Dynamic panel data models in tourism

The analysis of relations of dependency is widespread in tourism research. However, there are a series of questions related to endogeneity, such as dependence on the past and reverse causality, closely linked to the specific characteristics of the sector, which cast doubt on the conventional methods that are currently in use, especially Ordinary Least Squares. In this paper, the consideration of those questions and their analysis is proposed with the current methodology of dynamic panel data with the System GMM method. In addition, an practical application is advanced with 187 airlines to demonstrate the use of the tool. The results of dynamic panel data analysis can contribute new nuances in the field of tourism that have hardly been reflected upon until now. Here it is used to examine the complex interrelations and the dynamic components of the sector in greater depth.