IDEAS home Printed from https://ideas.repec.org/a/eaa/eerese/v14y2014i2_12.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://www.usc.es/economet/journals2/eers/eers14212.pdf
    Download Restriction: Access usually restricted to subscribers. Free on line subscription for universities from low and middle income countries: See http://www.usc.es/economet/info.htm

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Aguayo, E., 2011. "Impact of Tourism on Employment: An Econometric Model of 50 CEEB Regions," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 11(1).
    2. GUISAN, Maria-Carmen & AGUAYO, Eva, 2010. "Second Homes In The Spanish Regions: Evolution In 2001-2007 And Impact On Tourism, Gdp And Employment," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 10(2).
    3. LEE, Chew Ging, 2008. "Tourism And Economic Growth: The Case Of Singapore," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 8(1), pages 89-98.
    4. Jackman M.M., 2012. "Revisiting The Tourism-Led Growth Hypothesis For Barbados: A Disaggregated Market Approach," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 12(2).
    5. Rodriguez, X.A. & Martínez-Roget, F. & Pawlowska, E., 2013. "Academic Tourism: a More Sustainable Tourism," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 13(2), pages 89-98.
    6. RODRIGUEZ, Xose A. & RIVADULLA, Richard, 2012. "Tourism in Spain: Disaggregated Analysis of the International Demand," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 12(1), pages 91-98.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    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 - Economic Systems - - Other Economic Systems - - - Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eaa:eerese:v:14:y2014:i:2_12. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (M. Carmen Guisan). General contact details of provider: http://www.usc.es/economet/eaa.htm .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.