Resource dependency, costs and revenues of a street festival
Abstract:The financial position of a tourism-oriented street festival in Sweden is examined within the context of resource dependency and stakeholder management theory, focused on testing two hypotheses derived from this theoretical base. Data from a five-year period revealed how costs associated with the strongest stakeholders (that is, with the greatest bargaining power) greatly increased relative to costs associated with weak stakeholders. The festival was also more able to increase its revenues from weak stakeholders than from those in strong bargaining positions. Conclusions are drawn on how this case confirms and elaborates upon theory, particularly by applying it to the festival sector. Management implications are also drawn on how festival organizations should manage relationships when they hold strong or weak positions relative to stakeholders.
Document Type: Research Article
Publication date: March 1, 2007
Tourism Economics, published bimonthly, is a peer-reviewed journal devoted to the economics and finance of tourism worldwide. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).
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