The aim of this research study is to analyze and compare the factors affecting the working capital investment levels of lodging companies in both developed and emerging countries. To this end, the Generalized Method of Moments (GMM), one of the dynamic panel data analysis methods, was employed in testing the models, contingent upon the data compatibility. In the research study, the annual financial data of 152 lodging companies located in the top 25 countries with the highest tourism revenues over the period 2011-2019 were analyzed by categorizing them into groups by the status of being developed and emerging countries. As a result of the analysis of the factors affecting the level of working capital, it was observed that the factors affecting working capital differed between developed and emerging countries. Total leverage negatively affects the working capital investment levels of the lodging companies in developed countries, whereas it positively affects the working capital investment levels of the lodging companies in emerging countries. Moreover, the impacts of firm size and operating cash flow on working capital vary by the development level of the countries.
Working capital management Generalized method of moments Lodging companies Developed and emerging countries
Mersin University
2017-2-TP3-2656
Thanks to Mersin University Scientific Research Projects Unit for supporting this research.
2017-2-TP3-2656
Birincil Dil | İngilizce |
---|---|
Konular | Beşeri Coğrafya (Diğer) |
Bölüm | Makaleler |
Yazarlar | |
Proje Numarası | 2017-2-TP3-2656 |
Yayımlanma Tarihi | 30 Aralık 2023 |
Gönderilme Tarihi | 17 Temmuz 2023 |
Yayımlandığı Sayı | Yıl 2023 Cilt: 9 Sayı: 2 |