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Spanish hotel industry: indebtedness determinants

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  • Maria Jesus Such Devesa
  • Laura Parte Esteban

Abstract

This article analyses the indebtedness of the companies belonging to the Spanish hotel industry. The internationalization process of Spanish hotel companies requires a new approach to their financial strategies. The form of expansion chosen in this process has an impact on the pace and volume of the funds needed for it. Other items are incorporated to observe different behaviour among hotel companies in relation with their indebtedness process. Among analysed factors, we can observe the importance of solvency, liquidity, and asset structure. The hotel industry's means to explain individual indebtedness is also relevant, demonstrating the fact that firms usually follow the sector's benchmark when determining the level of indebtedness. Studies such those of Grinblatt and Titman (2003) or Frank and Goyal (2009) confirm this same hypothesis.

Suggested Citation

  • Maria Jesus Such Devesa & Laura Parte Esteban, 2011. "Spanish hotel industry: indebtedness determinants," Applied Economics, Taylor & Francis Journals, vol. 43(28), pages 4227-4238.
    • Handle: RePEc:taf:applec:v:43:y:2011:i:28:p:4227-4238
    DOI: 10.1080/00036846.2010.491446
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    Cited by:

    1. James Agyei & Shaorong Sun & Eugene Abrokwah, 2020. "Trade-Off Theory Versus Pecking Order Theory: Ghanaian Evidence," SAGE Open, , vol. 10(3), pages 21582440209, July.
    2. Andreas Mueller & Luca Sensini, 2023. "Determinants of Financing Decisions of SMEs: Evidence from Hotel Industry," International Journal of Business and Management, Canadian Center of Science and Education, vol. 16(3), pages 117-117, April.
    3. Jiung-Bin Chin & Mu-Chen Wu & Ling-Feng Hsieh, 2013. "Strategic planning of optimal resource allocation in response to global financial crisis -- a study of international tourist hotels," Applied Economics, Taylor & Francis Journals, vol. 45(23), pages 3316-3328, August.
    4. Victor Motta, 2017. "Are SMEs in the hospitality industry less likely to experience credit constraint than other industries in the service sector? Evidence from Latin America," Tourism Economics, , vol. 23(7), pages 1398-1418, November.
    5. Luís Pacheco & Fernando Tavares, 2017. "Capital structure determinants of hospitality sector SMEs," Tourism Economics, , vol. 23(1), pages 113-132, February.
    6. Martin Falk & Robert Steiger, 2018. "An Exploration of the Debt Ratio of Ski Lift Operators," Sustainability, MDPI, vol. 10(9), pages 1-16, August.

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