Is Gibrat’s law valid for travel agencies and tour operators? Evidence from the Visegrad group countries

Veronika Hedija; Roman Fiala

doi:10.5771/0949-6181-2019-3-447

Contents
- Chapter Expand | CollapseAuthorsPage
- 371–372 Titelei/Inhaltsverzeichnis 371–372
- 373–374 Editorial 373–374
- 375–483 Articles 375–483
  - 375–397 Relationship between Russian societal culture and public relations strategies Katja Lumbar Globočnik, Anja Žnidaršič, Marko Ferjan Katja Lumbar Globočnik, Anja Žnidaršič, Marko Ferjan 375–397
  - 398–422 The effect of job satisfaction, absenteeism, and personal motivation on job quitting: A survey of Croatian nurses Eva Smokrović, Maja Frencl Žvanut, Antun Bajan, Radivoje Radić, Boštjan Žvanut Eva Smokrović, Maja Frencl Žvanut, Antun Bajan, Radivoje Radić, Boštjan Žvanut 398–422
  - 423–446 Effects of professionalism on employee satisfaction and organizational commitment at five star hotels in Baku Gabil Guliyev, Turgay Avci, Ali Öztüren, Farzad Safaeimanesh Gabil Guliyev, Turgay Avci, Ali Öztüren, Farzad Safaeimanesh 423–446
  - 447–465 Is Gibrat’s law valid for travel agencies and tour operators? Evidence from the Visegrad group countries Veronika Hedija, Roman Fiala Veronika Hedija, Roman Fiala 447–465
  - 466–483 The country of origin of services and consumers as the determinants of purchase intentions in medical tourism Monika Boguszewicz-Kreft, Katarzyna Sokołowska, Ewa Magier-Łakomy, Brigita Janiūnaitė Monika Boguszewicz-Kreft, Katarzyna Sokołowska, Ewa Magier-Łakomy, Brigita Janiūnaitė 466–483
- 484–508 Research Notes 484–508
  - 484–496 Agroholdings, turbulence, and resilience: The case of Ukraine Taras Gagalyuk, Vladislav Valentinov Taras Gagalyuk, Vladislav Valentinov 484–496
  - 497–508 The role of EU programmes in stimulating entrepreneurship in rural regions: A viewpoint from Bulgaria Gergana Slavova, Maya Ivanova Gergana Slavova, Maya Ivanova 497–508
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JEEMS Journal of East European Management Studies , page 447 - 465

Is Gibrat’s law valid for travel agencies and tour operators? Evidence from the Visegrad group countries

Autoren

Veronika Hedija Roman Fiala

DOI
- doi.org/10.5771/0949-6181-2019-3-447
- ISSN: 0949-6181
- ISSN online: 1862-0019
Abstract

The purpose of this paper is to investigate the validity of Gibrat’s law for a sample of travel agents from the Visegrad group (V4) countries and to identify the size-growth relationship. Using a linear auto-regressive model and ordinary least squares estimator, we rejected the validity of Gibrat’s law in the V4 countries (except Poland, where the results were mixed). The smallest firms tend to grow faster than their larger counterparts. Using quantile regression models, we concluded that the size-growth link differed depending on actual firm size. Before reaching minimum efficient scale (MES), there is a positive relationship between firm growth and firm size. This relationship is negative after reaching MES: the smaller firms grow faster than bigger ones. Gibrat’s law tends to be valid in the population of firms that have reached MES. This shows that economies and diseconomies of scale could play a significant role in explaining the size-growth relationship of travel agents.
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