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An ‘eclectic’ investigation of tourism multinationals’ activities: Evidence from the Hotels and Hospitality Sector in Greece

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Author Info

  • George Anastassopoulos
  • Fragkiskos Filippaios
  • Paul Phillips

Abstract

This paper analyses determinants of profitability differences between subsidiaries of Multinational Enterprises (MNEs) and Domestic Enterprises (DMEs) in the hotel and hospitality industry using firm level data. Previous studies have tested the hypothesis that ownership-specific advantages are a major determinant of performance differences. This paper explores performance issues using the eclectic paradigm configuration of hotel and hospitality multinationals (NACE=55), operating in Greece and a panel dataset for 95 firms and 10 years. The model is estimated using quantile regression model. The results indicate that overall MNEs overperform their domestic competitors and are generally larger in terms of size. An interesting aspect is revealed though when we break our MNEs to majority and minority owned. Minority owned MNEs perform better as they make use of local partners who bring into the firm knowledge of the local market, an aspect important for an industry as Hotels and Hospitality.

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File URL: http://www.lse.ac.uk/europeanInstitute/research/hellenicObservatory/pdf/GreeSE/GreeSE08.pdf
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Bibliographic Info

Paper provided by Hellenic Observatory, LSE in its series GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe with number 08.

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Date of creation: Nov 2007
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Handle: RePEc:hel:greese:08

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Related research

Keywords: Greece; Tourism and Hospitality; Multinational Enterprise Subsidiaries (MNES); Performance.;

References

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  1. Koenker,Roger, 2005. "Quantile Regression," Cambridge Books, Cambridge University Press, number 9780521845731, October.
  2. John Dunning, 2001. "The Eclectic (OLI) Paradigm of International Production: Past, Present and Future," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 8(2), pages 173-190.
  3. Joel L. Horowitz, 1998. "Bootstrap Methods for Median Regression Models," Econometrica, Econometric Society, vol. 66(6), pages 1327-1352, November.
  4. Stephen Guisinger, 2001. "From OLI to OLMA: Incorporating Higher Levels of Environmental and Structural Complexity into the Eclectic Paradigm," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 8(2), pages 257-272.
  5. Vasilios Patsouratis & Zoe Frangouli & George Anastasopoulos, 2005. "Competition in tourism among the Mediterranean countries," Applied Economics, Taylor & Francis Journals, vol. 37(16), pages 1865-1870.
  6. Robert M Grant, 1987. "Multinationality and Performance among British Manufacturing Companies," Journal of International Business Studies, Palgrave Macmillan, vol. 18(3), pages 79-89, September.
  7. Chen, Jean Jinghan & Dimou, Irini, 2005. "Expansion strategy of international hotel firms," Journal of Business Research, Elsevier, vol. 58(12), pages 1730-1740, December.
  8. Koenker, Roger W & Bassett, Gilbert, Jr, 1978. "Regression Quantiles," Econometrica, Econometric Society, vol. 46(1), pages 33-50, January.
  9. Sophia Dimelis & Helen Louri, 2002. "Foreign ownership and production efficiency: a quantile regression analysis," Oxford Economic Papers, Oxford University Press, vol. 54(3), pages 449-469, July.
  10. Siddharthan, N S & Lall, Sanjaya, 1982. "The Recent Growth of the Largest U.S. Multinationals," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 44(1), pages 1-13, February.
  11. Barbosa, Natalia & Louri, Helen, 2002. "On the determinants of multinationals' ownership preferences: evidence from Greece and Portugal," International Journal of Industrial Organization, Elsevier, vol. 20(4), pages 493-515, April.
  12. Chhibber, Pradeep K & Majumdar, Sumit K, 1999. "Foreign Ownership and Profitability: Property Rights, Control, and the Performance of Firms in Indian Industry," Journal of Law and Economics, University of Chicago Press, vol. 42(1), pages 209-38, April.
  13. William Gould, 1993. "Quantile regression with bootstrapped standard errors," Stata Technical Bulletin, StataCorp LP, vol. 2(9).
  14. John Cantwell & Franceses Sanna-Randaccio, 1993. "Multinationality and firm growth," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 129(2), pages 275-299, June.
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Citations

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Cited by:
  1. Eugenia Markova, 2010. "Effects of Migration on Sending Countries: lessons from Bulgaria," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 35, Hellenic Observatory, LSE.
  2. Vassilis Monastiriotis & Jacob A. Jordaan, 2011. "Regional Distribution and Spatial Impact of FDI in Greece: evidence from firm-level data," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 44, Hellenic Observatory, LSE.
  3. George Kazamias, 2010. "From Pragmatism to Idealism to Failure: Britain in the Cyprus crisis of 1974," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 42, Hellenic Observatory, LSE.
  4. Theodore Pelagidis, 2010. "The Greek paradox of falling competitiveness and weak institutions in a high GDP growth rate context (1995-2008)," LSE Research Online Documents on Economics 29098, London School of Economics and Political Science, LSE Library.
  5. Christos Lyrintzis, 2011. "Greek Politics in the Era of Economic Crisis: Reassessing Causes and Effects," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 45, Hellenic Observatory, LSE.
  6. Elena Lazarou, 2009. "Mass Media and the Europeanization of Greek- Turkish Relations: discourse transformation in the Greek press 1997-2003," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 23, Hellenic Observatory, LSE.
  7. Stelios Karagiannis & Yannis Panagopoulos & Prodromos Vlamis, 2010. "Symmetric or Asymmetric Interest Rate Adjustments? Evidence from Greece, Bulgaria and Slovenia," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 39, Hellenic Observatory, LSE.
  8. Christos Dimas, 2010. "Privatization in the name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," LSE Research Online Documents on Economics 31089, London School of Economics and Political Science, LSE Library.
  9. Nicholas Apergis, 2011. "Characteristics of inflation in Greece: Mean Spillover Effects among CPI Components," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 43, Hellenic Observatory, LSE.
  10. Christos Dimas, 2010. "Privatization in the Name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 41, Hellenic Observatory, LSE.
  11. Christos Lyrintzis, 2011. "Greek politics in the era of economic crisis: reassessing causes and effects," LSE Research Online Documents on Economics 33826, London School of Economics and Political Science, LSE Library.
  12. George Pagoulatos & Nikolaos Zahariadis, 2011. "Politics, labor, regulation, and performance: lessons from the privatization of OTE," LSE Research Online Documents on Economics 33827, London School of Economics and Political Science, LSE Library.
  13. Horen Voskeritsian & Andreas Kornelakis, 2011. "Institutional Change in Greek Industrial Relations in an Era of Fiscal Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 52, Hellenic Observatory, LSE.
  14. George Pagoulatos & Nikolaos Zahariadis, 2011. "Politics, Labor, Regulation, and Performance: lessons from the privatization of OTE," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 46, Hellenic Observatory, LSE.

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