Table 5

Estimations of moderator effects

Panel A – chain affiliationPanel B – conference spacePanel C – SPA and wellness center
REVPARADROCCRREVPARADROCCRREVPARADROCCR
EPU−0.0776603 (0.315)−0.0600603 (0.000)***−0.0003955 (0.000)***−0.1022709 (0.000)***−0.0597707 (0.013)*−0.0007955 (0.000)***−0.1017553 (0.000)***−0.0514258 (0.000)***−0.0007622 (0.000)***
Chain0.9974127 (0.517)3.3827700 (0.045)*−0.0073710 (0.319)      
EPU_chain0.0270155 (0.000)***−0.0020117 (0.419)0.00031770 (0.000)***      
Conference   0.6770235 (0.000)***5.90990122 (0.000)***−0.0183132 (0.000)***   
EPU_conference   0.0006612 (0.377)0.00928119 (0.000)***0.0000873 (0.000)***   
Wellness      114.3270100 (0.000)***158.8020100 (0.000)***0.03331210 (0.000)***
EPU_wellness      0.0492166 (0.000)***0.1020173 (0.000)***0.00052778 (0.000)***
Constant90.9579044 (0.000)***116.4371000 (0.000)***0.7764004 (0.000)***99.3679040 (0.000)***127.8371050 (0.000)***0.7934002 (0.000)***66.6979000 (0.000)***101.8371044 (0.000)***0.6234252 (0.000)***
Wald Chi Squared (χ2)3658.774590.53–139836.82127395.35–123745.43110557.45–
Prob > χ2(0.000)***(0.000)***–(0.000)***(0.000)***–(0.000)***(0.000)***–
N × Ti3,3053,3053,3053,3053,3053,3053,3053,3053,305

Note(s): N = 661 (number of hotel firms). N × Ti is the number of observations

Time period 2018–2022

For OCCR, Wald χ2 statistic is missing because the number of constraints is greater than the number of clusters in that model

Coefficients of each variable are presented in the first raw followed by the p-values shown in parentheses in the row below

***p < 0.001, *p < 0.05

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