George Sfakianakis

Determinants of profitability and the decision-making process of firms in the tourism sector: the case of Greece

This paper aims at investigating the determinants of profitability in the tourism sector of Greece. As tourism is one of the main industries in Greece, with a share in total economic activity varying from 15% to 20% of GDP (whether measured directly or indirectly respectively), both the theoretical and practical implications of pinpointing the determinants of profitability are significant: first, at the microeconomic level, these determinants are interwoven with the decision-making process of firms; and secondly, at the macroeconomic level, these determinants should be taken into account when policy makers try to formulate appropriate policies that could support or stimulate investment activity in the tourism sector.

An Empirical Analysis of Differences in GDP per Capita and the Role of Human Capital

Using a generalized production function approach and insights from empirical research on the determinants of growth, this paper assesses the relative importance of specific factors in explaining differences in the levels of per capita GDP. Emphasis is placed on education, physical capital accumulation, the share of the public sector in economic activity and the outward orientation of economies. Education, among other things, is connected with the ability of countries to take advantage of technology transfer channels. Panel data estimation techniques are used to obtain empirical results for the EU-15 countries, and economic policy recommendations are evaluated accordingly.