Page 34 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.81, # 1, 2024, pp. 22-39
provides online
ordering or
reservation or
booking, e.g.
shopping cart
Accommodation
enterprises where
the website
provides
possibility for -6.12 14.16
visitors to
customise or
design online
goods or services
Accommodation
-
enterprises using 1.39 4.95 21.65 50.14 69.98
social networks
Accommodation
enterprises using -0.61 2.69 - 43.87
a blog or 18.94
microblogs
Accommodation
enterprises using
multimedia -0.62 -4.87 11.28 11.09
content sharing
websites
Travel agencies
and similar
enterprises' total 6.62 23.50 1.31
turnover from e-
commerce sales
Travel agencies
and similar
enterprises with a 1.38 0.48 6.06
website

It is reasonable to assume that business cycle in the EU may affect demand for travels
of the EU residents to Greece. The correlation between the GDP growth in the EU
(EG) and expenditure of the EU tourists in Greece (ET) was 0.72 in 2012-2022. The
correlation with the growth of this expenditure (GET) was 0.80 in 2013-2022.
Therefore adjustment for business cycle should be provided in further regression
analysis. Under the small number of cases only 2 marketing channels provided
significant effect and 1 more was close to significance.

The first regression model estimates that on average increase in the share of
accommodation enterprises with a website providing online ordering or reservation or
booking (WB) by 1 % resulted in 320 million more income for Greece from the EU
tourists (N=11, R2=0.72). T-statistics is in parentheses with *** denoting significance
at p<0.01, ** denoting significance at p<0.05 and * denoting significance at p=0.1.

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