Can world heritage sites boost sales in non‐tourism firms? The role of visibility

Abstract

AbstractWorld Heritage sites can positively impact local manufacturing industries. Using two‐way fixed effects estimation, we find that manufacturing firms in cities with World Heritage sites see a 9% increase in operating revenue. This finding is robust to matching methods and a control function method. The impact is especially strong for businesses with low online visibility, highlighting that World Heritage sites enhance visibility toward lesser‐known enterprises. The study also shows that the positive impact on sales is greater in cities with better support for economic development, consistent with the notion that firms need good industrial infrastructure and financial resources to produce high‐quality goods.