Firm-level intra-industry links in Croatia’s tourism industry

Host, Alen; Zaninović, Vinko; Mirković, Petra Adelajda

doi:10.18045/zbefri.2018.1.243

Cited by 2 publications

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“…For the four other sub-sectors within the field of hospitality, Gibrat's Law failed to hold. Park and Kim (2010) rejected Gibrat's Law for the restaurant industry, whereas Host et al (2018) reported that the average growth of firms in the Croatian tourism sector was independent of their size. However, Ivandić (2015) did not confirm Gibrat's Law in a study of the hotel sector in Croatia, instead showing that the hotels tend to revert to a certain mean: smaller firms grew faster than the bigger ones.…”

Section: Literature Reviewmentioning

confidence: 99%

Tourism Economics

2023

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Section: Literature Reviewmentioning

confidence: 99%

Tourism Economics

2023

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Section: Literature Reviewmentioning

confidence: 99%

Evidence of a Threshold Size for Norwegian Campsites and Its Dynamic Growth Process Implications—Does Gibrat’s Law Hold?

2021

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Although campsites are an important segment of the tourist sector, few applied articles have analyzed their growth path and tested Gibrat’s Law for firms within this industry. This knowledge can be of importance to the authorities when analyzing the regional impacts of growth in this sector. With government statistics from the last decade, we use a GMM framework to test the stricter version of Gibrat’s Law, which consist of three parts: the campsites’ growth trend, how they carry over success and failure, and how volatile their size is. The first and third part are rejected for Norwegian campsites, leading to a rejection of Gibrat’s Law. To see if firms of different sizes follow different dynamics, we split the sample in three parts. Here, we find evidence of a threshold size, as large campsites follow a fundamentally different dynamic than small and medium campsites. Specifically, large campsites gain no stability in revenue by further increases in size, whereas they carry over success/failure across years. The opposite is true for the rest of the sector. Gibrat’s Law is rejected on at least one count for each of the sub-samples. Lastly, we supplement the analysis with economy-wide and firm-specific variables to test further hypotheses.

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Firm-level intra-industry links in Croatia’s tourism industry

Abstract: In this paper we investigate firm level activity in

Cited by 2 publications

References 15 publications

Tourism Economics

Tourism Economics

Evidence of a Threshold Size for Norwegian Campsites and Its Dynamic Growth Process Implications—Does Gibrat’s Law Hold?

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