Multilevel assessment of restaurant profitability: Evidence with European data

Microeconomic data provided by Amadeus database, and contextual variables provided by World Tourism Organization, OECD, and Eurostat. Two measures of corporate profitability are considered in this dataset: Return on equity (ROE) and Return of assets (ROA). Additional financial indicators are included as control variables. Country heterogeneity may be checked using macroeconomic variables and tourism indicators.