Capital structure determinants of hospitality sector SMEs

Pacheco, Luís Miguel; Tavares, Fernando Oliveira

doi:10.5367/te.2015.0501

Cited by 47 publications

(69 citation statements)

References 48 publications

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“…As mentioned above, hospitality literature shows that the debt ratio depends on various factors [6,7,[9][10][11][12][13][14][15][16][17][18][19][20], a significant one being growth opportunities. However, the hospitality literature is not clear-cut.…”

Section: Empirical Model and Datamentioning

confidence: 99%

An Exploration of the Debt Ratio of Ski Lift Operators

Falk

Steiger

2018

Sustainability

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This article examines the determinants of the debt-to-capital ratio of ski lift operators. The analysis is based on the total population of 248 ski lift operators in Austria. The median debt-to-capital ratio is 73%, with a highly skewed distribution, where almost every fourth operator exhibits negative equity capital. Robust regressions show that the debt-to-capital ratio significantly depends on the size of the ski area, elevation, location, presence of a neighboring ski area, supply of accommodation nearby, and the proportion of foreign overnight stays. However, the significance and magnitude of these factors differ between East and West Austria. For eastern Austria, larger ski operators, with neighboring resorts close by and a vast supply of accommodation, have a significantly lower debt-to-capital ratio. In western Austria, elevation and presence of a neighbor are significant predictors. Operators with a neighbor nearby exhibit a 15-percentage-point lower debt ratio.

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Section: Empirical Model and Datamentioning

confidence: 99%

An Exploration of the Debt Ratio of Ski Lift Operators

Falk

Steiger

2018

Sustainability

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“…However, during both periods the coefficients of the respective models are statistical significant and positive, which may lead to the conclusion that both theories are present in the Portuguese firms' decision about their capital structure. This is not an unexpected conclusion, since there are previous studies that supported this behavior (Pacheco and Tavares, 2017;Serrasqueiro and Caetano, 2015). Furthermore, there are many preceding studies both in favor of pecking order (Macas Nunes & Serrasqueiro, 2017; Pacheco, 2016) and in favor of trade-off (Sardo & Serrasqueiro, 2017).…”

Section: Table XII First Diagnostic Test Based Variations Of Dependementioning

confidence: 51%

Pecking Order and Trade – off Capital Structure Theories in the European Countries Supported by European Stability Mechanism

Chatzinas¹,

Markopoulou²,

Papadopoulos³

2018

European Journal of Economics and Business Studies

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The financial assistance provided by European Stability Mechanism during the recent European crisis was accompanied with severe austerity measures and strict reforms that changed significantly the economic environment in the countries that accepted it. The present study examines whether these changes affected the capital structure of the European firms in these countries. Using accounting data for firms in Cyprus, Greece, Ireland and Portugal, the researchers created a balanced panel database and applied the Shyam-Sunders and Myers (1999) methodology to investigate whether pecking order or trade-off hypotheses can better explain the financing decision of the firms in these countries during the period before and after the outset of the ESM financial assistance. The results indicate that the firms’ capital structure decisions are explained by both theories in Greece, Cyprus and Portugal before the beginning of the EMS program, while only by trade-off in Ireland. On the other hand, after the beginning of the ESM program the firms’ capital structures are better explained by trade-off hypothesis in Greece and Cyprus, while nothing changed in cases of Ireland and Portugal. The fact that Greek and Cypriot tax rates increased the most among the four examined countries may explain at least partially the above differentiations. So, the economic environment is a primary factor that affects the explanatory power of each capital structure theory. Moreover, a change in economic environment may lead to a change in the dominant capital structure theory.

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“…Finally, the Portuguese firms' capital structure behavior is investigated by many researchers, the majority of who agree that the pecking order hypothesis can better explain the financing decisions of firms' managers (Macas Nunes & Serrasqueiro, 2017; Pacheco, 2016). However, some other scholars conclude that the Portuguese firms choose their financial mix in accordance to trade -off theory (Sardo & Serrasqueiro, 2017) or that both theories can explain adequately their capital structure behavior (Pacheco and Tavares, 2017;Serrasqueiro and Caetano, 2015).…”

Section: Presentation Of Countries: Environment and Firms' Capital Stmentioning

confidence: 99%

Untitled

2018

Eur. j. econ. bus. stud.

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Designing and adapting organizations to secure viability and increase performance is a challenge. Research models often fail to integrate corporate social responsibility (CSR) aspects in the concept development and its implementation. Therefore, the aim of this study is to propose a holistic approach how organizations can be designed, changed and managed considering its implications to service management under a CSR approach. Hereby the Viable System Model was applied. Its structure can be applied to any kind of structured organization and for its management with goals to be achieved in modern society; however focus of the research is the cluster of charity organizations. Goal of the developed model is to be able to react to all potential organizational environments by taking decisions correctly and in the right moment based on the needed information reducing service lead times and manpower allocation as well as increasing the service level. To ensure this, service management tasks were assigned and standardized communication channels were defined. In conclusion this proposed approach empowers organizations to have internal mechanisms to secure viability by pursuing the goal of a high performance CSR approach. Service management tasks according to planning horizon levels Definition of recursion levels within a service organizationService management tasks and their classification to the VSM systems Identification of the needed information flows between organization and service recursion levels and within the service management level Applying the model for charity organizations After having described the methodology, the VSM as a reference model is compared with other approaches. As described ISSN 2411-9571 (Print) ISSN 2411

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Capital structure determinants of hospitality sector SMEs

Cited by 47 publications

References 48 publications

An Exploration of the Debt Ratio of Ski Lift Operators

An Exploration of the Debt Ratio of Ski Lift Operators

Pecking Order and Trade – off Capital Structure Theories in the European Countries Supported by European Stability Mechanism

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