IMPACT AND INTERGENERATION DIFFERENCES OF NON-LOCAL OPERATORS'RISK PERCEPTION ON BENEFIT EXPECTATIONS IN RURAL HOMESTAY INVESTMENT
This research aims to explore how the risk perception of non-local operators influences psychological expectations and subsequent behavior and decisions in rural homestay investment,and examine whether there are intergenerational differences in this relationship,which is important in fostering the high-quality and sustainable development of the rural homestay industry.This study took a case study of Mogan Mountain,the birthplace of modern bed-and-breakfast(B&B).The social cognitive theory was adopted to identify the distinct risk factors that non-local operators encountered in rural homestay investment,and the Logistic regression model was deployed to analyze the correlation between individuals'ability to identify risk factors and investment benefit expectations,as well as the intergenerational differences.The results were listed as follows.(1)The risk structure of non-local operators'investment in rural homestays comprised systemic operational risk,rural environmental risk and risks related to their individual identity characteristics.(2)The differentiation of non-local operators'perception of different risks influenced their investment benefit expectations.(3)There were intergenerational differences in the impact of investment risk perception on benefit expectations between the new generation and the parental generation.Specifically,the new generation demonstrated a stronger risk perception but held pessimistic benefit expectations regarding investment in rural homestays,which was in direct contrast to the parental generation.Therefore,it is imperative to guide the rural homestay investment market in China towards rationality,restore the confidence of new-generation non-local operators in investment,and establish an interactive platform for B&B operators to enhance risk awareness among parental-generation non-local operators,diminish investment failures and foster the high-quality development of the B&B industry.
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