Tourism Sector: Evidence Of Business Dynamics in Portugal

Figure 1:

Figure 2:

Related Samples, Friedman‘s Two-Way Analysis of Variance by ranks test results

Indicator	Pairwise comparisons	P-value	Sub-hypotheses	Sub-hypotheses validation	Conclusion
FA	HR vs RCAHR vs TLRCA vs TL	SPSS indicates that the distribution of values in the subsegments is the same, forcing to retain the null hypothesis.	H1A	Not validated
ROA	HR vs RCAHR vs TLRCA vs TL	0.6830.0080.025	H1B	Partially validated
EBITDA	HR vs RCAHR vs TLRCA vs TL	0.0410.4140.004	H1C	Partially validated
P	HR vs RCAHR vs TLRCA vs TL	0.0000.0140.043	H1D	Validated	Partially validate H1
ROE	HR vs RCAHR vs TLRCA vs TL	0.3070.0080.102	H1E	Partially validated
TO	HR vs RCAHR vs TLRCA vs TL	0.0020.0000.221	H1F	Partially validated
NE	HR vs RCAHR vs TLRCA vs TL	0.0000.0140.014	H1G	Validated

Proportion of Number of Employees (NE) and Turnover (TO) by the size of companies

Year	Micro Companies %		Small Companies %		Medium Companies %		Large Companies %
	NE	TO	NE	TO	NE	TO	NE	TO
2011	40.22	21.97	28.22	23.45	15.68	16.82	15.88	37.77
2012	41.26	20.68	27.84	21.65	15.16	17.21	15.74	40.46
2013	40.8	20.57	27.31	21.8	15.6	16.89	16.29	40.75
2014	40.32	21	27.47	22.07	15.82	16.75	16.39	40.19
2015	39.23	21.35	28.28	22.68	16.27	17.02	16.22	38.95
2016	38.14	21.37	29.19	23.83	16.32	17.34	16.35	37.45
2017	36.92	21.05	29.21	23.34	17.35	17.26	16.52	38.35
2018	35.85	20.05	30.43	23.82	17.12	17.13	16.6	38.54
2019	35.70	21.42	30.01	23.19	17.69	18.06	16.6	37.33
2020	39.23	26.33	29.77	24.43	15.69	15.13	15.31	34.11
2021	39.57	26.38	30.42	25.07	15.74	16.11	14.27	32.45
2022	36.13	23.08	31.45	24.67	17.17	17.39	15.24	34.87

Competitiveness indicators

Indicator	Formula	Analysis
FA (%)	EquityBalance Sheet Total ${{{\rm{Equity}}} \over {{\rm{Balance}}{\rm{Sheet}}Total}}$	Financial autonomy measures the part of the assets of the company that is financed by the company‘s own capital.
ROA (%)	ROA=Net ProfitTotal Assets $ROA = {{Net Profit} \over {Total Assets}}$	ROA is the return of invested assets or profitability of assets, reflects firms‘ efficiency in utilizing total assets, holding constant firms‘ financing policy.
EBITDA (M€)	EBITDA= Net profit + Interest + + Profit Taxes + Depreciation + + Amortization	EBITDA measures the company‘s earnings before interest, taxes, depreciation and amortization. It can be used to analyse and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.
P (M€)	--	Current liabilities and long-term liabilities of the company. The obligations of the company in regard to others.
ROE (%)	ROA=Net ProfitTotal Equity $ROA = {{Net Profit} \over {Total Equity}}$	ROE is the return of invested equity and profitability of own capital, i.e., represents returns to shareholders of common stocks.
TO (M€)	--	Business volume measures the firm‘s revenue.
NE	--	Number of people employed.

Competitiveness indicators per subsegment

Indicator/Segment		2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
FA (%)	TH	26.32	24.18	24.41	25.23	27.10	27.73	29.38	29.76	30.24	24.7	27.49	31.09
	HR	25.97	21.7	20.41	21.41	23.63	26.7	28.56	30.66	32.77	29.89	30.8	33.33
	RCA	25.40	26.6	28.04	26.59	29.04	28.4	29.29	29.99	29.97	25.97	26.64	30.25
	TL	27.14	27.16	29.37	30.33	31.63	29.13	30.69	28.16	25.92	14.7	20.91	27.06
ROA (%)	TH	4.07	3.73	4.53	5.59	6.71	8.19	9.64	9.25	8.28	-2.83	2.44	9.55
	HR	1.31	-0.52	0.96	2.34	4.58	5.85	7.82	7.58	7.15	-2.26	4.78	8.71
	RCA	3.09	3.06	3.72	3.97	4.57	5.88	6.81	6.99	7.38	-2.45	3.1	9.68
	TL	10.5	10.12	10.06	10.65	10.33	12.4	13.29	12.75	10.51	-4	-2.58	11.12
EBITDA (M€)	TH	721.4	414.2	701.7	917.8	1,269.7	1687.9	2197.5	2275.8	2352.7	-551.3	1927.5	3671.5
	HR	244.8	-98.2	185.2	451	905.7	1241.8	1781.7	1896.3	1993.3	-656	1592.8	3159.3
	RCA	108.7	107	129.9	139.2	159.4	212.4	276.2	297	338.6	-110.4	147	511.2
	TL	1249	1304.2	1299.4	1,438.6	1,414.8	1710	1931	1871.9	1685.3	-624	-417.2	2123.3
P (M€)	TH	18,251.7	19,101.1	19477.8	19,242.7	19,437.9	19899.6	20645	21536.6	23441.7	25359.3	28547.9	29558
	HR	13,817.8	14,742.6	15302.7	15,126.8	15,099.5	15563	16285.9	17359.4	18744.4	20307.8	23067.1	24177.2
	RCA	2,625.9	2,568.3	2514.2	2,576.7	2,476.6	2586.8	2870.1	2976.8	3214.2	3332.1	3479.1	3683.6
	TL	8,664.1	9,384.6	9124.2	9,410.2	9,366.1	9770.1	10068.6	10551.2	11876.2	13293.7	12773.1	13930.9
ROE (%)	TH	-7.72	-11.26	-6.92	-3.37	1.61	6.51	10.47	9.51	7.19	-31.94	-8.73	12.51
	HR	-14.07	-26.02	-19.65	-12.69	-2.2	2.23	8.35	7.88	6.51	-20.57	1.64	12.05
	RCA	-10.54	-9.94	-5.26	-3.21	-1.87	2.48	5.8	5.31	6.66	-24.76	-5.56	14.51
	TL	2.6	5.62	5.82	5.97	6.54	13.57	14.82	13.83	8.86	-78.57	-41.42	13.06
TO (M€)	TH	16,676.9	15,894.1	16,351.4	17,349.8	18,545.6	20,402.4	23,786.6	26069.4	28007.8	14642.4	18,898.1	32,982.1
	HR	7,145.9	6,288.7	6,529	7,194.6	8,054.3	9,371.4	11,055.4	12036.4	13295.6	7580.5	9,915.4	16,775.6
	RCA	2,679.9	2,496.2	2,590.2	2,732.9	2,865	3,121.2	3,630.9	3973.8	4314.6	1361.1	2,022	4,584.8
	TL	6,851.1	7,109.3	7,232.1	7,422.2	7,626.3	7,909.8	9,100.2	10059.3	10397.5	5700.8	6,960.6	11,621.7
NE	TH	25,5204	243,375	243,547	250,795	268,811	288,756	315,100	338,174	365,269	338,702	335,448	384,196
	HR	19,3695	182,156	181,828	187,479	202,955	219,711	241,002	258,804	278,695	256,692	257,893	298,565
	RCA	20,649	19,944	20,155	20,497	22,853	24,419	27,576	30,581	32,225	29,902	28,689	32,586
	TL	40,859	41,275	41,564	42,819	43,003	44,626	46,522	48,789	54,349	52,108	48,866	53,045

Companies‘ age gaps per number of companies, number of employees (NE) and turnover (TO)

Year	Up tp 5 years %			6-10 years %			11-20 years %			More than 20 years %
	TH	NE	TO	TH	NE	TO	TH	NE	TO	TH	NE	TO
2011	32.67	19.86	12.11	21.05	17.88	17.99	20.33	22.77	20.97	25.94	39.49	48.93
2012	33.72	20.3	11.42	15.39	15.15	14.44	25.76	25.57	24.21	25.13	38.98	49.93
2013	34.89	21.04	12.2	13.98	12.39	12.2	26.86	28.34	25.69	24.27	38.22	49.91
2014	35.57	21.55	13.02	14.97	13.01	12.85	25.31	27.33	24.98	24.15	38.11	49.15
2015	38.03	23.49	15.08	14.26	12.55	12.7	23.92	25.95	23.25	23.79	38.01	48.97
2016	40.6	25.62	15.53	13	11.14	9.31	23.14	25.8	25.87	23.26	37.44	49.29
2017	43.33	26.37	15.79	13.29	12.47	10.11	21.07	24.14	24.24	22.31	37.01	49.85
2018	46.12	27.13	15.68	13.14	13.23	10.8	19.62	22.85	23.34	21.12	36.78	50.18
2019	48.67	27.11	16.03	13.28	13.83	10.92	18.26	22.72	22.8	19.8	36.34	50.25
2020	47.4	24.75	16.39	14.96	15.66	12.36	17.4	20.86	23.06	20.24	38.74	48.19
2021	45.4	23.66	16.05	17.02	17.1	13.76	16.22	19.73	22.8	21.36	39.51	47.39
2022	45.67	22.95	14	18.1	18.23	14.32	13.72	18.91	18.76	22.51	39.91	52.92

Dimension of the companies in Portugal and the Portuguese TH sector

Year	Micro Companies %		Small Companies %		Medium Companies %		Large Companies %
	Total	TH sector	Total	TH sector	Total	TH sector	Total	TH sector
2011	88.14	90.94	10.05	8.02	1.55	0.91	0.26	0.14
2012	89.06	91.62	9.25	7.42	1.45	0.84	0.24	0.13
2013	89.61	91.84	8.75	7.18	1.41	0.85	0.24	0.13
2014	89.67	91.74	8.70	7.28	1.39	0.85	0.24	0.13
2015	89.5	91.21	8.85	7.76	1.4	0.91	0.24	0.13
2016	89.3	90.72	9.01	8.21	1.44	0.93	0.25	0.14
2017	89.16	90.45	9.09	8.37	1.49	1.04	0.26	0.14
2018	89.04	90.1	9.19	8.75	1.51	1.01	0.26	0.14
2019	89.08	90.24	9.15	8.58	1.49	1.04	0.27	0.13
2020	89.55	91.48	8.77	7.58	1.44	0.83	0.25	0.11
2021	89.56	91.56	8.72	7.55	1.46	0.8	0.26	0.1
2022	89.27	90.5	8.93	8.4	1.52	0.98	0.28	0.12