• Determinants of capital structure in the hospitality industry: Impact of clustering and seasonality on debt and liquidity 

      Sikveland, Marius; Xie, Jinghua; Zhang, Dengjun (Journal article; Tidsskriftartikkel; Peer reviewed, 2022-02-04)
      Volatile 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. ...
    • Tourism seasonality and hotel firms’ financial performance: evidence from Norway 

      Zhang, Dengjun; Xie, Jinghua; Sikveland, Marius (Journal article; Tidsskriftartikkel; Peer reviewed, 2020-12-15)
      This study explores the impact of seasonality on hotel firms’ financial performance and whether this impact depends on tourism destinations and the variations of the tourism demand distinguished by domestic market and international market. Financial performance is measured by the most commonly-applied indicator, Return on Assets (ROA), which is further decomposed to profit margin and asset turnover. ...