Table 2.
Determinants of tourist arrivals in Macau.
| Model 1 |
Model 2 |
|||
|---|---|---|---|---|
| RE | FE | RE | FE | |
| lnPGDP | 1.144*** (0.127) | 1.404*** (0.176) | 1.131*** (0.131) | 1.425*** (0.188) |
| lnPOP | 0.723*** (0.146) | 5.926*** (0.847) | 0.717*** (0.147) | 6.065*** (0.854) |
| lnDIS | −1.517***(0.156) | −1.512***(0.157) | ||
| EXC | −0.003(0.003) | −0.006**(0.003) | −0.004(0.003) | −0.006**(0.003) |
| lnHOTEL | 0.757*** (0.184) | 0.478*** (0.169) | ||
| LnPO | 0.095 (0.188) | −0.554***(0.186) | −0.060(0.209) | −0.632***(0.199) |
| LnCASINO | 0.550*** (0.166) | 0.276* (0.157) | ||
| SARS | −0.369***(0.098) | −0.312***(0.087) | −0.281***(0.105) | −0.270***(0.093) |
| WHL | 0.067 (0.106) | 0.026 (0.095) | 0.067 (0.117) | 0.055 (0.104) |
| CON | −2.912(2.422) | −65.815***(8.120) | 3.943* (2.372) | −63.220***(8.297) |
| Hausman test | 70.66(7)*** | 71.26(7)*** | ||
| R2 | 0.786 | 0.8261 | 0.779 | 0.822 |
| Obs | 228 | 228 | 228 | 228 |
Note: Figures in the parentheses are standard deviations. ***, **, and * denote coefficients are significant at 1%, 5%, and 10% statistical level, respectively.