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How does the economy affect a religious phenomenon? A panel approach to international pilgrimages to the Shrine of Fátima

Matheus Belucio
Matheus Belucio
, 
José Alberto Fuinhas
José Alberto Fuinhas
 e 
Carlos Vieira
Carlos Vieira
   | 18 nov 2023
European Journal of Tourism, Hospitality and Recreation's Cover Image
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Article Category: Research Article
Pubblicato online: 18 nov 2023
Pagine: 110 - 124
Ricevuto: 02 ago 2022
Accettato: 27 lug 2023
DOI: https://doi.org/10.2478/ejthr-2023-0010
Parole chiave
© 2023 Matheus Belucio et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Figure 1:

Portuguese international tourismSource: World Bank (2020)
Portuguese international tourismSource: World Bank (2020)

Figure 2:

Official pilgrimsSource: Belucio et al. (2020)
Official pilgrimsSource: Belucio et al. (2020)

Figure 3:

Residues of estimationSource: Authors’ elaboration
Residues of estimationSource: Authors’ elaboration

Figure 4:

Resume of resultsSource: Authors’ elaboration
Resume of resultsSource: Authors’ elaboration

Panel unit root tests

Maddala & Wu (1999) Panel Unit Root test
Specification without trend Specification with trend
Variables lags Chi-Square p-value Variables lags Chi-Square p-value
lper 0 72.878 0.090 lper 0 86.045 0.010
dlper 0 303.272 0.000 dlper 0 277.706 0.000
lgdppc 0 55.546 0.5670 lgdppc 0 455.452 0.000
dlgdppc 0 865.527 0.000 dlgdppc 0 681.756 0.000
une 0 101.813 0.000 une 0 370.916 0.000
dune 0 402.546 0.000 dune 0 273.373 0.000
exc 0 66.322 0.212 exc 0 124.349 0.000
dexc 0 318.098 0.000 dexc 0 225.599 0.002
ldepa 0 32.529 0.997 ldepa 0 112.73 0.000
dldepa 0 213.454 0.000 dldepa 0 239.402 0.000

Estimation results (corrected shocks)

Dependent Variable: DLPIL Coefficients FE Coefficients FE-DK
Constant −41.51392 *** −41.51392 ***
jap2016 −2.82544 *** −2.82544 ***
ndl2017 2.047733 *** 2.047733 ***
Dldepa 2.35E-08 2.35E-08 **
Dlgdppc 2.760323 ** 2.760323 **
Dexc 0.013365 * 0.013365 *
lpil(−1) (ECM) −0.9630423 *** −0.9630423 ***
Diagnostic statistics
N 261 261
R2 0.5233 0.5233
F stat F(9, 223) = 27.21 F(9, 8) = 4874.67
Prob *** ***

Variance inflation factor statistics

Variable VIF
Lgdppc 1.10
Exc 1.09 Mean VIF 1.07
Une 1.06
Ldepa 1.04
Dlgdppc 1.60
Dune 1.48 Mean VIF 1.33
Dldepa 1.17
Dexc 1.08

Impacts and speed of adjustment

Dependent Variable: DLPIL Coefficients FE Coefficients FE-DK
Short-term impacts
Dldepa 2.35E-08 2.35E-08 **
Dlgdppc 2.760323 ** 2.760323 **
Dexc 0.013365 * 0.013365 *
Long-term impacts
ldepa(−l) 1.133986 *** 1.133986 ***
lgdppc(−l) 2.8l2038 *** 2.812038 ***
une(−l) −0.0381511 −0.0381511 ***
Speed of adjustment
ECM −0.9630423 *** −0.9630423 ***

Hausman test

FE vs. RE FE vs. RE
Chi2(8) = 151.74*** 99.99***
Default option by Stata Sigmamore option by Stata

Correlation matrix and cross-sectional dependence (CD)

Correlation matrix Cross-sectional dependence
lpil lgdppc Une exc ldepa CD-test p value corr abs(corr)
lpil 1 29.27 0.000 0.459 0.500
lgdppc −0.2629* 1 35.94 0.000 0.564 0.664
une 0.4568* −0.1734* 1 11.35 0.000 0.178 0.498
exc −0.0152 −0.2436* −0.0496 1 13.83 0.000 0.217 0.575
ldepa 0.3892* −0.0782 0.1281* 0.1287* 1 31.87 0.000 0.500 0.566
dlpil dlgdppc Dune dexc dldepa
dlpil 1 23.32 0.000 0.386 0.473
dlgdppc 0.2009* 1 28.16 0.000 0.466 0.541
dune −0.2057* −0.5664* 1 21.14 0.000 0.350 0.517
dexc 0.1472* 0.1586* −0.1373* 1 5.60 0.000 0.093 0.403
dldepa 0.1574* 0.3093* −0.1486* 0.2563* 1 8.19 0.000 0.135 0.305

Statistical description of the data

Variable Obs. Mean Stand. dev. Minimum Maximum
pil 290 4307.65 9111.46 10 69540
gdppc 290 1927727 6393161 12323.84 37500000
depa 290 22400000 25500000 261000 143000000
une 290 8.12 5.14 0.29 27.33
exc 290 97.61 8.42 69.42 129.96
lpil 290 6.963 1.706 2.303 11.150
lgdppc 290 11.348 1.989 9.419 17.439
ldepa 290 16.315 1.230 12.472 18.779
dlpil 261 0.145 0.727 −1.901 3.203
dlgdppc 261 0.014 0.035 −0.155 0.215
dldepa 261 842058 2981744 −17200000 18400000
dune 261 0.068 1.146 −3.072 6.603
dexc 261 −0.798 5.086 −21.251 12.405

Specification tests

Statistics Probability
Modified Wald test 275.61 0.0000
Pesaran's test 19.945 0.0000
Wooldridge test 33.975 0.0000
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