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dc.contributor.authorSikveland, Marius
dc.contributor.authorXie, Jinghua
dc.contributor.authorZhang, Dengjun
dc.date.accessioned2023-03-02T12:07:36Z
dc.date.available2023-03-02T12:07:36Z
dc.date.issued2022-02-04
dc.description.abstractVolatile seasonal demand and geographic clustering of firms are two important factors affecting the capital structure of hospitality firms. In this paper, we investigate the capital structure determinants of hospitality firms regarding the effects of seasonality and geographic clustering. A fixed-effects panel data model was estimated using data on all hospitality firms in Norway from 2008 to 2018. Our empirical findings reveal that the seasonality created by foreign tourists increases the share of long-term debt in the capital structure. Further, the clustering of hospitality firms in a region enhances firm reliance on short-term debt, in that firm liquidity is negatively associated with the degree of clustering, suggesting that severe competition drains cash for which short-term debt serves as a substitute. These findings have important implications for financial management of firms in the hospitality industry as the degrees of seasonality and clustering significantly affect their asset financing and liquidity management behavior.en_US
dc.identifier.citationSikveland M, Xie J, Zhang D. Determinants of capital structure in the hospitality industry: Impact of clustering and seasonality on debt and liquidity. International Journal of Hospitality Management. 2022;102en_US
dc.identifier.cristinIDFRIDAID 2011468
dc.identifier.doi10.1016/j.ijhm.2022.103172
dc.identifier.issn0278-4319
dc.identifier.issn1873-4693
dc.identifier.urihttps://hdl.handle.net/10037/28660
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.relation.journalInternational Journal of Hospitality Management
dc.rights.accessRightsopenAccessen_US
dc.rights.holderCopyright 2022 The Author(s)en_US
dc.rights.urihttps://creativecommons.org/licenses/by/4.0en_US
dc.rightsAttribution 4.0 International (CC BY 4.0)en_US
dc.titleDeterminants of capital structure in the hospitality industry: Impact of clustering and seasonality on debt and liquidityen_US
dc.type.versionacceptedVersionen_US
dc.typeJournal articleen_US
dc.typeTidsskriftartikkelen_US
dc.typePeer revieweden_US


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Attribution 4.0 International (CC BY 4.0)
Med mindre det står noe annet, er denne innførselens lisens beskrevet som Attribution 4.0 International (CC BY 4.0)