Survival of Firms in Crisis: Evidence from Antalya Tourism City

Firm survival in tourism cities has long been a topic of discussion, due to particularly the fragile nature of the tourism industry. Crises make tourism cities even more fragile, which makes them an ideal case for studying the effects of crises on firm survival. Antalya, Turkey's leading tourist destination, has suffered from economic and political crises in recent years. This study investigates the factors influencing firm survival in a crisis-ridden tourism city. The results of a time-discrete survival analysis show that firm survival depends on firm-, industry-, and location-specific factors. Business survival declines in times of downturns. The survival rate is higher for smaller and younger firms and lower for corporate firms. There are no differences between foreign owned and domestic firms.