Determinants of Financial Efficiency and Performance in Big-Cap Chain Hotels

Abstract

Chain hotels with $1 billion in market capitalization not only contribute to employment creation and indirectly become a driving force in the regeneration of local economies but also play an essential role in recovering local economies with their high revenue per available room (RevPAR) values. Besides, the financial stability of these hotel chains directly influences the popularity of destinations, resulting in an influx of tourists to nearby regions, which in turn generates an economic contribution to the overall development of the tourism industry. Therefore, the aim of this paper is to determine the financial factors that are affecting the RevPAR (RPR), their role in the industry, and the validity of the agency cost theory of nine chain hotels that have at least $1 billion in market capital listed in U.S. stock markets over the period 2013–2022. The results show that, in contrast to the debt service coverage ratio, receivables turnover ratio, and book value per share variables, the day sales outstanding ratio and current ratio have a negative impact on chain hotels' RevPAR.

Keywords

• RevPAR
• Panel Data
• Financial Performance
• Market Capitalization
• Agency Cost Theory

Büyük Sermayeli Zincir Otellerde Finansal Verimlilik ve Performansın Belirleyicileri

Abstract

Piyasa değeri 1 milyar doları olan aşmakta olan zincir oteller, istihdam yaratılmasına katkıda bulunmanın ve dolaylı olarak yerel ekonomilerin yenilenmesinde itici bir güç olmanın yanı sıra, yüksek oda başına gelir (revenue per available room, RevPAR) değerleriyle yerel ekonomilerin toparlanmasında da önemli bir rol oynamaktadır. Ayrıca, bu otel zincirlerinin finansal istikrarı destinasyonların popülerliğini doğrudan etkileyerek yakın bölgelere turist akınına neden olmakta ve bu da turizm endüstrisinin genel gelişimine ekonomik bir katkı sağlamaktadır. Bu nedenle, bu çalışmanın amacı, 2013-2022 döneminde Amerika Birleşik Devletleri (ABD) menkul kıymet borsalarında işlem görmekte olan ve piyasa değeri en az 1 milyar dolar olan dokuz zincir otelin oda başına gelirlerini etki eden finansal faktörleri, bunların sektördeki rolünü ve temsil maliyeti teorisinin bu sektör üzerindeki geçerliliğini belirlemektir. Sonuçlar, borç servisi karşılama oranı, alacak devir hızı oranı, hisse başına defter değeri değişkenlerinin aksine, borç ödeme vadeleri ile cari oran değişkenlerinin zincir otellerin oda başına gelirleri üzerinde negatif bir etkileri olduğunu göstermektedir.

Keywords

• Oda Başına Gelir
• Panel Veri
• Finansal Performans
• Piyasa Değeri
• Temsil Maliyeti Teorisi

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