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Economic Sustainability of Culture and Cultural Tourism

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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Tourism: Economics, Finance and Management".

Deadline for manuscript submissions: closed (28 February 2022) | Viewed by 41275

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Special Issue Editor

Prof. Dr. Daniela Angelina Jelinčić

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Guest Editor

Institute for Development and International Relations, Vukotinoviceva 2, 10000 Zagreb, Croatia
Interests: cultural tourism; creative industries; experience economy; cultural heritage management; sustainability of culture and tourism; innovations in culture; social entrepreneurship
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Lately, a lot has been talked about economic sustainability of culture and cultural tourism, especially due to the pandemic crisis. Regardless the crisis, sustainable growth is in the focus of a number of international organisations’ strategic documents, e.g. UN Millennium Development Goals, or Europe 2020 Strategy, and substantial public and private funds have been invested in cultural and cultural tourism projects. However, it is rarely the case that investment of funds, especially in the case of public money, is carefully planned and its feasibility and cost-effectiveness consequently measured. Ensuring sustainability of funded cultural and cultural tourism projects should be embedded in every project plan. The case is, however, that most of the projects do well on this task in theory, when preparing a project proposal, but often fail to prove it in practice, thus not being able to justify the investments. With the ever growing need for funding of cultural and cultural tourism projects, sound and evidenced-based assessments preceding the investment should become an indispensable part of every project planning. Cultural and cultural tourism managers are often not trained in the specific topics related to economic sustainability, mostly focusing only on safeguarding intrinsic cultural values. However, without an integrated approach to sustainability, including the economic one, it is hardly possible to ensure overall project soundness and its durability in time.

Economic sustainability in cultural and cultural tourism project refers to all management phases, from cultural/cultural tourism product development, project funding, marketing, including branding, human resources management. Cultural and cultural tourism projects have proven to have a strong developmental potential influencing both territorial and social development. At the same time, they are specifically sensitive; their economic sustainability cannot be regarded separately from other aspects of sustainability (cultural, social and environmental), otherwise, a project may bring economic benefits but at the same time put at risk its social, cultural or environmental values.

This Special issue focuses on the economic sustainability of cultural and cultural tourism projects, but taking into account also other aspects. Thus, an integrated approach is put forward. Papers in different areas of culture as well as cultural tourism related to economic sustainability of projects are welcome. This may entail papers in the field of cultural heritage, cultural/creative industries, contemporary art, etc. as well as different types of cultural tourism projects and its sub-types (e.g. creative tourism, film tourism, literary tourism, etc.). The issue especially welcomes papers focusing on (1) economic sustainability impact assessment methods in culture/cultural tourism, (2) feasibility methods and financial evaluation tools used in cultural and cultural tourism projects, (3) policy provisions to ensure economic sustainability in culture/cultural tourism.

Researchers are invited to contribute original research articles in theory and practice. Conceptual papers alongside applied research studies are particularly welcome. All submissions must contain original unpublished work not being considered for publication elsewhere.

Prof. Daniela Angelina Jelinčić
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

culture and tourism impacts, planning and management
grants and financial instruments for culture/cultural tourism (debts, guarantee, equity funds, etc.)
innovative and alternative financial instruments for culture/cultural tourism (private equity, mini bonds, crowdfunding and digital financing platforms (fin tech), impact finance and payment by results, public-private partnership)
market revenues ensuring sustainability of culture/cultural tourism
hybrid financial instruments (combination of grants, debts and equity capitals) in culture/cultural tourism
cultural/cultural tourism project appraisal methods (e.g. ex ante evaluation, feasibility studies, cost-benefit analysis, cost-effectiveness analysis, economic impact studies, multi-criteria analysis)
policy interventions ensuring economic sustainability in culture/cultural tourism
culture/cultural tourism sustainability indicators
sustainable cultural and cultural tourism consumption and production
sustainable strategies for overtourism and undertourism in cultural destinations
climate change impacts on cultural and cultural tourism projects
behavioural economics in culture/cultural tourism
sustainable economy in culture/cultural tourism (green economy, circular economy, social responsibility, etc.)
integrated management of cultural and cultural tourism projects
good governance and participatory governance in culture/cultural tourism
innovative interpretation/storytelling for ensuring sustainability of cultural and cultural tourism projects
innovative approaches to economic sustainability in culture/cultural tourism
financial management ensuring economic sustainability in culture/cultural tourism
risk management in culture/cultural tourism (resilience and security)
sustainable regional economic growth due to culture/cultural tourism

Published Papers (11 papers)

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Research

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19 pages, 2045 KiB

Open AccessArticle

Overview of Social Assessment Methods for the Economic Analysis of Cultural Heritage Investments

by Sanja Tišma, Aleksandra Uzelac, Daniela Angelina Jelinčić, Sunčana Franić and Mira Mileusnić Škrtić

J. Risk Financial Manag. 2022, 15(8), 327; https://doi.org/10.3390/jrfm15080327 - 23 Jul 2022

Cited by 2 | Viewed by 2325

Abstract

This paper provides an overview of methods for assessing social impacts, their achievements, and possibilities of application in everyday practice for assessing the worth of investments in cultural heritage conservation, as well as its sustainable use. It gives an overview of available methods for social assessment and points to a set of interdisciplinary indicators by which those impacts can be evaluated. Possibilities to use social impact analysis in the assessment of cultural heritage are presented in this paper through two case studies in the Republic of Croatia: the implementation of social evaluation management plan for the old town of Buzet and the evaluation of social effects of investing in the museum Ivana’s House of Fairy Tales. Some qualitative indicators of the collected surveys related to social effects are described, while the analysis of the availability of such indicators and the scientific basis of the collected answers are provided. In conclusion, the contribution of the methodological tools used and social impact assessments in the evaluation of cultural heritage interventions are presented, while suggestions are made for various decision- makers on those broader methods and benefits compared with the use of only financial and economic impact evaluations. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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25 pages, 7072 KiB

Open AccessArticle

Peculiarities of Sustainable Cultural Development: A Case of Dark Tourism in Lithuania

by Virginija Jureniene and Martynas Radzevicius

J. Risk Financial Manag. 2022, 15(6), 264; https://doi.org/10.3390/jrfm15060264 - 10 Jun 2022

Cited by 5 | Viewed by 3493

Abstract

The aim of this article is to reveal the connection and significance of the concepts of dark tourism and sustainable tourism for the sustainable development of tourism, especially for regional tourism growth. The article discusses the theoretical aspects of dark tourism and details the aspects of this tourism industry as part of cultural tourism. The article also analyses principles and models of sustainable tourism development, with a stronger focus on the integrated development paradigm. As a relatively significant part of the research and analysis of sustainable tourism is more focused on the challenges posed by global mass tourism, this article focuses on the issues of sustainable development of niche tourism in relation to regional tourism. The article presents the analysis of Lithuanian dark tourism resources, presents the most common dark (dissonant) heritage objects, as well as the evaluation of resources according to the spectrum of dark tourism and the comparative analysis of the country’s most popular dark tourism objects from the point of view of sustainable tourism. A qualitative study revealed that regional tourism in Lithuania (especially niche, such as dark tourism) lacks integrity among different stakeholders, especially in involving the local community in the processes of cultural heritage protection and cultural tourism development and in developing more intensive links with the private sector. On the other hand, the analysis also revealed that there is an ambiguous public opinion regarding the dark heritage, which does not contribute to the sustainable development of tourism and the actualization of such heritage. The article also discusses the models of sustainable development of dark tourism and invites to discuss how to encourage greater public involvement in the development of dark tourism as part of cultural tourism, so that the principle of sustainable tourism does not remain an empty declaration. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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10 pages, 858 KiB

Open AccessArticle

Were Culture and Heritage Important for the Resilience of Tourism in the COVID-19 Pandemic?

by Krešimir Jurlin

J. Risk Financial Manag. 2022, 15(5), 205; https://doi.org/10.3390/jrfm15050205 - 29 Apr 2022

Cited by 3 | Viewed by 2161

Abstract

The unprecedented impact of the COVID-19 on the world tourism is clear and obvious. Still, modelling the impact on individual countries faces many problems from data availability to the multitude of underlying variables rather difficult to capture. This study used simple and multiple regression to research possible effects of the recent pandemic to the fall in the volume of tourism in 20 European countries, throughout the 20-month period. The results of this study were rather surprising showing that the relative fall in tourism cannot be explained only by incidence of COVID-19 by countries, while in multiple regression by adding the variables of distance of travel and composition of tourism by facilities coefficients of determination were very low. Adding variables of natural and cultural heritage as well as of cultural activities somewhat improved the baseline model with the best fitting variable of culture visits adding 11.8 percentage points to the explanatory power of the model, while culture employment and culture consumption added a possibly important 5.6 and 2.6 points, respectively. Although these findings are in line with recent literature of resilience and changes in tourism due to pandemic, a more thorough research is needed to further investigate these relations. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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17 pages, 969 KiB

Open AccessArticle

A Comparative Analysis of the Economic Sustainability of Cultural Work in the UK since the COVID-19 Pandemic and Examination of Universal Basic Income as a Solution for Cultural Workers

by Cécile Doustaly and Vishalakshi Roy

J. Risk Financial Manag. 2022, 15(5), 196; https://doi.org/10.3390/jrfm15050196 - 21 Apr 2022

Cited by 3 | Viewed by 3274

Abstract

The COVID-19 pandemic and related lockdowns across the world have greatly affected an already vulnerable cultural economy and the structural precarity of many cultural workers. After documenting the impacts of the pandemic in the cultural sector and the effectiveness of governmental responses in the UK and in Europe, the article focuses on the visual arts and explores calls for reforms of the cultural economy. While the UK government’s recovery plan went against the country’s cultural policy tradition due to the plan’s interventionist and financially generous nature, it disproportionally benefitted organisations rather than individuals working in the sector, especially in England. The study, conducted on visual arts workers in the UK, shows that many were unable to access these financial recovery schemes and fell through the cracks of the complex criteria set for these funds. This article informs the current debate on measures that are potentially more economically sustainable and wellbeing protective than those currently in place for cultural workers, such as Universal Basic Income. Its applicability is explored with reference to the historic French and recent Irish examples. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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21 pages, 529 KiB

Open AccessArticle

Sail Away to a Safe Harbor? COVID-19 Vaccinations and the Volatility of Travel and Leisure Companies

by Ender Demir, Renatas Kizys, Wael Rouatbi and Adam Zaremba

J. Risk Financial Manag. 2022, 15(4), 182; https://doi.org/10.3390/jrfm15040182 - 14 Apr 2022

Cited by 1 | Viewed by 1970

Abstract

This paper examines the impact of vaccination programs on the stock market volatility of the travel and leisure sector. Using daily data from 56 countries over the period from January 2020 to March 2021, we find that vaccination leads to a decrease in the investment risk of travel and leisure companies. Vaccination results in a decrease in the volatility of stock prices of travel and leisure companies. The drop in volatility is robust to many alternative estimation techniques, different volatility measures, and various proxies for vaccinations. Moreover, this effect cannot be explained by an array of control variables; this includes the pandemic itself and both the containment and closure policies that followed. Furthermore, the beneficial role of vaccinations is relatively stronger in emerging markets than in developed ones. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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19 pages, 916 KiB

Open AccessArticle

Redevelopment of Brownfields for Cultural Use from ERDF Fund—The Case of Hungary between 2014 and 2020

by Mariann Szabó and Fruzsina Bozsoki

J. Risk Financial Manag. 2022, 15(4), 181; https://doi.org/10.3390/jrfm15040181 - 14 Apr 2022

Cited by 2 | Viewed by 2397

Abstract

In the current research we aim to analyse the public redevelopment projects financed in Hungary from the Territorial and Settlement Development OP between 2014 and 2020, with special focus on cultural use. Brownfield redevelopment is a major topic in an urban development context from an urban sustainability, circularity, and creative urban/regional development point of view. Within the examined period, 39% of the brownfield redevelopment projects have cultural ties. A detailed introduction of the cases highlights the importance of landscape-oriented spatial strategies, temporary use, and mixed land use options in redevelopment for long-term viability. The original function of redevelopment projects encompasses a wide range. We could find industrial brownfields from the 19th century to agro-food facilities from the soviet era, which proves that the allocation of ERDF funds for brownfield redevelopments helped the rehabilitation of those sites which are important in showcasing Hungarian history. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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20 pages, 3018 KiB

Open AccessArticle

Support Mechanisms for Canada’s Cultural and Creative Sectors during COVID-19

by Charlie Wall-Andrews, Emma Walker and Wendy Cukier

J. Risk Financial Manag. 2021, 14(12), 595; https://doi.org/10.3390/jrfm14120595 - 10 Dec 2021

Cited by 5 | Viewed by 2998

Abstract

The cultural and creative industries enhance the quality of life for Canadians and visitors to Canada. However, definitions of the sector vary, presenting challenges for researchers and policymakers. Government data shows that the pandemic job and revenue loss were disproportionate in the arts. The Canadian government created a range of financial tools (grants and subsidies) to support the sector during the Pandemic. This paper analyzes these financial instruments created in response to the Pandemic. This paper offers a case study on how government can support the economic and social success of the creative and cultural sector (CCS) in Canada and avoid the risk of the cultural ecosystem collapsing. In addition, the key findings may be helpful in other industries and markets when exploring ways to support the cultural and creative sectors, which are vital components of domestic and tourism activity. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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21 pages, 1243 KiB

Open AccessArticle

Cost–Benefit Analysis in the Evaluation of Cultural Heritage Project Funding

by Sanja Tišma, Mira Mileusnić Škrtić, Sanja Maleković and Daniela Angelina Jelinčić

J. Risk Financial Manag. 2021, 14(10), 466; https://doi.org/10.3390/jrfm14100466 - 03 Oct 2021

Cited by 4 | Viewed by 4047

Abstract

Cultural heritage has, for a long time, been considered a source of wealth and well-being for economies. Currently, considerable investments have been allocated for its renewal and maintenance that often surpass the budgets of owners, local communities, and other interested users. Cultural heritage valorisation is expensive and is a great economic challenge. Infrastructural investment, i.e., conservation and restoration, are just one part of the total costs of cultural heritage preservation, while other investments relate to regular operation and maintenance. One of the most difficult decisions for those who design the cultural heritage restoration projects is how to finance them, i.e., what the most efficient financial instruments are for renewal of cultural heritage. These assumptions have instigated interest in the evaluation of services resulting from common good functions of cultural heritage, such as economic, educational, historical, technological, ecological, and climate, as well as tourism and recreational. Therefore, this article starts from the analysis of potential funding sources for cultural heritage through the European Union (EU) funds; a method of economic evaluation of the return on investments and cost–benefit analysis is suggested as a method that should be used in decision making on these interventions. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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23 pages, 2838 KiB

Open AccessArticle

Sustainability Determinants of Cultural and Creative Industries in Peripheral Areas

by Francesca Imperiale, Roberta Fasiello and Stefano Adamo

J. Risk Financial Manag. 2021, 14(9), 438; https://doi.org/10.3390/jrfm14090438 - 10 Sep 2021

Cited by 10 | Viewed by 3339

Abstract

Cultural and Creative Industries (CCIs) are increasingly recognized as part of the global economy and of growing importance for sustainable local development. However, the exploitation of their full potential depends on several issues concerning their entrepreneurial dimension and the context where they operate. The paper deals with these issues having the scope to investigate the main determinants of CCIs’ sustainability in peripheral areas, to understand what kind of policy could better support the survival of CCIs and development in these areas, according to an end-user perspective. The research is part of an Interreg Greece-Italy project carried out from mid-2018 until the end of 2020 with specific reference to CCIs in Apulia (IT) and Western Greece (EL). A two-step mixed methodology has been used to figure out regional specializations and the specific aspects of the entrepreneurial structure and business sustainability in the cultural and creative sector (CCs). In the end, the paper shows and discusses the main determinants considered crucial for CCI sustainability, suggesting guidelines for local authorities supporting their economic development. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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25 pages, 2174 KiB

Open AccessArticle

The Economic Sustainability of Culture in Hawai’i: Tourists’ Willingness to Pay for Hawaiian Cultural Experiences

by Gabriella Andrade, Holly Itoga, Cathrine Linnes, Jerome Agrusa and Joseph Lema

J. Risk Financial Manag. 2021, 14(9), 420; https://doi.org/10.3390/jrfm14090420 - 03 Sep 2021

Cited by 7 | Viewed by 6786

Abstract

Given the current travel restrictions with the COVID-19 pandemic, there is an unprecedented opportunity for Hawai’i to reexamine its current tourism offerings and establish a new approach to support a more authentic, cultural, and sustainable tourism for the U.S. domestic tourist market. As tourists from the continental U.S. are the largest source market for visitors to Hawai’i, the purpose of this study is to examine the trend towards an “authentic cultural” tourism experience and evaluate whether U.S. visitors will be willing to pay for a deeper integration and representation of Hawaiian culture in tourism offerings. The contingent valuation method (CVM) was adopted to quantify the willingness to pay (WTP) more by the tourists to Hawaii in order to experience a more “authentic Hawaiian cultural experience” as well as “sustainable experiences”. Differences between returning and first-time visitors were considered. This study focused on continental U.S. visitors’ perceptions of Hawaiian culture and the sustainability of Hawaiian tourism products, as well as the assessment of locally grown food and tourists’ willingness to pay extra for these tourism products and experiences. The contingent valuation survey demonstrated that continental U.S. travelers were supportive of an additional fee in order to experience authentic Hawaiian cultural and tourism experiences designed and/or facilitated by Native Hawaiians. In addition, U.S. visitors were also supportive of paying additional fees for activities or experiences to support sustainable tourism in Hawai’i, including paying more for locally grown food, indicating that they would be willing to increase their restaurant/hotel food bill in order to support the Hawaii’s local farming industry. The results of this study demonstrate that there are economic opportunities to further integrate Hawaiian culture and sustainability into the experience of visitors, and that U.S. visitors are willing to support these cultural activities financially. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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Review

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16 pages, 710 KiB

Open AccessReview

Financial Sustainability of Cultural Heritage: A Review of Crowdfunding in Europe

by Daniela Angelina Jelinčić and Marta Šveb

J. Risk Financial Manag. 2021, 14(3), 101; https://doi.org/10.3390/jrfm14030101 - 04 Mar 2021

Cited by 10 | Viewed by 5870

Abstract

Most cultural heritage projects strive in ensuring financial sustainability, mainly relying on public subsidies. At the same time, they lack fund management policies which directly affects their financial sustainability. European Union heritage policies focus on sustainability but after investments have been made, there are rare cases which can boast about it. A number of heritage funding mechanisms exist which are explained in this review paper, while the focus is on crowdfunding as an alternative mechanism. The study used literature review method based on PRISMA guidelines to analyze new trends and suitability of crowdfunding for cultural heritage projects, and to detect possible factors influencing its success. The purpose was to add to the existing knowledge while offering a systematic review which can be applied in practice. Findings indicate the trend of participatory approach to heritage, which is in line with the participatory nature of crowdfunding campaigns. Further, crowdfunding suitability for cultural heritage projects was confirmed while its success factors majorly depend on the policy framework, heritage project nature and management of the campaign itself. Full article

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)

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