© Springer International Publishing Switzerland 2015. This study uses fixed–effect and random–effect models to analyze six sets of panel data over the period of 17 years (1996–2012) in order to investigate determinant factors that could affect international tourism demand for Cambodia. We find that the GDP per capita of the origin countries in the previous year has a significant and positive effect on international tourist arrivals to Cambodia, except for tourist arrivals from ASEAN and Europe. Higher relative prices in Cambodia have a significant and negative effect on tourist arrivals to Cambodia, except for tourist arrivals from Oceania and Europe. Appreciated Cambodian riel has a significant and negative effect on tourist arrivals from Oceania and North America, but has a significant and positive effect on tourist arrivals from Europe. Transportation cost has a significant and positive effect on tourist arrivals from Asia and Europe. This may suggest that tourists from these two regions are less sensitive to the transportation cost compared with other factors that drive them to visit Cambodia. The dummy variables which represent the significant events all yield the expected signs.