The determinants of capital structure in the hotel sector in Portugal

Herdeiro, Inês Alexandra Carvalho; Monte, Ana Paula; Fernandes, António B.

http://hdl.handle.net/10198/21553

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Authors

Herdeiro, Inês Alexandra Carvalho

Monte, Ana Paula

Fernandes, António B.

Abstract(s)

This research aims to analyze the determinants of the capital structure of companies in the hotel sector in Portugal during a period of economic crisis (2010 to 2014) and a period corresponding to the end of the economic crisis (2015 to 2017). The sample was obtained through the SABI database, selecting the companies belonging to the hotel industry sector. The results indicate that the profitability (as measured by return on assets) negatively influences the companies' indebtedness (or leverage). This behavior may indicate that the companies, under analysis, follow the peking-order theory during this period. The increase in the coefficient of this determinant associated to the increase in the financial autonomy may indicate that the policy of capital structure of the companies changes with the macroeconomic changes.

Keywords

Indebtedness Capital structure Pecking order theory Return on assets Tourism

URI

http://hdl.handle.net/10198/21553

Citation

Herdeiro, Inês; Monte, Ana Paula; Fernandes, António B. (2019). The determinants of capital structure in the hotel sector in Portugal. In XX Congreso Internacional AECA. Málaga