Capital structure determinants of hospitality sector SMEs.
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/11328/1450 |
Resumo: | The 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. |
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Capital structure determinants of hospitality sector SMEs.Capital structureSmall-to-medium sized enterprisesHospitality industryPecking order theoryTrade-off theoryPanel data estimationThe 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.Publishing Technology2016-02-24T15:42:23Z2016-02-242015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfPacheco, 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.http://hdl.handle.net/11328/1450Pacheco, 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.http://hdl.handle.net/11328/1450engPacheco, Luís MiguelTavares, Fernando Oliveirainfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-07-04T02:41:33Zoai:repositorio.upt.pt:11328/1450Portal AgregadorONGhttps://www.rcaap.pt/oai/openairemluisa.alvim@gmail.comopendoar:71602024-07-04T02:41:33Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Capital structure determinants of hospitality sector SMEs. |
title |
Capital structure determinants of hospitality sector SMEs. |
spellingShingle |
Capital structure determinants of hospitality sector SMEs. Pacheco, Luís Miguel Capital structure Small-to-medium sized enterprises Hospitality industry Pecking order theory Trade-off theory Panel data estimation |
title_short |
Capital structure determinants of hospitality sector SMEs. |
title_full |
Capital structure determinants of hospitality sector SMEs. |
title_fullStr |
Capital structure determinants of hospitality sector SMEs. |
title_full_unstemmed |
Capital structure determinants of hospitality sector SMEs. |
title_sort |
Capital structure determinants of hospitality sector SMEs. |
author |
Pacheco, Luís Miguel |
author_facet |
Pacheco, Luís Miguel Tavares, Fernando Oliveira |
author_role |
author |
author2 |
Tavares, Fernando Oliveira |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Pacheco, Luís Miguel Tavares, Fernando Oliveira |
dc.subject.por.fl_str_mv |
Capital structure Small-to-medium sized enterprises Hospitality industry Pecking order theory Trade-off theory Panel data estimation |
topic |
Capital structure Small-to-medium sized enterprises Hospitality industry Pecking order theory Trade-off theory Panel data estimation |
description |
The 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. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-01-01T00:00:00Z 2016-02-24T15:42:23Z 2016-02-24 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
Pacheco, 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. http://hdl.handle.net/11328/1450 Pacheco, 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. http://hdl.handle.net/11328/1450 |
identifier_str_mv |
Pacheco, 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. |
url |
http://hdl.handle.net/11328/1450 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/embargoedAccess |
eu_rights_str_mv |
embargoedAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Publishing Technology |
publisher.none.fl_str_mv |
Publishing Technology |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
mluisa.alvim@gmail.com |
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1817546195284787200 |