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The external effect of international tourism on brand equity development process of multinational firms (MNFs)

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Abstract

This study investigated a new role of tourism as a brand management tool for multinational firms (MNFs) whose country of origin is a tourist destination. Through an increased understanding of the external effect of international tourism at the firm level, important implications for MNF managers can be derived. To this end, we collected secondary historical data from various reliable sources, such as Interbrand, AdAge.com, World Bank, and Bloomberg. We proposed brand equity models for MNFs and employed an Arellano-Bond dynamic panel analysis for the estimation. We found that increased numbers of international tourists in an MNF’s country of origin significantly elevated the brand equity of the firm. This finding is interesting because it indicates a significant effect of international tourism on MNFs’ brand equity, even after other key brand drivers such as advertising, R&D, and the dynamic propensity of brand equity are controlled. The results also showed that international tourism is a highly effective tool for improving firms’ brand equity and that it is 2.5 times more effective than advertising. Furthermore, we found that international tourism can only influence firms’ financial performance (revenue and net income) through brand equity development.

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Notes

  1. The global economic contribution of tourism was reported to be over $7.6 trillion in 2016 (https://www.statista.com/topics/962/global-tourism/). In particular, in the last several decades, tourism has grown rapidly due to intensive globalization. For example, 1.2 billion people participated in international tours worldwide, which is more than double the number of tourists in 1996.

  2. In the context of this paper, international tourism can be operationally defined as the tours taken by inbound international tourists to a destination country, which is the country of origin of the MNFs, and not outbound international tourists from the country of origin.

  3. Based on prior literature, in this paper, we operationally defined the external effect of tourism on the brand value of MNFs as the cost or benefit that affects the brand value of multinational firms which did not choose to incur that cost or benefit due to the tourism (Buchanan and Stubblebine 1962).

  4. Alternatively, there is another indicator available to measure inbound tourists, such as nights spent in tourist accommodations such as hotels or motels; however, this measure excludes a significant number of tourists staying with friends or relatives. Therefore, we employed the total number of arrivals as our measurement to capture the tourism effect.

  5. One may argue that a good impression of the destination country induced by brands that consumers experienced might influence their decisions to choose the destination country. This may be possible; however, it has not been clearly justified yet. First, the inverse effect of corporate brand image on country image has not been verified, while the country of origin (COO) (e.g., “made in” country) effect has been intensively proved and well adopted in prior literature (Bilkey and Nes 1982; Roth and Romeo 1992; Elliot and Cameron, 1994; De Nisco et al. 2015; Steenkamp 2017). This might be because many different brands belong to the country and an individual brand image influences the country image differently. Additionally, brand images of firms have been constructed multidimensionally due to different backgrounds and consumption circumstances of consumers (Hsieh 2002; Koubaa, 2016).

    In particular, it is unclear whether the brand image of a single company significantly influences country image, which is a collective judgment regarding foreign policy, responsible government, economic development, culture, tourism, and so on. This matters in our case because we employed the brand equity of a single firm as a dependent variable. For example, we can view Mercedes Benz as a good quality car because it is made in Germany. However, the inverse (i.e., viewing Germany as a leading country concerning technology because of the Mercedes Benz) is unclear. It might be still possible depending on the specific context; however, this is beyond the scope of our study.

    In addition, even if consumers have a good impression of a certain corporate brand, thus improving the affective image of the country, it is still unclear whether this increase will lead to consumers choosing the destination country for their international tours. Specifically, it is not evident whether the country image, induced by a certain corporate brand, can increase tourists’ belief about trip quality, perceived value of trip, or belief in the destination country chosen for their tour (Bigne et al. 2001; Chen and Tsai 2007; Elliot et al. 2011). However, it might be possible in certain contexts where tourists have strong intentions toward tours related to certain products or services that belong to the destination country (e.g., culture or entertainment product). We leave this possibility for future studies. We thank the anonymous reviewer for pointing out this possibility.

  6. Source: http://it.chosun.com/site/data/html_dir/2018/08/19/2018081900446.html

  7. However, we might conjecture that, as our finding also implies, the effect of positive experiences might outweigh the negative experiences because more people have pleasant experiences overall during their international tours. For example, Consumer Insight (2020) investigated the overall satisfaction rate of Korean tourists with their international tourism experience for 33 countries during the period of 2018–2019 and reported an overall satisfaction rate of 740 out of 1,000 on average (max.: 843 & min.: 630). We also found several articles that reported a high level of satisfaction among international tourists in tourism literature (Andriotis et al. 2007; Kim 2018; Gim 2018). Additionally, the observation of increasing numbers of international tourists in our sample countries can be an indirect clue for this conjecture. If the majority of tourists’ experience is highly unpleasant, less and less people will be attracted to international tours. We checked the inbound international tourists’ numbers for the countries in our samples for the last twenty years (World Bank). We found rapidly growing patterns of inbound international tourists in these countries unanimously for twenty years until 2018. We appreciate the anonymous reviewer for addressing this point.

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Authors and Affiliations

  1. HSBC Business School, Peking University, Beijing, China

    Yan Feng & Wen Cao

  2. School of Management, Kyung-Hee University, Seoul, South Korea

    Geon-Cheol Shin & Yeujun Yoon

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  1. Yan Feng
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  2. Wen Cao
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  3. Geon-Cheol Shin
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  4. Yeujun Yoon
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Correspondence to Yeujun Yoon.

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Feng, Y., Cao, W., Shin, GC. et al. The external effect of international tourism on brand equity development process of multinational firms (MNFs). J Brand Manag 28, 578–595 (2021). https://doi.org/10.1057/s41262-021-00245-7

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