Assessment of the impact of external factors on the development of entrepreneurship in the tourism and hospitality industry in Ukraine
DOI:
https://doi.org/10.35774/visnyk2019.02.100Keywords:
entrepreneurship, tourism and hospitality industry, correlation-regression analysis, factors of developmentAbstract
Purpose. The research problem for the study is to examine key development parameters in the tourism and hospitality industry in Ukraine. The subject of the article is to identify factors affecting the growth in the tourism and hospitality in Ukraine.
Methods. The methods used in the study include: systematizing and grouping (for identifying the major factors and dividing them into groups); methods of economic and mathematical statistics and modeling (for building correlation and regression models of the impact of factors on the development of entrepreneurship in the tourism and hospitality industry); abstract and logical method (for formulating conclusions).
Results. The article presents analysis of key indicators showing the development of entrepreneurship in the tourism and hospitality industry in Ukraine: the dynamics and number of business entities, the number of employed personnel, and the gross output. A multifactor correlation and regression analysis is undertaken in order to outline prospects for the development of entrepreneurship in the tourism and hospitality industry in Ukraine and to determine key factors positively affecting the industry. The gross output of all business entities of the industry is chosen as an indicator of the development.
Through building a correlation matrix the following external factors affecting the development of entrepreneurship in the industry are identified: social and economic welfare of people; effectiveness of state governance; political factors; transport infrastructure; investment and financial support of the industry; inflation processes; integration of Ukraine into the world economic system.
A regression model is developed to analyze the impact of the gross output of the sector on investments into the tourism and hospitality industry. It is concluded that any increase of investments by $1 leads to a rise of returns in the tourism and hospitality industry by
$1080.65.
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