Influence of institutional economics on firm birth and death: A comparative analysis of hospitality and other industries |
| |
| Institution: | 1. Rosen College of Hospitality Management, University of Central Florida, 9907 Universal Boulevard, Orlando, FL 32819, United States;2. School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Kowloon, Hong Kong;1. University of Lethbridge, Room S6037, 345 6 Ave SE, Calgary AB T2G 4V1, Canada;2. Hannover, Germany;3. University of Groningen, P.O. Box 800, 9700 AH Groningen, the Netherlands;4. The University of Queensland, UQ Business School, Brisbane, QLD 4072, Australia;1. 552 Statler Hall, School of Hotel Administration, Cornell University, Ithaca, NY 14850, United States;2. 548 Statler Hall, School of Hotel Administration, Cornell University, Ithaca, NY 14850, United States;1. College of Science & Industry Convergence, Department of Nutritional Sciences and Foodservice Management, Ewha Womans University, 305 Human Ecology Building, 11-1 Daehyun-dong, Seodaemun-gu, Seoul, 120-750, Republic of Korea;2. School of Hotel, Restaurant and Tourism Management, College of Hospitality, Retail, and Sport Management, University of South Carolina, 701 Assembly Street, Columbia, SC 29208, USA;1. Department of Financial Economics and Accounting, Faculty of Economics and Business, University of A Coruña, Campus Elviña s/n, 15.071A Coruña, Spain;2. Department of Financial Economics and Accounting, Faculty of Economics and Business, University of Santiago de Compostela, Av/Burgo das Nacións s/n, 15.782 Santiago de Compostela, Spain |
| |
| Abstract: | This paper investigates how public policies, such as taxes and regulations influence firm formation (birth) and closure (death) in the hospitality and other industries in the United States (US), using an institutional economics approach and the dimensions of the Economic Freedom of North America (EFNA) index. The literature has been scant when it comes to examining the effects of policies of formal institutions on firms’ birth and death in the hospitality industry, and whether these effects in hospitality differ from those of other sectors. The study uses panel data from government sources and the EFNA dimensions and applies cross-sectional dependence and unit root tests, followed by a panel generalized least square approach for the analysis. Our findings show that components of economic freedom have varying effects on firms’ birth and death. The study provides practical contributions for policymakers and managers by improving the understanding of firm births and deaths in the US. |
| |
| Keywords: | Entrepreneurship Hospitality industry Economic freedom Institutional economics Firm birth and death Public policies |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
