Financing Decisions and Performance of Italian SMEs in the Hotel Industry
Cornell Hospitality Quarterly; 1–20
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| Ngôn ngữ: | English |
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The Author(s)
2024
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| Truy cập trực tuyến: | https://thuvienso.hoasen.edu.vn/handle/123456789/15094 |
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HOS--123456789-150942024-04-15T07:14:52Z Financing Decisions and Performance of Italian SMEs in the Hotel Industry Botta, Marco capital structure dynamics, hotel management, SMEs, firm financing, corporate performance, panel data models Cornell Hospitality Quarterly; 1–20 This study investigates the existence of an optimal capital structure for small and medium enterprise (SME) hotels through the analysis of the relationship between financing decisions and financial performance in a large sample of Italian hotel SMEs. The results show that hotel SMEs face an optimal capital structure that allows them to maximize returns to investors, while instead having both too little and too much debt reduces their financial performance. This notwithstanding, we show that hotel SMEs are not particularly concerned with optimizing their capital structure, and their funding behavior is deeply connected with the availability of internally available funds, a typical pecking order behavior, and they result extremely slow in converging toward their optimal level of leverage so that they could improve their performance by adopting a more sophisticated financial strategy. 2024-04-15T07:14:49Z 2024-04-15T07:14:49Z 2018 Article https://thuvienso.hoasen.edu.vn/handle/123456789/15094 en application/pdf The Author(s) |
| institution |
Trường Đại học Hoa Sen |
| collection |
HOSU |
| language |
English |
| topic |
capital structure dynamics, hotel management, SMEs, firm financing, corporate performance, panel data models |
| spellingShingle |
capital structure dynamics, hotel management, SMEs, firm financing, corporate performance, panel data models Botta, Marco Financing Decisions and Performance of Italian SMEs in the Hotel Industry |
| description |
Cornell Hospitality Quarterly; 1–20 |
| format |
Article |
| author |
Botta, Marco |
| author_facet |
Botta, Marco |
| author_sort |
Botta, Marco |
| title |
Financing Decisions and Performance of Italian SMEs in the Hotel Industry |
| title_short |
Financing Decisions and Performance of Italian SMEs in the Hotel Industry |
| title_full |
Financing Decisions and Performance of Italian SMEs in the Hotel Industry |
| title_fullStr |
Financing Decisions and Performance of Italian SMEs in the Hotel Industry |
| title_full_unstemmed |
Financing Decisions and Performance of Italian SMEs in the Hotel Industry |
| title_sort |
financing decisions and performance of italian smes in the hotel industry |
| publisher |
The Author(s) |
| publishDate |
2024 |
| url |
https://thuvienso.hoasen.edu.vn/handle/123456789/15094 |
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AT bottamarco financingdecisionsandperformanceofitaliansmesinthehotelindustry |
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