Interaction between Finance, Tourism and Advertising: Evidence from Turkey [Summary]
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The purpose - It is important to emphasize that a research on relationship between tourism, finance and advertisement is very rare. The aim of this study is investigation of causal relationship between these variables. Design - In this paper, the relationship between tourism revenues and variables like tourism index of Istanbul Stock Market (BIST) & tourism advertising durations which have not been used previously in the literature was investigated for Turkey. Methodology - To attain more useful and accurate findings, bootstrap granger causality test of Hacker Hatemi-J (2010) was used which can determine critical values by bootstrap simulation method in order to reduce the possibility of potential non-normal dispersion of errors. Approach - In purpose of contribution to literature, monthly data in the period spanning from Aug 2004 till Dec 2012 and bootstrap causality method were used, thus new findings were tried to be found Findings - While traditional Toda-Yamamoto (1996) causality test has been determined no causality between these three variables, there was observed one-way causality from tourism index to tourism advertisements by the aid of more advanced Hacker Hatemi-J (2010) causality test. As a result of study, one-way causality from tourism indices, which is an important indicator representing all positive and negative performances of businesses in tourism sector, to advertising durations was detected. The originality of this research - In this study, unlike others, variables like tourism index which represents businesses in tourism sector and tourism advertising durations were used. The relationship between tourism index, tourism advertisings and tourism revenue was examined with Hacker Hatemi-J (2010) bootstrap causality test which obtains critical values by bootstrap monte-carlo simulation. By this new test, more reliable and advanced results have been obtained. As a result, tourism index which can be considered as a fundamental performance scale of tourism sector has a vital effect on tourism advertisement.