An eclectic investigation of tourism multinationals: Evidence from Greece

George Anastassopoulos, Fragkiskos Filippaios, Paul Phillips

Research output: Contribution to journalArticlepeer-review

16 Citations (Scopus)


This paper analyses determinants of profitability differences between subsidiaries of multinational enterprises (MNEs) and domestic enterprises (DMEs) in the tourism industry, using firm-level data. Previous studies focus on the hypothesis that ownership-specific advantages are a major determinant of performance differences. This paper explores performance issues using the eclectic paradigm configuration of tourism multinationals (NACE = 55), operating in Greece and a panel dataset for 95 firms and 10 years. A quantile regression technique is used to estimate the proposed model. Results indicate that, overall, MNEs out-perform their domestic competitors and are generally larger in terms of size. The study reveals, though, that when breaking MNEs into majority and minority owned, the latter perform better, as they make substantial use of local partners. These partners contribute with knowledge of the local market, which is an important aspect for the tourism industry. Finally, the authors discuss the conclusions and managerial implications of the findings.
Original languageEnglish
Pages (from-to)185-194
Number of pages10
JournalInternational Journal of Hospitality Management
Issue number2
Publication statusPublished - Jun 2009

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