Finnish Tourism Research Articles

Evaluating financing risk for forest recreation value development project—A case study focused on S National Forest Park in Fujian Province

In the process of forest recreation value development, there are some characteristics, such as large amount of investment capital, long financing recovery cycle and high potential risks, which lead to limited capital source and prominent financing risks. To achieve sustainable development, forest recreational value development enterprises must solve the financing dilemma, therefore, it is very urgent to identify the financing risk factors. The research constructed financing risk evaluation index system through WSR (Wuli-Shili-Renli) methodology (from affair law, matter principle and human art dimensions), taking S National Forest Park at Fujian Province as a case study, the analytic hierarchy process (AHP) and fuzzy comprehensive evaluation method were used for empirical analysis. The results showed that for the first level indicators, operational risk should be paid close attention to, followed by political risk and environmental risk. Among the secondary level indicators, policy changes, financing availability and market demand need attention, which are consistent with the result of field survey. Based on that, countermeasures were put forward such as the multiple collaborative linkage and effective internal control; reduction on operating costs and broaden financing channels; encouragement diversification of investment entities and improvement of financial and credit support; strengthening government credit supervision, optimizing financing risk evaluation, and building a smart tourism financing information platform, to reduce and control financing risks, then promote the development of forest recreation value projects.

Biodiversity, leadership, and resilience in a national sustainable tourism program

ABSTRACT This study addresses the complex relationship between biodiversity, leadership, and resilience in the tourism industry. We apply case study methodology to examine the potential of Visit Finland’s Sustainable Travel Finland program to increase the resilience of the Finnish tourism sector concerning sustainability challenges. The qualitative research data consists of interviews and secondary data analysed with content analyses. According to the results, the program offers support and proactive leadership to the Finnish tourism industry in meeting the rising sustainability demands on biodiversity protection. However, the first biodiversity steps have been small-scale and instrumental, corresponding to a narrow perception of nature’s value. Therefore, the program does not yet fully meet the scale and scope of current biodiversity challenges. Although it is a good start, biodiversity-respectful leadership and resilience building require a strategic approach that also recognizes intrinsic, relational, and ecosystemic biodiversity values accruing broadly to tourists, nature, and humankind.

Problems and prospects of tourism financing in Sikkim

In Sikkim, tourism is an industry that has a variety of positive economic and social effects. Utilizing both forward and backward connections with other economic sectors like agriculture, industry, and other service sectors, not only increases foreign exchange earnings and the country’s limited resources but also provides opportunities for employment on all fronts, including direct, indirect, and induced employment. However, it has always struggled with administration and insufficient finances. Keeping this in mind, the current study aimed to examine the problem and prospects of tourism financing in Sikkim. The primary data was gathered from 385 respondents (Investors, Stakeholders, and Tourism Businesses) from Sikkim, who were randomly selected from the targeted population. The responses have been collected through a structured questionnaire, and SPSS 25 has been utilized for data analysis. The findings revealed that there is a significant impact of tourism financing on the development of local communities, and there is a significant relationship between the involvement of financial institutions and the development of tourism projects. It has been concluded that tourism financing in Sikkim has resulted in the progress of tourism in the state, which led to the development of local communities and the development of tourism projects.

Supporting green transition in the Finnish tourism sector by identifying green skills

Green skills are a prerequisite for a sustainable and resource-efficient tourism sector and an essential element in tourism employment. To support the sector’s green transition, it is critical to bridge existing green skills gaps. Therefore, this qualitative research identifies the relevant and up-to-date green skills necessary when working in the tourism sector for the sector to become committed to a more sustainable world. The main data consisted of both secondary and primary (individual interviews, n=11 and a group interview) data sources. Five themes describing the green skills emerged from the data: (1) environmental management, (2) resource-efficiency, (3) carbon management, (4) green product and service development, and (5) sustainability communication. The findings have important practical implications for tourism education and training providers and tourism employers.

관광법제에서의 공법적 쟁점에 관한 일고찰

Korea's tourism legislation has the Basic Tourism Act, which sets basic matters for tourism, and the Tourism Promotion and Development Fund Act, which includes regulations on tourism finance, but above all, it is characterized by the focus of the Tourism Promotion Act. The Framework Act on Tourism and the Tourism Promotion Act stipulate each tourism-related administrative plan to achieve the purpose and purpose of each law, but it needs to be improved due to the problem that the sub-plan is not systematically consistent with the top plan. In addition, tourism is not only a business but also a target of tourism for the entire nation, including the socially vulnerable, but there is no legal basis that can be substantially embodied as well as instructive regulations on the so-called “right to tourism.” The casino business is a tourism area that should be promoted as a unique area of tourism business and at the same time as a gambling industry that should be suppressed. ‘The Law on Integrated Supervision of the gambling industry’ has a special restriction on the total sales system through organizational legal regulations, but there is no action legal basis. Tourism finance is operated around the 'Tourism Promotion and Development Fund'. Among the contributions that are the financial resources of this fund, the problem related to the constitutional legitimacy is the departure payment, and it is judged that it does not meet all the requirements for the permissibility of the financial burden required by the Korean Constitutional Court. If the constitutional legitimacy of this levy is denied by the Constitutional Court, it will be difficult to secure funds for the Tourism Promotion and Development Fund, so it is necessary to introduce another levy with constitutional legitimacy.

Pelatihan Digital Marketing dan English for Hospitality Bagi Manajemen dan Staf Kasuari Exotic Resort Magelang

The inclining situation of the Covid-19 pandemic has also pushed back the tourism economy, including hospitality. The purpose of this activity is to carry out community service activities with the general theme of capacity building at Kasuari Exotic Resort located in Bandongan Subdistrict, Magelang Regency, Central Java Province. The topics conveyed were about digital marketing and English for hotels. The target participants were management and staff at Kasuari Exotic Resort. This activity lasted for 3 (three) months starting from November 2022 to January 2023 in accordance with the agreement of both parties. This activity was carried out entirely in the Kasuari Exotic Resort Meeting Room. This activity involving a team of lecturers and students and the management and staff assigned from Kasuari Exotic Resort as participants. The materials given were Photography, Videography, English for Hospitality, Tourism Finance Management, E-Business, E-Commerce, Basic Web and SEO, and Digital Marketing

Financing of tourism and recreation in municipal programs during the pandemic period: the case of Odesa

The threat of rapid spread of COVID-19 infection was felt primarily by residents of big cities and in the economy of resort towns the tourism and recreation sector suffered the most. At the same time, the need for travelling and recreation in conditions of forced isolation and the need for rehabilitation of citizens has not decreased. Accordingly, the municipal authorities should carry out appropriate organizational and financial measures aimed at maintaining the functioning of the domestic market of recreational and tourist services. The study aims to analyze the indicators of financing tourism and recreation within the socio-economic programs of urban development in order to develop recommendations based on the results to improve this funding within the adaptation to the conditions of the pandemic period. This was done by analyzing the development programs of the city of Odesa in Ukraine, the effect of which extends to the pre-pandemic period of 2019, as well as the years of the pandemic 2020–2022. In substantiating the budgeting mechanism within urban development programs built on a systematic approach at the stage of comparative assessment of recreational expectations based on the modified Vroom model one took into account such indicators as: percentage of recreation costs, variability of prices for recreational services, anxiety associated with the consequences of the COVID-19 pandemic, etc. Within the proposed mechanism recommendations are aimed at justifying decisions regarding the variability of funding in urban programs relevant to the development of recreation and tourism, namely, by increasing the funding from the development budget and increasing control over the implementation of these programs, as well as improving the coordination function in order to prepare the ground for the implementation of “4P” and “people-first” models in recreation and tourism at the municipal level. AcknowledgmentThe paper contains the results of research conducted under the National Academy of Science of Ukraine’s grant Formation and Use of Natural-Resource Assets of the Recreational and Tourism Sphere (0120U100159) and the Nominal Scholarship of the Verkhovna Rada of Ukraine for Young Scientists-Doctors of Sciences for 2021 (0121U113482).

PENGENALAN STANDAR AKUNTANSI BERBASIS KOMPUTER DALAM MEWUJUDKAN DESA WISATA YANG MANDIRI

This subservience was done for human sources of tourism are not used optimally and the use of manual accounting is not effective and efficient in accommodating the development of the activities of village tourism. In addition, management and other institutions involved need financial report quickly and objectively. These phenomena are the result of the development of computer technology. The aim of this subservience is giving knowledge on businessman and development of village tourism finance through introducing computer-based accounting in order management and other institutions involved ready to take such policy. In accordance with the result of field survey, a more effective technique was by dissemination and guidance comprehensively on developing strategy for village tourism and introducing computer-based accounting in case of management activities of village tourism are able to be developed and be being an autonomous one. The finding was simple people having better comprehension on the use of computer-based accounting than manual.

ПЕРЕОСМЫСЛЕНИЕ МОНОГОРОДОВ: ОРИЕНТАЦИЯ НА РАЗВИТИЕ ТУРИЗМА

The COVID-19 pandemic of 2020-2022, combined with the introduction of restrictive sanctions, had a strong impact on the mobility of the population, first of all, it concerns tourism. For a significant part of tourists who usually traveled abroad, there was a need to reorient to Russian resorts and other attractions within the country, which requires the active development of various tourism directions: from traditional routes to innovative niche formats (medical, industrial, stalking, etc. tourism). In recent years, tourism in Russia has become the preferred tool for the development of small, including single-industry cities, where it is possible to develop and strengthen the tourism services sector. Using tourism as a development tool is quite expensive. The state subsidizes the formation and improvement of infrastructure, but, in addition to financing, the development of tourism requires specific programs to increase tourist attractiveness. The unrecoverable costs are inevitably significant, and the results are unpredictable. The dilemmas associated with tourism financing are numerous and complex. This is especially true for tourist single-industry towns, which are difficult to fit into the available categories of state funding allocated for Russian single-industry towns (where the goal is to diversify the economy while maintaining employment in the city). The article examines the framework of state and municipal policy, which must be coordinated at all levels of government and provided with regional and federal support. Achieving this goal also requires clarifying the very concept of "tourist single-industry town" and the criteria for its definition.

PENGUKURAN DAN BENCHMARKING EFISIENSI PARIWISATA DI PULAU JAWA-BALI-NUSA TENGGARA MENGGUNAKAN DATA ENVELOPMENT ANALYSIS TAHUN 2013-2017

Tourism resources owned by the government and the private sector often ignore the proper aspects.The use of uncontrolled inputs is the beginning of the inefficiency of tourism activities, which impact the non-optimal output produced. This research aims to identify the efficiency level of government financial management in the tourism sector supported by the provision of tourism facilities to tourist visits and regional revenues from the tourism sector in Java, Bali, and the Nusa Tenggara Islands. The research method used is Data Envelopment Analysis Input-Oriented Constant Return to Scale Model with a quantitative descriptive approach. The results showed that the provinces of DKI Jakarta, West Java, Central Java, and Banten were relatively efficient in optimizing tourism financing. DKI Jakarta and Banten tended to have stable efficiency, and they are good to be referenced.Managerially, this research offers several suggested recommendations. The local government and private sectors can benchmark the efficiency of the tourism sector based on the pattern of financial management for tourism and the use of other regional inputs identified as efficient. Improving efficiency can be done by minimizing the use of inputs at a fixed level of output. Minimum input is expected to reduce the total cost. Theoretically, the result of this study is very helpful in efforts to develop methods of measuring efficiency in the tourism sector that has not been widely implemented in Indonesia.

FINANCIAL SUPPORT OF CULTURE, TOURISM AND CREATIVE INDUSTRIES IN UKRAINE: OPPORTUNITIES AND PROSPECTS

Abstract. In the article the main sources of funding for cultural, tourism and creative industries in Ukraine were defined. The importance of building effective financial support for initiatives in this area was justified. The activities of the Ukrainian Cultural Foundation as a state institution responsible for the preservation of cultural heritage and development of Ukrainian culture in the context of current world trends were also analyzed. It was determined that the amount of funds allocated to the sphere of culture occupies a larger share in the budgets of most EU countries, compared to Ukraine. The importance of creative industries as a tool to intensify tourism activities at the regional and national levels was revealed. It was proved that the Ukrainian Cultural Foundation is an institution designed to create a new model of competitive promotion and multi-vector support of initiatives in the field of culture and creative industries. In these industries professionals, institutions and communities — the main groups of beneficiaries — act as partners for generation. new meanings and preservation of cultural capital necessary for the dynamic development of society. The analysis of state strategic documents, in particular the S­­tate Strategy for Regional Development 2020, showed that the areas of probable common interests of tourism, culture and creative industries are quite clearly defined and relate to historical and cultural heritage, museums, historical and monumental arts, architecture, archeology; original folk culture, customs, traditions, rituals, including national minorities. The new state strategy for regional development — 2027 focuses on the role of national and regional cultural and tourist routes. Sectoral strategies and international programs operating in Ukraine provide a detailed description of the area of probable common interests of culture and tourism. It was proved that an effectively built state financial support for initiatives in the field of culture, tourism and creative industries promotes cooperation between government, business and civil society, creates favorable conditions for effective and efficient investment, ensuring transparent, effective dialogue between all stakeholders to achieve stable results in the creation of a cultural product, the development of civil society and the internationalization of Ukrainian culture. Keywords: tourism financing, financial cultural policy, creative industries, project management, grant activities, budget funds, tourism development. JEL Classification L83, R5, Z18 Formulas: 0; fig.: 3; tabl.: 9; bibl.: 12.

PUBLIC AND PRIVATE PARTNERSHIP IN THE TOURISM INDUSTRY AS A FACTOR OF SOCIO-ECONOMIC DEVELOPMENT OF RURAL AREAS

The paper defines the concept of and private as an effective form of interaction between public authorities and private business, identifies its features common with the term public-private and considers these terms as synonyms. The classification of public and private partnership forms on the basis of the analysis of the key legislative acts regulating their activity is presented in the paper. A statistical analysis of public and private partnership agreements has been conducted with the emphasis on the social component of partnership projects in the rural tourism. The components of the tourist cluster model with the advantages of introducing public and private partnership mechanisms into their structure are substantiated. The paper lists the problems in rural tourism development and their solution largely depends on the state authorities participation in the implementation of joint projects. Features of rural tourism as a type of business activity that has a stable socio-economic effect are considered in the paper. The relationship between the entrepreneurial activity in the field of rural tourism effectiveness and socio-economic development of rural areas is determined. The positive impact of public and private partnership projects in the field of rural tourism on the socio-economic development of rural areas is substantiated. The list of the basic directions of public and private partnership joint projects realization in the field of rural tourism which can have the most positive result is offered. The common interest of the community and business tourism is related to the planning and implementation of national infrastructure development programs. These programs include road infrastructure and public transport improvement, training in tourism business, support for rural tourism financing; establishment of tourist information centers, where tourists can get information about local tourist sightseeings, historical and cultural events, as well as about national ethnocultural, household, religious features of communities. In addition, these centres can provide business partners with information about the tourist market development and the existing tourist routes, transport and trade network, food and accommodation facilities, which can help provide additional services to tourists.

Cultural sensitivity in Sámi tourism: A systematic literature review in the Finnish context

The use of Sámi cultures in the Finnish tourism business has been problematic for many decades. The aim of this article is to explore how the notion of cultural sensitivity could help to find alternative approaches and new solutions to this situation, especially for Sámi tourism. For this purpose, a systematic literature review method was used to examine and describe how previous academic literature has approached the issue of cultural sensitivity in the Finnish context. While the concept has not been used in tourism research in Finland, previous discussions have focused on questions of respect, cultural sustainability, cultural carrying capacity, cultural representations and cultural identity in tourism contexts. Simultaneously, research in other fields of study has drawn attention to the importance of healing, reconciliation and recognition for Sámi cultures. Reviewing the social work and pedagogy literature indicates how the idea of cultural sensitivity can enrich the search for more responsible ways of thinking, doing and researching tourism. In sum, the article calls for future research, theoretical conceptualization and practical application of cultural sensitivity that emphasizes recognition of and respect for cultural differences.

SME: Apparently Small But of Great Derivative Value! Literature Review of Tourism SMEs to Create Employment and Access to Finance

Contributions from various tourism SMEs to improve socio-economic development in developed countries include employment creation, improved living standards and increased family income. Despite this, you have great deals on the direct link between job creation, but there is also some controversy over who creates jobs and how they do it. Various documents say that Tourism SMEs play an important role in training young people, covering the labour deficit and generating benefits to the efficiency of the economy, innovation and overall growth. Therefore, this study will help us build the evidence needed to create Tourism SME policies and understand the core operational values of SMEs that maximize results in terms of achieving basic objectives such as job creation, increasing employee productivity and what are the financial challenges facing tourism SMEs. Policy initiatives to encourage the financial sector to be more proactive in securing tourism financing SMEs can also be envisaged, including taking steps to improve the knowledge and understanding of the tourism sector.

The Role of the World Bank in the Inclusive Financing of Tourism as an Instrument of Sustainable Development

It is widely accepted that tourism, given the right conditions, can be an important instrument of economic growth and a means of improving the quality of life for the societies in which it is implemented, particularly in developing territories. International financial institutions are aware of the role that tourism can play in this regard and, accordingly, have included it within their strategies to further sustainable development and financial inclusion. The World Bank is one of the institutions working to foster tourism, although, interestingly, it only began working in this area very recently (2016). This paper analyses the role of the World Bank in the inclusive financing of tourism as an instrument of sustainable development and compares it with the finance allocated to another four sectors in the branch of trade and industry. To this end, using a system of indicators previously tested in the literature, it analyses a total of ninety-two projects directly related with tourism, trade, manufacture, services, and housing construction activity. The results obtained, when compared to the finance allocated to other sectors of trade and industry (to which tourism also belongs), indicate that the World Bank’s financing of tourism could sharpen its focus on financial inclusion, which would ensure greater efficiency and efficacy in the attainment of its poverty reduction and development goals.

РОЗВИТОК ТУРИЗМУ ЯК ПРІОРИТЕТНОЇ ГАЛУЗІ ЕКОНОМІКИ

У статті проаналізовано сучасний стан розвитку туризму як пріоритетної галузі економіки. Визначено сутність економічної категорії туризму та його значення для розвитку економіки. У статті зазначено, що Україна володіє значним туристичним потенціалом і має всі передумови для розвитку внутрішнього, в’їзного та виїзного туризму. Проаналізовано статистичні дані щодо розвитку туристичної діяльності України, а саме динаміку туристичного потоку іноземних громадян до України та українців, які виїжджали за кордон, динаміку прямої зайнятості населення в галузі туризму, динаміку частки туристичної галузі у ВВП України, динаміку обсягів державного фінансування туризму. Встановлено, що в Україні протягом 2013–2019 рр. відбувалися скорочення обсягів туристичного потоку та зниження темпів зростання галузі туризму. На основі аналізу показників розвитку туристичної галузі визначено основні напрями розвитку туризму в Україні.

Asymmetric risk impacts of Chinese tourists to Taiwan

AbstractSince 2008, when Taiwan's President Ma Ying‐Jeou relaxed the Cross‐Strait policy, China has become Taiwan's largest source of international tourism. In order to understand the risk persistence of Chinese tourists, the paper investigates the short‐run and long‐run persistence of shocks to the change rate of Chinese tourists to Taiwan, which is a novel empirical analysis. The daily data used for the empirical analysis are from January 1, 2013, to February 28, 2018. McAleer's fundamental equation in tourism finance is used to link the change rate of tourist arrivals and the change in tourist revenues. Three widely used univariate conditional volatility models, namely, GARCH(1,1), GJR(1,1), and EGARCH(1,1), are used to measure the short‐run and long‐run persistence of shocks, as well as symmetric, asymmetric, and leverage effects. Three different heterogeneous autoregressive (HAR) models, HAR(1), HAR(1,7) and HAR(1,7,28), are considered as alternative mean equations for capturing a variety of long memory effects. The mean equations associated with GARCH(1,1), GJR(1,1), and EGARCH(1,1) are used to analyze the risk persistence of the change in Chinese tourists. The exponential smoothing process is used to adjust the seasonality around the trend in Chinese tourists. The empirical results show asymmetric impacts of positive and negative shocks on the volatility of the change in the number of group‐type and medical‐type tourists, whereas individual‐type tourists display a symmetric volatility pattern. Somewhat unusually, leverage effects are observed in EGARCH for medical‐type tourists, which shows a negative correlation between shocks in tourist numbers and the subsequent shocks to volatility. For both group‐type and medical‐type tourists, the asymmetric impacts on volatility show that negative shocks have larger effects than do positive shocks. The leverage effect in EGARCH for medical‐type tourists implies that larger shocks would decrease volatility in the change in the numbers of medical‐type tourists. These novel empirical results suggest that Taiwan's tourism authorities should act to prevent the negative shocks for the group‐type and medical‐type Chinese tourists to dampen the shocks that arise from having fewer Chinese tourists to Taiwan.

観光金融におけるABL（動産・債権担保融資）の活用

観光金融におけるABL（動産・債権担保融資）の活用

The Economics of the Egyptian Stock Market and the Financing of Tourism and Hospitality Projects: A Comparative Study of some Arab Stock Markets

Stock Markets are an important part of the economics of the Arabian countries. Securities tradedon a stock exchange include stock issued by listed firms and bonds. The current study aims toinvestigate the effect of Stock Split on Market Capitalization and Market Value in Hospitalityand Tourism in three Bourses. For the purpose of the study, determinations of whether StockSplit made by Hospitality and Tourism Sector Index’s firms on the Egyptian Exchange, SaudiArabian Stock Exchange and Bahrain Bourse have an effect on the splitting firms. The study useshistorical quantitative data during the period (2010:2018) collected from (ASMs). Based onlinear regression analysis, the findings in Travel and Leisure Index in The Egyptian Exchangeindicated that there is a significant positive relationship effect of Stock Split on MarketCapitalization, Market Value, and Market Value on Market Capitalization. Furthermore, theresults showed that in Tourism and Hotels index in Saudi Arabian Stock Exchange there is asignificant positive relationship effect of Stock Split on Market Capitalization, Market Value,and Market Value on Market Capitalization. In addition, the results showed that in Hotels andTourism in Bahrain Bourse there is a significant positive relationship between of Stock Split onMarket Capitalization, Market Value, and Market Value on Market Capitalization. The resultsalso revealed that Stock Split on Market Capitalization, Market Value, and Market Value onMarket Capitalization was considered the most criterion validity in the three Bourses.

An Event Study Analysis of Political Events, Disasters, and Accidents for Chinese Tourists to Taiwan

The number of Chinese tourists visiting Taiwan has been closely related to the political relationship across the Taiwan Strait. The occurrence of political events and disasters or accidents have had, and will continue to have, a huge impact on the Taiwan tourism market. To date, there has been relatively little empirical research conducted on this issue. Tourists are characterized as being involved in one of three types of tourism: group tourism (group-type), individual tourism (individual-type), and medical cosmetology (medical-type). We use the fundamental equation in tourism finance to examine the correlation that exists between the rate of change in the number of tourists and the rate of return on tourism. Second, we use the event study method to observe whether the numbers of tourists have changed abnormally before and after the occurrence of major events on both sides of the Strait. Three different types of conditional variance models, namely, the Generalized Autoregressive Conditional Heteroscedasticity, GARCH (1,1), Glosten, Jagannathan and Runkle, GJR (1,1) and Exponential GARCH, EGARCH (1,1), are used to estimate the abnormal rate of change in the number of tourists. The empirical results concerning the major events affecting the changes in the numbers of tourists from China to Taiwan are economically significant, and confirm the types of tourists that are most likely to be affected by such major events.