Profitability Determinants of the Greek Hospitality Industry: The Crisis Effect

Panagiotis E. Dimitropoulos ()
Additional contact information
Panagiotis E. Dimitropoulos: University of Peloponnese

A chapter in Innovative Approaches to Tourism and Leisure, 2018, pp 405-416 from Springer

Abstract: Abstract The hospitality industry remains one of the cornerstone sectors of the Greek economy employing hundreds of thousands of employees, contributing significantly to the Gross Domestic Product (GDP). The scope of this study is to examine the main determinant factors of financial performance of the Greek hospitality industry, especially during the sovereign debt crisis. We utilized the population of firms (limited liability companies and corporations) registered on the chamber of commerce during the fiscal years 2011–2013 and operating on the hospitality and food services sectors, leading to 13724 observations for analysis. Regression results indicated that firm size, sales turnover and operating cash flows contribute positively to profitability. On the contrary, firms with increased leverage and capital intensity (fraction of fixed assets) are associated with lower levels of profitability. Our study fills a gap in the existing literature on financial management of the hospitality industry in Greece, offering useful policy implications.

Keywords: Hospitality industry; Food services firms; Profitability; Crisis; Greece (search for similar items in EconPapers)
JEL-codes: G31 M10 M21 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-319-67603-6_31

Ordering information: This item can be ordered from
http://www.springer.com/9783319676036

DOI: 10.1007/978-3-319-67603-6_31

Access Statistics for this chapter

More chapters in Springer Proceedings in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().