A Quantitative Approach Regarding the Evolution of the Romanian Tourism Firms, During and After the Global Financial Crisis
Author:Vasile Alecsandru Strat, Adriana Ana Maria Davidescu, Raluca Mariana Grosu and Ion-Daniel Zgură
JEL:L83, O18, P25, P48.
DOI:
Keywords:tourism firms, fixed/random effects, panel data regression, county level
disparities, regional development.
Abstract:
The main goal of this research paper is to provide a quantitative assessment of the
Romanian tourism industry (hotels and restaurants) from a county level perspective, in the
specific context of the global financial recession and in the post -recession one. The
evolution of the field is analyzed for the period 2008-2014 using county level data sourced
from the National Institute of Statistics and from the Office of the Trade Register. The
evolution of the main characteristics of the field: number of companies, number of
employees, total turnover of the companies from the field and number of newly established
companies, suggest the existence of significant disparities at the county level. The research
reveals the fact that the total number of employees from the field (companies which have
sent the final year documentation to the MPF) has decreased during the analyzed period
with over 20%, fact that is a clear indicator of the magnitude of the effects of the crisis.
The analysis of the disparities has revealed that Bucharest which is the most important
concentration pole in this field, accounting for almost 11% from the total number of
companies in 2008, has diminished its importance to little under 8.7%, in 2014.
Using panel data regression we have identified some of the main characteristics of the
Romanian counties that can be considered as indicators of the development perspectives of
the tourism (hotels and restaurants) at county level (NUTS 3).