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Publication
The Quintessence of public finances: Sustainability dynamics in tourism financial analysis
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Advisor(s)
Abstract(s)
Tourism plays a crucial role in driving economic development, and there is a
growing demand to integrate sustainability into the sector, particularly in the financial practices
of governments. This study introduces the Quintessence Sustainable Tourism Public Finances
(QSustainableTPF) model, which combines five established financial models commonly used
in the tourism industry. The research aims to identify statistically significant relationships
between these models and assess their impact on sustainability and financial performance in
tourism. A quantitative methodology was employed, with data collected from financial reports
and budget documents of both local and central governments, along with a survey of 2099
citizens and visitors conducted during the 2023–2024 period. Statistical analysis was
performed using SPSS and AMOS, incorporating exploratory factor analysis (EFA), reliability
testing using Cronbach’s alpha, and confirmatory factor analysis (CFA). The findings
underscore the essential role of public finance in supporting tourism sustainability, particularly
through transparent budgetary practices, efficient allocation of resources, and targeted
investment in local tourism initiatives. The analysis reveals key insights into the benefits of
financial transparency, citizen-centred budgeting, and the promotion of innovation in tourism
finance. The interconnectedness of the five models highlights the importance of responsible
public financial management in fostering tourism growth, enhancing investment, and ensuring
long-term financial sustainability in the sector. The study offers practical implications for
policymakers, advocating for the adoption of transparent and innovative financial practices to
boost tourism development. It also recommends further research to broaden the scope across
different regions, integrating additional public finance dimensions to strengthen sustainable
tourism growth.
Description
Keywords
Public finance Tourism financial model Financial sustainability
Citation
Lulaj E, Lima Santos L, Gomes C, Jha D. (2024). The Quintessence of public finances: Sustainability dynamics in tourism financial analysis. Journal of Infrastructure, Policy and Development. 8(14): 9489
Publisher
EnPRESS