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Journal of Hospitality & Tourism Research, Vol. 17, No. 3, 1-16 (1994)
DOI: 10.1177/109634809401700302

Determinants of Capital Structure Choice and Empirics on Leverage Behavior: a Comparative Analysis of Hotel and Manufacturing Firms

Atul Sheel

Department of Hotel, Restaurant, and Travel Administration University of Massachusetts-Amherst

The relationship between a firm's capital structure, its cost of capital, and its stock value is an important financial and investment issue today. Using a cross- sectional regression analysis, the leverage behavior of 33 firms in 2 industry groups-the hotel industry and the manufacturing sector-was examined. Findings showed that all leverage determinants studied, excepting firm size, are significant in explaining leverage variations in debt behavior. In addition, although more industry- specific variables are needed, leverage behavior in hotel firms can be analyzed using traditionally theorized capital structure determinants. As such, the capital structure in the hotel industry is better understood, and some important distinctions between short-term and long-term debt behavior in hotel and manufacturing firms are revealed.

Key Words: Key Words: capital structure • leverage • ordinary least square regression.


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