Capital structure of portuguese hotel firms: a structural equation modelling approach
Autor(a) principal: | |
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Data de Publicação: | 2018 |
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/10400.1/12698 |
Resumo: | This paper addresses capital structure determinants for Portuguese hotel firms between 2006 and 2014. Secondary data from 356 hotel units was analysed using the partial least squares (PLS) statistical technique, a variance-based structural equation modelling (SEM). The results show that the explanatory variables proposed as capital structure determinants have an impact on the financing and debt decisions made by the firms in the sample. Of these, tangibility has the greater explanatory power. Overall, the results support the notion that trade-off theory and pecking-order theory are important in explaining the capital structure of the Portuguese hotel industry, particularly as regards the agency conflicts triggered by growth opportunities and the preference firms have for internal funding. The results also point to the importance of collateral in accessing credit and the lesser impact of asymmetric information pertaining to tangible asset value and firm size. The results suggest small firms find it difficult to contract loans, which can somewhat limit their growth and performance. |
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Capital structure of portuguese hotel firms: a structural equation modelling approachCapital structureHospitalityStructural equation modellingDebtManagementThis paper addresses capital structure determinants for Portuguese hotel firms between 2006 and 2014. Secondary data from 356 hotel units was analysed using the partial least squares (PLS) statistical technique, a variance-based structural equation modelling (SEM). The results show that the explanatory variables proposed as capital structure determinants have an impact on the financing and debt decisions made by the firms in the sample. Of these, tangibility has the greater explanatory power. Overall, the results support the notion that trade-off theory and pecking-order theory are important in explaining the capital structure of the Portuguese hotel industry, particularly as regards the agency conflicts triggered by growth opportunities and the preference firms have for internal funding. The results also point to the importance of collateral in accessing credit and the lesser impact of asymmetric information pertaining to tangible asset value and firm size. The results suggest small firms find it difficult to contract loans, which can somewhat limit their growth and performance.Universidade do Algarve, Escola Superior de Gestão, Hotelaria e TurismoSapientiaMatias, FernandaSalsa, LeonorAfonso, Carlos M.L.2019-07-29T15:56:37Z20182018-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.1/12698eng2182-845810.18089/tms.2018.14SI108info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-24T10:24:40Zoai:sapientia.ualg.pt:10400.1/12698Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:04:00.018032Repositório 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 of portuguese hotel firms: a structural equation modelling approach |
title |
Capital structure of portuguese hotel firms: a structural equation modelling approach |
spellingShingle |
Capital structure of portuguese hotel firms: a structural equation modelling approach Matias, Fernanda Capital structure Hospitality Structural equation modelling Debt Management |
title_short |
Capital structure of portuguese hotel firms: a structural equation modelling approach |
title_full |
Capital structure of portuguese hotel firms: a structural equation modelling approach |
title_fullStr |
Capital structure of portuguese hotel firms: a structural equation modelling approach |
title_full_unstemmed |
Capital structure of portuguese hotel firms: a structural equation modelling approach |
title_sort |
Capital structure of portuguese hotel firms: a structural equation modelling approach |
author |
Matias, Fernanda |
author_facet |
Matias, Fernanda Salsa, Leonor Afonso, Carlos M.L. |
author_role |
author |
author2 |
Salsa, Leonor Afonso, Carlos M.L. |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Sapientia |
dc.contributor.author.fl_str_mv |
Matias, Fernanda Salsa, Leonor Afonso, Carlos M.L. |
dc.subject.por.fl_str_mv |
Capital structure Hospitality Structural equation modelling Debt Management |
topic |
Capital structure Hospitality Structural equation modelling Debt Management |
description |
This paper addresses capital structure determinants for Portuguese hotel firms between 2006 and 2014. Secondary data from 356 hotel units was analysed using the partial least squares (PLS) statistical technique, a variance-based structural equation modelling (SEM). The results show that the explanatory variables proposed as capital structure determinants have an impact on the financing and debt decisions made by the firms in the sample. Of these, tangibility has the greater explanatory power. Overall, the results support the notion that trade-off theory and pecking-order theory are important in explaining the capital structure of the Portuguese hotel industry, particularly as regards the agency conflicts triggered by growth opportunities and the preference firms have for internal funding. The results also point to the importance of collateral in accessing credit and the lesser impact of asymmetric information pertaining to tangible asset value and firm size. The results suggest small firms find it difficult to contract loans, which can somewhat limit their growth and performance. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018 2018-01-01T00:00:00Z 2019-07-29T15:56:37Z |
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 |
http://hdl.handle.net/10400.1/12698 |
url |
http://hdl.handle.net/10400.1/12698 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
2182-8458 10.18089/tms.2018.14SI108 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade do Algarve, Escola Superior de Gestão, Hotelaria e Turismo |
publisher.none.fl_str_mv |
Universidade do Algarve, Escola Superior de Gestão, Hotelaria e Turismo |
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 |
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1799133274715455488 |