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Cu en Issues in Tou ism
ISSN: 1368-3500 (P in ) 1747-7603 (Online) Jou nal homepage: h p://www. and online.com/loi/ ci 20
A bibliome ic analysis o he p esence o inances
in high-impac ou ism jou nals
José Luis Jiménez-Caballe o & Sil ia Polo Molina
To ci e his a icle: José Luis Jiménez-Caballe o & Sil ia Polo Molina (2017) A bibliome ic
analysis o he p esence o inances in high-impac ou ism jou nals, Cu en Issues in Tou ism,
20:3, 225-232, DOI: 10.1080/13683500.2016.1164674
To link o his a icle: h p://dx.doi.o g/10.1080/13683500.2016.1164674
Published online: 24 Ma 2016.
Submi you a icle o his jou nal
A icle iews: 31
View ela ed a icles
View C ossma k da a
RESEARCH LETTER
A bibliome ic analysis o he p esence o finances in high-impac
ou ism jou nals
José Luis Jiménez-Caballe o*and Sil ia Polo Molina
Facul y o Tou ism and Finance, Uni e si y o Se ille, A da. San F ancisco Ja ie s/n, 41018
Se ille, Spain
(Recei ed 15 Janua y 2016; accep ed 7 Ma ch 2016)
The pu pose o his s udy is o obse e he p esence o financial esea ch applied o
ou ism du ing he 1995–2012 pe iod. The Scopus da abase has been used o
ou ism jou nals indexed in Jou nal Ci a ion Repo s and he Mendeley e e ence
manage was used o manage he esul s. Two hund ed and fi y- wo a icles we e
selec ed wi h basically financial con en . The esul s e eal ha in he majo i y o
cases empi ical esea ch ypology was used; he subjec ma e ha a oused mos
in e es was co po a e finances and, wi hin his, financial managemen , alue
c ea ion,capi al s uc u e and in es men decisions.
Keywo ds: finance; ou ism; bibliome ic analysis; Mendeley
1. In oduc ion
Va gas-Sánchez (2011) s a es ha a ou ism de elopmen model ha does no eed o scien-
ific esea ch is inconcei able. One key a ea o esea ch is finances. In his sense, he pu pose
o his s udy is o obse e he p esence o financial esea ch and s udies applied o ou ism. An
a emp will be made o achie e he goal ha has been se using a bibliome ic analysis and he
obse a ion o a icles published in high-impac ou ism jou nals, basically hose indexed in
he Web o Science Jou nal Ci a ion Repo s (JCR).
A numbe o specific objec i es fi s ha e o be me o achie e his end goal:
.Resea ch a icles in o finances published in JCR ou is jou nals ha e o be quan ified.
.The empo al e olu ion o published a icles mus be asce ained (bea ing in mind
ha he es ablished ime ame is om 1995 o 2012).
.The ypes o esea ch ca ied ou need o be known.
.The issues ha ha e a oused he g ea es in e es among esea che s o e ime, and
hose ha ha e a oused li le o no in e es , need o be es ablished.
We ha e chosen o s udy finances due o he impo ance o he field o coope a e in he
de elopmen o he u u e managemen o ou ism.
2. Li e a u e e iew
Con e as Jiménez (2000) shows he impo ance and ele ance o bibliome ic s udies in he
field o science. The e a e also o he au ho s who ha e conduc ed esea ch s udies and
© 2016 In o ma UK Limi ed, ading as Taylo & F ancis G oup
*Co esponding au ho . Email: [email p o ec ed]
Cu en Issues in Tou ism, 2017
Vol. 20, No. 3, 225–232, h p://dx.doi.o g/10.1080/13683500.2016.1164674
in es iga ions in o bibliome ic s udies (Hall, 2005; Jamal, Smi h, & Wa son, 2008;
Joga a nam, Chon, Mcclea y, Mena, & Yoo, 2005).
One example o ca ego isa ions o bibliome ic s udies is he s udy by Tsang and Hsu
(2011), who classi y hese in o h ee g oups: (1) hose ha ank he con ibu ions made by
di e en au ho s o ins i u ions in o de ; (2) hose ha analyse he me hodologies and ech-
niques used in ou ism esea ch; and (3) p ofile analyses ha summa ize published wo ks,
he opics co e ed and he places o publica ion. The p esen s udy would in b oad e ms all
in o he hi d cu en .
Pa k, WooMi Jo, Debo ah, and Abbo (2011) in es iga ed publica ions in six o he
main hospi ali y and ou ism jou nals om 2000 o 2009. The objec i e o he s udy was
o asce ain wha he main opics add essed in he field o ou ism esea ch we e.
In ela ion o bibliome ic s udies in which he subjec ma e ha in e ened along-
side ou ism was finances, he s udy conduc ed by Law, Leung, and Cheung (2012)was
based on a e iew o a icles published in Co nell Hospi ali y Qua e . Tsai, Pan, and
Lee (2011) conduc ed a bibliome ic e iew ha analysed he a icles ha con ained
aspec s o financial managemen o ou ism accommoda ion be ween 1998 and 2009
wi h simila cha ac e is ics o he s udy app oached he ein. Howe e , hey do no
coincide as o he da a sou ce, o he analysed ime ame, as ou s udy co e s a
longe pe iod.
3. Me hodology
The fi e-phase me hodology de eloped by Al alla Luque, Ma ín Ga cía, and Medina López
(2010) has been ollowed:
(1) Iden ifica ion o field o s udy and pe iod o analysis.
(2) Selec ion o in o ma ion sou ces (Jou nals, Con e ence p oceedings, Books,
Theses and In e ne ).
(3) Pe o m sea ch and pilo es :
.Wha ? Sea ch c i e ia.
.Whe e? Manual o db.
.How? Syn axis.
(4) Managemen and pu ging o esul s:
.Selec ion o e e ence manage .
.Pu ging o esul s (classifica ion, alse posi i es and alse nega i es).
(5) Analysis o esul s.
The scope o he s udy is iden ified: finances in ou ism. The choice o he s udy
pe iod (1995–2012) co e s a b oad pe iod compa ed o o he s udies, and seeks signifi-
can esul s. Thomson and Reu e s in o ma ion websi e was isi ed and a sea ch was con-
duc ed o JCR ou ism jou nals. The sea ch yielded 35 JCR- a ed hospi ali y and ou ism
jou nals, bea ing in mind ha he fil e used was he e ms Hospi ali y,Leisu e,Spo and
Tou ism.
The accep ance c i e ion o iden i y a icles was he selec ion o s udies ela ed o
Finance o Tou ism o ela ed opics co esponding o he field o s udy. These c i e ia
we e hen ela ed o he ollowing key wo ds: co po a e finance; financial ma ke s;
unding, financial esou ces, in es men ; me ge s, acquisi ions; co po a e alua ion;
equi y secu i ies, fixed-income secu i ies, secu i isa ion, bonds, s ocks secu i ies; indeb ed-
ness/financial le e age; a ing agencies; c edi isk; s ock exchange, s ock exchange index;
226 J.L. Jiménez-Caballe o and S. Polo Molina
Table 1. Fields, a eas and esea ch opics in he financial domain.
Resea ch fields Resea ch a eas Resea ch opics
Co po a e o
business
finances
In es men decisions P i a e in es men in sec o s Financial e u n (in es men ) Ne p esen alue/
in e nal a e o e u n
Capi al s uc u e and
di idend policy
Financial le e age Op imum financing
decisions
Di idends
Co po a e alua ion Fundamen al analysis Valua ion o angible and
in angible asse s
Value c ea ion Value c ea ion o sha eholde s Indica o s o alue c ea ion
(economic alue added)
Financial e u n (wi h
espec o a e e ence)
P ope y s uc u e Co po a e go e nance Agency p oblem P ope y managemen
Me ge s and
acquisi ions
Financial managemen Financial e u n: p ices-cos s/
income-expense Yield
managemen s
Sol ency, liquidi y and
c edi isk
Financial planning Financial ac o s o
company g ow h
Financial ma ke s E ficien ma ke
hypo hesis
Financial anomalies Fundamen al analysis Technical analysis Beha iou al finance
Po olio decisions Specific isk Po olio in es men s
Risk and e u n Financial e u n Capi al asse p icing model
and a bi age p icing
heo y
S ock e u n
Valua ion o financial
asse s
Valua ion o de i a i es Ini ial public o e ing,
akeo e bid
Ma ke isk
managemen
Sys ema ic isk Co e , specula ion and
a bi a ion
Ma ke in o ma ion In o ma ion asymme ies In es o p o ec ion
Public finances Public in es men Sec o al in es men Aid o in es men
Public unding
Public budge s Taxes Public expendi u e
Fiscal and mone a y
policy
Influence in financial ma ke s
(Con inued)
Cu en Issues in Tou ism 227
Table 1. Con inued.
Resea ch fields Resea ch a eas Resea ch opics
In e na ional
finances
In e na ional
in es men and
de elopmen
Di ec o eign in es men Po olio in es men Weal h e ec
Coun y- isk and a ing Risk p emium
Fo eign cu ency Cu ency con e sion isk
So e eign deb
Financial c isis
Pe sonal finances Pe sonal income and
expendi u e
Mo gages
Sou ce: P epa ed by au ho s. Adap ed om Ma ín Ma ín (1995).
228 J.L. Jiménez-Caballe o and S. Polo Molina

banking, financial sys em, bank; de i a i es ma ke s, financial u u es and op ions; finan-
cial e u n, ROI, ROE; sys ema ic and specific isk, Sha pe, CAPM, be a; financial di e -
sifica ion, po olio; coun y- isk, isk p emium; wo king capi al; supplie s, clien s; cash
flow, cash; cash managemen ; collec ions and paymen s.
Fo his s age we chose ‘Scopus’da abase. Once he desi ed esul had been ob ained i
was necessa y o hese a icles o be e ie ed and expo ed o he Mendeley e e ence
manage . The esul ob ained om his fi s examina ion was 1351 a icles. They we e
pu ged wi h he esul o 252 a icles. Once he final numbe o a icles had been ob ained,
a ca ego isa ion was es ablished. Table 1 was used o so he in o ma ion.
4. Resul s and discussion
Be ween 1995 and 2012 ou ism jou nals indexed in JCR p oduced 252 a icles wi h s ic ly
financial opics. I should be unde sco ed ha 81.3% o he a icles we e published du ing
he second hal o he analysed pe iod (2004–2012), which means ha ou ism as a esea ch
opic, and, in his case, he financial aspec o ou ism, has p og essi ely gained in e es in
he scien ific communi y.
Financial a icles we e ound in 17 o he 35 jou nals indexed in JCR (Figu e 1). The e-
o e, 48.57% o high-impac scien ific jou nals in he sphe e o ou ism ha e published
Figu e 1. P oduc ion o financial a icles by jou nal, 1995–2012.
Cu en Issues in Tou ism 229
Table 2. Volume o a icles by financial a ea and financial field o esea ch du ing he 1995–2012 pe iod.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 To al
Co po a e finance 24 45131 31 941292018139118
Financial
managemen
1 1 21 3 3155767143
Capi al s uc u e 1 1 1 1 322134 120
In es men
decisions
21 2 1 12 3113
Value c ea ion 1 1 1 3121731627
Co po a e
alua ion
12216
Di idend policy 1 1 1 3
P ope y s uc u e 1 1 3 1 6
Financial ma ke s 1 2 2 5 2 5 8 11 7 12 8 15 11 89
Ma ke in o ma ion 1 2 1 4
Po olio decisions 11 2
Risk and e u n 1 1 2 5 2 44869612868
Ma ke isk
managemen
1131212213
E ficien ma ke
hypo hesis
112
In e na ional
finance
1 2 11 125 254126
In e na ional
in es men and
de elopmen
1 2 1 125 123119
Fo eign cu ency 11 2
Financial c isis 1 1 1 2 5
Public finance 123 111 11 1 3 318
Public in es men 1 2 2 1 1 1 1 1 1 2 3 16
Public unding 1 12
Pe sonal finance 11
Pe sonal income
and expendi u e
11
To al 373566431061515281634343225252
230 J.L. Jiménez-Caballe o and S. Polo Molina
pu ely financial a icles. The jou nals ha con ain he g ea es financial p oduc ion a e In e -
na ional Jou nal o Hospi ali y Managemen (IJHM),Tou ism Managemen (TM) and
Tou ism Economics (TE). These h ee oge he ep esen 63.09% o all financial a icles
published in hospi ali y and ou ism jou nals.
In he selec ed a icles, h ee di e en ypes o esea ch can basically be obse ed:
empi ical, hose ha de elop a model and heo e ical. The majo i y o esea ch has been
empi ical, wi h 185 a icles (73.41% o he o al).
Two esea ch fields p edomina e: Co po a e Finance and Financial Ma ke s. The fi s
o hese has gene a ed he highes numbe o publica ions, 118 in all, and he a eas ha
ob ain he highes numbe o a icles a e Financial Managemen , wi h 43, and Value
C ea ion, wi h 27. Wi hin he field o Financial Ma ke s he a ea o Risk and Re u n
p edomina es, wi h 68 ela ed a icles (Table 2).
5. Conclusions
Fi s ly, we can highligh ha ou ism as a esea ch subjec –and, in his case, wi h espec o
i s financial aspec –has gained in e es among he scien ific communi y du ing he 1995–
2012 pe iod. We he e o e unde s and ha he ac ha financial esea ch is gaining e e
g ea e impo ance wi hin ou ism is, o a ce ain ex en , he esul o an inc ease in p o-
duc ion ha each o he disciplines has expe ienced sepa a ely.
The p oduc ion o IJHM,TM and TE accoun s o 63.09% o all financial a icles pub-
lished in hospi ali y and ou ism jou nals du ing he s udy pe iod. The e is no ela ionship
be ween a specific jou nal anking JCR and he numbe o published a icles.
Wi h espec o he ypology o he esea ch unde aken, he majo i y o esea ch in he
field o finances ela ed o ou ism is empi ical (73.41% o all esea ch). The end owa ds
his ype o esea ch is also highe in bibliome ic s udies o finances.
The opic ha a ouses he g ea es in e es is Co po a e Finance. This opic demon-
s a es how impo an he company is in he ou ism phenomenon. Wi hin his field Finan-
cial Managemen and Value C ea ion a e he mos add essed a eas. The second mos
p oduc i e esea ch field is Financial Ma ke s and, wi hin his, he a ea o Risk and
Re u n. O he fields o impo ance, al hough o less in e es , we e In e na ional Finance
and Public Finance. To conclude, only one a icle was de ec ed ha deals wi h Pe sonal
Finance, as a esul o i is unde s ood no gene a e su ficien in e es o be add essed.
Gi en he impo ance o esea ch in o finances o imp o ing business p ac ice and
public managemen , he con ibu ion and significance o he findings o ou ism policy
and p ac ice ha e been o de ec he financial issues ha conce n he wo ld o ou ism
oday. Resea che s should he e o e be able o de elop app op ia e solu ions om a finan-
cial poin o iew.
Las ly, one limi a ion o he s udy ha can be highligh ed is no knowing whe he he
financial esea ch opics and issues ha a e o in e es o p o essionals in he ou ism
sec o a e he same as hose ha a e o conce n o esea che s.
Disclosu e s a emen
No po en ial conflic o in e es was epo ed by he au ho s.
ORCID
José Luis Jiménez-Caballe o h p://o cid.o g/0000-0003-3456-2960
Cu en Issues in Tou ism 231
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