Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report highlights significant differences in productivity between women-run and men-run private hotels in Georgia, emphasizing the importance of considering technological heterogeneity when analyzing productivity gaps [4][11][21]. - Women-run hotels demonstrate a higher technical efficiency by 21 percentage points compared to men-run hotels, but this advantage is largely negated by the inferior technology available to women due to socio-cultural and economic factors [4][63]. - The findings indicate that the technology gap has a more pronounced effect on productivity at lower efficiency levels, illustrating a "sticky floors" effect, while no such evidence is found for overall efficiency [4][21]. Summary by Sections Introduction - The report discusses the productivity gap between women and men managers in the hotel sector, challenging the assumption of technological homogeneity and introducing the concept of technological heterogeneity to better understand these differences [11][12][21]. Hotels Sector and Gender Equality in Georgia - As of February 2024, Georgia has 1,232 registered hotels with a total capacity of 37,788 rooms and 85,149 beds, showing significant growth despite the COVID-19 pandemic [22][23]. - Gender inequality persists in Georgia, with women spending significantly more time on unpaid domestic work and earning 24.6% less than men for the same work [24][26]. Methodology - The report employs Data Envelopment Analysis (DEA) to measure hotel efficiency, using an input-oriented model with variable returns to scale [27][28]. - The meta frontier analysis is utilized to distinguish between technical efficiency and the technology gap, providing a clearer picture of productivity differences [4][21]. Baseline Results - The average meta efficiency of hotels in Georgia is 0.48, indicating that hotels can reduce inputs by 52% without affecting output [57]. - Women-run hotels have a mean technical efficiency of 0.69, significantly higher than the 0.48 for men-run hotels, demonstrating better exploitation of available technology [60]. - The mean meta technology ratio (MTR) for men-run hotels is 0.99, while it is only 0.71 for women-run hotels, indicating a substantial technology gap [62]. Propensity Score Matching - The report uses propensity score matching to estimate the causal impact of gender on efficiency, confirming that women-run hotels have higher technical efficiency by 24.9 percentage points compared to men-run hotels [75]. Robustness - Various alternative measures of efficiency were tested to ensure the robustness of the findings, confirming the initial results regarding productivity gaps [78].