Wages in hospitality industry and hospitality industry entrepreneurship development: the case of Slovenia

During the last decade the Slovenian economy similar to other European economies has experienced substantial shocks and policy changes, and other unanticipated events. Our focus is on the determinants of the hospitality industry entrepreneurship development and wages, which is based on the time-series statistical data. The observed data are from January 2000 to September 2010, which were obtained from the Statistical Office of Republic of Slovenia, and Eurostat. 

By using different statistical and econometric approaches we aim to provide new views on the hospitality industry entrepreneurship development and wages during the Slovenian adjustments towards the European Union membership and the Euro adoption by the followed increased in domestic consumer prices and the current economic and financial crises. We used the principal component analyses and multiple regression analysis. By using the econometric tests is found that the non-stationary sequences in time-series data are integrated of the same order and the residuals contain a stochastic trend. The first difference is stationary.