Systematic Risk in Iran’s Medical Tourism Industry: A Narrative Review
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Abstract
Medical tourism is a new form of tourism grown significantly in recent years across the world and in Iran. The flow of medical tourism today is from developed countries to developing countries. Yet, demand volatility due to systematic risks can hurt industry players. The occurrence of systematic risks in the tourism industry, especially medical tourism, is common. The latest case of systemic risk is the COVID19 pandemic. The present study aimed to detect and study the factors that can help companies to be more resilient in the occurrence of systematic risks in the medical tourism industry. The Delphi method was used to summarize and analyze the industry managers’ perception of the above factors. The results of analyzing the perceptions of managers of companies operating in the medical tourism industry show that debt advantage, liquidity and profitability, and operational efficiency are the determinants that play the most important role in the resilience of companies against systematic risks. The role of advertising is also relatively agreed upon by the managers.
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22. Rostami A, Sommerville J, Wong IL, et al (2015). Risk management implementation in small and medium enterprises in the UK construction industry. Eng Constr Ar-chit Man, 22(1), 91-107.
23. Keeney S, Hasson F (2001). McKenna HP. A critical review of the Delphi technique as a research methodology for nursing. Int J Nurs Stud, 38(2), 195-200.
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2. Bookman MZ, Bookman KR (2007). Medical Tourism in Developing Countries. New York: Palgrave Macmillan. Springer Publication.
3. OECD (2010). Health Accounts Experts, Progress Report. Trade in Health Care Goods and Services Under the System of Health Accounts. Paris.
4. Williams AM, Baláž V (2015). Tourism risk and uncertainty: Theoretical reflections. J Travel Res, 54(3), 271-287.
5. OECD (2012). Medical Tourism: Treat-ments, Markets and Health System Impli-cations: A scoping review, university of York, Published 2011. Available from: https://pure.york.ac.uk/portal/en/publications/medical-tourism-treatments-markets-and-health-system-implications-a-scoping-review(5842a515-2a2a-4190-bb1b-40cc8fa1c815).html
6. Global Market Insights (2016). Medical Tourism Market Analysis and Forecast – 2016 To 2025-sample report. Available from: https://www.gminsights.com/industry-analysis/medical-tourism-market
7. Ehrbeck T, Guevara C , Mango PD (2008). Mapping the market for medical travel. http://www.medretreat.com/templates/UserFiles/Documents/McKinsey%20Report%20Medical%20Travel.pdf
8. Kameli ME, Behtaj F, Parvan M, et al (2020). “Statistical Report of Hospitals in Iran (AVAB)”. (In Persian). 1st ed. Barta
9. UNWTO and Data Partners, (2020). COVID-19 - a global insight on travel and tourism impacts, 21 April 2020. Available from: https://webunwto.s3.eu-west-1.amazonaws.com/s3fs-public/2020-03/21_4_Tourism_COVID19_Data_Coalitionpptx.pdf
10. UNWTO (2020). UNWTO World Tourism Barometer and Statistical Annex, October 2020. https://www.e-un-wto.org/doi/abs/10.18111/wtobarometereng.2020.18.1.6
11. Reilly FK, Brown KC (2011). Investment Anal-ysis and Portfolio Management. 10th Edition, South-Western Cengage Learning.
12. Angel K, Menéndez-Plans C, Orgaz-Guerrero N (2018). Risk management: Comparative analysis of systematic risk and effect of the financial crisis on US tourism industry: Panel data research. Int J Contemp Hosp Manag , 30 (3), 1920-1938.
13. Jiao D (2013). Demand volatility, operating leverage and systematic risk in hospitality industry. Master Thesis in Finance, Tilburg University. Available from: http://arno.uvt.nl/show.cgi?fid=130523
14. Lee JS, Jang SS (2007). The systematic-risk determinants of the US airline industry. Tour Manag, 28(2), 434-442.
15. Mar-Molinero C, Menéndez-Plans C, Or-gaz-Guerrero N (2017). Has the 2008 fi-nancial crisis changed the factors deter-mining the systematic risk of shares in the “European Hospitality Industry”? (2003–2013). J Hosp Tour Manag, 31, 59-69.
16. Lee WS, Moon J, Lee S, Kerstetter D (2015). Determinants of systematic risk in the online travel agency industry. Tour Econ, 21(2), 341-355.
17. Titman S, Wessels R (1988). The determi-nants of capital structure choice. J Finance, 43(1), 1-19.
18. Fisher L (1959). Determinants of risk pre-miums on corporate bonds. J Polit Econ, 67(3), 217-237.
19. Ben-Zion U, Shalit SS (1975). Size, leverage, and dividend record as determinants of equity risk. J Finance, 30(4), 1015-1026.
20. Saeed KA, Hwang Y, Grover V (2002). In-vestigating the impact of web site value and advertising on firm performance in electronic commerce. Int J Electron Commer, 7(2), 119-141.
21. de Araújo Lima PF, Crema M, Verbano C (2020). Risk management in SMEs: A systematic literature review and future di-rections. Eur Manag J, 38(1), 78-94.
22. Rostami A, Sommerville J, Wong IL, et al (2015). Risk management implementation in small and medium enterprises in the UK construction industry. Eng Constr Ar-chit Man, 22(1), 91-107.
23. Keeney S, Hasson F (2001). McKenna HP. A critical review of the Delphi technique as a research methodology for nursing. Int J Nurs Stud, 38(2), 195-200.
24. Dietsch M, Düllmann K, Fraisse H, et al (2016). Support for the SME supporting factor: Multi-country empirical evidence on systematic risk factor for SME loans. Discussion Paper Deutsche Bundesbank No 45/2016.
| Files | ||
| Issue | Vol 51 No 9 (2022) | |
| Section | Review Article(s) | |
| DOI | https://doi.org/10.18502/ijph.v51i9.10550 | |
| Keywords | ||
| Demand volatility Determinants Medical tourism Systematic risk | ||
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How to Cite
1.
Amirian S, Ahmadi AM, Assari Arani A, Abbasian E. Systematic Risk in Iran’s Medical Tourism Industry: A Narrative Review. Iran J Public Health. 2022;51(9):1950-1963.
