Capital structure determinants of hospitality sector SMEs




Details zur Publikation

Autorenliste: Pacheco, L., Tavares, F.
Verlag: SAGE Publications (UK and US)
Jahr der Veröffentlichung: 2017
Zeitschrift: Tourism Economics (1354-8166)
Bandnummer: 23
Heftnummer: 1
Erste Seite: 113
Letzte Seite: 132
Seitenumfang: 20
ISSN: 1354-8166
eISSN: 20440375
Sprachen: Englisch-Vereinigtes Königreich (EN-GB)


The main objective of this article is to study the capital structure
determinants of small and medium enterprises (SMEs) in the hospitality
sector and how this can influence their level of indebtedness. Using
panel data methodology and considering a sample of 43 Portuguese hotels,
the authors study the capital structure determinants between 2004 and
2013. The study examines the indebtedness level in light of the two main
theories - the Trade-off theory and the Pecking Order theory. The
hospitality sector was chosen because of its importance in the
Portuguese economy and because this particular sector has hardly been
studied. In addition to total indebtedness, the authors extend the
literature by analysing the differences between short-term and long-term
indebtedness. The results obtained suggest that profitability, assets
tangibility, firm dimension, total liquidity and risk are key factors
affecting the capital structure of hospitality sector SMEs, while
growth, other tax benefits and age were not deemed relevant. These
results allow us to conclude that Trade-off and Pecking Order theories
should not be considered in isolation to explain the capital structure
of hospitality sector SMEs. © The Author(s) 2016.


Capital, Hospitality, Management, SMEs


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Zuletzt aktualisiert 2019-13-08 um 00:45