Tourism, economic development and the corporate performance of the hospitality industry: An empirical study of Portuguese tourism regions

Authors

  • Vânia Costa School of Hospitality and Tourism of Polytechnic University of Cávado and Ave (IPCA), Portugal; CiTUR - Centre for Tourism Research, Development and Innovation, Coimbra, Portugal. UNIAG - Applied Management Research Unit (UNIAG) and GOVCOPP - Research Unit in Governance, Competitiveness and Public, University of Aveiro, Portugal. Email: vcosta@ipca.pt https://orcid.org/0000-0002-4202-8779
  • Carlos Costa Department of Economics, Management and Industrial Engineering, University of Aveiro, Portugal; GOVCOPP - Research Unit in Governance, Competitiveness and Public, University of Aveiro, Portugal. Email: ccosta@ua.pt

DOI:

https://doi.org/10.54055/ejtr.v38i.3622

Keywords:

hospitality industry, corporate performance, economy, tourism growth, Portuguese tourism regions

Abstract

This study aimed to determine the effects of economic growth and tourism, as well as company-specific factors, on the business performance of the hospitality industry, through an empirical analysis with panel data, between 2011 and 2021, of 1299 hotels based in Portugal with the main economic activity classification 55 - Accommodation. The variables under study included financial performance indicators such as return on assets (ROA), return on equity (ROE), financial performance measured by a CP SCORE variable and characterization variables such as age, size, legal form and the region in which the hotels are based. The methodology used panel regression tests and the results suggest that macroeconomic factors may be partially responsible for a small part of the variation in firm performance. Economic growth has a positive influence on ROA and competitiveness and tourism growth on the profitability variables ROA and ROE. Age and size influence economic and financial performance and there are differences between firms' performance according to legal form and region.

Author Biographies

Vânia Costa, School of Hospitality and Tourism of Polytechnic University of Cávado and Ave (IPCA), Portugal; CiTUR - Centre for Tourism Research, Development and Innovation, Coimbra, Portugal. UNIAG - Applied Management Research Unit (UNIAG) and GOVCOPP - Research Unit in Governance, Competitiveness and Public, University of Aveiro, Portugal. Email: vcosta@ipca.pt

Vânia Costa is Professor of Polytechnic Institute of Cávado and Ave at ESHT. PhD in Economics (2014) and Researcher at CiTUR. Coordinator of the projects: "HCTourism - Profile and Trends of Human Capital in the Tourism Sector" and "TalenTour - Talent Management in Tourism and Hospitality". Co-Editor-in-Chief of the European Journal of Tourism, Hospitality and Recreation. Main areas of research: Air transport and Airports; Tourism and Economic Development, Competitiveness and Corporate Finance of Hospitality and Tourism, Human Capital in Tourism and Health and Wellness. ORCID: https://orcid.org/0000-0002-4202-8779.

Carlos Costa, Department of Economics, Management and Industrial Engineering, University of Aveiro, Portugal; GOVCOPP - Research Unit in Governance, Competitiveness and Public, University of Aveiro, Portugal. Email: ccosta@ua.pt

Carlos Costa is Professor of the University of Aveiro, and Tourism Expert at the European Commission. Is Editor-in-Chief of the Journal of Tourism & Development (SCOPUS), and Associate Editor of the Tourism Review (SCOPUS), Journal of Destination Marketing Management (SCOPUS), and Journal of Hospitality and Tourism Management (SCOPUS). Holds a PhD and MSc in Tourism Management (University of Surrey, UK), and a BSc in Urban and Regional Planning. Is the leader of the PhD Tourism Programme and head of the Tourism Research Centre of the University of Aveiro. ORCID: https://orcid.org/0000-0002-0089-6930

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Published

2024-08-01

How to Cite

Costa, V., & Costa , C. (2024). Tourism, economic development and the corporate performance of the hospitality industry: An empirical study of Portuguese tourism regions. European Journal of Tourism Research, 38, 3816. https://doi.org/10.54055/ejtr.v38i.3622

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