Asia Pacific Journal of Tourism Research

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Effects of Exhibitors’ Trade Show Participation on

market performance: longitudinal research

Bong-Seok Kim , Kyoung-Bae Kim , Changwon Park & Jiyeon Lee

To cite this article: Bong-Seok Kim , Kyoung-Bae Kim , Changwon Park & Jiyeon Lee (2020)
Effects of Exhibitors’ Trade Show Participation on market performance: longitudinal research, Asia
Pacific Journal of Tourism Research, 25:12, 1343-1358, DOI: 10.1080/10941665.2020.1851275

To link to this article: https://doi.org/10.1080/10941665.2020.1851275

Published online: 18 Dec 2020.

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ASIA PACIFIC JOURNAL OF TOURISM RESEARCH
2020, VOL. 25, NO. 12, 1343–1358
https://doi.org/10.1080/10941665.2020.1851275

Effects of Exhibitors’ Trade Show Participation on market performance:

longitudinal research
a
Bong-Seok Kim , Kyoung-Bae Kimb, Changwon Parka and Jiyeon Leea
a
Department of Convention & Exhibition Management, Kyung Hee University, Seoul, South Korea; bDepartment of Tourism
Management, Dong-A University, Busan, South Korea

ABSTRACT KEYWORDS
This study proposed a structural model capturing the exhibitor’s internal resources, a Trade show; resource-based
trade show (TS) outputs and domestic market and international export performance theory; experiential
derived from the conceptual framework underpinning the resource-based theory. resources; managerial
Longitudinal analysis is applied to determine how TS output affects market resources; market
performance; longitudinal
performance over time after the conclusion of the TS. The results showed that the research
exhibitor’s resources partially affected TS output and market performance and that
TS output influenced market performance differently over time after the TS ended.
By providing a better understanding of market performance in a TS context, this
paper enriches research on TS issues.

Introduction
2012). The ultimate goal of a company participating
The Trade show (TS) industry has emerged as a new in a TS is to explore and create opportunities for trans-
growth engine, showing a steady growth trend (UFI, actions in both the domestic and international
2019). TS has provided a place for market develop- markets (Kim et al., 2009; Smith et al., 2004).
ment and information exchange while also as contri- However, increasing market competition and other
buting to increasing demand in related industries business issues have led small and medium-sized
such as tourism and hotels, and thus it is becoming enterprises (SMEs) to be careful in allocating their
increasingly important as a high value-added industry internal resources for participating in TS activities
(Lee, Fu, et al., 2018). In 2018, approximately 32,000 and improving market performance (Zhou et al.,
TSs directly involved 303 million visitors and nearly 2012). The management decision to involve the firm
five million exhibitors across more than 180 countries in domestic and international markets increases the
and generated more than $139.9 billion of direct need for specific resources such as market infor-
spending by visitors, exhibitors and additional TS- mation, industrial knowledge and business experi-
related expenditures (UFI, 2019). ence. The acquisition of these capabilities is
The TS is considered to be a sales and marketing influenced by entrepreneurial orientation and behav-
communication method as a component of a com- ior in sourcing and using information (Seringhaus &
pany’s marketing mix. There are many reasons for par- Mayer, 1988).
ticipating in a TS, such as introducing new products, When deciding to participate in a TS, the
promoting brands, meeting new buyers, strengthen- company should first consider its internal resources.
ing relationships with existing customers, finding Exhibitors need to understand the resources that are
new vendors and sales agents, prospecting for new directly or indirectly related to the TS, in particular
clients, selling products on the spot, and gathering the TS participation experience, the TS transaction
industry information (Hansen, 2004; Zhou et al., experience, the firm’s sales volume, and its

CONTACT Kyoung-Bae Kim [email protected], [email protected] Dong-A University, 225 Gudeok-ro, Seo-Gu, Busan,
South Korea 49236
© 2020 Asia Pacific Tourism Association
1344 B.-S. KIM ET AL.

number of employees (Ling-yee, 2007a, 2007b). It is international export performance, thereby extending
also necessary to analyze organizational capabilities the theoretical and empirical evidence on the struc-
that affect the performance of the company. Analy- tural relationship between internal resources, TS
sis of the exhibitor’s internal resources will have a output, and market performance using a long-term
great influence on TS participation activities and longitudinal study.
market performance.
It is argued that firms are capable of rapid
growth because they have special resources and Conceptual background
capabilities. A company’s unique internal resources, Resource-based theory
such as innovativeness, proactiveness, global
vision, and business experience, lead to a competi- The relationship between firm resources and perform-
tive advantage in global markets (Hultman et al., ance has been a major area of interest in strategic
2011; Oura et al., 2016). Exhibitors’ output at a TS management research, and resource-based theory
and market performance originate with a precise (RBT) has become a predominant theoretical frame-
analysis of their internal resources (Blythe, 1999; work in contemporary strategic management
Ling-yee, 2007a, 2007b; Zhou et al., 2012). (Barney, 1991; Ipek, 2018; Kraaijenbrink et al., 2010;
However, research on the relationships between Wernerfelt, 1984). The focus of the RBT literature is
exhibitor’s internal resources, TS output and on the resource-conduct-performance paradigm.
market performance is scarce. The RBT postulates that two broad categories of
Thus, numerous studies on TSs have attempted to resource-related factors – internal and external
identify and explore exhibitor performance (Bonoma, resources – underpin firm-level performance
1983; Hansen, 1996, 2004; Kerin & Cron, 1987; Lee & (Barney, 1991; Dhanaraj & Beamish, 2003; Lisboa
Kim, 2008; Lin et al., 2018; Zhou et al., 2012). et al., 2011). The RBT argues that the company can
However, to date, the effect of TS output on domestic maintain a competitive advantage by holding
and international market performance has rarely been special resources that can integrate capabilities.
examined. Although academic studies on the deter- Internal resources comprise managerial, physical,
minants of TS output have been actively conducted, organizational and experiential resources, while exter-
studies on the relationship between the exhibitor’s nal resources are externally located resources that the
internal resources and TS output are insufficient. firm can access through its internally developed
Indeed, it is very difficult to conduct research on relationship management capabilities and externally
how participation in a TS affects the exhibitors’ dom- developed industrial policy from the government
estic and export performance because market per- (He & Wei, 2013; Zhou et al., 2012). In this study, we
formance must be measured over a long period of will focus on the specific internal resources of exhibi-
time after the TS ends. Therefore, cross-sectional tors without considering external policy resources.
studies cannot be used to determine such market per- With regard to the resources covered in the export lit-
formance, and it must be evaluated through long- erature, various types of resources have been recog-
term longitudinal studies. Thus, to examine the dom- nized throughout the recent decades as appropriate
estic and export performance of exhibitors, longitudi- for analysis. In general, the most reviewed resources
nal research was conducted over a period of eighteen are tangible resources, including production, R&D,
months after a TS. Previous studies have not reached physical resources and financial resources (Ipek,
consistent conclusions about the relationships 2018; Sousa et al., 2008). However, despite their
between a company’s resources, the level of TS importance, relatively little research has been con-
output, and market performance. However, because ducted on experiential resources and managerial
this study is conducted on companies participating resources.
in international TSs, the assumption of significant
relationships between the exhibitor’s internal
Experiential and managerial resources
resources, TS output and domestic and international
market performance will be verified. A substantial amount of research has focused on
Therefore, the main purpose of this study is to companies’ international experience, with emphasis
determine how an exhibitor’s internal resources and primarily on accumulated export experience exam-
TS output influence domestic market and ined using different variables, e.g. years of export
 ASIA PACIFIC JOURNAL OF TOURISM RESEARCH 1345

activity, the number of export markets served, per- TS sales and communication output
formance of past export ventures, and duration of
Theoretical studies and the empirical measurement of
the export venture (Hultman et al., 2009; Wei et al.,
trade fair performance are limited (Hansen, 2004).
2014). Business experience, which is considered to
Many studies have been conducted on trade fair per-
be one of the key factors in explaining export per-
formance from different viewpoints. Based on the
formance, has received less focus from scholars in
outcome- and behavior-based control systems from
the context of exporting (Oura et al., 2016; Serin-
marketing theory, Hansen (1999, 2004) developed a
ghaus & Rosson, 2001), and the same is also true
theoretical framework for trade fair performance
for firm experience, which combines international
with five multidimensional models: sales-related,
experience and general business experience into a
single aspect (Galbreath & Galvin, 2008; Navarro- information-gathering, image-building, relationship-
García, 2016). In this study, the previous business building, and motivation activities. Ling-yee (2007a)
experience of a company is treated as an important proposed that the main effect of trade fair resources
resource accumulated in the organization that can on trade fair performance is contingent upon the
be utilized by management in business decision- firm’s internal knowledge assets and its external
making. relationship assets. Lee and Kim (2008) studied the
Since the 2000s, managerial resources have been differential effects of determinants on each dimen-
extensively investigated in the context of exports. sion, considering the multistage nature of TS manage-
Managerial resources mainly include managers’ ment (preshow, at-show, and postshow activities). In
business orientation, managers’ international TS output research, however, a two-dimensional
outlook, and management attitude (Li & Lo, 2017). output framework has long been proposed and
Managerial resources refer to a firm’s strategic orien- applied. Studies have a variety of views on TS
tation and reflect how it directs its decision-making output and participation purposes, but the general
styles, practices and activities (Lumpkin & Dess, consensus is that TS output is classified as sales
1996). Companies engage in product-market inno- output and communication output (Kim et al., 2009;
vation, assume risks and adopt an opportunity- Zhou et al., 2012).
seeking perspective (De Clercq & Zhou, 2014). Accord- Based on prior research, the measurement of an
ingly, the key components of business orientation are exhibitor’s output in this study is divided into sales
innovativeness and proactiveness (Covin & Slevin, output and communication output, and the TS
1989). Innovativeness reflects the firm’s tendency to output of exhibitors that participate in international
encourage experimentation, promote novel ideas, TS is tested. Sales output can be measured by high-
prefer change, and support new and creative ideas quality sales leads, the orders at the TS, and the
that may result in new products, services, or processes expected sales increase, whereas communication
(Covin & Lumpkin, 2011; Lumpkin & Dess, 1996). Inno- output is measured by relationships with key custo-
vativeness is an important component of managers’ mers and decision-makers, general information gath-
business orientation because it reflects the important ering, the maintenance and improvement of
means by which companies can pursue new opportu- relationships with existing clients, relationship build-
nities. Proactiveness delivers a forward-looking per- ing with promising potential customers, new-agent
spective that aims to preempt, anticipate, and act excavation, corporate image, and the boosting of
on future market changes (Rauch et al., 2009). Proac- employee morale (Blythe, 1999; Gopalakrishna &
tiveness requires a company to be future oriented Lilien, 1995; Hansen, 2004; Smith et al., 2004; Zhou
and focus on formulating its next steps to face poten- et al., 2012).
tial changes and competition. Proactiveness helps Many previous studies have treated TS output and
companies create a competitive advantage as a first TS participation performance as if they have the same
mover (Ferrier et al., 2017). meaning. However, output means the act of turning
Thus, innovativeness and proactiveness embody a out and is the direct product of event activities,
set of values and beliefs that determine how the firm whereas performance is the benefit and impact
intends to conduct business and compete (Hughes & experienced by participants after event activities
Morgan, 2007). As such, they serve as key managerial (Collins English Dictionary, 2014). In this study, we
resources that guide the firm’s attempts to achieve want to distinguish between the output of the TS
superior performance. and the resulting market performance.
1346 B.-S. KIM ET AL.

Market performance partnerships (Li et al., 2011; Lin et al., 2018; Morgan
et al., 2004). For this reason, many companies have
Market performance is divided into two methods:
participated in TSs and try to achieve their market per-
measurement using traditional financial metrics and
formance through the TS output.
measurement using cognitive performance (Lubatkin
There is very little research on how this TS partici-
& Shrieves, 1986). Performance evaluation using tra-
pation output affects market performance. However,
ditional financial metrics can be objectively measured,
studies have shown that various marketing activities
but often reflects the past rather than the present. On
of companies have a direct or mediating effect on
the other hand, cognitive performance can be
market performance (Cavusgil & Zou, 1994; Chen
measured by overcoming the disadvantages of
et al., 2016). In addition, studies have been carried
financial performance to a certain extent and by
out by several researchers that the outputs from
recognized sales growth rate, perceived revenue
export promotion activities e.g. international TS and
growth rate, and perceived market share (Chen
trade mission affect the long-term export perform-
et al., 2016; Steigenberger, 2014; Zou & Stan, 1998).
ance of the company (Francis & Collins-Dodd, 2004;
The recognition of market performance shows signifi-
Gençtürk & Kotabe, 2001; Kim et al., 2009; Seringhaus
cant differences depending on the target market i.e.
& Rosson, 1998; Spence, 2003; Wilkinson & Brouthers,
domestic market and international market. Nonethe-
2000; Zhou et al., 2012). Therefore, this research try to
less, what seems to be consistent in many studies
find out that the structural relationship between cor-
related to market performance is that qualitative
porate resources, TS output, and market performance.
and quantitative measurements have been carried
out simultaneously to solve the flaw of the approach
(Hult et al., 2005; Leonidou et al., 2002; Sousa et al., Conceptual framework and hypotheses
2010).
Conceptual model
Companies that acquire market knowledge and
business experiences are more likely to achieve a This study aims to analyze the influential relationship
strong market performance (Geldres-Weiss et al., between the internal resources of the exhibitor and its
2016). Companies can achieve high performance in output and to identify how TS output can affect
the market through participating in TS, recognizing market performance. To achieve the object of this
market trends and acquiring industry information. study, a conceptual model is proposed. Figure 1 exhi-
This type of market activities can be explained as TS bits both the theoretical and the contextual domains
outputs acquired empirically from relationships with linking the exhibitor’s internal resources, the TS par-
buyers, with whom companies build cooperative ticipation offering and market performance, in

Figure 1. Conceptual model.

 ASIA PACIFIC JOURNAL OF TOURISM RESEARCH 1347

which TS sales and communication output and dom- entering overseas markets and exporting. Managerial
estic and export performance are the key outcomes. resources refer to the manager’s strategic orientation,
As mentioned above, this study aims to identify which has a great influence on the business behavior
how the internal resources of exhibitors, subdivided of a company (Covin & Lumpkin, 2011; Lumpkin &
into experiential and managerial resources, explain Dess, 1996). Therefore, managerial resources can be
differences in TS output and the relationship regarded as a set of values and beliefs that determine
between TS output and market performance. First, the company’s intention to participate in the TS and
this study captures the internal resources of exhibitors the outcomes of the TS.
and draws on the factors affecting TS output based on The managerial resources construct was first con-
studies on departmentalizing the nature of a company ceptualized in the pioneering work of Covin and
(Crook et al., 2008; Morgan et al., 2006) and TS perform- Slevin (1989). Li and Lo (2017) found that managerial
ance (Bonoma, 1983; Chiou et al., 2007; Gopalakrishna resources influenced the international behavior of
& Lilien, 1995; Hansen, 2004; Kerin & Cron, 1987; Ling- companies. Brulhart et al. (2019) pointed out that
yee, 2007a, 2007b; Zhou et al., 2012). In addition, managerial and stakeholder orientation, especially
grounded in previous studies on markets and inter- proactiveness, affects company performance, and
national marketing (Cavusgil & Zou, 1994; Sousa Kreiser and Davis (2010) confirmed that innovative-
et al., 2008; Spence, 2003), market performance is ness and proactiveness have a direct effect on the per-
divided into two factors: domestic and international formance of a company. Brown et al. (2017) found
export performance. that top management attention affects TS output
Studies relating the internal resources, TS output and corporate values.
and market performance of exhibitors covered in Studies have shown that TSs play a significant role
this research are hard to find in exhibit marketing or as an important means for export promotion, and in
international marketing research. However, this other studies, it has been found that a company’s
study, based on RBT and previous research, premises resources affect the sales and communication
a relationship between the internal resources of an output of TSs (Seringhaus, 1987). Ling-yee (2008)
exhibitor, TS output and domestic and international claimed that firm resources have a positive effect on
market performance. the achievement of TS sales and non-sales goals.
Considering the relationships between firms’ internal Zhou et al. (2012) also conducted research on the
resources as experiential resources and managerial structural relationship between the exhibitor’s
resources (resources), trade show activities (conduct) internal resources and TS performance from the RBT
and domestic and export performance (performance), point of view.
it is reasonable to hypothesize that firms’ internal Building on RBT and previous research, it is reason-
resources and TS outputs are positively related to their able to assume that an exhibitor’s experiential and
market performance. Then, a new hypothesis can be managerial resources may have an impact on their
derived regarding these factors and how they affect TS TS outputs, such as sales output and communication
output and market performance over time. output. The following hypotheses are proposed.
H1a: Exhibitors’ experiential resources have a positive
Exhibitors’ internal resources and TS output effect on TS sales output.

Based on RBT, many studies related to international H1b: Exhibitors’ experiential resources have a positive
effect on TS communication output.
marketing, especially export marketing, have consist-
ently reported that a firm’s internal resources have a H2a: Exhibitors’ managerial resources have a positive
positive effect on performance (Ahmed et al., 2012; impact on TS sales output.
Chen et al., 2016). Experiential resources refer to the
H2b: Exhibitors’ managerial resources have a positive
experiential assets that a company has accumulated impact on TS communication output.
over time, which means the various experiences that
companies need for domestic business and exports
(Seringhaus & Rosson, 2001). Experiential resources
TS output and market performance
include resources accumulated in previous
businesses, such as the number of employees and This study shows the market performance, which is
sales volume, as well as experiences gained in influenced by TS output, of enterprises after attending
1348 B.-S. KIM ET AL.

a trade show. First, based on the studies related to performance or export performance from the exhibi-
market performance (Cavusgil & Zou, 1994), this tor’s perspective. Much research has been conducted
study divided market performance into domestic on the role of the TS as a marketing activity for exports
and international market performance. In the export (Francis & Collins-Dodd, 2004; Seringhaus & Rosson,
marketing literature, performance measurement has 1998), but little has been studied about how the TS
been mainly focused on financial performance. The output affects domestic market performance and
most commonly used export performance measures export performance after the TS ends.
are export sales, export growth rate, and export In TS practice, the biggest concern of the exhibitors
profit (Chen et al., 2016; Chetty & Hamilton, 1993). is that it takes a long time for the TS output to actually
However, according to Cavusgil and Zou (1994), result in export performance after the trade show
export performance measures should simultaneously ends, and it is also very difficult to determine when
include both financial and nonfinancial dimensions, TS output affects market performance. The challenge
as well as objective and subjective measures. in determining an exhibitor’s market performance is
There is very little direct research on how the exhi- related to the availability of data to track the entire
bitor’s TS output affects market performance. sales process. Ideally, the data should be continuously
However, studies have shown that the export-pro- tracked from the initial visit of the buyer to the end of
motion marketing activities of companies have a closing the contract while also recording the exhibi-
direct or mediating effect on market performance. tor’s marketing efforts before, during and after the
Seringhaus and Mayer (1988) and Seringhaus (1989) TS. Even if such data were available, a second chal-
studied the performance of trade mission participants lenge arises in building a response model that can
and nonparticipants and found that participating in demonstrate the relative impact of TS outputs on
trade missions had a positive impact on export per- short- and long-term market performance. To
formance. Seringhaus and Rosson (1998) proved measure the effect of TS output-related variables on
that TS activities had a significant impact on exports market performance, such model needs to measure
in a study of exhibitors participating in the national the effect over the long term from the end of the TS
pavilion. Moreover, Wilkinson and Brouthers (2000) until exports are determined.
demonstrated that participation in TSs and trade mis- Unfortunately, studies on TSs and market perform-
sions influenced high-tech exports, and Shamsud- ance have been primarily cross-sectional, and long-
doha and Ali (2006) proved that export-promotion term follow-up studies have not been conducted to
programs play a mediating role in export perform- date. However, longitudinal studies are essential to
ance. In addition, several studies have found that gov- measuring the long-term export performance of exhi-
ernment export support programs such as bitors. Based on these issues, a new hypothesis will be
participation in TS pavilions affect export perform- proposed that market performance will change over
ance (Francis & Collins-Dodd, 2004; Spence, 2003). time after the TS ends.
Based on the research that marketing activities and
H5. The effect of TS output on market performance will
export-promotion programs such as TSs affect export vary over time after the exhibition ends.
performance (Seringhaus, 1989), we assume that TS
output influences market performance. Thus, this
study proposes the following hypotheses.
Research method
H3a: TS sales output has a positive impact on domestic
performance. The methodology for this study is based on two
research phases. The first phase of this study includes
H3b: TS sales output has a positive impact on export a literature review as the primary source of six
performance.
research constructs that were adapted from prior
H4a: TS communication output has a positive impact on studies, indicating the reliability and validity of all
domestic performance. the constructs.
Table 1 shows the operational terms of all the con-
H4b: TS communication output has a positive impact on
export performance. structs that were used, with minor modifications in
accordance with the context of the firm’s internal
As mentioned above, few studies have shown that resources, TS output and market performance in this
TS output has a positive effect on domestic market present study. In the second phase of the study, a
 ASIA PACIFIC JOURNAL OF TOURISM RESEARCH 1349

Table 1. Operational definition and measurement of constructs.

Construct Operational definition Measurement Reference
Experiential The degree of experience and scale that a Number of employee Seringhaus and Rosson (2001);
resources company has acquired through domestic Sales volume Hultman et al. (2009)
(ER) and international business Export experience
TS participation experience
Managerial The degree of manager’s business Active in seeking business Covin and Slevin (1989, 1991);
resources (MR) orientation which includes innovativeness opportunities in overseas Lumpkin and Dess (1996); Knight
and proactiveness markets and Cavusgil (2004)
Active in introducing new
methods for innovation
Active in finding ideas related
to technology, products and
marketing
Respond quickly to changes in
industry and market
environment
Act strategically and boldly to
achieve corporate goals
Quickly pursue new market
expansion activities
TS sales output The extent to which exhibitors acquire Secure sales leads Seringhaus and Rosson (1998, 2004);
(SO) sales-related results through TS Create new prospective clients Hansen (2004); Lee and Kim (2008);
participation activities Contracts with new clients Zhou et al. (2012)
TS communication The extent to which exhibitors acquire non- Building relationship with
output sales related results through TS decision-makers
(CO) participation activities Building image of company
and product
product advertising and
testing
Domestic market The degree to which a company is Increasing domestic market Steigenberger (2014); Chen et al.
performance concerned about performance in its share (2016)
(DP) domestic business activities Increasing domestic market
profit
Increasing domestic market
sales
Export performance The degree to which a company is Increasing export profit Zou and Stan (1998)
(EP) concerned about performance in its Increasing export sales
export activities Increasing export satisfaction

TS exhibitor survey (n = 201) was conducted at the used widely in other research. The items for TS
Seoul International Manufacturing Technology Show output comprised 3 sales output and 3 communi-
(SIMTOS), South Korea. cation output questions based on Seringhaus and
Rosson (1998), among others. Domestic performance
were identified by three items from Steigenberger
Measurements (2014) and Chen et al. (2016). Export performance
This survey questionnaire used variables extracted were measured with 3 items developed by Zou and
from previous studies that confirmed their reliability Stan (1998) to create a scale called EXPERF, which con-
and validity. The items for measuring the internal sists of three types of performance: financial perform-
resources of exhibitors consisted of 4 experiential ance, strategic performance and export satisfaction.
and 6 managerial resource items from various The items of TS output and market performance
research papers, such as Covin and Slevin (1989). were assessed with a 5-point Likert scale, and the
The experiential resources were identified by four internal resources of the exhibitors were measured
items from Seringhaus and Rosson (1998), and using a 5-point Likert scale and ratio scale together.
Hultman et al. (2009). Managerial resources were
measured with 3 items derived from Lumpkin and
Sample settings and data collection
Dess (1996) and Knight and Cavusgil (2004); these
were inspired by the multipurpose indicator proposed The surveys for achieving the objectives of this study
by Covin and Slevin (1989, 1991), which has been were aimed at exhibitors who participated in the
1350 B.-S. KIM ET AL.

Seoul International Manufacturing Technology Show company founding year, number of employees, and
2016 (SIMTOS, 2016), Korea. The SIMTOS is considered TS participation experience during the last three
a systematic and specialized TS: it configures several years. A frequency analysis was performed to deter-
pavilions (such as cutting-welding and metal mine the general characteristics of the sample, and
working; parts, materials and motion controls; tools the results are shown in Table 2.
and related equipment; CAD/CAM; measuring
systems; automation and robotics; press and metal
forming as well as an industry 4.0 special pavilion), Data analysis
which are each larger than a single exhibition.
Two stages of data analysis are conducted in this
SIMTOS is the single largest international TS in the
study. First, the reliability and the convergent and dis-
Republic of Korea and is listed among the world’s
criminant validity of the measurement model are
top 4 TSs in the field of machinery. In addition, it
tested through confirmatory factor analysis, and
has been growing into a world-class machine tool
then the structural model is used to test the relation-
TS visited by approximately 120,000 visitors and
ship between the variables in the hypothesis (Ander-
more than 5000 foreign buyers, including approxi-
son & Gerbing, 1988). Since the proposed research
mately 1130 prospective exhibitors with 6135
model was designed for the formative matrix, partial
booths worldwide (SIMTOS, 2018).
least squares (PLS) analysis was used with a bootstrap-
SIMTOS was selected as the subject of research in
ping technique that applies 5000 samples. PLS has
this study because, among other factors, it is the
been widely used in social science research at
largest international TS in Korea and is held every
present because it has fewer restrictions on sample
two years. Long-term longitudinal studies are
size and residual distributions (Li & Liu, 2020).
needed to measure market performance, one of the
main objectives of this study. However, in the case
of exhibitions held annually, it is difficult to accurately Table 2. General characteristics of the sample.
measure performance, as the results of market per- Subject Frequency Percentage
formance take a long time to appear. For this Position of Clerk/Asst. Manager 52 25.9
respondent Manager/Deputy 62 30.8
reason, SIMTOS, held every two years, is considered General Manager
a very good sample for empirically grasping the General Manager 36 17.9
effect of TS output on market performance. Managing/Executive 27 13.4
Director
In consultation and cooperation with the SIMTOS President/Vice 24 11.9
organizer, the survey was aimed at SIMTOS 2016 exhi- President
bitors who agreed to participate, and questionnaires Age of Less than 3 years 12 6.0
company 3–10 years 28 13.9
were distributed three times at six-month intervals 10–20 years 66 32.8
(6, 12 and 18 months after the TS ended). The 20–30 years 62 30.8
official letters written by the SIMTOS organizer were 30 years over 33 16.4
Number of 1∼10 18 9.0
sent together with a survey questionnaire by e-mail employee 11∼30 30 14.9
to the personnel at the companies that participated 31∼50 73 36.3
in the SIMTOS. One week after sending the question- 51∼100 61 30.3
101 over 19 9.5
naire, telephone calls were made to confirm whether Sales volume Less than US$ 1 million 17 8.5
survey targets (personnel in charge of TS partici- US$ 1 ∼ 5 million 48 23.9
pation) received the survey questionnaire. A total of US$ 5 ∼ 10 million 73 36.3
US$ 10 ∼ 20 million 45 22.4
400 questionnaires were sent, and 215 copies were US$ 20 million and 18 9.0
collected that answered all three questionnaires. over
Among these, questionnaires that were unrelated Pavilion Cutting, welding & 36 17.9
metal working
to international market performance, had partial non- Parts, materials & 60 29.9
responses or were judged insincere were excluded. motion controls
Ultimately, 201 valid samples were used for analysis. Tools & related 58 28.9
equipment
The general characteristics of the sample compa- CAD/CAM, measuring, 38 18.9
nies used for this study were categorized according automation &
to the age of the respondent, position of the respon- robotics
Press & metal forming 9 4.5
dent in the company, location of the pavilion,
 ASIA PACIFIC JOURNAL OF TOURISM RESEARCH 1351

Compared with structural equation modeling (SEM), examined using factor loadings, composite reliability,
PLS analysis is appropriate for small sample sizes and average variance extracted (AVE). As can be seen
and has the ability to handle highly predictive from Table 3, all composite reliability values ranged
models. As is widely known, PLS is an appropriate from 0.884–0.958, which indicates adequate internal
tool for analyzing both existing theories and the for- consistency (Fornell & Larcker, 1981). Besides, Hair
mative constructs of a structural model (Lee, Lee, et al. (2010) suggested that the average variance
et al., 2018). In this article, SmartPLS 3 software is extracted (AVE) of each construct should exceed 0.5.
used for data analysis (Ringle et al., 2015). Construct validity analysis showed that the factor
The measurement model and structural model loadings (λ) of most observed variables are greater
were tested because the purpose of this study is to than 0.7, ranging 0.748–0.934. Therefore, the conver-
investigate the relationship between the TS outputs gent validity and reliability of each construct and
generated by two different firm internal resources item were confirmed.
(i.e. experiential resources and managerial resources) The analysis of discriminant validity is performed
and market performance. Moreover, to examine the by taking the square root of the AVE of all possible
effect of TS output on long-term market performance, paired constructs, which is greater than its correlation
PLS-SEM analysis was also performed. This analysis coefficient (Hair et al., 2017). In Table 4, the diagonal
was conducted to determine the timing of the effect line is the square root of the AVE, and the remaining
on market performance and analyzed its effect over lower triangular parts are the correlation coefficients.
the time course of 6, 12, and 18 months after the TS The test results found that all potential constructs
ends. have discriminant validity.

Measurement model Structural model

The measurement model was verified with the confir- This study used the bootstrap resampling method to
mation values of convergent validity, reliability, and estimate the significance of the hypothesized
discriminant validity. First, convergent validity was relationships in the model, with a sample size of

Table 3. Result of the measurement model.

Constructs and indicators Factor loading (λ) Cronbach’s alpha rho_A CR AVE
Experiential resource (ER) 0.826 0.838 0.884 0.658
1. number of employees 0.806
2. sales volume 0.877
3. export experience 0.825
. TS participation experience 0.729
Managerial resource (MR) 0.924 0.935 0.94 0.724
1. active in seeking business opportunities in overseas markets 0.781
2. active in introducing new methods for innovation 0.883
3. active in finding ideas related to technology, products and marketing 0.84
4. respond quickly to changes in industry and market environment 0.884
5. act strategically and boldly to achieve corporate goals 0.833
6. quickly pursue new market expansion activities 0.88
TS sales output (SO) 0.748 0.806 0.849 0.653
1. secure sales leads 0.759
2. create new prospective clients 0.814
3. establish contracts with new clients 0.848
TS communication output (CO) 0.798 0.819 0.879 0.708
1. building relationship with decision-makers 0.845
2. building image of company and product 0.855
3. conducting product advertising and testing 0.824
Domestic market performance (DP) 0.907 0.911 0.941 0.843
1. increasing domestic market share 0.913
2. increasing domestic market profit 0.899
3. increasing domestic market sales 0.942
International export performance (EP) 0.934 0.935 0.958 0.884
1. increasing export profit 0.936
2. increasing export sales 0.955
3. increasing export satisfaction 0.928
1352 B.-S. KIM ET AL.

Table 4. Analysis of discriminant validity.

Variables ER MR SO CO DP EP
Experiential resources (ER) 0.811
Managerial resources (MR) 0.277 0.850
TS sales output (SO) 0.334 0.264 0.808
TS comm. output (CO) 0.168 0.342 0.426 0.841
Domestic performance (DP) 0.176 0.742 0.33 0.405 0.918
Export performance (EP) 0.149 0.307 0.368 0.468 0.268 0.940
Note: The diagonal values in bold are the square roots of the average variance extracted (AVE).

5000 (Sarstedt et al., 2013). Figure 2 shows the results international export performance (CO→EP; β = 0.282;
from PLS-SEM that estimate the proposed research t = 3.644). Hence, H4a and H4b were supported.
model: TS sales output, TS communication output,
domestic market performance and international
export performance explain 9.8, 14.4, 29.3 and 13.3
Longitudinal research
percent of the variance, respectively. The second important study of this paper is to show
As shown in Figure 2, the experiential resource that the impact of TS output on market performance
exerted a significant influence on TS sales output will change over time after the TS ends. To measure
(ER→SO) (β = 0.288; t = 3.879) and TS communication the long-term relationship between TS output and
output (ER→CO) (β = 0.186; t = 3.163), meaning H1a market performance, longitudinal research was con-
and H1b are supported. Managerial resources had ducted over 18 months after the conclusion of the
no significant impact on TS sales output (MR→SO) TS. To verify hypothesis 5, survey data collected 3
(β = 0.069; t = 0.779), whereas managerial resources times – 6, 12, and 18 months – after the TS ended
were significantly associated with TS communication were analyzed for differences in their path coefficients
output (MR→CO) (β = 0.282; t = 3.644), which means using PLS (Table 5).
that H2a is not supported but H2b is accepted. As shown by the relationship between sales output
The results indicate that the exhibitor’s TS sales and domestic market performance, the sales output
output had a significant influence on both domestic increases because participation in the TS exerted the
market performance (SO→DP; β = 0.360; t = 5.846) greatest effect until six months after the TS ended.
and international export performance (SO→EP; β = Compared its performance at 6 months, domestic
0.169; t = 2.321), which supports hypotheses H3a market performance at 12 and 18 months gradually
and H3b. Additionally, the exhibitor’s TS communi- decreased (SO→DP: β = 0.388 (6 months) → β =
cation output positively influenced domestic market 0.321 (12 months) → β = 0.172 (18 months)). Thus,
performance (CO→EP; β = 0.293; t = 4.628) and sales output showed the greatest effect on the

Figure 2. Results of the structural model.

 ASIA PACIFIC JOURNAL OF TOURISM RESEARCH 1353

Table 5. Comparison of path coefficients.

6 months 12 months 18 months
DP EP DP EP DP EP
TS 0.388*** 0.145ns 0.321*** 0.171*** 0.172*** 0.361***
Sales output (6.255) (1.869) (4.928) (2.366) (2.399) (6.107)
TS Communication output 0.261*** 0.255*** 0.240*** 0.257*** 0.269*** 0.297***
(3.626) (4.089) (3.479) (4.142) (4.329) (4.825)
R2 0.293 0.114 0.218 0.128 0.136 0.298
DP: Domestic market performance, EP: International export performance, *** p < 0.001

domestic market within 6 months of the TS, and its and empirical evidence about the structural relation-
effect appears to have steadily declined over time. ship between internal resources, TS output, and
In contrast, the impact of TS sales output on inter- market performance. To achieve the purpose of this
national export performance showed different results. study, a theoretical approach based on a literature
TS sales output did not affect export performance review and empirical research were performed, and
until the 6th month, but it had an effect at 12 structural equation modeling analysis was conducted
months and a very significant effect at 18 months to verify the hypothesis. This study attempted to
(SO→EP: β = 0.145ns (6 months) → β = 0.171 (12 provide implications for companies aiming to
months) → β = 0.361 (18 months)). TS sales output achieve domestic and international market perform-
was found to have different effects on international ance through TSs. To determine the relationship
export performance over the entire period. between the exhibitor’s internal resources, TS
Next, TS communication output had a significant output, and market performance, a conceptual frame-
effect on domestic market performance over the work underpinned by the RBT paradigm was estab-
entire period (CO→DP: β = 0.261 (6 months) → β = lished. A literature review focusing on international
0.240 (12 months) → β = 0.269 (18 months)). marketing and TS marketing research was conducted
However, it cannot be seen that this difference and used as the basis for the hypotheses.
appears over time. TS communication output had an Based on previous research, the firm’s internal
impact on international export performance over resources were categorized as experiential and man-
the entire period, and its impact on international agerial resources, the TS output was divided into
export performance gradually increased over time sales and communication output, and market per-
(CO→EP: β = 0.255 (6 months) → β = 0.257 (12 formance was divided into domestic market perform-
months) → β = 0.297 (18 months)). ance and international export performance. To verify
In conclusion, the results of the longitudinal the relationship between the variables, hypotheses
research indicate that TS output affects market per- were established, and structural equation modeling
formance over time. The most interesting result is analysis was performed using PLS. Table 6 summarizes
that the impact of TS sales output on domestic the results of the hypotheses.
market performance decreases over time, whereas The most interesting result of this study was that
the impact of TS sales output on international the TS output affected the market performance differ-
export performance was initially weak but increases ently over time after the TS ends. As shown in Figure
over the period of time. Therefore, based on these 3, the impact of TS sales output on domestic market
results, Hypothesis 5 was adopted. performance decreased over time; while the impact
on international export performance could not be
seen until 6 months, at which point, it had a rapid
Conclusion and discussion impact. This means that the results of a company’s
TS marketing activities will appear over the long
Conclusion
term. TS communication output was found to have
The main purpose of this study was to verify how exhi- a significant effect on domestic market performance
bitors’ internal resources and TS output influence and international export performance at a similar
domestic market and international export perform- level. This longitudinal study is different from other
ance, and this study aimed to extend the theoretical international marketing and TS marketing studies.
1354 B.-S. KIM ET AL.

Table 6. Summary of hypothesis result.

Path
Hypothesis coefficient t-value Result
H1a Experiential resources → TS sales output 0.288 3.879*** Supported
H1b Experiential resources → TS communication output 0.186 3.163*** Supported
H2a Managerial resources → TS sales output 0.069 0.779 Not supported
H2b Managerial resources → TS communication output 0.282 3.644*** Supported
H3a TS sales output → Domestic market performance 0.360 5.846*** Supported
H3b TS sales output → International export performance 0.169 2.321*** Supported
H4a TS communication output → Domestic market performance 0.293 4.628*** Supported
H4b TS communication output → International export performance 0.267 4.325*** Supported
*** p < 0.001.

Theoretical implications considered an important achievement in that it

expanded the framework of TS research for analyz-
This study has academic significance in that it extends
ing the impact on market performance to a long-
the resource-behavior-performance paradigm based
term perspective, and it is not limited to the result
on RBT to the performance of TS exhibitors. Previous
of the TS.
research related to TSs mainly focused on the relation-
Third, most of the TS output and performance
ship between the general characteristics of the
studies to date are cross-sectional studies that evalu-
company and TS performance (Lin et al., 2018; Ling-
ate the TS result at the end of the TS (Chiou et al.,
yee, 2007a, 2007b). However, this study conducted
2007; Kim et al., 2009; Lee & Kim, 2008; Lin et al.,
comprehensive research from the company’s perspec-
2018; Ling-yee, 2007b; Zhou et al., 2012). Unfortu-
tive on the structural relationship between the exhibi-
nately, few longitudinal studies have shown that TS
tor’s resources and TS output, as well as the effect on
results are related to market performance from a
market performance after the TS ends. The theoretical
long-term perspective. This study differs greatly
implications of this research are as follows.
from other studies in that it conducted a longitudinal
First, although academic studies on the determi-
study on how TS output affects market performance
nants of TS output have been actively conducted,
in the long term. Such attempts could provide impor-
studies on the relationship between the exhibitor’s
tant theoretical implementations when studying the
internal resources and TS output are lacking. There-
relationship between TS output and market perform-
fore, this study provides theoretical significance by
ance in future research.
analyzing the relationship between the internal
resources that the exhibitor should keep and the
TS output. In addition, based on previous research,
Practical implications
this study divided the items of the exhibitor’s
internal resources into experiential resources (the Investing efforts to build general and objective
number of employees, sales scale, export experience, internal resources before participating in a TS
and TS participation experience) and managerial provide a great advantage in achieving a strong TS
resources (6 items related mainly to innovativeness output. Specifically, the sales output (e.g. export
and proactiveness). This can be evaluated as a new experience, TS participation experience) affecting
attempt not found in the existing areas of TS market- the overall market performance is more likely to be
ing research to derive the factors that can be utilized achieved when deploying experiential resources in
in future TS. advance. Firms’ managerial resources, including inno-
Second, most exhibit marketing and export mar- vativeness and proactiveness, facilitate strong com-
keting research has produced fragmentary results, munication output and socialize the company.
finding that TS is used as a useful tool to influence This study notes that the more experiential
export performance (Gençtürk & Kotabe, 2001; Ser- resources SMEs have acquired, the more likely they
inghaus & Rosson, 1998; Wilkinson & Brouthers, are to achieve the desired TS output and achieve
2006). However, this study differs from others in the ultimate goal, domestic and international market
that it comprehensively examined the structural performance. Unexpectedly, TS sales output was not
relationship between corporate resources, TS affected by the variable of managerial resources.
output, and market performance. This study can be However, the company’s innovativeness and
 ASIA PACIFIC JOURNAL OF TOURISM RESEARCH 1355

Figure 3. Results of longitudinal research.

proactiveness did have a significant influence on posi-

Limitation and future research
tive communication output with buyers at the TS.
With regard to achieving a successful TS output, This study has some limitations in the construct
these results imply that it is important for the setting and survey target. By complementing the
company to accumulate business experience and an limitations of this study, future studies can offer aca-
entrepreneurial business orientation. demic and practical development in the field of TS
In the practice of TSs, many exhibitors question the through more detailed investigations. Future studies
relationship between TS output and tangible market should compensate for this study as follows.
performance. Moreover, some variables of TS output First, although there is a variety of independent
take a certain amount of time to internalize and variables, the aim of this study is to limit the range
learn. From this point of view, a long-term longitudi- in the selective perspectives. In future research, the
nal study was attempted, and its results provide prac- internal resources of exhibitors must be configured
tical implications for the exhibitors. in a variety of standpoints, and variables that can
From this perspective, the biggest practical impli- more specifically present the effects on TS and
cation of this study is that if a company wants to market performance should be used.
achieve domestic market and export performance Second, the problem of generalization suffered by
through participation in a TS, it is necessary to con- most social science studies must also be considered in
tinuously conduct sales and communication activities this study. At the time of the initial analysis, this study
over a long period after the TS ends. This is because, sought to express the representativeness of the
as shown in the results of the research, the TS sample intended for the exhibitors of SIMTOS, which
output does not affect the market performance in was the largest international TS in the Republic of
the short term; instead, its effect on market perform- Korea. However, because this study was conducted
ance gradually appears over a long period of time. with exhibitors participating in only one international
Therefore, companies should not be disappointed if TS, it is considered somewhat inappropriate to gener-
performance is not immediately apparent during alize its results to the overall TS area. Therefore,
and after the TS and should make a long-term further studies should set a number of different
business plan to achieve high performance. types of international TSs in a model to identify influ-
In conclusion, this study aimed to contribute to the ential relationships.
development of the TS industry and the attraction of By actively conducting an empirical study on inter-
promising international TSs. It can also offer effective national TSs in the future, further studies will find that
guidance for exhibitors to prepare the TS. this is an opportunity to broaden recognition that
1356 B.-S. KIM ET AL.

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