**5. Methodology**

*The Sample*

The account information is taken from the Norwegian public register for firms (Brønnøysund Register Center). The population consists of 292 campsites from 2010 to 2019 (10 years). Campsites with zero or very low revenue during the period were excluded, and

so were campsites with two workers or less. All campsites in the sample have been in business for the entire time period. 2019 (10 years). Campsites with zero or very low revenue during the period were excluded, and so were campsites with two workers or less. All campsites in the sample have been in business for the entire time period.

The account information is taken from the Norwegian public register for firms (Brønnøysund Register Center). The population consists of 292 campsites from 2010 to

The proportion of foreign visitors is about 25%. Due to the devaluation of the Norwegian currency (see Figure 1), more foreigners are visiting Norwegian campsites [45]. The proportion of foreign visitors is about 25%. Due to the devaluation of the Norwegian currency (see Figure 1), more foreigners are visiting Norwegian campsites [45].

*Economies* **2021**, *9*, x FOR PEER REVIEW 8 of 15

**5. Methodology**

*The Sample*

**Figure 1.** Exchange rate 2010–2020 (Source: Norwegian Central Bank). **Figure 1.** Exchange rate 2010–2020 (Source: Norwegian Central Bank).

Regarding the removal of campsites with few employees, these may indicate farmers or others who have a family-run enterprise in addition to other activities. Some of the removed 'campsites' were not in fact campsites, and there were missing data, uncertain figures, and considerable variation. We therefore removed all companies with two employees or fewer (see Table 1). Some other firms were excluded due to missing data or no revenue in at least one year. The final sample includes 176 campsites in Norway in a period from 2010 to 2019. The total observations thus total 1760. The companies are divided into three groups depending on the number of employees (Table 1)—small (3–9 employees), medium (10–25 employees), and large (more than 25 employees)—with, respectively, 81, 56, and 39 campsites in each of the groups. The larger campsites are mostly in the Norwegian southeast, these having more in common with the campsites of continental Europe. This contrasts with the northwestern campsites, which face harsher natural restrictions, as well as state regulations that serve to protect the unusual nature of these regions. Of the 81 small campsites, 54 are northwestern, whereas 23 of the 39 large campsites are southeastern. A total of 31 of the 56 medium-sized campsites are in the Regarding the removal of campsites with few employees, these may indicate farmers or others who have a family-run enterprise in addition to other activities. Some of the removed 'campsites' were not in fact campsites, and there were missing data, uncertain figures, and considerable variation. We therefore removed all companies with two employees or fewer (see Table 1). Some other firms were excluded due to missing data or no revenue in at least one year. The final sample includes 176 campsites in Norway in a period from 2010 to 2019. The total observations thus total 1760. The companies are divided into three groups depending on the number of employees (Table 1)—small (3–9 employees), medium (10–25 employees), and large (more than 25 employees)—with, respectively, 81, 56, and 39 campsites in each of the groups. The larger campsites are mostly in the Norwegian southeast, these having more in common with the campsites of continental Europe. This contrasts with the northwestern campsites, which face harsher natural restrictions, as well as state regulations that serve to protect the unusual nature of these regions. Of the 81 small campsites, 54 are northwestern, whereas 23 of the 39 large campsites are southeastern. A total of 31 of the 56 medium-sized campsites are in the North West.

North West. **Table 1.** Descriptive statistics with mean values, standard deviations in parenthesis, and min and max values in brackets.


Notes: (1) Firms with under 3 employees. Mean, (st.dev), [Min,Max].

The applied statistical methods are the Arellano–Bond (FD-GMM), Blundell-Bover (SYS-GMM), and Moral-Benito et al. (ML-SEM) estimators. The dependent variable, size, is measured by the level of firm revenue in the period. The extended model is estimated

with the system GMM estimator, and so are the tests. Robust standard errors are used, and whereas the robust standard error properties for ML-SEM have not been investigated, there is no immediate reason to think that they are invalid, and they do not differ much from the robust standard error properties of the two other estimators.
