Financial Provision of Investment Activities of the Subjects of the World Industry of Tourist Services
Abstract
The article deals with the methodological approach and practical aspects of the development of the corporate financial security system for forecasting the investment activity of the subjects of tourist services and modeling of their tourist flows for restoration of the natural and recreational potential of the state (region) of the world level. It is proved that the multiplicative effect regulates the economic and social indicators of the tourist services and under the influence of financial policy, sets the vector of their state support, suspends the information asymmetry of the financial market in the corporate financial security system, forms a stable inflow of financial resources from tourism sector, diversifies the model of financing the investment costs of the tourism industry on the basis of public-private partnership. The dynamics of changing the time trend of the integral multiplier effect of investment expenditures of the tourism sector is substantiated. A methodological approach to estimating the multiplicative effect of investment is proposed, which defines the interdependent relationship between the differential “input-output” of the tourist services industry of the meso-level using information technologies of the money generation model. The contribution of the multiplier effect of investment costs of tourism services to the country's GDP has been determined as a complex budgetary system of financing investment projects in the regions, taking into account the conditions of employment growth and job creation. The structure of the subsidized distribution of financial resources for the investment costs and service of the tourist services industry in countries and regions of the world is analysed. The marginal criterion for effective consumption of investments for all world countries, which ensures the movement of tourist flows in the financial resources market and shapes the investment attractiveness of the regions is 3.9%. It is proved that the contractual and institutional model of public-private partnership allows to support private investors, to regulate and fill budgets of all levels, to increase the social responsibility of subjects of tourist activity and to accelerate the economic growth of the country.
References
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[44] Tsiotsou, R., and Ratten, V. 2010. Future research directions in tourism marketing. Marketing Intelligence and Planning, 28(4): 533-544. DOI: https://doi.org/10.1108/02634501011053702
[45] Vujovic, S., and Arsic, L. 2018. Financing in tourism. Basic Sources of Financing the Accommodation Offer, 7(2): 223-243.
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[51] International tourism, receipts (% of total exports). 2017. Available at: https://data.worldbank.org/indicator/ST.INT.RCPT.XP.ZS?view=chart.
[52] International tourism, receipts for passenger transport items (current US$). 2017. Available at: https://data.worldbank.org/indicator/ST.INT.TRNR.CD.
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[2] Bartlett, J. 2011. IFC PEP-Pacific Tourism Sector Diagnostic Tool Supporting Responsible Tourism Development. Available at: https://www.usaid.gov/sites/default/files/documents/2151/InvestmentWorkbook_4%5B2%5D.pdf.
[3] Benavides, D.D. 2001. The viability and sustainability of international tourism in developing countries. Paper presented at Symposium on tourism services: world trade organization, February 22-23, in Geneva, Switzerland.
[4] Champ, B., Freeman, S. and Haslag, J. 2016. Modeling Monetary Economies. Cambridge University Press.
[5] De Long Camp, M. 2010. Concept Subsidized Credit Facility to Reduce the Impact of Tourism Operators on Biodiversity Summary. WWF Conservation Finance.
[6] Dunets, A.N., et al. 2019. Selection of strategic priorities for sustainable development of tourism in a mountain region: concentration of tourist infrastructure or nature-oriented tourism. Entrepreneurship and Sustainability Issues, 7(2): 1217-1229.
[7] Eccles, G. 1995. Marketing, sustainable development and international tourism. International Journal of Contemporary Hospitality Management, 7(7): 20-26. DOI: https://doi.org/10.1108/09596119510101895
[8] Fedyunin, D.V., et al. 2018. Information support model for the children’s leisure and tourism industry within the annual planning cycle. Journal of Environmental Management and Tourism, 9(6): 1256-1262.
[9] Fedyunin, D.V., et al. 2018. Methods of implementing PR campaigns for children's recreation and tourism at the federal and regional levels. Journal of Environmental Management and Tourism, 9(8): 1745-1750.
[10] Frangialli, F., Giovannini, E., Carre, H. and Cheung, P. 2016. Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF 2008). Tourism statistics: Jointly presented by the United Nations Statistics Division (UNSD), the Statistical Office of the European Communities (EUROSTAT), the Organization for Economic Co-operation and Development (OECD) and the World Tourism Organization (UNWTO). Available at: https://unstats.un.org/unsd/statcom/doc08/BG-TSA.pdf.
[11] Freytag, A., and Vietze, C. 2006. International Tourism, Development and Biodiversity: First Evidence. Friedrich-Schiller-Universität Jena.
[12] Grant, Th. 2015. Digital Transformation Research Findings. Presentation at the European Tourism Forum. ICON and ZN Consulting.
[13] Hawkins, D., and Lamoureux, K. 2008. Performance Monitoring Programs and Performance Indicators for Sustainable Tourism. George Washington University.
[14] Hrechanyk, V., and Vasylchenko, S. 2008. Current trends in the development of international tourism: Ukraine and the world. Bulletin of the Carpathian University. Series: Economics 6. Available at: http://tourlib.net/statti_ukr/grechanyk2.htm
[15] Hryshchenko, S. 2011. Preparation and Implementation of Public-Private Partnership Projects. USAID Local Investment and National Competitiveness Project. FOP “O.M. Moskalenko”.
[16] Huk, N. 2005. Prospects for tourism development in the world and in Ukraine. Culture of the Peoples of the Black Sea, 59: 99-100.
[17] Ivanova, L. 2009. The conjuncture of the international market of tourist services: new realities. Bulletin of the Khmelnitsky National University, 5(3): 202-205.
[18] Kejns, Dzh. 2011. General Theory of Employment, Interest and Money. Helios ARV, Series “Classics of Economic Science”.
[19] Kostruba, A.V. 2019. The rule of law and its impact on socio-economic, environmental, gender and cultural issues. Space and Culture, India, 7(2): 1-2.
[20] Kulinska, A. 2009. Features of the financial mechanism of public administration by subjects of the non-productive sphere (on the example of the tourism industry in Ukraine). The Effectiveness of Public Administration: A Collection of Scientific Papers, 18-19: 468-476.
[21] Lennon, Dzh.D. 2008. Management of the Tourism Industry: The Best Practices of National Organizations and Tourism Agencies. Gr. IDT.
[22] Limanskyi, A., and Ruzhkovskyi, Ya. 2005. International tourism in the era of globalization. Journal of European Economics, 3: 295-306.
[23] Malska, M., Antoniuk, N. and Hanych, N. 2008. International Tourism and Services. Znannya.
[24] Manzo, G.G. 2019. Oxford Economics for World Travel & Tourism Council. Economic impact 2019 World. Available at: https://www.wttc.org/-/media/files/reports/economic-impact-research/regions-2019/world2019.pdf
[25] McIntosh, R.W. and Goeldne, Ch.R. 1990. Tourism Principles, Practices, Philosophies. J. Wiley.
[26] Metechko, L.B., and Sorokin, A.E. 2018. Cluster strategy for eco-innovation at manufacturing enterprises. Russian Engineering Research, 38(4): 316-319.
[27] Milinchuk, E. 2006. A systematic approach to the study of the main problems of tourism. Tourism and Cultural Heritage, 2: 154-161.
[28] Milne, S., and Ateljevic, I. 2001. Tourism, economic development and the global-local nexus: Theory embracing complexity. Tourism Geographies, 3(4): 369-396. DOI: 10.1080/146166800110070478
[29] Mirbabayev, B. 2005. The role of tourism in international development. Strengthening and Promoting Local Functions of ODA-Graduate School of Policy Studies, 3(7): 1-9.
[30] Muzychenko, A. 2013. Public-private partnership as an institution of interaction between government and business. Economic Space, 75: 100-108.
[31] Ostapiuk, N., Karmaza, O., Kurylo, M., and Timchenko, G. 2017. Economic security in investment projects management: Convergence of accounting mechanisms. Investment Management and Financial Innovations, 14(3): 353-360.
[32] Phillips, J., Faulkner, J., Hilbruner, R. and Hawkins, D.E. 2011. Tourism Investment and Finance Accessing Sustainable Funding and Social Impact Capital. Sustainable Tourism: International Cooperation for Development Online Tool Kit and Resource Series. International Institute for Tourism Studies the George Washington University.
[33] Plaskova, N.S., et al. 2017. Methodological support of organizations implementing innovative activities investment attractiveness estimation. Journal of Advanced Research in Law and Economics, 8(8): 2533-2539.
[34] Poliuha, V. 2010. The theoretical basis of the measurement and presentation of the tourism product in macroeconomic indicators. Bulletin of the Lviv University. Series: Economics, 44: 543-551.
[35] Premović, J., et al. 2013. Globalni ekološki problemi i održivi turistički razvoj. Ecologica, 70: 305-310.
[36] Reisinger, Y. 2009. International Tourism: Cultures and Behavior. Butterworth-Heinemann.
[37] Rudenko, M.N. 2017. Economic security of regions. Journal of Advanced Research in Law and Economics, 8(8): 2568-2585. DOI: https://doi.org/10.14505//jarle.v8.8(30).29
[38] Rudenko, M.N. 2019. Economic security of the region (Perm krai). Astra Salvensis, 7: 385-410.
[39] Rypkovych, M. 2014. Financial support for the development of the tourism industry. Bulletin of the University of Banking of the National Bank of Ukraine, 2: 41-45.
[40] Sorokin, A.E., and Novikov, S.V. 2019. Formation of the national economy of Russia in the context of state support of innovation actions. Espacios, 40(38): 4.
[41] Temnyk, I. 2011. Conditions and factors of international tourism development. An Efficient Economy 3. Available at: http://www.economy.nayka.com.ua/?op=1&z=499
[42] Topchiy, D., Skakalau, V., and Yurgaytis, A. 2018. Comprehensive verification construction compliance control as the developer's project risk reduction tool. International Journal of Civil Engineering and Technology, 9(1): 985-993.
[43] Topchy, D.V. 2018. Organisational and technological measures for converting industrial areas within existing urban construction environments. International Journal of Civil Engineering and Technology, 9(7): 1975-1986.
[44] Tsiotsou, R., and Ratten, V. 2010. Future research directions in tourism marketing. Marketing Intelligence and Planning, 28(4): 533-544. DOI: https://doi.org/10.1108/02634501011053702
[45] Vujovic, S., and Arsic, L. 2018. Financing in tourism. Basic Sources of Financing the Accommodation Offer, 7(2): 223-243.
[46] Zatsarinnyi, Е.I., et al. 2017. Current trends in the financial market development. Journal of Advanced Research in Law and Economics, 8(8): 2629-2635. DOI: https://doi.org/10.14505//jarle.v8.8(30).34
[47] Country Analysis the World Travel & Tourism Council (WTTC). 2018. Available at: https://www.wttc.org/economic-impact/country-analysis/.
[48] International tourism, expenditures (% oftotalimports). 2017. Available at: https://data.worldbank.org/indicator/ST.INT.XPND.MP.ZS?view=chart.
[49] International tourism, expenditures for passenger transport items (current US$). 2016. Available at: https://data.worldbank.org/indicator/ST.INT.TRNX.CD.
[50] International tourism, expenditures for travel items (current US$). 2017. Available at: https://data.worldbank.org/indicator/ST.INT.TVLX.CD.
[51] International tourism, receipts (% of total exports). 2017. Available at: https://data.worldbank.org/indicator/ST.INT.RCPT.XP.ZS?view=chart.
[52] International tourism, receipts for passenger transport items (current US$). 2017. Available at: https://data.worldbank.org/indicator/ST.INT.TRNR.CD.
[53] International tourism, receipts for travel items (current US$). 2017. Available at: https://data.worldbank.org/indicator/ST.INT.TVLR.CD.
[54] The UNWTO Tourism Dashboard – Insights on key performance indicators for inbound and outbound tourism at the global, regional and national levels. UNWTO Tourism Dashboard. 2020. Available at: https://www.unwto.org/unwto-tourism-dashboard
[55] Tourism Satellite Account: Recommended Methodological Framework. 2008. United Nations Statistics Division. Available at: https://unstats.un.org/unsd/statcom/doc08/BG-TSA.pdf
[56] Travel & Tourism Economic Impact 2018 Ukraine. The World Travel & Tourism Council. 2018. Available at: https://www.wttc.org/-/media/files/reports/economic-impact-research/archived/countries-2018/pakistan2018.pdf
Published
2020-06-30
How to Cite
TRUSOVA, Natalia V. et al.
Financial Provision of Investment Activities of the Subjects of the World Industry of Tourist Services.
Journal of Environmental Management and Tourism, [S.l.], v. 11, n. 4, p. 890-902, june 2020.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/5214>. Date accessed: 26 apr. 2024.
doi: https://doi.org/10.14505//jemt.v11.4(44).13.
Section
Article
Copyright© 2023 The Author(s). Published by ASERS Publishing 2023. This is an open access article distributed under the terms of CC-BY 4.0 license.