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Financial Analysis Of The Main Hotel Chains Of The Spanish Tourism Sector

Author

Listed:
  • Carmen GONZÁLEZ
  • Francisco JAREÑO

Abstract

This paper analyzes Spanish companies’ growing need for funding in a crisis context, focusing on one of the most relevant sectors in the Spanish economy: the Spanish tourism sector. Specifically, we will be looking at the twelve main hotel chains. We also provide a brief overview of the main sources of financing that serve as alternatives to those traditionally used in the sector and, subsequently, carry out an analysis of four key financial variables: percentage of indebtedness, volume of equity, overall liquidity, and returns on equity. Finally, we study whether there are statistically significant relationships between the variables, concluding that some expected relationships are confirmed – such as the logical exchange between equity and borrowed capital – as well as other less obvious relationships – like the positive relationship between the returns and the volume of equity.

Suggested Citation

  • Carmen GONZÁLEZ & Francisco JAREÑO, 2014. "Financial Analysis Of The Main Hotel Chains Of The Spanish Tourism Sector," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 14(2).
    • Handle: RePEc:eaa:eerese:v:14:y2014:i:2_12
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    References listed on IDEAS

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    More about this item

    Keywords

    Tourism sector; Spain; Financial crisis; Indebtedness; Equity; Liquidity; Returns on equity.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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