Does an optimal firm size exist for publicly traded US hotels?

Kwangsoo Park, Seoki Lee

Research output: Contribution to journalArticlepeer-review

1 Scopus citations


This study examines whether or not there is an optimal firm size for publicly traded US hotels. More specifically, the study tests a threestage relationship based on economies and diseconomies of scale: The first stage, in which firm value increases as firm size increases; the second stage, in which firm value remains constant as firm size increases beyond the first stage; and the third stage, in which firm value decreases as firm size transcends the second stage. The study uses the Newey-West heteroskedasticity and the autocorrelation consistent (HAC) standard errors estimation in pooled regression analysis. Findings partially support the proposed relationship.

Original languageEnglish (US)
Pages (from-to)359-372
Number of pages14
JournalTourism Economics
Issue number2
StatePublished - Apr 2011

All Science Journal Classification (ASJC) codes

  • Geography, Planning and Development
  • Tourism, Leisure and Hospitality Management


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