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Spanish hotel industry: indebtedness determinants


  • Maria Jesus Such Devesa
  • Laura Parte Esteban


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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