Determinants of growth in Portuguese small and medium-sized hotels: empirical evidence using panel data models
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Serrasqueiro, Zélia [1] ; Nunes, Paulo Maçãs [1]
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[1] Universidade da Beira Interior
Universidade da Beira Interior
Covilhã (Conceição), Portugal
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- Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 22, Nº. 2, 2016, págs. 375-396
- Idioma: inglés
- Texto completo no disponible (Saber más ...)
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Resumen
Using dynamic panel estimators, based on a sample of 177 smalland medium-sized Portuguese hotels for the period 2000–2009, this paper studies the determinants of growth in small- and mediumsized Portuguese hotels. The multiple empirical evidence obtained allows the authors to conclude that: (a) small hotels grow more quickly than large ones, but only for lower levels of size; (b) age and the financial crisis of 2008 are restrictive determinants of growth in small- and medium-sized Portuguese hotels; and (c) cash flow, government subsidies and labour productivity are positive determinants of growth in small- and medium-sized Portuguese hotels. The authors also find that the financial crisis has increased the importance of cash flow and government subsidies for increased growth in smalland medium-sized Portuguese hotels. Finally, the financial crisis of 2008 has contributed to the role of debt and interest paid as restrictive determinants of growth in these hotels.
