“…A lot of studies have tried to establish a link between size and performance; however, most of them have shown that large companies are on average more efficient than small companies. This is due to the market power of large companies, strategic grouping by companies, and economies of scale (Dhawan, 2001 (Nemoto & Asai, 2002;Symeou, 2011), insurance (Fecher, Perelman, & Pestieau, 1993), transport (Assaf, 2009;Assaf & Gillen, 2012) and hotels (Assaf, Barros, & Josiassen, 2012;Pulina, Detotto, & Paba, 2010). With regard to the ski industry, the study carried out by Falk (2009) compared the efficiency of large ski resort conglomerates with independent ski resorts.…”