IDENTIFYING CLUSTERS IN THE SPANISH SECTOR BY ANALYSING THE FINANCIAL STRUCTURE OF THE HOTEL INDUSTRY

Abstract

The importance of financing sources like banks is a reality affecting all Spanish economic activities so hotel industry is not an exception in this framework. This study reviews first the main theoretical and empirical studies concerning the financial structure determinants of companies, particularly in hotel industry. Second, we empirically select factors that determine financial structure on Spanish hotel industry. This is useful to identify a few leaders whose financial structure gives indications to the other to reply it. We have defined the financial structure of the companies who are the object of this study based on a wide set of financial ratios grouped by means of a factorial analysis. Data retrieved identifies communalities amongst liquidity ratios, structure, size, growth and profitability. Trying to identify some clusters among the companies that are presenting consolidated financial information, nowadays it can be asserted that the leaders financial structure have some influence within the hotel sector, particularly with internationalized businesses.