The Financial Performance of Greek Hotels Before and During the Crisis

Anastasios Magoutas; George Papadoudis; George Sfakianakis

doi:doi:10.11648/j.jim.20160506.23

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The Financial Performance of Greek Hotels Before and During the Crisis

Anastasios Magoutas, George Papadoudis, George Sfakianakis

Published in Journal of Investment and Management (Volume 5, Issue 6)

Received: 30 August 2016 Accepted: 14 September 2016 Published: 29 December 2016

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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.

Published in	Journal of Investment and Management (Volume 5, Issue 6)
DOI	10.11648/j.jim.20160506.23
Page(s)	189-192
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2016. Published by Science Publishing Group

Keywords

Tourism Policy, Profitability, Panel Data

References

[1]	Agiomirgianakis, G., Voulgaris, F. and Papadogonas, Th. (2006), ‘Financial factors affecting profitability and employment growth: the case of Greek manufacturing’, International Journal of Financial Services Management, Vol. 1, Nos. 2/3, pp. 235–245.
[2]	Aissa, S. B. and Goaied, M. (2016) ‘Determinants of Tunisian hotel profitability: The role of managerial efficiency’, Tourism Management, Volume 52, February, pp. 478-487.
[3]	Asimakopoulous, I., Samitas, A. and Papadogonas, T. (2009), ‘Firm-specific and economy wide determinants of firm profitability Greek evidence using panel data’, Managerial Finance, 35, pp. 930-939.
[4]	Eriotis, N., Vasilou, D. and Z. V. Neokosmidi, (2007), ‘How firm characteristics affect capital structure: an empirical study’, Managerial Finance, 33, 5, pp. 321-331.
[5]	Geroski, P. A., Machin S. and Walters C., (1997), 'Corporate Growth and Profitability', The Journal of Industrial Economics, (June), pp. 171-189.
[6]	Kester, W. C., (1986) ‘Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations’, Financial Management, (spring), pp. 5-16.
[7]	Kotas, R., (2014), Management Accounting for Hotels and Restaurants, 2nd edition, Routledge.
[8]	Majumdar, S. K., (1997), ‘The Impact of Size and Age on Firm-Level Performance: Some Evidence from India’, Review of Industrial Organization, Vol. 12, pp 231-241.
[9]	Marco-Lajara, B., Claver-Cortés, E., Úbeda-García, M., and Zaragoza-Sáez, P., (2016), ‘Hotel Performance and Agglomeration of Tourist Districts’, Regional Studies Vol. 50, Issue 6.
[10]	Notta, O., Vlachvei, A., & Samathrakis, V. (2010), ‘Competitiveness–the case of Greek food manufacturing firms’, International Journal of Arts and Sciences, 3 (7), pp. 211-225.
[11]	Papadogonas, T., (2007), ‘The financial performance of large and small firms: evidence from Greece’, International Journal of Financial Services Management, 2 (1), pp.14-20.
[12]	Papadogonas, T., Sfakianakis, G. & Voulgaris, F., (2013), ‘Market power, cost efficiency and firm performance in the post-crisis era’, Review of Contemporary Business Research, Vol. 2, No. 2, pp. 45-49.
[13]	Sandvik, I. L., Duhan, D. F. and Sandvik. K., (2014), ‘Innovativeness and Profitability. An Empirical Investigation in the Norwegian Hotel Industry’, Cornell Hospitality Quarterly, vol. 55, no. 2, pp. 165-185.
[14]	Tze-Wei Fu, Mei-Chu Ke and Yen-Sheng Huang, (2002), ‘Capital Growth, Financing Source and Profitability of Small Businesses: Evidence from Taiwan Small Enterprises’, Small Business Economics, Vol. 18, pp. 257-267.
[15]	Voulgaris, F., Asteriou, D., & Agiomirgianakis, G., (2003), ‘The determinants of small firm growth in the Greek manufacturing sector’, Journal of Economic Integration, pp. 817-836.
[16]	Voulgaris, F., Doumpos, M. and Zopounidis, C., (2000), ‘On the evaluation of Greek industrial SMEs’ performance via multicriteria analysis of financial ratios’, Small Business Economics, Vol. 15, No. 2, pp.127–136.

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APA Style

Anastasios Magoutas, George Papadoudis, George Sfakianakis. (2016). The Financial Performance of Greek Hotels Before and During the Crisis. Journal of Investment and Management, 5(6), 189-192. https://doi.org/10.11648/j.jim.20160506.23

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ACS Style

Anastasios Magoutas; George Papadoudis; George Sfakianakis. The Financial Performance of Greek Hotels Before and During the Crisis. J. Invest. Manag. 2016, 5(6), 189-192. doi: 10.11648/j.jim.20160506.23

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AMA Style

Anastasios Magoutas, George Papadoudis, George Sfakianakis. The Financial Performance of Greek Hotels Before and During the Crisis. J Invest Manag. 2016;5(6):189-192. doi: 10.11648/j.jim.20160506.23

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@article{10.11648/j.jim.20160506.23,
  author = {Anastasios Magoutas and George Papadoudis and George Sfakianakis},
  title = {The Financial Performance of Greek Hotels Before and During the Crisis},
  journal = {Journal of Investment and Management},
  volume = {5},
  number = {6},
  pages = {189-192},
  doi = {10.11648/j.jim.20160506.23},
  url = {https://doi.org/10.11648/j.jim.20160506.23},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20160506.23},
  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.},
 year = {2016}
}

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TY  - JOUR
T1  - The Financial Performance of Greek Hotels Before and During the Crisis
AU  - Anastasios Magoutas
AU  - George Papadoudis
AU  - George Sfakianakis
Y1  - 2016/12/29
PY  - 2016
N1  - https://doi.org/10.11648/j.jim.20160506.23
DO  - 10.11648/j.jim.20160506.23
T2  - Journal of Investment and Management
JF  - Journal of Investment and Management
JO  - Journal of Investment and Management
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PB  - Science Publishing Group
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AB  - 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.
VL  - 5
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Author Information

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

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APA Style

Anastasios Magoutas, George Papadoudis, George Sfakianakis. (2016). The Financial Performance of Greek Hotels Before and During the Crisis. Journal of Investment and Management, 5(6), 189-192. https://doi.org/10.11648/j.jim.20160506.23

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ACS Style

Anastasios Magoutas; George Papadoudis; George Sfakianakis. The Financial Performance of Greek Hotels Before and During the Crisis. J. Invest. Manag. 2016, 5(6), 189-192. doi: 10.11648/j.jim.20160506.23

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AMA Style

Anastasios Magoutas, George Papadoudis, George Sfakianakis. The Financial Performance of Greek Hotels Before and During the Crisis. J Invest Manag. 2016;5(6):189-192. doi: 10.11648/j.jim.20160506.23

Copy | Download

@article{10.11648/j.jim.20160506.23,
  author = {Anastasios Magoutas and George Papadoudis and George Sfakianakis},
  title = {The Financial Performance of Greek Hotels Before and During the Crisis},
  journal = {Journal of Investment and Management},
  volume = {5},
  number = {6},
  pages = {189-192},
  doi = {10.11648/j.jim.20160506.23},
  url = {https://doi.org/10.11648/j.jim.20160506.23},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20160506.23},
  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.},
 year = {2016}
}

Copy | Download

TY  - JOUR
T1  - The Financial Performance of Greek Hotels Before and During the Crisis
AU  - Anastasios Magoutas
AU  - George Papadoudis
AU  - George Sfakianakis
Y1  - 2016/12/29
PY  - 2016
N1  - https://doi.org/10.11648/j.jim.20160506.23
DO  - 10.11648/j.jim.20160506.23
T2  - Journal of Investment and Management
JF  - Journal of Investment and Management
JO  - Journal of Investment and Management
SP  - 189
EP  - 192
PB  - Science Publishing Group
SN  - 2328-7721
UR  - https://doi.org/10.11648/j.jim.20160506.23
AB  - 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.
VL  - 5
IS  - 6
ER  -

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