abstract
- Firms working in the outdoor recreational activities supply are influenced by internal and external economic, financial and social aspects, and other external factors, like climate change that affect their financial performance. Although recognising the importance of this emergent tourism type, there is not much research on the factors that affect financial performance in turnout tourism companies, namely, the ones related to corporate governance. Therefore, this study aims to analyse the impact of ownership and management of outdoor tourism companies on their performance, using a set of control variables as the size of firms, their location and their financial leverage. The study focuses on Portuguese firms from which was collect data from 2010 to 2019. The application of an OLS regression shows an inverted-U shaped relationship between the size of a firm’s board and the firm performance and that firms with the largest ownership percentage have higher performance. This situation seems to better control agency problems.