The Impact of the Greek Economic Crisis in Financing SMEs in the Tourism Sector: An Empirical Investigation

Kanellos Toudas (), Aikaterini Gatze, Paraskevi Boufounou and Lida A. Galani
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Kanellos Toudas: Agricultural University of Athens
Aikaterini Gatze: Hellenic Open University
Paraskevi Boufounou: National and Kapodistrian University of Athens
Lida A. Galani: University of Peloponnese

A chapter in Computational and Strategic Business Modelling, 2024, pp 487-498 from Springer

Abstract: Abstract The economic crisis that has hit Greece in recent years has been a particularly decisive factor in the country’s economic and social life over the past decade. During the economic crisis, the country’s most important sector, tourism, despite the positive effects, came under strong pressure, as the increase in taxation and the general negative climate prevailing in the country significantly affected it. This chapter focuses on the rapidly developing tourism in the Halkidiki area, analyzes 165 questionnaires by investigating the financing possibilities of SMEs in tourism and the impact of the recent economic crisis in Greece on them, and explores the impact of sample socioeconomic characteristics on the results obtained. The findings of the survey revealed that for half of the companies in the sample, bank lending is a reality, while the main sector in which money is directed is the company’s facilities and the renewal and maintenance of its technological equipment. It is worth noting that for the majority of respondents, the company’s financing is used in the right way. However, especially in the case of Halkidiki, it seems that tourism businesses showed a slight decrease in their turnover, as the shift to other markets, such as the Balkan countries, gave a new impetus to tourism in the region.

Keywords: Tourism; Financing; Economic crisis (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-41371-1_40

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DOI: 10.1007/978-3-031-41371-1_40

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