**9. Limitations and Further Research**

The data analysed were limited to 10 years and from only one country, and were also based on public statistics (from the Brønnøysund Register Center), thus some information from individual campsites that would have been of interest (e.g., prices) is lacking. There is limited research that applies such analysis to campsites, which limits the ability to compare the present results with other findings, but we hope this article can be an important contribution in helping to explain the growth in campsites.

Furthermore, there is no data available to differentiate the different types of campsites in the sample. Analysis on how different types of campsites grow, and in which specific market they operate (sightseeing, exploring, pitstop) and which customers they specialize in (domestic, foreign, one time-or yearly visitors) are fields in which further research can be carried out. Additionally, access to data from campsites in other countries can help investigate whether our differing results are due to differences in country-specific factors, or due to methodological differences. A comparison of campsites across countries, or a comparison of different sectors in the Norwegian tourism industry are obvious paths to take for further research. Inclusion of additional macroeconomic variables, such as the exchange rate, can give more answers that are relevant for the tourism industry of all countries, as tourists can only go one place at a time.

Our analysis is limited in that the data at hand only contain firms that have been active for the entire sample period. Including entry/exit into the analysis could shed light on the high variance of the growth paths of the small firms. For instance: what decides which newly created campsites converge towards the steady state, and which fail? Accordingly, why do some campsites follow (potentially) explosive paths, whereas other campsites almost follow white noise paths? Another choice could be to include age as an explanatory variable. These points will help us to learn more about the life cycle of firms, where some become successful businesses, but whereas most die out.

**Author Contributions:** These authors contribute equal to this work. All authors have read and agreed to the published version of the manuscript.

**Funding:** This research received no external funding.

**Institutional Review Board Statement:** Not applicable.

**Informed Consent Statement:** Not applicable.

**Data Availability Statement:** Public statistics.

**Conflicts of Interest:** The authors declare no conflict of interest.
