How hotel firm value fluctuates with alternative leveraging strategies

IF 0.9 4区经济学 Q3 ECONOMICS

American Journal of Economics and Sociology Pub Date : 2023-07-27 DOI:10.1111/ajes.12528

Ying Chen, Eric Valenzuela, Don Capener

引用次数: 0

Abstract

This study empirically examines the impact of leverage and capital structure on firm value for the US hotel industry from 1991 to 2017. We find strong evidence that leverage positively relates to firm value for firms in the hotel industry. This relationship is most robust for hotel firms with low financial health, consistent with the theory that firms signal positive information through capital structure. We also find that the relationship between leverage and firm value was weakened during the financial crisis, particularly for firms close to financial distress. Our results suggest that hotel management, creditors, and investors should pay attention to the magnifying effect of leverage on firm performance and the impact of financial crises on the value of debt. This study's empirical results also support the idea that firms in the hotel industry signal to outside investors through debt.

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酒店企业价值如何随不同杠杆策略而波动?

本研究实证检验了 1991 年至 2017 年美国酒店业杠杆率和资本结构对公司价值的影响。我们发现有力的证据表明，杠杆率与酒店业企业的公司价值呈正相关。这种关系对于财务状况较差的酒店企业最为稳健，这与企业通过资本结构传递积极信息的理论相一致。我们还发现，在金融危机期间，杠杆与公司价值之间的关系有所减弱，尤其是对于接近财务困境的公司而言。我们的研究结果表明，酒店管理层、债权人和投资者应关注杠杆对公司业绩的放大效应以及金融危机对债务价值的影响。本研究的实证结果还支持了酒店业企业通过债务向外部投资者发出信号的观点。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Journal of Economics and Sociology Multiple-

CiteScore

1.90

自引率

12.50%

发文量

期刊介绍： The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. In the introduction to the first issue, John Dewey observed that “the hostile state of the world and the intellectual division that has been built up in so-called ‘social science,’ are … reflections and expressions of the same fundamental causes.” Dewey commended this journal for its intention to promote “synthesis in the social field.” Dewey wrote those words almost six decades after the social science associations split off from the American Historical Association in pursuit of value-free knowledge derived from specialized disciplines. Since he wrote them, academic or disciplinary specialization has become even more pronounced. Multi-disciplinary work is superficially extolled in major universities, but practices and incentives still favor highly specialized work. The result is that academia has become a bastion of analytic excellence, breaking phenomena into components for intensive investigation, but it contributes little synthetic or holistic understanding that can aid society in finding solutions to contemporary problems. Analytic work remains important, but in response to the current lop-sided emphasis on specialization, the board of AJES has decided to return to its roots by emphasizing a more integrated and practical approach to knowledge.