The Financial Performance of Greek Hotels Before and During the Crisis
Journal of Investment and Management
Volume 5, Issue 6, December 2016, Pages: 189-192
Received: Aug. 30, 2016; Accepted: Sep. 14, 2016; Published: Dec. 29, 2016
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Authors
Anastasios Magoutas, School of Social Science, Hellenic Open University, Patra, Greece
George Papadoudis, School of Social Science, Hellenic Open University, Patra, Greece
George Sfakianakis, School of Social Science, Hellenic Open University, Patra, Greece; Department of Accounting, Central Greece University of Applied Sciences, Chalkida, Greece
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Abstract
This paper aims at determining the critical factors affecting the profitability of the tourism sector in Greece, by using data for an extensive panel of Greek tourism enterprises for 2005-2011 period. As the Greek economy is still in a deep and prolonged recession, exploring profitability issues in specific sectors could help identify those sectors which could act as drivers of growth for the Greek economy out of the recession. The tourism sector, which accounts for almost 25% of GDP in Greece (directly and indirectly), is an obvious candidate for contributing to this end. The econometric results suggest that the recent crisis has resulted to a differentiation of the determinants of profitability of Greek tourism firms.
Keywords
Tourism Policy, Profitability, Panel Data
To cite this article
Anastasios Magoutas, George Papadoudis, George Sfakianakis, The Financial Performance of Greek Hotels Before and During the Crisis, Journal of Investment and Management. Vol. 5, No. 6, 2016, pp. 189-192. doi: 10.11648/j.jim.20160506.23
Copyright
Copyright © 2016 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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