Among recent methodological developments is the treatment effect approach on the final outcome equation. Using a selection rule for the treated firms, the current study examines the golf course renovation influence on the expected economic growth for both treated and untreated groups applying the ATE, the TT, and the MTE. The implementation of renovation had a negative and significant effect on the economic growth expectations for a randomly selected firm from the entire population. The decision to renovate was negatively affected by the increasing distance to the nearest competitor and by the relatively young age of the facility. Among those who decided to renovate, expectations of business activity decreased if a respondent was a superintendent, but increased if the course included a housing development. Among those who did not renovate, education and the average turfgrass area per hole increased growth expectations, while a housing development and location in the Southern region lowered such expectations.
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