The Financial Structure of the Spanish Hotel Industry: Evidence from Cluster Analysis

Abstract

Multinational Spanish hotel chains currently are undergoing a process of internationalization. This process demands a new approach to their financial strategies and thus will modify, or already has modified, their traditional financial structures. The authors define companies' financial structure on the basis of a wide set of financial ratios grouped by factorial analysis. The data retrieved highlight commonalities among liquidity ratios, structure, size, growth and profitability. The authors identify clusters among companies presenting consolidated financial information and find that the financial structures of the leading companies have some influence within the hotel sector, particularly with regard to internationalized businesses.

Keywords

financial structure cluster indebtedness empirical research hotel industry

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