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Browsing by Author "Mihalik, Brian J."

Now showing 1 - 10 of 10
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    Changes in Resident Perceptions Over Time: A Theoretical Examination of a Mega-Event
    Blosser, Phillip E. (Virginia Tech, 2009-08-05)
    Cities and countries increasingly seek mega-events to boost tourism, update local infrastructure, and improve the international standing of the host community. Benefits are actively promoted by the organizing committees, but these large-scale events also create significant economic, environmental and social costs for the host community. Measuring resident support is necessary because their support is required to secure the rights to the event, and to provide the necessary economic and human resources needed for hosting the event. This study utilized existing data on the 1996 Atlanta Olympic Games to investigate the impact of a mega-event on the host community, and to measure resident support for the event. Social exchange theory provided the theoretical background for this dissertation. The theory states that the costs and benefits of an exchange are continually re-evaluated by the actors in the exchange relationship. The primary contribution of this study is support for the notion that social exchanges are temporal in nature; residents continually monitored the positive and negative impacts of the event on themselves and on their community. To reach this conclusion, this study utilized four data points in the year leading up to the Olympics to assess the changes in residents’ perceptions of the impacts of the event over time. These changes were evaluated in light of residents’ support for the event. A factor analysis reduced the fifteen impact statements into three factors: Benefits, Local Problems, and External Problems. Residents were segmented according to their assessment of the event impacts, resulting in three clusters: Supporters, Cynics, and Realists. Proximity to the main event location also was evaluated since this variable has had mixed results in previous resident studies. Results showed that resident perceptions varied over time, thus providing support for monitoring residents over multiple time periods. In addition, residents’ support and residents’ plans to attend the event were contributing factors in the assessment of the Benefits and Local Problems. Supporters, Cynics, and Realists demonstrated significant differences over time in their assessment of External Problems, and proximity to the event was found to be a significant factor in residents’ assessment of Local Problems.
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    Co-alignment between Environment Risk, Corporate Strategy, Capital Structure, and Firm Performance: An Empirical Investigation of Restaurant Firms
    Chathoth, Prakash K. (Virginia Tech, 2002-05-02)
    The importance of testing the co-alignment model has been emphasized by several researchers in the past. The present study is an attempt to test the model using theories in corporate finance and strategic management, which will also prove the commonalties that exist between these domains of business research. This will help support the arguments of some researchers in the hospitality industry who have stressed the importance of assessing the firm's strategies using concepts in finance. The overall objective of this study is to test the viability of the co-alignment model using strategic management and corporate finance theory. The present study identifies the dimensions and variables using prior research within each of the constructs studied under the management and corporate finance domains, vis-a-vis environment risk, corporate strategy, capital structure and firm performance. The relationship between the constructs and dimensions were tested for the dependencies between them using surrogates used in prior research through a priori hypothesized relationships. The unit of analysis was the corporate level, and hence, the study included corporate level data of restaurant firms. The research design included cross-sectional data of restaurant firms that were averaged across an a priori defined time period. These firms were selected based on certain criteria that helped control for country effects and industry effects. Therefore, the publicly traded firms selected as part of the sample were based in the U.S. serving markets predominantly within the country. The statistical analysis was conducted using cross-sectional regression. Results indicate that a high variance in firm performance is explained by the co-alignment between environment risk, corporate strategy, and capital structure. Furthermore, the hypothesized relationships between variables that represent the constructs hold good while using accrual and cash flow returns as surrogates of firm performance. This key finding provides the base for future research efforts, which could focus on developing the model through the use of surrogates that are used in both strategic management and corporate finance research. Also, the sample could be extended to include privately owned restaurant firms that serve markets within the U.S., which will help improve the generalizability of the co-alignment model.
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    Co-alignment Framework for Evaluating the Implementation of the Tourism Satellite Accounts - A Case study of Tanzania
    Sharma, Amit (Virginia Tech, 2002-06-17)
    The poor quality and fragmented state of international statistics for the hospitality and tourism sector lead international organizations like the World Tourism Organization (WTO), Organization of Economic Cooperation and Development (OECD) and the United Nations to develop and recognize a universally acceptable framework of tourism statistics. These efforts culminated into the development of the Tourism Satellite Accounts (TSA), the very first sector specific Satellite System of Accounts approved by the United Nations. The WTO has since made numerous efforts to promote the implementation of the TSA, more so in the developing countries. While the process is gaining momentum, the implementation of the entire TSA framework is a tedious procedure requiring a high level of financial and non-financial resources. This paradox, of scarce resources required for TSA implementation in developing countries that are in most need of its benefits, has been the crucial motivation for this research project. The present study proposes a framework for evaluating the implementation of the TSA so that the process is manageable and is able to economize on various resources required to implement this comprehensive statistical database. Using Tanzania as the case study, this research verifies the proposed framework for evaluating the TSA's implementation. The underlying model for the proposed implementation framework is the Co-alignment principle from the field of Strategic Management. Evidence of existence of the characteristics of Co-alignment model's components is verified, given the particular experience of TSA implementation in Tanzania. The results suggest that the process in Tanzania is currently misaligned and may require reallocation of certain resources to increase the effectiveness of TSA implementation. In context of the Co-alignment principle, there is evidence that the end-user needs have not been explicitly established. There is also a lack of knowledge regarding gaps that exist between the current statistical databases and how the TSA would be able to fill these shortcomings. This is true for both additional datasets required and the much needed improvements in statistical methodology. Furthermore, there is no clear prioritization of implementation tasks, which is contributing to the lack of financial sustainability of the project. There is indication that the allocation of current resources is misaligned with the requirements for developing institutional capacity, training, stakeholder support, (particularly with the private sector operators) and building a stable legislative framework to support the entire process. Finally, there are no clear performance monitoring and evaluation criteria to assess the ongoing performance of the implementation process as well as that of the entire statistical database. This is crucial to insure effectiveness of the resource allocation process. The conclusions from these observations have been proposed as recommendations to align the process of TSA implementation in Tanzania with the objective of increasing the efficiency of these ongoing efforts at the Ministry of Natural Resources and Tourism. Furthermore, it has been suggested that the proposed evaluation framework can be used for assessing the effectiveness of implementing any generic national or regional statistical database.
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    Comparative Analysis of Mature Travelers on the Basis of Internet Use
    Cho, SeongMin (Virginia Tech, 2002-02-18)
    Travel and tourism marketers face a highly competitive environment brought on by the changing demographics of the U.S. population, the most significant change being the growth in size of the mature segment of the population. In terms of market size, there are currently 73 million people age 50 and older, comprising nearly one-fourth of the U.S. population (U.S. Census Bureau 2000). That number is expected to rise to 96 million by 2010, representing one-third of the population (Rasmusson 2000). A swelling population is not the only enticement that this age group offers. It is important to note that many mature consumers have deep pockets and a strong desire to spend. In fact, they control more than three-quarters of the wealth and one-half of the discretionary income in the nation. It is also estimated that they lay claim to three-fourths of the country's financial assets and boast more than $1 trillion in annual buying power. When all is said and done, this age group accounts for 40 percent of the total consumer demand in the United States (Swartz, 1999). However, even though recognizing the significance of the mature market in terms of their market size and economic potential, little research has been conducted to identify and understand the mature travelers who use the Internet.The main purpose of this study is to profile mature travelers on the basis of Internet use. More specifically, the intention is to examine the demographic and socio-economic characteristics of mature travelers who use the Internet compared to those who do not use the Internet. In addition, the purpose of the present study is to examine whether or not differences exist between Internet users and Internet non-users among mature travelers with respect to travel behavior. Attention is paid to investigate types of trip selected, the preferred activities participated in during the travel, length of stay, travel-related expenditures, type of lodging, type of transportation, number in the travel party, and type of travel party in explaining the differences between Internet users and Internet non-users of the mature market.Data were collected by utilizing a mailed questionnaire. 433 responses (23.44 percent of the total target population) were coded and used for data analysis. Data were analyzed by employing three types of data analysis: chi-square tests of independence; t-tests; and multiple discriminant analysis.The findings in the present study suggest that there are numerous differences in demographics, socio-economic characteristics, and travel characteristics between Internet users and Internet non-users among mature travelers. As a whole, for example, the results revealed that mature travelers who use the Internet were more likely to be younger, have higher annual household incomes, and have higher levels of education than mature travelers who do not use the Internet. Also, the results indicated that mature travelers who are still working are more likely to use the Internet than those who are not working. By understanding and utilizing information gathered from Internet users' and Internet non-users' demographics, socio-economic characteristics, and travel characteristics, tourism planners and marketers can develop appropriate and effective marketing strategies that appeal to mature travelers.
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    Destination Branding as an Informational Signal and its Influence on Satisfaction and Loyalty in the Leisure Tourism Market
    Huh, Jin (Virginia Tech, 2006-06-28)
    This study provides an integrated approach to understanding the relationship between destination branding and tourist behavior, and attempts to extend the theoretical and empirical evidence about the structural relationships among the following constructs: destination image, perceived quality, destination awareness (elements of destination branding), tourist satisfaction, and tourist loyalty (elements of tourist behavior) in the leisure tourism market. This study develops and empirically tests a destination branding model and its relevant components from the perspectives of tourists, so that it will help destination marketers to build more competitive tourism destinations. The destination brand model is based on relationship marketing theory, signaling theory, and brand equity theory. The model proposed four major hypotheses: 1) destination branding has a direct positive influence on tourist loyalty; 2) destination branding has an indirect positive influence on tourist loyalty through tourist satisfaction; 3) tourist satisfaction has a positive influence on tourist loyalty; and 4) the relationship between destination branding and tourist satisfaction is moderated by trip types. A sample population consisting of residents of Virginia was surveyed. A stratified sampling method and a random sampling method were used to select the sample. A total of 304 usable questionnaires out of 2,000 questionnaires were collected. Structural equation modeling (SEM) was used to test hypotheses in this study. The results revealed that: 1) cognitive destination image and destination familiarity had a direct influence on tourist loyalty as well as an indirect influence on tourist loyalty through tourist satisfaction; 2) affective destination image had only an indirect impact on tourist loyalty through tourist satisfaction; 3) tourist satisfaction had a significant relationship with tourist loyalty; and 4) cognitive destination image, affective destination image, and destination recognition were moderated by trip types. This study can initiate the development of theoretical foundations for destination branding. Also, the implications of these findings can help destination managers and marketers build competitive strategies for destination branding in order to ensure long-term relationships between tourists and their destinations.
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    Development of a Structural Model for Tourism Destination Competitiveness from Stakeholders' Perspectives
    Yoon, Yooshik (Virginia Tech, 2002-09-19)
    This study was conducted to theoretically develop and empirically test a structural equation model of tourism destination competitiveness from the tourism stakeholders'perspective. The proposed hypotheses that attempted to identify the structural relationships among the five constructs in the model were examined through a series of analyses in LISREL: 1) perceived tourism development impacts, 2) environmental attitudes, 3) place attachment, 4) development preferences about destination attractions/resources, and 5) support for destination competitive strategies The principle guideline of this study was that the support of tourism stakeholders for tourism planning and development is a key element for the successful operation, management, and long-term sustainability of tourism destinations. Tourism stakeholders' solid knowledge and experiences in tourism management and industry, professional involvement and participation in tourism planning and development, and long-term community observation and interactions have played an important role in tourism destination management. A total of 646 usable questionnaires were collected from randomly selected tourism stakeholders in the state of Virginia. From the results of hypotheses tests, tourism stakeholders' preferences about tourism attractions/ resources development are a function of perceived tourism development impacts as well as place attachment. The more stakeholders' preference for developing tourism attractions/resources, the more likely they were to support destination competitive strategies such as marketing efforts and activities, and destination management organizations' role. An additional finding that was not hypothesized indicated that tourism stakeholders, who have perceived benefits from tourism development, particularly in its economic and cultural aspects, are likely to support enhancement strategies for destination competitiveness. The implications of these findings can be applied to the enhancement of tourism destination competitiveness.
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    Financing University Conference Centers: A Multiple Case Study Approach
    Blacka, Aaron E. (Virginia Tech, 2001-09-26)
    The Co-Alignment Principle is a strategic management framework that guides value-added management. The model suggests that firms will perform successfully if they scan the environment for forces driving change and allocate their resources to industry-leading competitive methods that address environmental trends. When financing and managing a capital project, a firm's managers must think strategically and consider the "four pillars" of project valuation and management: (1) estimating future cash flows over the project's life cycle, (2) determining an appropriate cost of capital/rate of return, (3) assessing and managing operational and financial risk, and (4) investing in the appropriate materials and resources. The four pillars of project valuation and management act as a framework to guide this investigation on university conference center financing. The overall research question of this study asks how university officials make conference center investment decisions based on the four pillars of project valuation and management. To answer the research questions posed by this investigation, this study adopted a multiple case study approach, in which officials at five universities were interviewed about their universities' conference center projects. Interviews with two executive-level personnel at each university along with multiple sources of written documentation provided the basis for conclusions. Evidence from the data collection phase of this project indicates that universities follow similar procedures for financing their conference centers. For instance, they take advantage of low-cost, tax-exempt debt and private contributions to fund these capital projects. In addition, they place little emphasis on sensitivity analyses for cash flow projections and ignore the opportunity costs of capital. University conference center financing practices with respect to the four pillars of project valuation and management are not consistent with the recommendations set forth by traditional financial principles. This study concludes that universities should improve their strategic thinking and pay more attention to the four pillars in order to increase the viability of their conference center businesses.
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    Identification of Economic Value Drivers Impacting Operational Cash Flows in the Casual Theme Restaurant Industry
    Chung, Yea Sun (Virginia Tech, 2005-04-04)
    The importance of environmental analysis in the strategic management process and the effects of economic value drivers on firm or industry performance have been discussed conceptually and empirically by researchers in corporate failure, and in the areas of finance, accounting, strategic management, and the hospitality industry in the past. The belief is that the more systematic and frequent the scanning performed by managers the higher the chances of improving the firm's or industry's performance. The present study is an attempt to identify economic value drivers that impact the casual theme sector of the restaurant industry and to ascertain the degree of the impact during the period 1994-2003. The statistical analysis was based on time series data, using Cross Correlation, Granger Causality, and Multivariate Regression. An exhaustive range of economic value drivers within ten categories were tested: commodity market; foreign currency market; labor market; inflation; stock market; national income and output; interest rate; government revenue, spending, debt, and taxes; money supply; and consumer spending. The unit of analysis was done at the industry level, and an index of operational cash flows of the casual theme sector of the restaurant industry was developed. Economic value drivers within the categories of commodity markets, labor markets, inflation, stock market, national input/output, government revenue/spending/debt/taxes, money markets, and consumer spending indicated co-movements with and causality to the index of operational cash flows per unit in the casual theme restaurant industry. A high variance in the operational cash flows in the casual theme restaurant industry was explained by a set of economic value drivers within commodity markets, inflation, and labor markets. In broad, practical terms, the study intends to support the importance of assessing the economic environment for better performance of the restaurant industry and to provide food service managers with a conceptual model to understand the unanticipated effects on the performance of existing or new strategies. In real terms, the model and set of economic value drivers in the model would help them decide what kinds of action or investment in a firm or industry's weakness should be taken to buffer future operational risks against value drivers within economic environment.
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    The Moderating Role of the Industry Structure on the Causal Relationships between Remote Risks, Task Risks, and Industry Performance: Empirical Study of the U.S. Casual Theme Restaurant Industry
    Graf, Nicolas (Virginia Tech, 2007-12-10)
    The purpose of this study was to investigate the concepts of remote and task risks in relation to the structure of the casual theme restaurant industry, and to examine the performance consequences of their relationships. This study proposed a framework of analysis that will enable industry participants to develop an improved understanding of the relationships among environmental risk drivers, and of the influence of their strategic decisions on the environment-performance connection. Specifically, it was proposed that task risk factors could be identified, and that they would mediate the influence that some identifiable remote risk factors would have on the performance of the industry. It was also expected that this mediated relationship would be moderated by the influence of the structure of industry. The primary unit of analysis was at the industry sector level as the performance construct was operationalized using a portfolio of 24 casual theme restaurant firms. Exploratory factor analysis was used to identify the remote and task risk factors. The analysis suggested that three remote factors and three task factors represent the two environmental constructs: "Interest rates", "Expectations" and "Exchange rates" for the remote environment, and "Input quantities", "Input restaurant" and "Input prices" for the task environment. A number of time-series regression analyses were subsequently conducted for the 1993-2006 period to investigate the various proposed relationships. The results indicated that a number of significant direct effects of the remote and task risk factors on the cash flow returns on invested capital of the industry portfolio existed. Also, a significant mediated relationship was found: the "Input prices" mediated the influence of the "Expectations" on changes in the cash flow returns on invested capital. However, and despite numerous significant direct effects between the industry structure variables and the performance variables, no moderation could be established. The present study paved the way for future research on the relationships between the remote and task environment and the performance of firms. In particular, further research should be conducted that delves into the role of the cyclical nature of environmental risk factors. Besides, additional investigations of the influence of the structure of the industry should be conducted by attempting to compare more contrasted states of the industry.
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    Tourist Satisfaction with Cultural / Heritage Sites: The Virginia Historic Triangle
    Huh, Jin (Virginia Tech, 2002-03-11)
    Cultural/heritage tourism is the fastest growing segment of the tourism industry because there is a trend toward an increased specialization among tourists. This trend is evident in the rise in the volume of tourists who seek adventure, culture, history, archaeology and interaction with local people (Hollinshead, 1993). Especially, Americans' interest in traveling to cultural/ heritage destinations has increased recently and is expected to continue. For example, cultural/heritage sites are among the most preferred tourism experiences in America. (Virginia Department of Historic Resources, 1998) The recent studies about cultural/heritage tourism focused on the characteristics of tourists who visited cultural/heritage destinations. The study attempts to investigate the relationship between cultural/heritage destination attributes and tourist satisfaction, and to identify the relationship between cultural/heritage destination attributes and tourist satisfaction in terms of selected tourists' demographic characteristics and travel behavior characteristics. The expectancy-disconfirmation theory provided a conceptual framework for this study. The expectancy-disconfirmation theory holds that consumers first form expectations of products or service performance prior to purchasing or use. Subsequently, purchasing and use convey to the consumer beliefs about the actual or perceived performance of the product(s) or service(s). The consumer then compares the perceived performance to prior expectations. Consumer satisfaction is seen as the outcome of this comparison (Clemons & Woodruff, 1992). The study area for this study was Virginia Historic Triangle (Williamsburg, Jamestown, and Yorktown). Virginia Historic Triangle has been called the largest living museum in the world. Furthermore, it is one of America's popular vacation destinations, attracting more than 4 million tourists each year. The data of this study were collected from the on-site survey method. The sample population for this study was composed of tourists who visited Virginia Historic Triangle between June and August in 2001. The survey was conducted at five different sites in the Virginia Historic Triangle. Out of 300 questionnaires, 251 were usable. Therefore, the data from 251 respondents were analyzed in this study. Appropriate statistical analyses such as frequencies, descriptive, factor analysis, correlation analysis, multiple regressions, Multivariate Analysis of Variance (MANOVA), Analysis of Variance (ANOVA), and Multivariate Analysis of Covariance (MANCOVA) were used according to respective objectives and descriptors. The factor analysis was conducted to create correlated variable composites from the original 25 attributes. Using factor analysis, 25 destination attributes resulted to four dimensions: General Tour Attraction, Heritage Attraction, Maintenance Factors, and Culture Attraction. These four factors then were related with overall satisfaction. Correlation analysis revealed that four factors were correlated with tourists' overall satisfaction. The multiple regression analysis revealed that there was relationship between cultural/heritage destination attributes and tourists' overall satisfaction. MANOVA revealed that there was significant difference between derived factors in relation to only total household income and the length of stay among 10 demographic and travel behavior characteristics. ANOVA revealed that there is a significant difference in the overall satisfaction of tourists by gender, past experience, and decision time to travel. Finally, MANCOVA revealed that only one of the control variables (past experience) controlled the relationship between the overall satisfaction of tourists and derived factors. Based upon the results of this study, several recommendations can be made to increase tourists' satisfaction with the Virginia Historic Triangle. First, comprehending what tourists seek at cultural/heritage attractions will help tourism marketers better understand their customers. Second, identifying which attributes satisfy the tourist who visit cultural/heritage destinations will help tourism planners develop appropriate strategies to attract their customers and serve them effectively. Third, knowing who the satisfied tourists are may help reduce marketing costs and maintain cultural/heritage destinations' sustainability.