Identifying The Value Premium: A Test of Mutual Fund Performance Measures

Leisure activity involvement (LI), leisure activity habit (LH), leisure activity commitment (LC), and leisure activity loyalty (LY) are different concepts from each other. LI and LH represent intentional and automatic components of individuals identity-based leisure lifestyles, respectively, whereas LC focuses on the perceived irrevocability of the initial action due to investment and costs (financial & social) and side-bets (i.e., extended activities) and LY relates to favorable attitudes toward a specific activity, thereby having an intention to choose it first over other activities. Few studies have investigated how LI, LH, and LC are related to LY; also if LY is related to the leisure-tourism connection (LTC). The LTC assumes that tourism behaviors are rooted in leisure. The purpose of this study was 1) to investigate if LI, LH, and LC influence LY and 2) if LY affects the LTC. A sample of 706 college students was surveyed online. Approximately 73% were female and the average age of the sample was 24 years old. The questionnaire consisted of: favorite leisure activities (open ended), LI (lifestyles/identity, hedonic, social), LH (automatic, resistant, regular), LC (investment - time/money, regret if stop it, relevant activities extended from it, cost lose touch with friends), LY (prefer to choose it first over other activities, recommend it to other people, spread positive words to other people), and LTC (tendency to take part in favorite leisure activity during vacation(one dimension of multiple items), frequency of participation in it regardless of the main purpose of vacation, frequency of participation in it as the main purpose of vacation, the likelihood of participating in it as the main purpose of vacation in the next five years). The data were analyzed using CFA and MANOVA. 1) The results of the multivariate analysis showed that all lifestyles/identity, hedonic, and social domains of LI have significant relationships with all LY items (first choice, recommend, positive words), but the findings of the univariate analysis revealed that lifestyles/identity had no significant relationship with recommend, F (1, 45) = .848, p = .75, •p2 = .059. Also, first choice, F (1, 12) = 1.848, p = .062, •p2 = .033, recommend, F (1, 12) = .657, p = .793, •p2 = .01, and positive words, F(1, 12) = 1.442, p = .142, •p2 = .028 did not differ by social involvement. Further, automatic, resistant, and regular of LH significantly influenced loyal attitudes (first choice, recommend, & positive words) toward favorite leisure activity with the exception of a relationship between resistant and recommend, F (1, 12) = 1.442, p = .142, •p2 = .028. For LC, investment, regret, extension, and social cost had significant relationships with LY at the multivariate level, but social cost was not significantly related to first choice at the univariate level, F(1, 4) = 1.397, p = .233, •p2 = .008. For the relationship between LY and LTC, the results of the multivariate analysis revealed that first choice and positive words of LY had significant relationships with the LTC, but recommend did not show any statistically significant relevance with all the LTC items. More specifically, the findings of the univariate analysis showed that only those who prefer to choose this activity first over alternative activities tended to show the leisure-tourism connection behaviors (more tended to take part in their favorite leisure activities during their vacations, more frequently participated in it both regardless of the main purpose of their trip and as the main purpose of their trip, and were likely to do so in the future).In contrast, those who reported they would spread positive words of their favorite activity to others tended to take part in their favorite leisure activity on vacation, but not necessarily frequently either as the primary or the secondary purpose of their trip or in terms of future vacation plans. The finding that the influences on the LTC differ by different types of loyalty is important to use direct marketing and social networking-centered marketing differently