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Determinants of Growth in Portuguese Small and Medium-Sized Hotels: Empirical Evidence Using Panel Data Models

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  • Zélia Serrasqueiro
  • Paulo Maçãs Nunes

Abstract

Using dynamic panel estimators, based on a sample of 177 small-and medium-sized Portuguese hotels for the period 2000–2009, this paper studies the determinants of growth in small- and medium-sized 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 small- and 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.

Suggested Citation

  • Zélia Serrasqueiro & Paulo Maçãs Nunes, 2016. "Determinants of Growth in Portuguese Small and Medium-Sized Hotels: Empirical Evidence Using Panel Data Models," Tourism Economics, , vol. 22(2), pages 375-396, April.
    • Handle: RePEc:sae:toueco:v:22:y:2016:i:2:p:375-396
    DOI: 10.5367/te.2014.0423
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    2. Marko Peric & Vanja Vitezic & Ana Peric Hadzic, 2020. "Firm Size €“ Firm Growth Relationship During Economic Crisis," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 29(1), pages 29-53, june.
    3. Santos, Anabela, 2019. "Do selected firms show higher performance? The case of Portugal’s innovation subsidy," Structural Change and Economic Dynamics, Elsevier, vol. 50(C), pages 39-50.

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