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The international hotel industry in Spain: Its hierarchical structure

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  • Brida, Juan Gabriel
  • Esteban, Laura Parte
  • Risso, Wiston Adrián
  • Such Devesa, María Jesús

Abstract

This paper empirically analyzes the indebtedness of the main companies in the Spanish hotel industry. In particular, it introduces a method to analyze the structures and dynamics of the largest companies in this sector. The method combines the Pearson correlation coefficient with the nearest neighbour single linkage clustering algorithm (Mantegna, R. N. (1999). Hierarchical structure in financial markets. The European Physical Journal B, 11, 193–197). The Pearson correlation coefficient determines a metric distance between two different multidimensional time series that is then used to construct a Minimal Spanning Tree. From this tree, an ultra metric distance that is used to derive the Hierarchical Tree can be computed. From the analysis of the time series data of companies included in the SABI, or the Iberian Balance Sheet Analysis System 2005, it is possible to derive a hierarchical organization of the Spanish hotel firms. In particular, different dynamic clusters of companies, which correspond to their common production and indebtedness strategies, can be detected.

Suggested Citation

  • Brida, Juan Gabriel & Esteban, Laura Parte & Risso, Wiston Adrián & Such Devesa, María Jesús, 2010. "The international hotel industry in Spain: Its hierarchical structure," Tourism Management, Elsevier, vol. 31(1), pages 57-73.
    • Handle: RePEc:eee:touman:v:31:y:2010:i:1:p:57-73
    DOI: 10.1016/j.tourman.2009.02.003
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    References listed on IDEAS

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    2. Kantar, Ersin & Aslan, Alper & Deviren, Bayram & Keskin, Mustafa, 2016. "Hierarchical structure of the countries based on electricity consumption and economic growth," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 454(C), pages 1-10.
    3. Kazemilari, Mansooreh & Mardani, Abbas & Streimikiene, Dalia & Zavadskas, Edmundas Kazimieras, 2017. "An overview of renewable energy companies in stock exchange: Evidence from minimal spanning tree approach," Renewable Energy, Elsevier, vol. 102(PA), pages 107-117.
    4. Cirer-Costa, Joan Carles, 2012. "Bases del proceso de internacionalización de las cadenas hoteleras de las Islas Baleares [Bases of the globalisation of the hotel chains of the Balearic Islands]," MPRA Paper 37210, University Library of Munich, Germany.
    5. Miguel Ángel Domingo-Carrillo & Esther Chávez-Miranda & María Dolores Cubiles-de la Vega, 2017. "Journal segmentation and competitive position based on revenue management research publications," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 16(5), pages 466-482, October.

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