Why do the Spanish hotels fail?a study of its determinants

  1. Vivel-Búa, Milagros
  2. Lado-Sestayo, Rubén
  3. Otero-González, Luis
Tourism & Management Studies

ISSN: 2182-8466 2182-8458

Ano de publicación: 2015

Volume: 11

Número: 2

Páxinas: 25-30

Tipo: Artigo

DOI: 10.18089/TMS.2015.11203 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Outras publicacións en: Tourism & Management Studies


This paper studies the determinants of bankruptcy in the small and medium Spanish hotel companies during 2000-2007. In particular, we study a sample of 1,679 hotels by means of conditional probability models (probit and logit) and a comprehensive set of accounting variables relating to profitability, indebtedness, economic and financial balance, economic structure, liquidity and activity. On the one hand, the results provide significant evidence of the positive influence of indebtedness and percentage of current assets, and on the other hand, of the negative influence of profitability and activity level on the probability of bankruptcy of the hotel.