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Survival of Firms in Crisis: Evidence from Antalya Tourism City

Yıl 2019, Cilt 7, Sayı 1, 1 - 23, 31.05.2019
https://doi.org/10.30519/ahtr.438189

Öz

Firm survival in tourism cities has long been a topic of discussion, due to particularly the fragile nature of the tourism industry. Crises make tourism cities even more fragile, which makes them an ideal case for studying the effects of crises on firm survival. Antalya, Turkey's leading tourist destination, has suffered from economic and political crises in recent years. This study investigates the factors influencing firm survival in a crisis-ridden tourism city. The results of a time-discrete survival analysis show that firm survival depends on firm-, industry-, and location-specific factors. Business survival declines in times of downturns. The survival rate is higher for smaller and younger firms and lower for corporate firms. There are no differences between foreign owned and domestic firms.

Kaynakça

  • Basile, R., Pittiglio, R., & Reganati, F. (2017). Do agglomeration externalities affect firm survival?, Regional Studies, 51(4), 548-562.Brouder, P.& Eriksson, R. (2013). Staying power: what influences micro-firm survival in tourism? Tourism geographies: an international journal of tourism space. Place Environment. 15 (1), 125–144.Bruni, S., Pittiglio, R., & Reganati, F. (2014). Heterogeneity in firm performance during economic crisis, Business, Management and Education, 12(1), 1-14.Cainelli, G., Montresor, S., & Marzetti, G. V. (2014). Spatial agglomeration and firm exit: a spatial dynamic analysis for Italian provinces, Small Business Economics, 43(1), 213-228. Cala, C. D., Arauzo-Carod, J. M., & Manjón-Antolín, M. (2015). The determinants of exit in a developing country: core and peripheral regions, The Annals of Regional Science, 54(3), 927–944.Cefis, E., & Marsili, O. (2005). A matter of life and death: innovation and firm survival, Industrial and Corporate Change, 14(6), 1167-1192.Disney, R., Haskel, J., & Heden, Y. (2003). Entry, exit and establishment survival in UK manufacturing, Journal of Industrial Economics, 51(1), 91–112.Dunne, P., & Hughes, A. (1994). Age, size, growth and survival: UK companies in the 1980s’, Journal of Industrial Economics, 42(2), 115–140.Ericson, R., & Pakes, A. (1995). Markov-perfect industry dynamics: a framework for empirical work, The Review of Economic Studies, 62(1), 53–82. Esteve-Perez, S., Sanchis-Llopis, A., & Sanchis-Llopis, J. A. (2004) The determinants of survival of Spanish manufacturing firms, Review of Industrial Organization, 25(3), 251– 273. Esteve-Perez, S., & Manez-Castillejo, J. A. (2008). The resource-based theory of the firm and firm survival, Small Business Economics, 30(3),231-249.Esteve-Pérez, S., Pieri, F.,& Rodriguez, D. (2018). Age and productivity as determinants of firm survival over the industry life cycle, Industry and Innovation, 25(2), 167-198.Fernandes, A.M., and Paunov, C. (2015). The risks of innovation: are innovating firms less likely to die?, Review of Economics and Statistics, 97(3), 638-653.Falk, M., (2013). A survival analysis of ski lift companies. Tourism Management, 36 (1),377–390.Ferreira, P., & Saridakis, G. (2017). Firm shutdown during the financial and the sovereign debt crises: empirical evidence from Portugal, International Journal of the Economics of Business, 24(2), 153-179.Gémar, G., Moniche, L., & Morales, A. (2016). Survival analysis of the Spanish hotel industry. Tourism Management, 54 (6), 428–438.Godart, O., Görg H., & Hanley, A. (2012). Surviving the crisis: foreign multinationals versus domestic firms, The World Economy, 35(10), 1305-1321.Holmes, P., Hunt, A., & Stone, I. (2010). An analysis of new firm survival using hazard function, Applied Economics, 42(2), 185-195.Jenkins, S. (2005). Survival analysis, unpublished Lecture Notes manuscript, Institute for Social and Economic Research, University of Essex. (Available at http://www.iser.essex.ac.uk/resources/survival-analysis-with-stata-moduleec968). Kaniovski, S.,& Peneder, M. (2008) Determinants of firm survival: a duration analysis using the generalized gamma distribution, Empirica, 35(1), 41-58.Kaniovski, S., Peneder, M., (2008b). Determinants of firm survival in the Austrian accommodation sector. Tourism Economics. 14 (3), 527–543Kemeny, T. H., and Storper, M. (2015). Is specialization good for regional economic development?, Regional Studies, 49(6), 1003–1018.Kovac, D., Vukovic, C., & Kleut, N. (2015). How do firms respond to anticipated shocks? Duration analysis of Croatian companies throughout the crisis, DOI: 10.13140/RG.2.1.3265.0326.Lay, T.J. (2003). The determinants of and interaction between entry and exit in Taiwan’s manufacturing, Small Business Economics, 20(4), 319–334.Littunen, H. (2000). Networks and local environmental characteristics in the survival of new firms, Small Business Economics, 15(1), 59–71. Mata, J., & Portugal, P. (2002). The survival of new domestic and foreign-owned firms’, Strategic Management Journal, 23(4), 323–343. Mata, J., & Freitas, E. (2012). Foreignness and exit over the life cycle of firms, Journal of International Business Studies, 43(7), 615–630.Neffke F., Henning M., & Boschma R. (2012). The impact of aging and technological relatedness on agglomeration externalities: a survival analysis, Journal of Economic Geography, 12(2), 485-517.Ozturk S, and Kilic C. (2012). Patterns and determinants of entry and exit in Turkish manufacturing industries, International Journal of Arts and Commerce, 1(5), 107–118.Prentice, R. L, & Gloeckler, L. A. (1978). Regression analysis of grouped survival data with application to breast cancer data, Biometrics, 34(1), 57-67.Randelli, F., & Ricchiuti, G. (2015). The Survival of Tuscan Firms, Working Papers - Economicswp2015_02.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.Resende, M., Cardoso, V., & Façanha, L.O. (2016). Determinants of survival of newly created SMEs in the Brazilian manufacturing industry: an econometric study, Empirical Economics, 50(4), 1255-1274.Sorensen, J. B., & Stuart, T. E. (2000). Aging, obsolescence, and organizational innovation, Administrative Science Quarterly, 45(1), 81–112.Taymaz, E. & Özler, Ç. S. (2007). Foreign ownership, competition, and survival dynamics, Review of Industrial Organization, 31(1), 23-42.Varum, C. A., & Rocha, V.C. (2012). The effect of crises on firm exit and the moderating effect of firm size, Economics Letters, 114(1), 94-97.Varum, C., Rocha, V.C., & da Silva, H.V. (2014). Economic slowdowns, hazard rates and foreign ownership, International Business Review, 23(4), 761-773.Wagner, J. & Gelübcke, J. P. W (2012). Foreign ownership and firm survival: first evidence for enterprises in Germany, International Economics, 132(4), 117-139.

Yıl 2019, Cilt 7, Sayı 1, 1 - 23, 31.05.2019
https://doi.org/10.30519/ahtr.438189

Öz

Kaynakça

  • Basile, R., Pittiglio, R., & Reganati, F. (2017). Do agglomeration externalities affect firm survival?, Regional Studies, 51(4), 548-562.Brouder, P.& Eriksson, R. (2013). Staying power: what influences micro-firm survival in tourism? Tourism geographies: an international journal of tourism space. Place Environment. 15 (1), 125–144.Bruni, S., Pittiglio, R., & Reganati, F. (2014). Heterogeneity in firm performance during economic crisis, Business, Management and Education, 12(1), 1-14.Cainelli, G., Montresor, S., & Marzetti, G. V. (2014). Spatial agglomeration and firm exit: a spatial dynamic analysis for Italian provinces, Small Business Economics, 43(1), 213-228. Cala, C. D., Arauzo-Carod, J. M., & Manjón-Antolín, M. (2015). The determinants of exit in a developing country: core and peripheral regions, The Annals of Regional Science, 54(3), 927–944.Cefis, E., & Marsili, O. (2005). A matter of life and death: innovation and firm survival, Industrial and Corporate Change, 14(6), 1167-1192.Disney, R., Haskel, J., & Heden, Y. (2003). Entry, exit and establishment survival in UK manufacturing, Journal of Industrial Economics, 51(1), 91–112.Dunne, P., & Hughes, A. (1994). Age, size, growth and survival: UK companies in the 1980s’, Journal of Industrial Economics, 42(2), 115–140.Ericson, R., & Pakes, A. (1995). Markov-perfect industry dynamics: a framework for empirical work, The Review of Economic Studies, 62(1), 53–82. Esteve-Perez, S., Sanchis-Llopis, A., & Sanchis-Llopis, J. A. (2004) The determinants of survival of Spanish manufacturing firms, Review of Industrial Organization, 25(3), 251– 273. Esteve-Perez, S., & Manez-Castillejo, J. A. (2008). The resource-based theory of the firm and firm survival, Small Business Economics, 30(3),231-249.Esteve-Pérez, S., Pieri, F.,& Rodriguez, D. (2018). Age and productivity as determinants of firm survival over the industry life cycle, Industry and Innovation, 25(2), 167-198.Fernandes, A.M., and Paunov, C. (2015). The risks of innovation: are innovating firms less likely to die?, Review of Economics and Statistics, 97(3), 638-653.Falk, M., (2013). A survival analysis of ski lift companies. Tourism Management, 36 (1),377–390.Ferreira, P., & Saridakis, G. (2017). Firm shutdown during the financial and the sovereign debt crises: empirical evidence from Portugal, International Journal of the Economics of Business, 24(2), 153-179.Gémar, G., Moniche, L., & Morales, A. (2016). Survival analysis of the Spanish hotel industry. Tourism Management, 54 (6), 428–438.Godart, O., Görg H., & Hanley, A. (2012). Surviving the crisis: foreign multinationals versus domestic firms, The World Economy, 35(10), 1305-1321.Holmes, P., Hunt, A., & Stone, I. (2010). An analysis of new firm survival using hazard function, Applied Economics, 42(2), 185-195.Jenkins, S. (2005). Survival analysis, unpublished Lecture Notes manuscript, Institute for Social and Economic Research, University of Essex. (Available at http://www.iser.essex.ac.uk/resources/survival-analysis-with-stata-moduleec968). Kaniovski, S.,& Peneder, M. (2008) Determinants of firm survival: a duration analysis using the generalized gamma distribution, Empirica, 35(1), 41-58.Kaniovski, S., Peneder, M., (2008b). Determinants of firm survival in the Austrian accommodation sector. Tourism Economics. 14 (3), 527–543Kemeny, T. H., and Storper, M. (2015). Is specialization good for regional economic development?, Regional Studies, 49(6), 1003–1018.Kovac, D., Vukovic, C., & Kleut, N. (2015). How do firms respond to anticipated shocks? Duration analysis of Croatian companies throughout the crisis, DOI: 10.13140/RG.2.1.3265.0326.Lay, T.J. (2003). The determinants of and interaction between entry and exit in Taiwan’s manufacturing, Small Business Economics, 20(4), 319–334.Littunen, H. (2000). Networks and local environmental characteristics in the survival of new firms, Small Business Economics, 15(1), 59–71. Mata, J., & Portugal, P. (2002). The survival of new domestic and foreign-owned firms’, Strategic Management Journal, 23(4), 323–343. Mata, J., & Freitas, E. (2012). Foreignness and exit over the life cycle of firms, Journal of International Business Studies, 43(7), 615–630.Neffke F., Henning M., & Boschma R. (2012). The impact of aging and technological relatedness on agglomeration externalities: a survival analysis, Journal of Economic Geography, 12(2), 485-517.Ozturk S, and Kilic C. (2012). Patterns and determinants of entry and exit in Turkish manufacturing industries, International Journal of Arts and Commerce, 1(5), 107–118.Prentice, R. L, & Gloeckler, L. A. (1978). Regression analysis of grouped survival data with application to breast cancer data, Biometrics, 34(1), 57-67.Randelli, F., & Ricchiuti, G. (2015). The Survival of Tuscan Firms, Working Papers - Economicswp2015_02.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.Resende, M., Cardoso, V., & Façanha, L.O. (2016). Determinants of survival of newly created SMEs in the Brazilian manufacturing industry: an econometric study, Empirical Economics, 50(4), 1255-1274.Sorensen, J. B., & Stuart, T. E. (2000). Aging, obsolescence, and organizational innovation, Administrative Science Quarterly, 45(1), 81–112.Taymaz, E. & Özler, Ç. S. (2007). Foreign ownership, competition, and survival dynamics, Review of Industrial Organization, 31(1), 23-42.Varum, C. A., & Rocha, V.C. (2012). The effect of crises on firm exit and the moderating effect of firm size, Economics Letters, 114(1), 94-97.Varum, C., Rocha, V.C., & da Silva, H.V. (2014). Economic slowdowns, hazard rates and foreign ownership, International Business Review, 23(4), 761-773.Wagner, J. & Gelübcke, J. P. W (2012). Foreign ownership and firm survival: first evidence for enterprises in Germany, International Economics, 132(4), 117-139.

Ayrıntılar

Birincil Dil İngilizce
Konular Otelcilik, Konaklama, Spor ve Turizm
Bölüm Araştırma Makalesi
Yazarlar

Kemal TÜRKCAN
0000-0001-9055-7280


Hilal ERKUŞ ÖZTÜRK (Sorumlu Yazar)
AKDENİZ ÜNİVERSİTESİ, MİMARLIK FAKÜLTESİ
0000-0003-2466-6862
Türkiye

Destekleyen Kurum This work was supported by the BAGEP Award of the Science Academy with funding supplied by BAGEP2018.
Yayımlanma Tarihi 31 Mayıs 2019
Başvuru Tarihi 28 Haziran 2018
Kabul Tarihi 31 Aralık 2018
Yayınlandığı Sayı Yıl 2019, Cilt 7, Sayı 1

Kaynak Göster

APA Türkcan, K. & Erkuş Öztürk, H. (2019). Survival of Firms in Crisis: Evidence from Antalya Tourism City . Advances in Hospitality and Tourism Research (AHTR) , 7 (1) , 1-23 . DOI: 10.30519/ahtr.438189


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