Using Multiple Regression Analysis in Modelling the Role of Hospitality Industry in Cross River State
AbstractThe overwhelming and rapid growth of hospitality (hotel) industry is of great
concern especially its role in the economy of Cross River State. This paper
seeks to evaluate the contribution of hotel industry in each of the socioeconomic variables such as employment, revenue generation, urban
development, tourism development and local economy development using
multiple regression analysis. The result shows that 0.2, indicating 21.50% of the total variations in hospitality (hotel) industry have influenced socioeconomic development of Cross River State. The overall fit of the regression was 6.65 statistically significant at 1% confident coefficient level while 0.275 showed auto correction insignificant among the errors. However, findings have shown that even though much has not been felt from the hospitality (hotel) industry. The analysis shows that the industry has much to offer socioeconomically to the growth of Cross River State if properly managed.
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