editor@ijefm.co.in ISSN[Online] : 2644-0504 || ISSN[Print] : 2644-0490
The Influence of Quality of Tourism Services and Products on Loyalty through Tourist Satisfaction at Selomangleng Cave Tourism, Kediri City
1Syahril Wahyu Ramadhan, 2Nanny Roedjinandari, 3Mokh. Natsir
1,2,3University of Merdeka Malang, Indonesia
https://doi.org/10.47191/jefms/v7-i5-75
Google Scholar
Article Pdf
ABSTRACT:

This research is entitled The Influence of Service Quality and Tourism Products on Loyalty through Tourist Satisfaction in the Selomangleng Cave Tourism, Kediri City, which aims to describe the influence of service quality, tourism products, tourist satisfaction and tourist loyalty in the Selomangleng Cave Tourism, Kediri City, analyzing the quality of services and tourism products. on tourist satisfaction, analyzing the quality of tourism services and products on tourist loyalty, analyzing tourist satisfaction on loyalty, and analyzing the influence of the quality of tourism services and products on loyalty through tourist satisfaction at Selomangleng Cave, Kediri City. The sample in this study was 89 tourists who visited the tourist attraction. Selomangleng Cave. The analysis technique uses path analysis. The results of the analysis show that the quality of tourism services and products has an influence on tourist satisfaction, this means that the quality of tourism services and products is getting better and developing, which has an impact on tourist satisfaction. The quality of tourism services and products influences loyalty, which means that the better the quality of tourism services and products offered will influence tourists to be loyal to tourist destinations. Tourist satisfaction influences tourist loyalty, which means that better tourist satisfaction will influence the level of tourist loyalty. The quality of tourism services and products affects loyalty through tourist satisfaction, which means that loyalty can be increased if the quality of tourism services and products is good, this will create a higher level of tourist satisfaction and have an impact on tourist visits and loyalty.

KEYWORDS:

Service Quality, Tourism Products, Tourist Satisfaction, Tourist Loyalty

REFERENCES:

1) Artuger, S. (2016). The Effect of Destination Image on Destination Loyalty: An Application In The Effect of Destination Image on Destination Loyalty: An Application In Alanya. July.

2) Dani, Y. P. (2019). Pengaruh Atribut Produk Wisata dan Electronic Word of Mouth ( E-WOM ) Terhadap Keputusan Berkunjung pada Kawasan Wisata Mandeh. 01, 283–295.

3) Dwi, N., & Endang, G. (2017). Analisis Pengaruh Kepuasan Produk Wisata Terhadap Loyalitas Wisatawan ( Studi Kasus pada Wisatawan DIY ). IV(2), 70–77.

4) Dwiki, A., Wahyu, D., & Si, M. (n.d.). Pengaruh Kualitas Produk Wisata , Kualitas Pelayanan Dan Promosi Terhadap Kepuasan Pengunjung Objek Wisata Goa Kreo Semarang. 024.

5) Hanif, A. (2016). DAMPAKNYA TERHADAP LOYALITAS WISATAWAN ( Studi pada Wisatawan Nusantara yang Berkunjung ke Kota Batu ). 38(1), 44–52.

6) Jasa, T., & Unnes, F. T. (2014). Loyalitas Pelanggan ( Sebuah Kajian Terhadap Bisnis Makanan ). 1(1), 66–79.

7) King, Y., Wan, P., & Bramwell, B. (2015). Political economy and the emergence of a hybrid mode of governance of tourism planning. Tourism Management, 50, 316–327. https://doi.org/10.1016/j.tourman.2015.03.010

8) Kotler, P., & Keller, K. L. (2016). Marketing Management. New Jersey: Pearson Pretice Hall, Inc.

9) Lesmana, R., Habiyah, W., & Inas, N. (2020). Peran Kepuasan Wisatawan Terhadap Loyalitas Wisatawan Pada Objek Wisata Kepulauan Seribu Jakarta. 3(1).

10) Li, X. (2023). Deciphering word-of-mouth in social media: Text-based metrics of consumer reviews Deciphering Word-of-Mouth in Social Media: Text-Based. October. https://doi.org/10.1145/2151163.2151168

11) Pelayanan, P. K., Terhadap, K., Pelanggan, L., Pt, P., & Dharma, R. (2017). Pengaruh kualitas pelayanan, kepercayaan, dan kepuasan terhadap loyalitas pelanggan pada pt. padang tour wisata pulau padang. 6(2), 349–359.

12) Pendapatan, M., Daerah, A., & Kabupaten, P. A. D. (n.d.). No Title.

13) Prasetya, H. (2019). Pengaruh Produk Wisata Terhadap Kepuasan Pengunjung Di Tamansari Goa Sunyaragi. Binawakya, 13(11), 1843–1850.

14) Produk, P., Dan, W., Destinasi, C., Keputusan, T., & Wisatawan, B. (2020). Peran produk wisata dan citra destinasi terhadap keputusan berkunjung wisatawan. 8, 734–741.

15) Rahma, P., & Askriyandoko, T. (2019). Pengaruh Fasilitas dan Kualitas Pelayanan terhadap Kepuasan Wisatawan pada Goa Lowo Kecamatan Watulimo Kabupaten Trenggalek. 180–194.

16) Rahyuda, I. K. (2014). Memediasi Pengaruh Kualitas Pelayanan Terhadap Loyalitas Pelanggan Pada Hotel Melati Di Kawasan. 9, 520–532.

17) Rohaeni, H., & Marwa, N. (2018). Kualitas Pelayanan Terhadap Kepuasan Pelanggan. 2(2), 312–318.

18) Sulistiyani, E. (2010). Membangun Loyalitas Wisatawan Melalui Peningkatan Kualitas Obyek Wisata , Promosi dan Kepuasan Wisatawan di Kawasan Wisata Tawangmangu Karanganyar. 10(3), 161–165.

19) Susepti, A. (2017). Kepuasan Dan Loyalitas Tamu Hotel ( Studi tentang Persepsi Tamu Hotel Mahkota Plengkung Kabupaten Banyuwangi ). Jurnal Administrasi Bisnis, 50(5), 27–36.

20) Syarif, M., & Elmas, H. (2019). The Influence Of Green Marketing , Attribute Tourism Products , E- Wom The Visit Decision. 3(1), 46–54.

21) Wisnawa. (2019). Link Google Book:

22) Zhang, J. Q., Craciun, G., & Shin, D. (2017). When does electronic word-of-mouth matter? A study of consumer product reviews. Journal of Business Research, October. https://doi.org/10.1016/j.jbusres.2009.12.011.

Submit Article

SJIF Impact Factor

Author's Desk

Downloads

Latest News

Aim and Scope

JEFMS aims to promote interdisciplinary studies in Economics, Finance and Management. The scope of the journal encompasses research articles, reviews and short communications.

Frequency of Publication

JEFMS will publish 12 monthly issues, We publishes articles as soon as the final copy of edited version is approved. Accepts articles in all research fields of Economics, Finance And Management Studies.

Call For Paper

1) Last Date of Submission : 26 November 2024
2) Article published within a week.
3) Submit Article : editor@ijefm.co.in
OR Submit Online

Jefms Indexed In

The Predictive Ability of U.S. Stock Market Skewness on Indonesian Stock Market Returns
editor@ijefm.co.in ISSN[Online] : 2644-0504 || ISSN[Print] : 2644-0490
The Predictive Ability of U.S. Stock Market Skewness on Indonesian Stock Market Returns
1Muhammad Sofian Maksar, 2Winda Sari Firdani, 3Inayah Abdillah Rabbani, 4Yuan Swastika, 5Rifqi Cipto Laksono
1,2,3,4,5Universitas Muhammadiyah Kendari, Indonesia
https://doi.org/10.47191/jefms/v7-i5-71
Google Scholar
Article Pdf
ABSTRACT:

The three-moment capital asset pricing model (three-moment CAPM) suggests that the expected excess return on stocks should include compensation for skewness risk. This study aims to investigate the ability of U.S. stock market skewness to predict Indonesian stock market returns. The data used in this research includes the S&P500 Index, JCI, JII, and LQ45 from January 2001 to December 2022. The results of this study indicate that U.S. stock market skewness can predict future excess returns of the Indonesian stock market. Additionally, when the estimation model incorporates alternative variables from both the U.S. and Indonesian stock markets, the predictive ability of U.S. stock market skewness remains significant and outperforms these alternative variables. The findings of this research can be used as a strategy for investors when trading in the Indonesian stock market. When the skewness of the U.S. stock market increases, the return of the Indonesian stock market is expected to decrease in the following month.

KEYWORDS:

Intertemporal CAPM; Sample skewness; Stock market; Return; Three-moment CAPM

REFERENCES:

1) Amaya, D., Christoffersen, P., Jacobs, K., & Vasquez, A. (2015). Does realized skewness predict the cross-section of equity returns? Journal of Financial Economics, 118(1), 135–167. https://doi.org/https://doi.org/10.1016/j.jfineco.2015.02.009

2) Barberis, N., & Huang, M. (2008). Stocks as Lotteries: The Implications of Probability Weighting for Security Prices. American Economic Review, 98(5), 2066–2100. https://doi.org/10.1257/aer.98.5.2066

3) Bollerslev, T., Todorov, V., & Xu, L. (2015). Tail risk premia and return predictability. Journal of Financial Economics, 118(1), 113–134. https://doi.org/https://doi.org/10.1016/j.jfineco.2015.02.010

4) Byun, S.-J., & Kim, D.-H. (2016). Gambling preference and individual equity option returns. Journal of Financial Economics, 122(1), 155–174. https://doi.org/https://doi.org/10.1016/j.jfineco.2016.06.004

5) Campbell, J. (1996). Understanding Risk and Return. Journal of Political Economy, 104(2), 298–345. https://econpapers.repec.org/RePEc:ucp:jpolec:v:104:y:1996:i:2:p:298-345

6) Chang, B. Y., Christoffersen, P., & Jacobs, K. (2013). Market skewness risk and the cross section of stock returns. Journal of Financial Economics, 107(1), 46–68. https://doi.org/https://doi.org/10.1016/j.jfineco.2012.07.002

7) Chen, J., Jiang, F., Xue, S., & Yao, J. (2019). The world predictive power of U.S. equity market skewness risk. Journal of International Money and Finance, 96, 210–227. https://doi.org/10.1016/j.jimonfin.2019.05.003

8) Ghysels, E., Plazzi, A., & Valkanov, R. (2016). Why Invest in Emerging Markets? The Role of Conditional Return Asymmetry. The Journal of Finance, 71(5), 2145–2192. https://doi.org/https://doi.org/10.1111/jofi.12420

9) Harvey, C. R., & Siddique, A. (2000). Conditional Skewness in Asset Pricing Tests. The Journal of Finance, 55(3), 1263–1295. https://doi.org/https://doi.org/10.1111/0022-1082.00247

10) Harvey, C., & Siddique, A. (2000). Time-Varying Conditional Skewness and the Market Risk Premium. Research in Banking and Finance, 1. https://doi.org/10.2139/ssrn.795386

11) Kelly, B., & Jiang, H. (2014). Tail Risk and Asset Prices. The Review of Financial Studies, 27(10), 2841–2871. https://doi.org/10.1093/rfs/hhu039

12) Kraus, A., & Litzenberger, R. H. (1976). SKEWNESS PREFERENCE AND THE VALUATION OF RISK ASSETS*. The Journal of Finance, 31(4), 1085–1100. https://doi.org/https://doi.org/10.1111/j.1540-6261.1976.tb01961.x

13) Kumar, A. (2009). Who Gambles in the Stock Market? The Journal of Finance, 64(4), 1889–1933. https://doi.org/https://doi.org/10.1111/j.1540-6261.2009.01483.x

14) Londono, J. M. (2011). The variance risk premium around the world (International Finance Discussion Papers, Issue 1035). Board of Governors of the Federal Reserve System (U.S.). https://econpapers.repec.org/RePEc:fip:fedgif:1035

15) Lustig, H., Roussanov, N., & Verdelhan, A. (2014). Countercyclical currency risk premia. Journal of Financial Economics, 111(3), 527–553. https://doi.org/https://doi.org/10.1016/j.jfineco.2013.12.005

16) Merton, R. C. (1973). An Intertemporal Capital Asset Pricing Model. Econometrica, 41(5), 867–887. https://doi.org/10.2307/1913811

17) Rapach, D. E., Strauss, J. K., & Zhou, G. (2013). International Stock Return Predictability: What Is the Role of the United States? The Journal of Finance, 68(4), 1633–1662. https://doi.org/https://doi.org/10.1111/jofi.12041

18) Rubinstein, M. E. (1973). The Fundamental Theorem of Parameter-Preference Security Valuation. The Journal of Financial and Quantitative Analysis, 8(1), 61–69. https://doi.org/10.2307/2329748

19) Sarno, L., Schneider, P., & Wagner, C. (2012). Properties of foreign exchange risk premiums. Journal of Financial Economics, 105(2), 279–310. https://doi.org/https://doi.org/10.1016/j.jfineco.2012.01.005

Submit Article

SJIF Impact Factor

Author's Desk

Downloads

Latest News

Aim and Scope

JEFMS aims to promote interdisciplinary studies in Economics, Finance and Management. The scope of the journal encompasses research articles, reviews and short communications.

Frequency of Publication

JEFMS will publish 12 monthly issues, We publishes articles as soon as the final copy of edited version is approved. Accepts articles in all research fields of Economics, Finance And Management Studies.

Call For Paper

1) Last Date of Submission : 26 November 2024
2) Article published within a week.
3) Submit Article : editor@ijefm.co.in
OR Submit Online

Jefms Indexed In