at the 1%, 5% and 10% statistical level respectively.