Capital structure determinants of hospitality sector SMEs.

dc.contributor.authorPacheco, Luís Miguel
dc.contributor.authorTavares, Fernando Oliveira
dc.date.accessioned2016-02-24T15:42:23Z
dc.date.available2016-02-24T15:42:23Z
dc.date.issued2015
dc.description.abstractThe main objective of this paper is to study the capital structure determinants of 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 we study the capital structure determinants between 2004 and 2013. The paper intends to examine the indebtedness level in light of the two main theories – the Trade-off theory and the Pecking Order theory. We chose the hospitality sector because of its importance in the Portuguese economy and because this particular sector has hardly been studied. In addition to total indebtedness, we extend the literature by analyzing 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.pt_PT
dc.identifier.citationPacheco, L. M., & Tavares, F. O. (2015). Capital structure determinants of hospitality sector SMEs. Tourism Economics, 1-23. http://dx.doi.org/10.5367/te.2015.0501. URI: http://hdl.handle.net/11328/1450.pt_PT
dc.identifier.urihttp://hdl.handle.net/11328/1450
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherPublishing Technologypt_PT
dc.rightsembargoed accesspt_PT
dc.subjectCapital structurept_PT
dc.subjectSmall-to-medium sized enterprisespt_PT
dc.subjectHospitality industrypt_PT
dc.subjectPecking order theorypt_PT
dc.subjectTrade-off theorypt_PT
dc.subjectPanel data estimationpt_PT
dc.titleCapital structure determinants of hospitality sector SMEs.pt_PT
dc.typejournal articlept_PT
degois.publication.firstPagep. 1pt_PT
degois.publication.lastPagep. 23pt_PT
degois.publication.titleTourism Economicspt_PT
dspace.entity.typePublicationen

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