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The Financial Structure of the Spanish Hotel Industry: Evidence from Cluster Analysis

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  • María Jesús Such Devesa
  • Laura Parte Esteban
  • Antonio Garre Martínez

Abstract

Multinational Spanish hotel chains currently are undergoing a process of internationalization. This process demands a new approach to their financial strategies and thus will modify, or already has modified, their traditional financial structures. The authors define companies' financial structure on the basis of a wide set of financial ratios grouped by factorial analysis. The data retrieved highlight commonalities among liquidity ratios, structure, size, growth and profitability. The authors identify clusters among companies presenting consolidated financial information and find that the financial structures of the leading companies have some influence within the hotel sector, particularly with regard to internationalized businesses.

Suggested Citation

  • María Jesús Such Devesa & Laura Parte Esteban & Antonio Garre Martínez, 2009. "The Financial Structure of the Spanish Hotel Industry: Evidence from Cluster Analysis," Tourism Economics, , vol. 15(1), pages 121-138, March.
    • Handle: RePEc:sae:toueco:v:15:y:2009:i:1:p:121-138
    DOI: 10.5367/000000009787536690
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    References listed on IDEAS

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    1. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    2. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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    Cited by:

    1. 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.
    2. Mariano Puglisi & Vincenzo Fasone & Giulio Pedrini & Deborah Gervasi & Guglielmo Faldetta, 2022. "Using a dual system of reasoning in small businesses: Entrepreneurial decisions and subjective risk intelligence," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 529-553, June.
    3. Filipa Campos & Luís Lima Santos & Conceição Gomes & Lucília Cardoso, 2022. "Management Accounting Practices in the Hospitality Industry: A Systematic Review and Critical Approach," Tourism and Hospitality, MDPI, vol. 3(1), pages 1-22, February.
    4. Martin Falk & Robert Steiger, 2018. "An Exploration of the Debt Ratio of Ski Lift Operators," Sustainability, MDPI, vol. 10(9), pages 1-16, August.
    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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