Spanish hotel industry: indebtedness determinants |
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| Authors: | Maria Jesus Such Devesa Laura Parte Esteban |
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| Institution: | 1. Facultad de CC. Economicas y Empresariales, Departamento de Estadistica , Estructura Economica y Organizacion Economica Internacional, University of Alcala , Madrid 28802, Spain;2. Departamento de Estadistica , Estadistica, Estructura Economica y Organizacion Economica Internacional, University of Alcala, Escuela Universitaria de Turismo , Guadalajara 19002, Spain mjesus.such@uah.es;4. Facultad de Ciencias Economicas y Empresariales, Departamento de Economía de la Empresa y Contabilidad, Spanish National University for Distance Education (UNED) , Madrid 28040, Spain |
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| 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. |
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