A bibliometric analysis of the presence of finances in high-impact tourism journals

Full Terms & Conditions of access and use can be found at http://www.tandfonline.com/action/journalInformation?journalCode=rcit20 Download by: [Universidad de Sevilla] Date: 16 December 2016, At: 01:44 Current Issues in Tourism ISSN: 1368-3500 (Print) 1747-7603 (Online) Journal homepage: http://www.tandfonline.com/loi/rcit20 A bibliometric analysis of the presence of finances in high-impact tourism journals José Luis Jiménez-Caballero & Silvia Polo Molina To cite this article: José Luis Jiménez-Caballero & Silvia Polo Molina (2017) A bibliometric analysis of the presence of finances in high-impact tourism journals, Current Issues in Tourism, 20:3, 225-232, DOI: 10.1080/13683500.2016.1164674 To link to this article: http://dx.doi.org/10.1080/13683500.2016.1164674 Published online: 24 Mar 2016. Submit your article to this journal Article views: 31 View related articles View Crossmark data RESEARCH LETTER A bibliometric analysis of the presence of finances in high-impact tourism journals José Luis Jiménez-Caballero*and Silvia Polo Molina Faculty of Tourism and Finance, University of Seville, Avda. San Francisco Javier s/n, 41018 Seville, Spain (Received 15 January 2016; accepted 7 March 2016) The purpose of this study is to observe the presence of financial research applied to tourism during the 1995–2012 period. The Scopus database has been used for tourism journals indexed in Journal Citation Reports and the Mendeley reference manager was used to manage the results. Two hundred and fifty-two articles were selected with basically financial content. The results reveal that in the majority of cases empirical research typology was used; the subject matter that aroused most interest was corporate finances and, within this, financial management,value creation,capital structure and investment decisions. Keywords: finance; tourism; bibliometric analysis; Mendeley 1. Introduction Vargas-Sánchez (2011) states that a tourism development model that does not feed off scientific research is inconceivable. One key area of research is finances. In this sense, the purpose of this study is to observe the presence of financial research and studies applied to tourism. An attempt will be made to achieve the goal that has been set using a bibliometric analysis and the observation of articles published in high-impact tourism journals, basically those indexed in the Web of Science Journal Citation Reports (JCR). A number of specific objectives first have to be met to achieve this end goal: .Research articles into finances published in JCR tourist journals have to be quantified. .The temporal evolution of published articles must be ascertained (bearing in mind that the established time frame is from 1995 to 2012). .The types of research carried out need to be known. .The issues that have aroused the greatest interest among researchers over time, and those that have aroused little or no interest, need to be established. We have chosen to study finances due to the importance of the field to cooperate in the development of the future management of tourism. 2. Literature review Contreras Jiménez (2000) shows the importance and relevance of bibliometric studies in the field of science. There are also other authors who have conducted research studies and © 2016 Informa UK Limited, trading as Taylor & Francis Group *Corresponding author. Email: [email protected] Current Issues in Tourism, 2017 Vol. 20, No. 3, 225–232, http://dx.doi.org/10.1080/13683500.2016.1164674 investigations into bibliometric studies (Hall, 2005; Jamal, Smith, & Watson, 2008; Jogaratnam, Chon, Mccleary, Mena, & Yoo, 2005). One example of categorisations of bibliometric studies is the study by Tsang and Hsu (2011), who classify these into three groups: (1) those that rank the contributions made by different authors or institutions in order; (2) those that analyse the methodologies and techniques used in tourism research; and (3) profile analyses that summarize published works, the topics covered and the places of publication. The present study would in broad terms fall into the third current. Park, WooMi Jo, Deborah, and Abbott (2011) investigated publications in six of the main hospitality and tourism journals from 2000 to 2009. The objective of the study was to ascertain what the main topics addressed in the field of tourism research were. In relation to bibliometric studies in which the subject matter that intervened alongside tourism was finances, the study conducted by Law, Leung, and Cheung (2012)was based on a review of articles published in Cornell Hospitality Quarter. Tsai, Pan, and Lee (2011) conducted a bibliometric review that analysed the articles that contained aspects of financial management of tourism accommodation between 1998 and 2009 with similar characteristics to the study approached herein. However, they do not coincide as to the data source, or the analysed time frame, as our study covers a longer period. 3. Methodology The five-phase methodology developed by Alfalla Luque, Marín García, and Medina López (2010) has been followed: (1) Identification of field of study and period for analysis. (2) Selection of information sources (Journals, Conference proceedings, Books, Theses and Internet). (3) Perform search and pilot test: .What? Search criteria. .Where? Manual or db. .How? Syntaxis. (4) Management and purging of results: .Selection of reference manager. .Purging of results (classification, false positives and false negatives). (5) Analysis of results. The scope of the study is identified: finances in tourism. The choice of the study period (1995–2012) covers a broad period compared to other studies, and seeks significant results. Thomson and Reuters information website was visited and a search was conducted of JCR tourism journals. The search yielded 35 JCR-rated hospitality and tourism journals, bearing in mind that the filter used was the terms Hospitality,Leisure,Sport and Tourism. The acceptance criterion to identify articles was the selection of studies related to Finance or Tourism or related topics corresponding to the field of study. These criteria were then related to the following key words: corporate finance; financial markets; funding, financial resources, investment; mergers, acquisitions; corporate valuation; equity securities, fixed-income securities, securitisation, bonds, stocks securities; indebtedness/financial leverage; rating agencies; credit risk; stock exchange, stock exchange index; 226 J.L. Jiménez-Caballero and S. Polo Molina Table 1. Fields, areas and research topics in the financial domain. Research fields Research areas Research topics Corporate or business finances Investment decisions Private investment in sectors Financial return (investment) Net present value/ internal rate of return Capital structure and dividend policy Financial leverage Optimum financing decisions Dividends Corporate valuation Fundamental analysis Valuation of tangible and intangible assets Value creation Value creation for shareholders Indicators of value creation (economic value added) Financial return (with respect to a reference) Property structure Corporate governance Agency problem Property management Mergers and acquisitions Financial management Financial return: prices-costs/ income-expense Yield managements Solvency, liquidity and credit risk Financial planning Financial factors for company growth Financial markets Efficient market hypothesis Financial anomalies Fundamental analysis Technical analysis Behavioural finance Portfolio decisions Specific risk Portfolio investments Risk and return Financial return Capital asset pricing model and arbitrage pricing theory Stock return Valuation of financial assets Valuation of derivatives Initial public offering, takeover bid Market risk management Systematic risk Cover, speculation and arbitration Market information Information asymmetries Investor protection Public finances Public investment Sectoral investment Aid to investment Public funding Public budgets Taxes Public expenditure Fiscal and monetary policy Influence in financial markets (Continued) Current Issues in Tourism 227 Table 1. Continued. Research fields Research areas Research topics International finances International investment and development Direct foreign investment Portfolio investment Wealth effect Country-risk and rating Risk premium Foreign currency Currency conversion risk Sovereign debt Financial crisis Personal finances Personal income and expenditure Mortgages Source: Prepared by authors. Adapted from Martín Marín (1995). 228 J.L. Jiménez-Caballero and S. Polo Molina banking, financial system, bank; derivatives markets, financial futures and options; financial return, ROI, ROE; systematic and specific risk, Sharpe, CAPM, beta; financial diversification, portfolio; country-risk, risk premium; working capital; suppliers, clients; cash flow, cash; cash management; collections and payments. For this stage we chose ‘Scopus’database. Once the desired result had been obtained it was necessary for these articles to be retrieved and exported to the Mendeley reference manager. The result obtained from this first examination was 1351 articles. They were purged with the result of 252 articles. Once the final number of articles had been obtained, a categorisation was established. Table 1 was used to sort the information. 4. Results and discussion Between 1995 and 2012 tourism journals indexed in JCR produced 252 articles with strictly financial topics. It should be underscored that 81.3% of the articles were published during the second half of the analysed period (2004–2012), which means that tourism as a research topic, and, in this case, the financial aspect of tourism, has progressively gained interest in the scientific community. Financial articles were found in 17 of the 35 journals indexed in JCR (Figure 1). Therefore, 48.57% of high-impact scientific journals in the sphere of tourism have published Figure 1. Production of financial articles by journal, 1995–2012. Current Issues in Tourism 229 Table 2. Volume of articles by financial area and financial field of research during the 1995–2012 period. 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total Corporate finance 24 45131 31 941292018139118 Financial management 1 1 21 3 3155767143 Capital structure 1 1 1 1 322134 120 Investment decisions 21 2 1 12 3113 Value creation 1 1 1 3121731627 Corporate valuation 12216 Dividend policy 1 1 1 3 Property structure 1 1 3 1 6 Financial markets 1 2 2 5 2 5 8 11 7 12 8 15 11 89 Market information 1 2 1 4 Portfolio decisions 11 2 Risk and return 1 1 2 5 2 44869612868 Market risk management 1131212213 Efficient market hypothesis 112 International finance 1 2 11 125 254126 International investment and development 1 2 1 125 123119 Foreign currency 11 2 Financial crisis 1 1 1 2 5 Public finance 123 111 11 1 3 318 Public investment 1 2 2 1 1 1 1 1 1 2 3 16 Public funding 1 12 Personal finance 11 Personal income and expenditure 11 Total 373566431061515281634343225252 230 J.L. Jiménez-Caballero and S. Polo Molina purely financial articles. The journals that contain the greatest financial production are International Journal of Hospitality Management (IJHM),Tourism Management (TM) and Tourism Economics (TE). These three together represent 63.09% of all financial articles published in hospitality and tourism journals. In the selected articles, three different types of research can basically be observed: empirical, those that develop a model and theoretical. The majority of research has been empirical, with 185 articles (73.41% of the total). Two research fields predominate: Corporate Finance and Financial Markets. The first of these has generated the highest number of publications, 118 in all, and the areas that obtain the highest number of articles are Financial Management, with 43, and Value Creation, with 27. Within the field of Financial Markets the area of Risk and Return predominates, with 68 related articles (Table 2). 5. Conclusions Firstly, we can highlight that tourism as a research subject –and, in this case, with respect to its financial aspect –has gained interest among the scientific community during the 1995– 2012 period. We therefore understand that the fact that financial research is gaining ever greater importance within tourism is, to a certain extent, the result of an increase in production that each of the disciplines has experienced separately. The production of IJHM,TM and TE accounts for 63.09% of all financial articles published in hospitality and tourism journals during the study period. There is no relationship between a specific journal ranking JCR and the number of published articles. With respect to the typology of the research undertaken, the majority of research in the field of finances related to tourism is empirical (73.41% of all research). The trend towards this type of research is also higher in bibliometric studies of finances. The topic that arouses the greatest interest is Corporate Finance. This topic demonstrates how important the company is in the tourism phenomenon. Within this field Financial Management and Value Creation are the most addressed areas. The second most productive research field is Financial Markets and, within this, the area of Risk and Return. Other fields of importance, although of less interest, were International Finance and Public Finance. To conclude, only one article was detected that deals with Personal Finance, as a result of it is understood not generate sufficient interest to be addressed. Given the importance of research into finances for improving business practice and public management, the contribution and significance of the findings for tourism policy and practice have been to detect the financial issues that concern the world of tourism today. Researchers should therefore be able to develop appropriate solutions from a financial point of view. Lastly, one limitation of the study that can be highlighted is not knowing whether the financial research topics and issues that are of interest to professionals in the tourism sector are the same as those that are of concern to researchers. Disclosure statement No potential conflict of interest was reported by the authors. ORCID José Luis Jiménez-Caballero http://orcid.org/0000-0003-3456-2960 Current Issues in Tourism 231 References Alfalla Luque, R., Marín García, J. A., & Medina López, C. (2010). Una propuesta metodológica para la realización de búsqueda sistemática de bibliografía [A methodological proposal for the realisation of systematic searches]. Working Papers on Operations Management,1(2), 13–30. Contreras Jiménez, E. (2000). Los métodos bibliométricos. Estado de la cuestión y aplicaciones [Bibliometric methods. State-of-the-art and applications]. Cuadernos de Documentación Multimedia,10, 757–771. Hall, C. M. (2005). 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