Solyom i, And ea Hanna; Skačkauskienė, Ilona; Bo iso , Igo ; Vinog ado , Sze gej
A icle
The assessmen o isk ole ance o Hunga ian a elle s
owa ds ab oad ips
Jou nal o Business Economics and Managemen (JBEM)
P o ided in Coope a ion wi h:
Vilnius Gediminas Technical Uni e si y (VILNIUS TECH)
Sugges ed Ci a ion: Solyom i, And ea Hanna; Skačkauskienė, Ilona; Bo iso , Igo ; Vinog ado , Sze gej
(2024) : The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips, Jou nal
o Business Economics and Managemen (JBEM), ISSN 2029-4433, Vilnius Gediminas Technical
Uni e si y, Vilnius, Vol. 25, Iss. 1, pp. 104-128,
h ps://doi.o g/10.3846/jbem.2024.20459
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ISSN 1611-1699 / eISSN 2029-4433
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Volume 25
Issue 1
Pages 104–128
h ps://doi.o g/10.3846/jbem.2024.20459
THE ASSESSMENT OF RISK TOLERANCE OF HUNGARIAN TRAVELLERS
TOWARDS ABROAD TRIPS
And ea Hanna SOLYOMFI 1, Ilona SKAČKAUSKIENĖ 2, Igo BORISOV 3,
Sze gej VINOGRADOV 4
1Doc o al School o Economic and Regional Sciences, Hunga ian Uni e si y o Ag icul u al and Li e Sciences,
Pá e Ká oly u. 1, H-2100 Gödöllő, Hunga y
2Managemen Depa men , Vilnius Gediminas Technical Uni e si y,
Saulė ekio al. 11, Vilnius, Li huania
3Cen e o Ci cula Economy Analysis and Knowledge, Hunga ian Uni e si y
o Ag icul u al and Li e Sciences
Pá e Ká oly u. 1, H-2100 Gödöllő, Hunga y
4Ins i u e o Digi al S udies, Budapes Me opoli an Uni e si y, Nagy Lajos ki ály ú ja 1-9,
1148 Budapes , Hunga y
A icle His o y: Abs ac . This s udy iden i ied and examined signi ican ac o s a ec ing he isk ole ance
o Hunga ian a elle s owa ds ab oad ips. Da a o he empi ical esea ch was de i ed
om an online su ey. The inal ques ionnai e included 45 s a emen s desc ibing aspec s o
a el sa e y and a el p e e ences. The e was a o al o 496 esponses, which enabled hem
o be analyzed. A s uc u al equa ion modeling (SEM) app oach was used o de elop he
model o isk ole ance assessmen . As a esul o he s udy, physical secu i y, p ice sensi i i y,
mood-d i en ac o , and des ina ion’s image in he media may be conside ed as subs i u es
o de e mining a elle s’ isk ole ance. This esea ch con ibu es o he body o knowledge
by suppo ing he p oposi ion ha inne pe sonali y ai s and image ac o s may in luence
ou ism p e e ences, sugges ing u u e s udies should use a mul i a ia e app oach o explain
and p edic ou ism choices. Tou ism manage s and p i a e companies ope a ing in his sec-
o can ind he esul s o his s udy e y help ul in planning and p omo ing ou ism o isky
des ina ions.
■ ecei ed 02 June 2023
■ accep ed 27 Sep embe 2023
Keywo ds: pe cei ed isk, isky des ina ions, mood-d i en, image in he media, p ice sensi i i y, a elle s’ isk ole ance.
JEL Classi ica ion: Z32, Z33, C33.
Online supplemen a y ma e ial: Suppo ing in o ma ion o his pape is a ailable as online supplemen a y ma e ial a
h ps://doi.o g/10.3846/jbem.2024.20459
Co esponding au ho . E-mail: [email p o ec ed]
JOURNAL o BUSINESS
ECONOMICS & MANAGEMENT
1. In oduc ion
In ecen yea s, we ha e wi nessed an inc ease in he pe cep ion ha an indi idual is mo e
likely o be a ic im o e o ism, an in e na ional con lic , o a heal h haza d. Tou ism may
su e se ious consequences as a esul o an inc easing pe cep ion ha he wo ld is a mo e
dange ous place o li e and a el (Wo ld Economic Fo um, 2022). Thus, i he ou ism indus-
y is o be p ospe ous, esea che s need o inc ease hei unde s anding o isk pe cep ion,
he cons i uen elemen s o i s o ma ion among po en ial ou is s, and how o manage i
(Kiyak & Labanauskai e, 2020).
Jou nal o Business Economics and Managemen , 2024, 25(1), 104–128 105
The li e a u e on ou ism isk has been c i icized o he lack o a heo e ical ounda ion
and he eby limi ing he c ea ion o new knowledge (Yang e al., 2017; Wang e al., 2019;
Chee e al., 2021). I is appa en ha a signi ican esea ch gap exis s in he e iew li e a u e
ega ding c isis managemen , isk managemen , and disas e managemen esea ch conduc -
ed in he hospi ali y and ou ism sec o s, pa icula ly in he digi al e a; and such a esea ch
need is becoming inc easingly impo an ollowing mode n challenges such as COVID-19
(Wu e al., 2021) o he Uk ainian con lic (Ho iachko, 2021).
The e o e, in ligh o his, we a e pa icula ly in e es ed in iden i ying and ca ego izing he
unde lying isk ac o s associa ed wi h a el des ina ions and ou ism ac i i ies in di e en
con ex s. The use o alid and eliable scales o assess he le el o ou is s’ isk ole ance and
i s impac on ou is beha io . An in es iga ion in o how unce ain y, wo y, ea and anxie y
in luence he choice o ou is des ina ions and how hey in luence ou is s’ isk ole ance.
The ways in which hese ac o s could be mi iga ed.
The e a e some ac o s ha can in luence ou is s’ choice o des ina ion, e en when he e a e
secu i y isks in ol ed. Some ou is s may be mo e isk-a ine o isk-a e se han o he s, de-
pending on hei pe sonal and psychological cha ac e is ics, as well as hei cul u al o ien a ions
(Ruiz-Sancho e al., 2021; Rahman e al., 2021). And ice e sa, some ou is s may be mo i a ed by
he cul u al o expe ien ial aspec s o a des ina ion, ega dless o he po en ial haza ds (Mi chell &
Vassos, 1997; Yang e al., 2015; Ka l, 2016; Jackson, 2001). As well, ou is s can choose a des ina ion
despi e he ob ious secu i y isks i hey pe cei e he bene i s o ou weigh he cos s, o i hey
ha e s a egies o cope wi h he isks. Based on hese a gumen s, we o mula e he concep o
“T a elle ’s Risk Tole ance” and place i a he cen e o ou esea ch model.
The ou is ’s isk ole ance can be iewed as a quan i a i e assessmen o ou ism secu i y
and how i a ec s ou is s’ pu chase in en ion and e isi in en ion. De ailed discussion and inal
de ini ions o his issue will be p o ided in he co esponding sub-chap e , bu o now i can
be men ioned b ie ly again ha , based on ou li e a u e analysis he e is no consensus on he
common dimensions o ou ism isk ole ance and how i can be measu ed. Mo eo e , he e is
a lack o heo e ical ounda ion o explain he ela ionship be ween ou ism isk pe cep ion and
p edic o s such as psychological and beha iou al aspec s o a el sa e y, lack o isk con ol,
in as uc u e secu i y and nega i e des ina ion image in he media. By a emp ing o ill in
hese gaps, his s udy is unique and di e s om p e ious s udies in a simila ein.
As a esul o he abo e easoning, i was de e mined ha he majo pu pose o his s udy
would be o iden i y and examine ac o s in luencing a elle s’ isk ole ance. The ollowing
esea ch ques ions ha e been o mula ed in his con ex :
1. Wha a e he signi ican ac o s ha de e mine and in luence ou is s’ decisions ega d-
less o pe cei ed and po en ial isks?
2. How in luen ial a e each o he elemen s iden i ied o choosing di ec ions despi e
ob ious isks?
The documen is s uc u ed as ollows. The nex sec ion p esen s a li e a y basis o 11
cons uc ions ha a e in ended o de elop a esea ch model. The i e main hypo heses a e
hen p esen ed wi h hei a gumen s and jus i ica ions. A e wa ds, a de ailed explana ion o
he me hodology and he empi ical esul s is p o ided. Las ly, we summa ize and analyze ou
obse a ions be o e d awing conclusions.
106 A. H. Solyom i e al. The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips
2. Li e a u e e iew
This sec ion discusses a ew li e a y sou ces ha con ibu e o cons uc ing a s udy model o
a elle s’ isk ole ance.
2.1. T a elle ’s isk ole ance
High isk ole ance is an essen ial quali y o global a el and cosmopoli anism, as well as
he solid ounda ion o pe sonal esilience (Rie le e al., 2012; Ve éb e al., 2020). T ying o
achie e absolu e sa e y a a ou is des ina ion is an ambi ious bu una ainable goal, as
he e a e always unp edic able and uncon ollable ac o s ha may pose isks o h ea s o
ou is s and hos s, such as na u al disas e s, acciden s, diseases, c ime, e o ism, ci il un es
(UN Wo ld Tou ism O ganiza ion [UNWTO], 1997). A he same ime, a elle ’s isk ole ance
may be impo an o a el planning and decision making, as i can a ec he choice o des-
ina ion, mode o anspo , accommoda ion, ac i i ies, and p e en i e measu es.
As pa o he amewo k o his opic, he ollowing esea ch ini ia i es a e wo h men-
ioning. A s udy conduc ed by Alan M. Williams and Vladimi Baláž (2013) examined how
impo ance ha a elle s asc ibe o speci ic ypes o ou ism haza ds and isk ole ance in lu-
ences p ocesses in a el and ou ism. Zheng e al. (2021) examined how gene al public us
can mi iga e pe cei ed h ea , ea , and a el a oidance a e an ou b eak o a pandemic.
Howe e , despi e he ac ha he opic is add essed in he s udies men ioned and a emp s
a e made o examine i om mul iple pe spec i es, i is un o una e ha he au ho s ail o
b ing hei easoning o he inal de ini ions.
In any case, in ligh o he app oaches desc ibed abo e, we a e looking o ways o deal
wi h unpleasan gi ens, as no ed in he esea ch objec i es. The e o e, based on he p e ious
s udies and ca e ully selec ed i ems (supplemen a y in o ma ion), o he pu poses o his
esea ch, he a elle s’ isk ole ance is de ined as he ex en o which hey a e willing o ake
on a highe - isk ou is des ina ion based on ei he pe cep ion ha he ip is sa e, ha he
isks a e unde con ol, o ha he posi i e bene i s o se he isks in hei subjec i e decisions.
2.2. Subjec i e sa e y pe cep ion
A pe son’s in e nal eelings o pe cep ions o being sa e o unsa e in a pa icula si ua ion o
en i onmen is a subjec i e ac o ha can a ec he a elle ’s ole ance o isk. A a elle ’s
inancial esou ces may in luence hei pe cep ion o sa e y, since hey may enable hem o
access se ices and acili ies o a highe quali y o mo e secu e na u e. A s udy by Hasan
e al. (2017) ha e iewed he li e a u e on ou is isk pe cep ions and e isi ed in en ion,
and sugges ed ha money- ela ed isk is one o he key dimensions o pe cei ed isk ha
a ec s ou is decision-making.
T a elle s’ sel -con idence may also in luence hei pe cep ion o sa e y, since i may in-
c ease hei esis ance o illnesses, inju ies, o exhaus ion. They may he e o e choose des i-
na ions ha o e a g ea e deg ee o heal hiness, sani a ion, o elaxa ion, o hey may a oid
des ina ions ha p o ide a lowe le el o hese ameni ies.
In he con ex o isk, i is impo an o ocus on pe cep ions o a si ua ion, since pe sonal
isk pe cep ions (i.e., subjec i e assessmen s o he nega i e consequences o an e en o
Jou nal o Business Economics and Managemen , 2024, 25(1), 104–128 107
choice as seen om an indi idual’s pe spec i e) ha e been p o en o be mo e impo an in
de e mining choice han ac ual exis ing isks (Fuchs & Reichel, 2006; Ka l, 2016).
We selec ed h ee s a emen s (supplemen a y in o ma ion) ha can p o ide he basis
o subjec i e sa e y pe cep ions, such as pe sonal cha ac e is ics, inancial esou ces, heal h
s a us, and inne p epa edness, based on he ac ha subjec i e sa e y pe cep ion can be
de ined as an indi idual’s in e nal eelings o belie s ega ding sa e y.
2.3. In o ma ion-seeking and planning beha iou s o a elle s
Among he ways in which ou is s can educe he isks associa ed wi h a eling is o seek
in o ma ion (Wang e al., 2019). The in o ma ion abou a des ina ion can be ound in a
a ie y o o ms, such as b ochu es, ad e isemen s in newspape s o a el magazines,
ele ision p og ams, adio b oadcas s, o in o ma ion on he In e ne , which has been ec-
ognized as a mo e alue-added and as - eaching o m o ex e nal in o ma ion sou ces
(Lin e al., 2009) and has g ea ly helped ou is s make a el decisions and plan hei ips.
Pa icula ly, social media websi es including di e en ypes o consume -gene a ed con-
en si es including blogs, wikis, social ne wo ks, YouTube, Twi e , Flick , e c., a e popula
ones on which indi iduals can pos in o ma ion abou hei a el expe iences bu also o
people o sea ch o ele an in o ma ion (Xiang & G e zel, 2010). So, In o ma ion-seeking
and planning beha iou s o a elle s can be seen as he ac ions ha a elle s ake o ob ain
eliable and accu a e in o ma ion abou he des ina ion and o p epa e o con ingencies and
eme gencies be o e hei a el.
Following he logic o his li e a u e, ou s a emen s (supplemen a y in o ma ion) we e
selec ed as he basis o he app op ia e dimension.
2.4. T a el sa e y p e e ences based on expe ience
Gene ally, epea and expe ienced a elle s ha e a mo e posi i e imp ession o he des-
ina ion because hey ha e expe ienced he loca ion and a e subs an ially mo e knowl-
edgeable abou i s condi ions. Consequen ly, expe ienced a elle s ha e lowe isk pe -
cep ions, a e mo e elaxed, and ha e ewe ea s (Fuchs & Reichel, 2011). In con as ,
ou is s who ha e ne e isi ed he des ina ion end o de elop a sense o unce ain y
and isk based on exposu e o media and o he sou ces (P omsi apallop & Kannao akun,
2017). Th ee s a emen s we e used in his s udy o explo e pe sonal p e e ences ega ding
a el sa e y (supplemen a y in o ma ion).
2.5. Lack o physical isk con ol
The opic “Lack o physical isk con ol” may closely ela e o ou is s’ uncon olled si ua ions
wi h physical well-being (Jonas e al., 2011), such as heal h isks (G ay & Wilson, 2009; No elli
e al., 2018), poli ical ins abili y (Zbuchea, 2015; Ruan e al., 2017), and c ime exposu e (Pizam
& Fleische , 2002; Hall e al., 2004). Some o hese isk ac o s a e beyond he con ol o
ou is s because hey a e in luenced by ex e nal ac o s and e en s in he des ina ion coun-
y. This componen o ou is s’ isk pe cep ion has been explo ed h ough nine s a emen s
(supplemen a y in o ma ion).
108 A. H. Solyom i e al. The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips
2.6. Lack o c oss-cul u al isk con ol
Lack o c oss-cul u al isk con ol o ou is s is a opic ha deals wi h he unexpec ed chal-
lenges ou is s ace when encoun e ing di e en cul u es and languages in hei a el des i-
na ions. The sou ces o c oss-cul u al isk ac o s, such as language ba ie s, misunde s and-
ings o cul u al di e ences, and p ejudices, can become a e y se ious sou ce o p oblems
and s ess ul si ua ions on he spo (Yoo & Sohn, 2003; Ho ola, 2004; Mancini-C oss e al.,
2009; Lo e al., 2011). Because o his, o en imes ou is s choose des ina ions ha ha e simila
cul u es o hei own (Yang & Wong, 2012). In his s udy, h ee s a emen s (supplemen a y
in o ma ion) we e u ilized o explo e his aspec o ou is s’ isk pe cep ion.
2.7. Pe cei ed impo ance o secu i y
Heal h isks may occu a des ina ions whe e accommoda ions a e o poo quali y, hygiene
and sani a ion a e inadequa e, medical se ices a e no well de eloped, and clean wa e is
una ailable (Wo ld Heal h O ganiza ion [WHO], 2017). In e ms o ou ism in as uc u e secu-
i y, he physical aspec may be iewed as he p o ec ion o he angible asse s and acili ies
ha a e essen ial o he p o ision o quali y and sa e ou ism se ices. As a esul , i aims o
p e en o mi iga e po en ial physical damage. This may include logis ical and a el secu i y,
secu e accommoda ions, o he de elopmen o a sys em o public heal h ins i u ions (see
a.g. Khada oo & See anah, 2014; A uğe , 2015). Six s a emen s (supplemen a y in o ma ion)
ha e been used o in es iga e his componen o ou is s’ isk pe cep ion.
2.8. Legal secu i y
The legal aspec o ou is in as uc u e secu i y e e s o laws and egula ions ha aim o
ensu e he sa e y and p o ec ion o ou is s, ou ism acili ies and se ices, and he en i on-
men om a ious h ea s and isks (Abaydeldino & Kala, 2016). Among he issues ha can
be add essed by he legal aspec o ou is in as uc u e secu i y a e: uni ying and ha moniz-
ing he law egula ion o ou ism ac i i ies, such as con ac s, liabili y, consume p o ec ion,
and axa ion (Imbeah e al., 2020). The legal aspec o ou is in as uc u e secu i y may a y
depending on he des ina ion, he ype o ou ism, and he le el o de elopmen . Howe e ,
i is gene ally ecognized ha a sound legisla i e amewo k is i al o enhancing ou ism
compe i i eness and sus ainabili y in ce ain ou is di ec ions (Ts iliy e al., 2021). In o de
o examine his componen o ou is s’ isk pe cep ion, h ee s a emen s we e used (supple-
men a y in o ma ion).
2.9. P ice sensi i i y ac o
P ice sensi i i y ac o s in choosing a ou ism des ina ion e e o he deg ee o which
ou is s a e in luenced by he p ices o ou ism p oduc s and se ices, such as ligh s,
accommoda ion, ou s, and ac i i ies, when deciding whe e o a el (Masie o & Nicolau,
2012). P ice sensi i i y may change depending on he ype o ou ism p oduc o se ice.
Some ou is s may be mo e sensi i e o ligh p ices han ac i i y p ices, while o he s may
be he opposi e, meaning hey a e mo e willing o pay a highe p ice o des ina ions o
Jou nal o Business Economics and Managemen , 2024, 25(1), 104–128 109
p oduc s ha o e g ea e alue, quali y, o uniqueness. Two s a emen s (supplemen a y
in o ma ion) we e used o explo e p ice sensi i i y as an aspec o ou is s’ isk pe cep ion.
2.10. Mood-d i en ac ion
As a ac o in choosing ou ism des ina ions, mood-d i en beha io e e s o he in luence
o ou is s’ emo ional s a es, such as happiness, exci emen , bo edom, o s ess, on hei
a el decisions, including whe e o go, wha o do, and how o spend hei money (Lam
& Hsu, 2006). In he absence o a ional o planned conside a ions, mood-d i en beha io
can lead o spon aneous, unexpec ed, o impulsi e decisions. Mood-d i en beha io was
examined as an aspec o ou is s’ isk pe cep ion using wo s a emen s (supplemen a y
in o ma ion).
2.11. Nega i e des ina ion’s image in he media
The esul s o se e al s udies ha e shown ha people pe cei e isk mo e posi i ely when hey
ha e mo e con idence in in o ma ion sou ces and agencies (Ami e al., 2015; Cui e al., 2016).
While uncoo dina ed and con using messages, as well as sensa ional media co e age o he
disas e , could ad e sely a ec he image o he des ina ion in a nega i e way (Kapuściński
& Richa ds, 2016; Ve éb e al., 2020). Tou is a i als o di ec des ina ions may decline due
o p olonged nega i e media co e age. Fo ins ance, epea ed kidnapping inciden s in Sa-
bah ha e nega i ely a ec ed Malaysia’s ou ism sec o , in pa icula he numbe o ou is s
a i ing (Som e al., 2015). P o ac ed media s o ms, which o en ollow he epo ing o well-
known c imes, can ha e de as a ing e ec s on coun ies ha ely on ou ism as he la ges
economic d i e (B own, 2015). Using he abo e as a e e ence, i e s a emen s (supplemen-
a y in o ma ion) ha e been chosen as pa o his s udy, which will also assis in de e mining
he deg ee o impac o his ac o .
Consequen ly, we we e able o p o ide heo e ical jus i ica ions o 11 o he elemen s
ha make up ou esea ch model. Then we can mo e on o he conside a ion o possible
in e ac ions be ween hem, in acco dance wi h he objec i es o he esea ch ha we a e
conduc ing.
3. Resea ch hypo hesis de elopmen
I is hoped ha he in oduc o y o e iew has made i clea ha exis ing ca ego isa ions o
in luences on a elle s’ pe cep ions o isk need o be explo ed, modi ied, and e alua ed. In
his sec ion, each se o hypo he ical s a emen s will be discussed in g ea e de ail.
3.1. Psychological and beha iou al aspec s o a el sa e y a ec s T a elle ’s
isk ole ance (H1)
In o mula ing his hypo hesis, he ollowing h ee p oposals, which ha e common cha ac-
e is ics, we e conside ed.
H1a: Subjec i e sa e y pe cep ion posi i ely a ec s T a elle ’s isk ole ance.
110 A. H. Solyom i e al. The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips
A s udy conduc ed by Meng e al. (2021) examined he ela ionship be ween COV-
ID-19 isk pe cep ion, isk knowledge, and a el in en ion among Chinese a elle s. I
was e ealed ha one’s sel -con idence o lack o con idence in one’s heal h s a us has
an impac on des ina ion choice.
I has also been ex ensi ely ci ed and es ed in nume ous a eas o esea ch o p o e
he concep o “op imis ic bias”. This is de ined as he endency o indi iduals o belie e
ha hey a e less suscep ible o nega i e expe iences han o he s (Weins ein, 1989). An
indi idual may, he e o e, g adually and cau iously ely on one’s in insic cues in o de o
educe eelings o isk as a esul o he inhe en knowledge being buil (B unel & Pichon,
2004). In his ega d, i is assumed ha “Subjec i e sa e y pe cep ion” can posi i ely a ec
“T a elle ’s isk ole ance”.
H1b: In o ma ion-seeking and planning beha iou s o a elle s posi i ely a ec s T a -
elle ’s isk ole ance.
Adding o he abo e desc ip ion o he dimension, i can also be no ed ha a elle s’
in o ma ion-seeking and planning beha io s can assis hem in adjus ing hei expec a-
ions and a i udes owa ds a el isks and in coping wi h unce ain y and ambigui y.
Since i has been ound ha ou is s’ sense o sa e y can be ecognized om he way
hey p ocess he in o ma ion hey ecei e, discuss, and s o e in hei minds (Zou & Meng,
2020). Consequen ly, i is assumed ha “In o ma ion-seeking and planning beha iou s o
a elle sl” may posi i ely impac “T a elle ’s isk ole ance”.
H1c: T a el sa e y p e e ences based on expe ience posi i ely a ec s T a elle ’s isk ol-
e ance.
While isk educ ions o a i s - ime isi a e p ima ily based upon ex e nal in o ma-
ion sea ch, hose o epea isi s a e buil upon conc e e pe sonal isi a ion expe ience
(Reid & Reid, 1993). Hales and Shams (1991) concluded ha a elle s’ p e ious a el
expe ience may be an indica o o hei cu en as well as u u e consump ion pa e ns.
As expe iences inc ease, a elle s may inc emen ally and beha io ally mo e owa d a
p e e ed, bu iskie , holiday des ina ion.
A he same ime, some o pas esea ch has an in en ion, bu has no been able o
inally de e mine whe he p io isi s o a pa icula geog aphical egion o des ina ion
esul in a lowe le el o pe cei ed isk o he en i e egion (Williams & Baláž, 2013; Ka l
& Schmude, 2017).
In his ega d, i would be in e es ing o check he ollowing assump ion: “T a el sa e y
p e e ences based on expe ience” may posi i ely a ec “T a elle ’s isk ole ance”.
The abo e assump ions can be combined hema ically as ela ed o he opic “Psy-
chological and beha iou al aspec s o a el sa e y” by which we will mean he cogni i e,
emo ional and ac ion-o ien ed p ocesses ha a elle s engage in be o e, du ing and
a e hei a el o cope wi h he unce ain y and ambigui y o a el isks. Ou a gumen ,
he e o e, is as ollows: Psychological and beha iou al aspec s o a el sa e y can be con-
side ed as an in luen ial p edic o o T a elle ’s isk ole ance.
Jou nal o Business Economics and Managemen , 2024, 25(1), 104–128 111
3.2. Lack o isk con ol a ec s T a elle ’s isk ole ance (H2)
One o he key ac o s a ec ing he choice o isky ou is des ina ions is he con olla-
bili y o sa e y (Ho iachko, 2021). In o de o o mula e he hypo hesis ela ed o i , wo
p oposals wi h common cha ac e is ics we e conside ed.
H2a: Lack o physical isk con ol nega i ely a ec s T a elle ’s isk ole ance.
The e a e se e al ac o s ha de e mine ou is s’ eelings o physical sa e y and pe -
cep ions o des ina ions, including le el o c ime exposu e (De Albuque que & Mcel oy,
1999; Pizam & Fleische , 2002; Hall e al., 2004), pe cep ions o heal h isks (Jonas e al.,
2011) and poli ical s abili y (Zbuchea, 2015; Ruan e al., 2017). In his ega d, se e al
s udies ha e sugges ed ha he isk ac o s ha may a ec ou is s’ physical well-being
a e he mos signi ican in luencing ac o s o o e all willingness o accep ou is ic isks
(see e.g., G ay & Wilson, 2009). The e o e, i is assumed ha “Lack o physical isk con ol”
may ha e a nega i e impac on he “T a elle ’s isk ole ance”.
H2b: Lack o c oss-cul u al isk con ol nega i ely a ec s T a elle ’s isk ole ance.
Ho ola (2004) and Yoo and Sohn (2003) claim ha ou is s may expe ience ole con-
lic s, lack o con idence, and de ensi eness when a eling o e seas due o cul u al di e -
ences and a lack o language p o iciency. Since cul u al dis ance may inc ease he le el
o unce ain y and isk aced by ou is s in a o eign coun y, cul u al simila i y, on he
o he hand, can indica e he deg ee o com o and amilia i y ou is s may expe ience
(Liu, 2014). In his ega d, ou is s a e mo e likely o selec cul u ally simila coun ies as
des ina ions, acco ding o some s udies (Mancini-C oss e al., 2009; Lo e al., 2011; Ga-
am ölgyi & Rudnák, 2016; Douglas e al., 2023). Due o his, i is assumed ha “Lack o
c oss-cul u al isk con ol” migh nega i ely a ec “T a elle ’s isk ole ance”.
The assump ions abo e can be combined hema ically as ela ed o he opic “Lack
o isk con ol”. In his con ex , we e e o a elle s who ail o iden i y, assess o ake
ac ion o minimize o elimina e po en ial heal h, sa e y, and well-being h ea s a ising
om hei exposu e o en i onmen al, biological, and cul u al ac o s in hei des ina ions
as a esul o hei exposu e. Ou a gumen , he e o e, is as ollows: “Lack o isk con ol”
can be conside ed as an in luen ial p edic o o a elle s’ isk ole ance.
3.3. The de elopmen o in as uc u e secu i y a ec s T a elle ’s isk ole ance
(H3)
The hypo hesis was o mula ed using he ollowing wo p oposals ha sha e common cha -
ac e is ics.
H3a: The pe cei ed impo ance o secu i y nega i ely a ec s T a elle ’s isk ole ance.
In Yang and Nai ’s (2014) e iew o isk in ou ism, he au ho s asse ha isk and isk
pe cep ion a e mul idimensional concep s ela ed o issues such as unce ain y a oidance,
wo y, anxie y, and ea . Thus, indi iduals who ha e a high deg ee o unce ain y a oidance
e ain om engaging in ac i i ies whose ou comes may no be clea ly p edic able. F om a
isk- aking p opensi y con ex , his could mean ou is s may decide no o a el o des i-
118 A. H. Solyom i e al. The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips
Table 2. Disc iminan alidi y based on he Fo nell and La cke c i e ion, n = 496 (sou ce: au ho ’s esea ch)
RSKT SFTYP INFSK EXPR PHRSK CLRSK GESEC LGSEC PRSEN MOOD MEDIA
RSKT 0.713
SFTYP –0.126 0.610
INFSK –0.123 0.137 0.625
EXPR –0.176 0.135 0.314 0.710
PHRSK –0.038 0.231 0.213 0.153 0.766
CLRSK –0.158 0.251 0.204 0.279 0.417 0.659
GESEC –0.283 0.206 0.370 0.410 0.248 0.360 0.718
LGSEC –0.158 0.282 0.346 0.262 0.334 0.328 0.593 0.693
PRSEN 0.094 0.100 0.010 0.038 0.158 0.083 0.095 0.076 0.906
MOOD 0.323 –0.007 –0.262 –0.180 –0.138 –0.152 –0.186 –0.029 0.106 0.774
MEDIA –0.242 0.170 0.208 0.246 0.313 0.385 0.256 0.200 0.183 –0.167 0.675
No e: RSKT = T a elle ’s isk ole ance, SFTYP = Subjec i e sa e y pe cep ion, INFSK = In o ma ion-seeking and planning beha io s o a elle s, EXPR = T a el sa e y p e e ences
based on expe ience, PHRSK = Lack o physical isk con ol, CLRSK = Lack o c oss-cul u al isk con ol, GESEC = Secu i y o gene al in as uc u e, LGSEC = Legal secu i y, PRSEN
= P ice sensi i i y, MOOD = Mood-d i en ac ion, MEDIA = Nega i e des ina ion’s image in he media.
Jou nal o Business Economics and Managemen , 2024, 25(1), 104–128 119
a el- ela ed isk- aking p opensi y. The e ec o sa e y-conscious ac ion based on in-
o ma ion acquisi ion and expe ience acquisi ion canno be con i med by he esul s o
he s uc u al model.
The esul s ob ained o he s uc u al model hypo heses show ha wo o he i e
hypo heses we e ully and one pa ially p o en (Table 3). The hypo hesis H1 on sa e y
awa eness in ou ism, acco ding o which sa e y-conscious ac ion educes isk- aking
p opensi y, was ejec ed. T a ele s’ subjec i e sa e y pe cep ion has no signi ican e ec
on hei isk ole ance (β= –0.076, p = 0.148). Sa e y awa eness based on in o ma ion
acquisi ion has no signi ican e ec on isk ole ance decisions ela ed o a el a ange-
men s (β = 0.063, p = 0.230). Nei he he e ec o a el sa e y p e e ences based on
expe ience could be demons a ed (β = –0.045, p = 0.333).
Table 3. E alua ion o hypo heses based on SEM esul s, n = 496 (sou ce: au ho s’ esea ch)
Hypo hesis
S anda dized
eg ession
coe icien
(be a)
S.E. p- alue Resul Conclusion
H1a.
Subjec i e sa e y
pe cep ion→
T a elle ’s isk
ole ance
–0.076 0.066 0.148
Subjec i e sa e y
pe cep ion does no
signi ican ly a ec he
a elle ’s isk ole ance.
H1 is no
suppo ed
Figu e 2. S uc u al model co esponding o he concep ual model, n = 496
(sou ce: au ho s’ esea ch)
χ2/d = 2.149; CFI = 0.918; TLI = 0.906; RMSEA (90% CI) = 0.048 (0.045–0.052)
120 A. H. Solyom i e al. The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips
Hypo hesis
S anda dized
eg ession
coe icien
(be a)
S.E. p- alue Resul Conclusion
H1b.
In o ma ion-
seeking and
planning
beha iou s o
a elle s →
T a elle ’s isk
ole ance
0.063 0.069 0.230
T a elle s’ in o ma ion-
seeking and planning
beha io has no signi ican
impac on hei isk
ole ance.
H1c.
T a el sa e y
p e e ences
based on
expe ience →
T a elle ’s isk
ole ance
–0.045 0.027 0.333
The e ec o expe ience-
based secu i y awa eness
does no signi ican ly
a ec he a elle ’s isk
ole ance.
H2a.
Lack o physical
isk con ol →
T a elle ’s isk
ole ance
0.125 0.047 0.007
The di icul y o con -
olling di ec (physical)
isk posi i ely a ec s he
a elle ’s isk ole ance.
The e ec is small.
H2 is no
suppo ed
H2b.
Lack o c oss-
cul u al isk
con ol →
T a elle ’s isk
ole ance
–0.010 0.043 0.969
A s onge pe cep ion o
Lack o c oss-cul u al isk
con ol ela ed o a el
(e.g. language di icul ies)
does no signi ican ly
a ec he a elle ’s isk
ole ance.
H3a.
Pe cei ed
impo ance
o secu i y→
T a elle ’s isk
ole ance
–0.228 0.071 <0.001
The pe cep ion o he
impo ance o secu i y has
a weak nega i e impac
on he a elle ’s isk
ole ance.
H3 is only
pa ially
suppo ed
H3b.
Legal secu i y →
T a elle ’s isk
ole ance –0.031 0.050 0.547
The pe cep ion o he
impo ance o Legal
secu i y canno be jus i ied
and i s signi ican impac
on he a elle ’s isk
ole ance canno be
jus i ied.
H4a.
P ice sensi i i y
ac o →
T a elle ’s isk
ole ance
0.128 0.032 0.005
P ice sensi i i y has a
weak posi i e impac on
a elle ’s isk ole ance. H4 is suppo ed
Con inued Table 3
Jou nal o Business Economics and Managemen , 2024, 25(1), 104–128 121
Hypo hesis
S anda dized
eg ession
coe icien
(be a)
S.E. p- alue Resul Conclusion
H4b.
Mood-d i en
ac ion →
T a elle ’s isk
ole ance
0.316 0.068 <0.001
Mood-d i en ac ion has
a mode a ely s ong
impac on a elle ’s isk
ole ance.
H5.
Nega i e
des ina ion’s
image in he
media →
T a elle ’s isk
ole ance
–0.236 0.040 <0.001
Weak nega i e
des ina ion’s image in
he media impac on isk
willingness o a el can
be jus i ied.
H5 is suppo ed
The inc eased conside a ion o physical (di ec ) isks o physical heal h and well-being
does no educe, bu a he inc eases, he a elle ’s isk ole ance (β = 0.125, p = 0.007).
This can be explained by he ac ha Hunga ian a ele s choose des ina ions wi h low o
medium physical isks (supplemen a y in o ma ion). Mo e se ious conside a ion o lack o
c oss-cul u al isk con ol om po en ial language di icul ies and he lack o o mal diplo-
ma ic ep esen a ion does no signi ican ly educe he isk appe i e o a el planning (β =
–0.010, p = 0.969). On his basis, hypo hesis H2 is ejec ed.
The pe cei ed impo ance o secu i y is jus i ied as a ac o educing isk- aking willing-
ness o o e seas ips (β = –0.228, <0.001). Howe e , he highe impo ance a ached o legal
secu i y does no signi ican ly educe isk ole ance among Hunga ian a elle s (β= –0.031,
p = 0.547). Hypo hesis H3 is only pa ially accep ed.
Hypo hesis H4 is ully suppo ed: p ice sensi i i y ac o (β = 0.128, p = 0.005) and
mood-d i en ac ion (β = 0.316, p < 0.001) ha e a demons able posi i e e ec on
isk- aking in a el decisions. Nega i e messages in he media can be shown o educe
he isk- aking p opensi y in a el decisions (β= –0.236, p < 0.001), hus hypo hesis H5
is con i med.
6. Discussion
I has been obse ed ha physical isk con ol a ec s a elle s’ isk ole ance. This esul
is gene ally consis en wi h empi ical s udies ha examine he e ec o lack o physical isk
con ol on ou is a i als (see e.g., Pizam & Fleische , 2002; Polas e al., 2022). Howe e , i
is also impo an o no e ha he in en ion o change a el plans is only sligh ly associa ed
wi h physical isk con ol. This may be explained by he ac ha isola ed, poo ly con olled
isk episodes ha e li le long- e m impac on isi a ion bu ha e a g ea e impac in he sho
un. In he long un, s able egions can be mo e a ac i e o bo h se ice p o ide s and
ou is s (see e.g., Kozak e al., 2007). Due o his ci cums ance, he second hypo hesis, which
also includes his assump ion, is conside ed unp o en.
End o Table 3
122 A. H. Solyom i e al. The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips
Also, i should be no ed ha he assump ion ha a gene al in as uc u e’s secu i y a ec s
a elle s’ isk ole ance has been p o en co ec . Indeed, isk is no jus one hing, bu many
hings ha make people eel unsu e, wo ied, anxious, o sca ed. Some people p e e no
o unde ake ac i i ies ha may esul in unexpec ed ou comes. They migh a oid a eling
o places whe e ou ism acili ies a e no well de eloped, such as anspo a ion o accom-
moda ion. I ’s ha de o hem o p edic wha ’s going o happen on aca ion in such places
(Ka l, 2016) and his aspec o he si ua ion in he con ex o he s udy has u ned ou o
be signi ican o Hunga ian ou is s. A he same ime, his e ec , which is pa o he hi d
hypo hesis, canno be called signi ican and p edominan . Consequen ly, he hypo hesis as
a whole was ejec ed.
Acco ding o he ou h hypo hesis, he p ice sensi i i y ac o and he mood-d i en ac o
a e he sums o wo non- isk ac o s in he p esen ed esea ch model. The esul s ob ained
suppo he conclusion ha i is ully p o en.
This is qui e consis en wi h p e ious p oposals in his ega d. Sönmez and G ae e, o ex-
ample, ha e conduc ed isk analyses and inal decisions conce ning des ina ion choices (1998,
p. 125) s a ing ha “po en ial ou is s selec he des ina ion which bes ma ches hei needs
by o e ing he mos bene i s o he leas cos (o isk)”. The gene al logic o consume s
beha io in his case: neglec ing o he ac o s consume will pay mo e o a p oduc based
solely on i s p ice, while igno ing o he po en ial di e ences (Kah e al., 2021). In he con ex
o conside ing he ou h hypo hesis o he s udy, his can also be associa ed wi h a gene al
endency no o bu den you sel wi h he analysis o any isks when making a decision abou
a ip. Fo wha e e eason, o agains , bu as we ha e al eady men ioned, his is a eali y in
he deciding p ocesses.
Rela ed explana ions ha e also been p oposed by esea che s ega ding he e ec o he
mood ac o . As a o m o leisu e, ou ism may be cha ac e ized by pleasu e, no el y, change,
olun a iness, and non-u ili y. Fo some people leisu e a el expe iences a e o en de ined in
jux aposi ion o e e y hing ou ine and bo ing, as ca ha ic b eaks enhanced by no el y, un,
ec ea ion, si ua ional disinhibi ion, license o h ills, and liminali y/liminoidi y (Be dyche sky
& Gibson, 2015; Qiao e al., 2021). Also ponde ing easons why some indi iduals ha e highe
le els o isk- aking p opensi y han o he s, Zucke man cons ued his “sensa ion seeking” as
“a ai de ined by he seeking o a ied, no el, complex, and in ense sensa ions and expe-
iences, and he willingness o ake physical, social, legal, and inancial isks o he sake o
such expe ience” (2007, p. 49).
Las bu no leas , he ac o o a nega i e image o he des ina ion in he media was qui e
p edic able. Thus, he i h hypo hesis was ully p o ed. E idence sugges s ha des ina ion
image ac o s a e mo e in luen ial han eal isk ac o s in de e mining a el in en ions. In
addi ion o he au ho s (see e.g., Lepp & Gibson, 2008; Ama a e al., 2012; Keim & Some ille,
2017; Ve éb e al., 2020; Pandey & Joshi, 2021).
7. Conclusions
This s udy con ibu es heo e ically o examining he empi ical signi icance o exis ing s ud-
ies and p o ides new insigh s in o unde s anding des ina ion choice om a isk accep ance
Jou nal o Business Economics and Managemen , 2024, 25(1), 104–128 123
pe spec i e. Acco ding o he s udy, physical secu i y, p ice sensi i i y, mood-d i en ac o ,
and des ina ion’s image in he media can be conside ed as subs i u es o de e mining a -
elle s’ isk ole ance. Psychological and beha io al aspec s, lack o c oss-cul u al isk con ol,
and legal secu i y did no signi ican ly in luence he key s udy dimension.
Al hough he s udy yielded signi ican ou comes, i has limi a ions. Fi s ly, he esul s do
no e lec possible changes in pe cep ions o sa e y and isk o e ime. Depending on when
he da a we e collec ed, he e is a possibili y ha he esul s migh a y. As well, esponden s
may change hei minds due o a a ie y o ac o s while hey a e ac ually making isky deci-
sions. Fo a mo e comp ehensi e unde s anding o he impac o isk ole ance on des ina ion
choice, addi ional ac o s need o be es ed as po en ial mode a o s. Al hough he abo e
limi a ions educe he gene alizabili y o he indings, hey do no educe he alue o demon-
s a ing he app oach ha can be aken o analyze a el isk pe cep ion and ole ance o i .
A ew conside a ions abou he u u e de elopmen o his opic a e also wo hy o men-
ion. Since his s udy explo ed he pe cei ed isk o ou is s om a gene al pe spec i e, i s
conclusions may be limi ed o compa ison wi h o he s udies o simila na u e. A u u e s udy
may examine al e na i e me hods ha could include mo e choice al e na i es and p o ide
a mo e accu a e ep esen a ion o esea ch aspec s. A po en ial a enue o u u e esea ch
would he e o e be o epea his s udy by inco po a ing a numbe o ac o s: amilia i y;
ypology o isi o s based on hei mo i a ions; dis ibu ion acco ding o demog aphic cha -
ac e is ics o isi o s, such as pa y composi ion and income; and pe sonali y ypes. Analyzing
such independen a iables in ela ion o isk pe cep ions may acili a e unde s anding he
ole hey play in a iances.
Conside ing ecei ed esul s in p ac ical e ms could be e y use ul o public manage s
in ol ed in he planning and p omo ion o ou ism, as well as o p i a e companies ope a ing
in his sec o . This esea ch can be applied o ma ke segmen a ion, ma ke ing s a egies,
and a be e unde s anding o who in his wo ld o inc easing u moil is likely o ollow in
which di ec ion.
Conside ing ha mood-d i en beha io is qui e ob ious a ibu es o “sensa ion seeke s”,
he achie emen a ge g oups can be iden i ied as h ill and ad en u e seeke s, expe ience
seeke s, bo edom suscep ibili y, and disinhibi i e indi iduals. I is he e o e logical o ma -
ke e s o ailo hei ad e ising messages o he cul u al p e e ences o Hunga ian ou is s.
To appeal o mood-d i en ac o s, a numbe o s a egies could be de eloped.
Also o g ea impo ance is he p ac icali y o he ind in e ms o p ice sensi i i y. In
his ein, we ha e o ag ee wi h he s a emen ha ou ism, like o he economic ac i i ies,
lou ishes mos e ec i ely when i i s in o he con ex o gene al economic policies and p o-
g ams. Fo example, in 2011, he Japanese go e nmen announced a campaign o ee ligh
icke s wo h 1 billion Yen o e i e ou ism a e he Fukushima inciden , which esul ed in
an ab up d op in leisu e ou is s. Based on he indings o his s udy, his kind o p ac ice is
s ongly subs an ia ed.
Media sensa ionalism can exace ba e isk mispe cep ions, c ea ing un easonable conce ns
among po en ial a elle s, esul ing in signi ican anxie y o e he long e m. Rega ding his
ma e , i can be sugges ed ha ma ke e s should p o ide ou is s wi h mo e isk- educ ion
oppo uni ies (e.g., mo e in o ma ion abou a des ina ion) o educe a elle s’ s ess le els.
124 A. H. Solyom i e al. The assessmen o isk ole ance o Hunga ian a elle s owa ds ab oad ips
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