Accepted

This research has examined the possibilities of economic perceptions ’ of stakeholders in explaining the role of cultural heritage in sustaining the value of urban historic site of George Town, Penang World Heritage Site (GTWHS). This research has examined the possibilities of several attitudes of the stakeholders in explaining the importance of preserving the value of cultural heritage for the GTWHS conservation. Pearson’s Correlation and Multiple Linear Regressions analysis were used in predicting the dependent variable using a set of several independent variables. The purpose of the correlation test was to prove whether the correlation between the dimensions of the independent variables has had any influence on the non-use value of cultural heritage for the GTWHS conservation. A face-to-face interviewing technique using the structured CV questionnaire aided by photo images-supported was applied in this survey. The numbers of completed questionnaires were 294 from local residents and 147 from tourists (domestic and foreign) in GTWHS. This paper reveals that there was a relationship between the local stakeholders ’ attitude and responses on the importance of preserving the non-use value of cultural heritage and the WTP value for the GTWHS conservation