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press event, French officials estimate that business
travel, led by the Festival, injects about $400
million into the local economy. In 1957, the year of
the America's first film festival, the San Francisco
International Film Festival, only about a dozen film
festivals existed worldwide. In 1997, over 450 film
festivals existed around the world.
Travel guide publishers such as Fodors, Lonely
Planet and Rand McNally are seizing the opportunities
presented bytravelfilmsbyextending theirown
activities to include video cassettes. New distribution
channels, cable television's The Travel Channel and
new technologies such as digital delivery of films via
CD-ROM and the Internet provide new and
promising rolesfor film as travelogues and as effective
promotional media for tourism worldwide.
Further reading
Garland, J. �1993) `Magic Magnets: Destinations as
Locales for Movie Making', in PATA' 94.
Conference Record. Pacific Asia Travel Association.
42nd Annual Conference. Honolulu, Hawaii. May 9±
13, 1993, San Francisco: Pacific Asia Travel
Association.
Gordon, W.A. �1995) Shot On This Site:A Traveller's
Guide to the Places and Locations used to Film Famous
Movies and TV Shows, Secaucus, NJ: Carol
Publishing Group.
Karney, R. �ed.) �1997) Chronicle of the Cinema,
London: DK Publishing.
Nowell-Smith, G. �ed.) �1996) The Oxford History of
World Cinema, Oxford: Oxford University Press.
Riley, R., Baker, D. and Van Doren, C. �1998)
`Movie induced tourism', Annals of Tourism
Research 24�4): 919±35.
Sklar, R. �1993) Film:An International History of the
Medium, Harry N. Abrams.
financial control
JORDAN YEE, USA
Financial controls are a set of procedures �a
financial control system) for setting financial
objectives or targets �see budgeting), monitoring
financial outcomes against those objectives by
means of accounting, and analysing the differ-
ences �variances) with a view to finding explanations
for them. In terms of control theory or
cybernetics, budgeting or financial planning represents
feed forward control, while accounting
statements and variance analysis represent feedback
control and are provided by the organisation's
management accounting. Variances between targets
and outcomes may be used as financial
performance indicators.
Financial controls are only part of an organisation's
planning and control systems, being directly
concerned only with financial targets and outcomes
�such as hotel sales revenue, profit margins, cost
levels and returns on capital) rather than other key
success variables such as product or service
quality, staff turnover and market share �see
marketing). In general, achievement of financial
targets will be associated with meeting other key
targets. However, in the short term tourism and
other managers may be able to achieve a financial
target such as profit or return on capital by
reducing expenses in ways that adversely affect
quality. A well-designed financial control system
will make it hard for managers to resort to this type
of short-termism, for example by monitoring the
expenses that are critical to quality against
budgeted amounts. Financial controls may be
applied at various organisational levels within the
tourism industry. At the overall or corporate level,
top management will be concerned that the
organisation as a whole is performing financially in
line with management's own published forecasts
for such matters as earnings �or net profit) per
share.
See also: corporate finance
financial objectives
financial objectives 229
SIMON ARCHER, UK
Financial objectives are the establishment of
measurable financial goals which follow the mission
statement. Used by operating managers,
financial objectives are measured by gross operating
profit, which is the income of an enterprise
before fixed charges. Operating management does
not control fixed charges such as rent, property
taxes, insurance, interest, depreciation and amorti