The size and market-to-book value in the hospitality industry: international evidence

BACHA SIMÖES E.

ANATOLIA-INTERNATIONAL JOURNAL OF TOURISM AND HOSPITALITY RESEARCH, cilt.34, sa.3, ss.289-305, 2023 (ESCI) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 34 Sayı: 3
  • Basım Tarihi: 2023
  • Doi Numarası: 10.1080/13032917.2021.2021429
  • Dergi Adı: ANATOLIA-INTERNATIONAL JOURNAL OF TOURISM AND HOSPITALITY RESEARCH
  • Derginin Tarandığı İndeksler: Emerging Sources Citation Index (ESCI), Scopus, Academic Search Premier, CAB Abstracts, Geobase, Hospitality & Tourism Complete, Hospitality & Tourism Index, Veterinary Science Database
  • Sayfa Sayıları: ss.289-305
  • Anahtar Kelimeler: Market-to-book value, market-to-book ratio, Firm size, profitability, hospitality, RISK-FACTORS, PANEL-DATA, FIRM, DIVERSIFICATION, RETURNS, GROWTH, EQUITY, IMPACT
  • Akdeniz Üniversitesi Adresli: Evet

Özet

The dynamics of market value in the hospitality industry have different aspects as the firms have specific conditions. The study aims to determine the dynamics of the market-to-book value of companies operating in developed and emerging markets. Empirical findings reveal that there is a statistically significant relationship between market-to-book and firm size. The effect of hotel size on the market-to-book ratio is not a linear one. A significant relationship was found between the current value of the market-book ratio and the lag values. When the profitability and dividend payout increase, the market-to-book value increases. It was determined that some factors affecting the firm's market-to-book value differ according to whether the firm is large-scale or small-scale.