Estimating the demand for money in an unstable open economy : the case of the Fiji Islands

In this paper, we estimate Fiji's money demand function for the period 1971-2002 based on the bounds testing approach to cointegration, which is applicable irrespective of whether or not the underlying variables are non-stationary. We estimate models with and without a time trend and for lag lengths ranging from 1-3, but fail to find any evidence for a long-run relationship. Moreover, our structural break analysis suggests that the unstable nature of Fiji's money demand may be due to atypical events, such as coups; the implementation of policies, such as devaluations and value added tax; and the onset of trade liberalisation policies over the last two decades.

Measuring tourism website communication out of Central America

This study analyses website communication out of Central American nations using content analysis. The official government tourism websites of seven countries were analysed and mapped. We found that some countries communicate far more specific messages than others, in a way that allows the personality of the country – often termed its “brand” – to shine through. Others are currently failing to communicate distinctly. This article illustrates an easy and relatively inexpensive way for international tourism marketers to examine their brands as they are communicate online. The contribution of this study is the use of a simple research approach and set of tools that both tourism researchers and managers can use.

Power demand and energy usage of container crane - comparison between AC and DC drives

The electrical data of two quay cranes, one has a DC drive system and the other has an AC drive system, in actual working conditions at a container terminal are measured and presented in this paper. Peak demand, energy usage, power factor and power quality are examined and compared.

Battlefield tourism in Turkey : an empirical analysis of British ex-colonial event attendance

This paper explores the influence of visitor satisfaction on intention to recommend event attendance. The Anzac Day commemoration at Gallipoli, Turkey, an event that has become increasingly popular in recent years and provides the backdrop for the current study. Some 20,000 people travel to attend this event. Data was collected from 331 attendees while they were in transit from Gallipoli to Istanbul on 25 April 2007. The analysis of this data was undertaken using factor analysis as a basis for identifying model constructs to be tested using structural equation modelling. Findings suggest that the constructs relating to the ceremonies held at Anzac Cove and Lone Pine and the experiential and emotional aspects of the event were significant predictors of event satisfaction and subsequent recommending behaviour. The implications of these findings for events in general and the success of the Anzac Day commemorations at Gallipoli are discussed.

Tourism and recreation in natural environments : an empirical analysis of visitor satisfaction

A trend in tourism patterns is the desire by tourists to spend more time enjoying unspoilt, natural environments. Leisure experiences in parks can provide many benefits which include promoting positive emotional, intellectual and social experiences which result in high levels of wellness in communities with long-term benefits. However, the resultant growing number of national park visitors has created a need for effective and efficient decision suppOli tools to assist park managers to administer resources, assess planning decisions, cater for an increased range of users, avoid user conflicts and minimise negative impacts on the environment. The aim of this paper is to determine the extent to which manageable variables predict park visitor satisfaction, and in so doing develop a better understanding of park visitors and their leisure experiences in parks. This study is based on a sample of 11,387 face to face interviews at 34 major parks in Victoria, Australia. The study uses cluster analysis, factor analysis and structural equation modelling to develop a segmentation approach to model and analyse visitor satisfaction. Seven well differentiated segments have been developed; constructs relating to park visitation have also been produced. The study highlights that different combinations of park facilities and resources are important in determining the satisfaction of park visitors from different segments.

Are Australia's tourism markets converging?

In this paper we make an important contribution towards understanding Australia's tourism industry by examining whether or not Australia's tourism markets are converging. We define convergence as the reduction in tourist arrivals' differential, which is calculated as the difference between total visitor arrivals to a country and visitor arrivals from a particular tourist source market. We analyze Australia's thirteen major tourist source markets using monthly data over the period January 1991 to September 2003. To test for convergence, we use the univariate and panel Lagrange multiplier (LM) tests. Our main finding is that when we allow for two structural breaks in the data series, both univariate and panel LM tests provide strong evidence for convergence of Australia's tourism markets. This implies that policies aimed at attracting visitor arrivals from any one of Australia's thirteen tourist source markets will boost the volume of tourists coming into the country.

The tsunami of independent directors - how to handle the demand

Good governance is recognized as a fundamental indicator of the success of a company. For a small- midsized company, this is particularly so, as such companies must be able to competitively demonstrate their flexibility in the face of market forces. This flexibility is the primary advantage they hold over larger firms (Dalton, Daily, Ellstrand and Johnson, 1998).

Such companies, however, can find it difficult to attract good directors (Daum and Neff, 2003) and this makes developing improved strategies of governance a challenge. Taylor, Chait and Holland suggest top directors are not attracted to small/ medium companies because "the stakes remain low, the meetings process-driven, the outcomes ambiguous, and the deliberations insular" (Taylor, Chait and Holland, 2001). We suggest that the attraction of quality directors is a uniquely impacting situation for small and mid-size firms, as it is there where additional management resources should be needed most urgently.

Directors on the boards of small-medium sized businesses are often lagging behind directors of large companies in that they are less likely to be independent external directors and are less likely to represent a diversity of attributes (Dalton, Daily, Ellstrand and Johnson, 1998). Arthur Levitt, former United States Securities and Exchange Commission Chair, describes the culture of medium sized business directorships as a "kind of a fraternity of CEOs who serve on one another's boards" (Stainburn, 2005). In addition, evidence suggests directors of small- medium businesses are often insufficiently trained for the role. Uncertain directors may, for example, be unwilling to ask crucial questions of managers before making major decisions. "Board members sometimes are made to feel that asking a thorny question or advancing an alternative opinion is disloyal to the administration" (Taylor, Chait and Holland, 2001).

Small and medium businesses, however, are a growing contributor to the national economies of countries internationally. In New Zealand, small and medium-size firms recording large GDP values, ahead of many large businesses, which makes our investigation into good governance practices of SMEs relevant to suggest areas in which these firms can improve their governance policies and practices.

We have reviewed more than 2,000 directors, executives and investors in New Zealand, making this one of the largest non-government surveys in governance. Supported by 16 large corporate organizations, such as KPMG, Business New Zealand, Simpson Grierson, Brook Asset Management, Porter Novelli, Sheffield and 'Management' Magazine, this work suggests that the current processes through which directors are selected and trained to serve on Boards of small and medium businesses needs to be altered. We are also concerned over the lack of director education and the close involvement of the Chief Executives as members of the Boards. There is a general concern over the lack of director independence and whether directors are effective in their roles.

We are recommending an alternative process for SMEs to select directors, which will hopefully expand the available pool of directors in quantity and quality.

Wine tourism and subsequent wine purchase behaviour

Wine Tourism within the grape-growing areas of Australia is an integral part of local and regional tourism initiatives, however, it is an area that has been under-researched resulting in few available resources to wine tourism providers. This research set out to address this deficiency by establishing whether there is a link between the wine tourism experience and wine purchasing behaviour.

Interaction perspectives of individuals and destination marketing organizations in the tourism network of Australia

This paper seeks to assess the nature, perspectives and characteristics of interactions in the tourism network in Australia. The pattern of interactions between network participants is crucial in defining the network and its boundaries. Ford and Hakansson (2007) develop a structure of interactions between participants in a network. Time dimensions of the interactions are sequence, ordering and trajectory. Relativity dimensions are jointness, interdependence and heterogeneity. Interaction can be problem solving both incurring costs and producing benefits.
There are two stages of this research. The first stage obtained the perspectives from 35 organizations regarding the challenges facing tourism, key growth segments, brand and promotional strategies and customer insights and satisfaction levels. The second stage of this research uses follow up personal interviews and assesses the interaction patterns among network participants. The sequence, ordering and trajectory of the interactions are examined as are the jointness, interdependence and heterogeneity of the interactions. A network map is produced based on the frequency and importance of the communications and interactions. The research will also address key questions identified by Johnston, Peters and Gassenheimer (2006). Is the network characterized by tighter or looser coupling? How important is collaboration to the survival (or success) of each participant?