Büyük Sermayeli Zincir Otellerde Finansal Verimlilik ve Performansın Belirleyicileri

Year 2024, Volume: 9 Issue: 2, 254 - 270, 30.06.2024

Berk Yıldız

https://doi.org/10.30784/epfad.1452277

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

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

References

• Abdelmawgoud, M.T.A. and Abd El Salam, M.A.E.M.E. (2022). Factors affecting operational and financial performance indicators of rooms division in four and five-star hotels in Cairo. International Journal of Heritage, Tourism, and Hospitality, 16(3), 113-135. https://doi.org/10.21608/jihtha.2022.280467
• Annaria, M.M., Marpaung, B.S. and Hasibuan, D.H. (2021). The effect of activity ratios to company profitability in the trading, services, and investment sectors. Journal of Accounting, Business and Finance Research, 11(1), 38-45. https://doi.org/10.20448/2002.111.38.45
• Asdullah, M.A. and Rehman, Z. (2015). A comparative study on financial performance of hotel industry in Pakistan (Sarena Hotel and Marriott Hotel). Journal of Tourism, Hospitality and Sports, 8, 42–54. https://doi.org/10.7176/JTHS
• Aznar-Alarcón, J.P. and Sayeras Maspera, J.M. (2015). The financial and economic performance of hotels in Spanish beach tourist destinations. Athens Journal of Tourism, 2(3), 141-152. https://doi.org/10.30958/ajt.2-3-1
• Babajee, R.B., Seetanah, B., Nunkoo, R. and Gopy-Ramdhany, N. (2022). Corporate social responsibility and hotel financial performance. Journal of Hospitality Marketing and Management, 31(2), 226– 246. https://doi.org/10.1080/19368623.2021.1937433
• Bianchi, G. and Chen, Y. (2016). CEO compensation and the performance of firms in the hospitality industry: A cross-industry comparison. International Journal of Tourism Sciences, 15(3-4), 121– 138. https://doi.org/10.1080/15980634.2016.1181320
• Blal, I., Singal, M. and Templin, J. (2018). Airbnb’s effect on hotel sales growth. International Journal of Hospitality Management, 73, 85-92. https://doi.org/10.1016/j.ijhm.2018.02.006
• Bresciani, S., Thrassou, A. and Vrontis, D. (2015). Determinants of performance in the hotel industry an empirical analysis of Italy. Global Business and Economics Review, 17(1), 19-34. https://doi.org/10.1504/GBER.2015.066531
• Chattopadhyay, M. and Mitra, S.K. (2019). Determinants of revenue per available room: Influential roles of average daily rate, demand, seasonality and yearly trend. International Journal of Hospitality Management, 77, 573-582. https://doi.org/10.1016/j.ijhm.2018.09.001
• Chebii, R.K. and Kaplelach, S. (2019). Drivers of financial performance in hotel industry in Kwale County, Kenya. International Journal of Economics, Commerce and Management, 7(8), 538–571. Retrieved from https://ijecm.co.uk/
• Corgel, J.B. and Gibson, S. (2005). The use of fixed-rate and floating-rate debt for hotels. Cornell Hotel and Restaurant Administration Quarterly, 46(4), 413–430. https://doi.org/10.1177/0010880405277072
• Cumbie, J.B. and Donnellan, J. (2017). The impact of working capital components on firm value in us firms. International Journal of Economics and Finance, 9(8), 138-150. https://doi.org/10.5539/ijef.v9n8p138
• Dahlstrom, R., Haugland, S.A., Nygaard, A. and Rokkan, A.I. (2009). Governance structures in the hotel industry. Journal of Business Research, 62(8), 841–847. https://doi.org/10.1016/j.jbusres.2007.07.033
• Eisenhardt, K.M. (1989). Agency theory: An assessment and review. The Academy of Management Review, 14(1), 57-74. https://doi.org/10.2307/258191
• Fama, E. and Jensen, M.C. (1983). Separation of ownership and control. The Journal of Law & Economics, 26(2), 301– 325. Retrieved from https://www.jstor.org/
• Freedman, M. and Kosová, R. (2014). Agency and compensation: Evidence from the hotel industry. Journal of Law Economics and Organization, 30(1), 72–103. https://doi.org/10.1093/jleo/ews027
• Guillet, B.D. and Mattila, A.S. (2010). A descriptive examination of corporate governance in the hospitality industry. International Journal of Hospitality Management, 29(4), 677–684. https://doi.org/10.1016/j.ijhm.2010.01.004
• Gujarati, D.N. and Porter, D.C. (2009). Basic econometrics. NY: The McGraw- Hill/Irwin.
• Haubrich, J.G. (1994). Risk aversion, performance pay, and the principal-agent problem. Journal of Political Economy, 102(2), 258– 276. https://doi.org/10.1086/261931
• Jakaša, P. (2017). Financial determinants of hotel performance. International Education and Research Journal, 3(12), 62-64. Retrieved from https://www.croris.hr/
• Jawabreh, O.A.A., Mahmoud, R.M., Alshatnawi, E. and Al Momani, E. (2017). Using financial analysis methods in the hotel sector for the purposes of planning and monitoring case study Al Zaitonia Hotel. International Journal of Economics and Financial Issues, 7(4), 162–173. Retrieved from https://dergipark.org.tr/en/pub/ijefi/
• Jensen, M.C. and Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305– 360. https://doi.org/10.1016/0304-405X(76)90026-X
• Jiang, L. and Taylor, M.H. (2020). What hotel attributes matter? Understanding the price determinants in the lodging industry. Journal of Hospitality Financial Management, 28(1), 55–64. https://doi.org/10.7275/3m88-qe37
• Liang, C., Chen, M.H., Zhu, D., Kot, H.W. and Yang, Z. (2021). Nonlinear effects of board characteristics on China’s hotel firm performance. Tourism Economics, 28(8), 1998–2020. https://doi.org/10.1177/13548166211025335
• Mitnick, B.M. (1973). Fiduciary rationality and public policy: The theory of agency and some consequences. Papers presented at the 1973 Annual Meeting of the American Political Science Association. New Orleans, LA. Retrieved from https://ssrn.com/abstract=1020859
• Morck, R., Shleifer, A. and Vishny, R.W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293–315. https://doi.org/10.1016/0304-405X(88)90048-7
• Murimi, M., Wadongo, B. and Olielo, T. (2021). Determinants of revenue management practices and their impacts on the financial performance of hotels in Kenya: A proposed theoretical framework. Future Business Journal, 7(2), 2–7. https://doi.org/10.1186/s43093-020-00050-9
• Nguyen, A.H., Doan, D.T. and Nguyen, L.H. (2020). Corporate governance and agency cost: Empirical evidence from Vietnam. Journal of Risk and Financial Management, 13(5), 103. https://doi.org/10.3390/jrfm13050103
• Nguyen, N.L. (2023). Effect of net working capital management on the profitability of energy business companies listed on the stock market of Vietnam. Journal of Economics, Finance and Management Studies, 06(04), 1809-1817. https://doi.org/10.47191/jefms/v6-i4-44
• Nicolau, J., Xiang, Z. and Wang, D. (2023). Daily online review sentiment and hotel performance. International Journal of Contemporary Hospitality Management, 36(3), 790-811. https://doi.org/10.1108/ijchm-05-2022-0594
• Nunes, C.R. and Cardoso Vieira Machado, M.J. (2012). Financial assessment of performance in the hotel industry. European Journal of Tourism, Hospitality and Recreation, 3(Special Issue), 97-109. Retrieved from https://vtechworks.lib.vt.edu/
• Ozdemir, O. and Upneja, A. (2012). Board structure and CEO compensation: Evidence from U.S. lodging industry. International Journal of Hospitality Management, 31(3), 856–863. https://doi.org/10.1016/j.ijhm.2011.10.004
• Ozdemir, O., Kizildag, M. and Upneja, A. (2013). Does risk matter in CEO compensation contracting? Evidence from US restaurant industry. International Journal of Hospitality Management, 34, 372–383. https://doi.org/10.1016/j.ijhm.2012.11.012
• Pacheco, L. (2016). RevPAR determinants of Portuguese hotels: The global and the local factors. Tourism, 64(2), 219–230. Retrieved from https://hrcak.srce.hr/
• Panda, B. and Leepsa, N.M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74-95. https://doi.org/10.1177/0974686217701467
• Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels (The Institute for the Study of Labor Discussion Paper Series No. 1240). Retrieved from https://docs.iza.org/dp1240.pdf
• Raguseo, E. and Vitari, C. (2017). The effect of brand on the impact of e-WOM on hotels’ financial performance. International Journal of Electronic Commerce, 21(2), 249-269. https://doi.org/10.1080/10864415.2016.1234287
• Ross, S.A. (1973). The economic theory of agency: The principal's problem. The American Economic Review, 63(2), 134-139. Retrieved from https://www.jstor.org/
• Sainaghi, R. (2010). RevPAR determinants of individual hotels: Evidence from Milan. International Journal of Contemporary Hospitality Management, 23(3), 297–311. https://doi.org/10.1108/09596111111122497
• Sardo, F., Serrasqueiro, Z. and Alves, H. (2018). On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels. International Journal of Hospitality Management, 75, 67-74. https://doi.org/10.1016/j.ijhm.2018.03.001
• Sharma, A. and Upneja, A. (2005). Factors influencing financial performance of small hotels in Tanzania. International Journal of Contemporary Hospitality Management, 17(6), 504–515. https://doi.org/10.1108/09596110510612149
• Shieh, H.S., Hu, J.L. and Chang, Y.C. (2018). An investigation of factors affecting financial performance of Taiwanese international tourist hotels. The Journal of Hospitality Financial Management, 26(1), 25-35. https://doi.org/10.7275/R5W37TJD
• Singh A.J. and Schmidgall, R.S. (2012). Does financial performance depend on hotel size? Analysis of the financial profile of the U.S. lodging industry. Hospitality Review Journal, 30(2), 109-126. Retrieved from https://digitalcommons.fiu.edu/
• Singh, A. and Corsun, D. (2023). Price elasticity of demand and its impact on hotel revenue performance during the Covid-19 pandemic. Cornell Hospitality Quarterly, 64(4), 415-435. https://doi.org/10.1177/19389655231184475
• Temelkov, Z. (2022). Financial performance of selected hotel groups and resorts during COVID-19 pandemic: 2019/2020 comparison. Hotel and Tourism Management, 10(1), 41-51. https://doi.org/10.5937/menhottur2201041T
• Thaothampitak, W. and Wongsuwatt, S. (2019). Perceived risk and firm performance for chain hotels in Thailand: Moderating roles of work roles. Journal of Community Development Research (Humanities and Social Sciences), 12(4), 25–36. https://doi.org/10.14456/jcdr-hs.2019.33
• Warrad, L. and Omari, R.A. (2015). The impact of turnover ratios on Jordanian services sectors’ performance. Journal of Modern Accounting and Auditing, 11(2), 77-85. https://doi.org/10.17265/1548-6583/2015.02.001
• WTTC. (2022). Cities economic impact 2022 (World Travel and Tourism Council World Cities Economic Impact Report December 2022, 7. Retrieved from https://wttc.org/Portals/0/Documents/Reports/2023/WTTC-Cities-Economic-Impact-Final.pdf
• Yamin, M. and Pratiwi, A. (2020). The effect of working capital turnover and receivables turnover of return on equity: A case study form cooperative. Jurnal Inovasi Ekonomi, 5(01). https://doi.org/10.22219/jiko.v5i01.11352
• Yang, Y. (2019). Effects of the size of acquisition on a hotel group's financial performance. Journal of Hospitality Financial Management, 27(1), 49-54. https://doi.org/10.7275/kpvx-q091