<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422019000100008</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2018.1427</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Las corporaciones hoteleras españolas: determinantes internos y externos de su desempeño]]></article-title>
<article-title xml:lang="en"><![CDATA[The Spanish hotel corporations: Internal and external performance drivers]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lado-Sestayo]]></surname>
<given-names><![CDATA[Rubén]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vivel-Búa]]></surname>
<given-names><![CDATA[Milagros]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de La Coruña  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Santiago de Compostela  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<volume>64</volume>
<numero>1</numero>
<fpage>0</fpage>
<lpage>0</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422019000100008&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422019000100008&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422019000100008&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este trabajo realiza un estudio empírico de los determinantes del desempeño de los grupos hoteleros españoles. La muestra de análisis está formada por 1,019 establecimientos hoteleros afiliados a corporaciones hoteleras y el horizonte temporal es 2005-2011. Los resultados denotan que los factores característicos de la demanda de servicios hoteleros y de la estructura del mercado afectan significativamente al desempeño. Ello subraya la importancia de la gestión del punto turístico donde se localiza. Asimismo, también destaca, a nivel de hotel, el efecto obtenido para variables representativas de la cuota de mercado que éste tiene, su nivel de activo y su volumen de deuda. Por tanto, los gestores del hotel y del destino son responsables del desempeño hotelero.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper analyses the performance&#8217;s drivers of Spanish hotel groups in a sample of 1,019 hotels affiliated to hotel chains and time horizon is 2005-2011. The results suggest that demand and the market structure significantly affect the hotel performance. This highlights the importance of the management of the tourist destination where the hotels is located. Also, at the hotel level, results also confirm the effect of variables that are representative of the market share, the asset level and the indebtedness. Consequently, both hotel and tourist destination managers are responsible of hotel performance.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Desempeño]]></kwd>
<kwd lng="es"><![CDATA[Grupo hotelero]]></kwd>
<kwd lng="es"><![CDATA[España]]></kwd>
<kwd lng="es"><![CDATA[Ubicación]]></kwd>
<kwd lng="es"><![CDATA[Hotel]]></kwd>
<kwd lng="en"><![CDATA[Performance]]></kwd>
<kwd lng="en"><![CDATA[Hotel group]]></kwd>
<kwd lng="en"><![CDATA[Spain]]></kwd>
<kwd lng="en"><![CDATA[Location]]></kwd>
<kwd lng="en"><![CDATA[Hotel]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baum]]></surname>
<given-names><![CDATA[j. A.]]></given-names>
</name>
<name>
<surname><![CDATA[E ingram]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Survival-enhancing learning in the Manhattan hotel industry, 1898-1980]]></article-title>
<source><![CDATA[Management Science]]></source>
<year>1998</year>
<volume>44</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>996-1016</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Becerra]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Santaló]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Being better vs being different: differentiation, competition, and pricing strategies in the Spanish hotel industry]]></article-title>
<source><![CDATA[Tourism Management]]></source>
<year>2013</year>
<volume>34</volume>
<page-range>71-9</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Borodako]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cooperation of small and medium-sized tourism enterprises with tourism stakeholders in the Maopolska region - top management perspective approach]]></article-title>
<source><![CDATA[Tourism &amp; Management Studies]]></source>
<year>2011</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>24-32</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Borde]]></surname>
<given-names><![CDATA[S. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Risk diversity across restaurants: An empirical analysis]]></article-title>
<source><![CDATA[Cornell Hotel and Restaurant Administration Quarterly]]></source>
<year>1998</year>
<volume>39</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>64-9</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Botti]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Briec]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Cliquet]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Plural forms versus franchise and company-owned systems: A DEA approach of hotel chain performance]]></article-title>
<source><![CDATA[Omega]]></source>
<year>2009</year>
<volume>37</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>566-78</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bresciani]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Thrassou]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Vrontis]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of performance in the hotel industry - an empirical analysis of Italy]]></article-title>
<source><![CDATA[Global Business and Economics Review]]></source>
<year>2015</year>
<volume>17</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>19-34</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[M. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Risk determinants of China&#8217;s hotel industry]]></article-title>
<source><![CDATA[Tourism Economics]]></source>
<year>2013</year>
<volume>19</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>77-99</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Conlin]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Kadiyali]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Entry-deterring capacity in the Texas lodging industry]]></article-title>
<source><![CDATA[Journal of Economics &amp; Management Strategy]]></source>
<year>2006</year>
<volume>15</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>167-85</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cowling]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Waterson]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Price-cost margins and market structure]]></article-title>
<source><![CDATA[Economica]]></source>
<year>1976</year>
<volume>43</volume>
<numero>171</numero>
<issue>171</issue>
<page-range>267-74</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Damonte]]></surname>
<given-names><![CDATA[L.T.]]></given-names>
</name>
<name>
<surname><![CDATA[Rompf]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Domke]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Bahl]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Brand affiliation and property size effects on measures of performance in lodging properties]]></article-title>
<source><![CDATA[Hospitality Research Journal]]></source>
<year>1997</year>
<volume>20</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1-16</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Davies]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Industrial organization the UK hotel sector]]></article-title>
<source><![CDATA[Annals of tourism research]]></source>
<year>1999</year>
<volume>26</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>294-311</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Demsetz]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Industry structure, market rivalry, and public policy]]></article-title>
<source><![CDATA[The Journal of Law and Economics]]></source>
<year>1973</year>
<volume>16</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-9</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Desrochers]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Geographical proximity and the transmission of tacit knowledge]]></article-title>
<source><![CDATA[Review of Austrian Economics]]></source>
<year>2001</year>
<volume>14</volume>
<page-range>25-46</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Enz]]></surname>
<given-names><![CDATA[C.A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Hospitality Strategic Management: Concepts and Cases]]></source>
<year>2010</year>
<publisher-loc><![CDATA[New Jersey ]]></publisher-loc>
<publisher-name><![CDATA[John Wiley &amp; Sons]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Glaeser]]></surname>
<given-names><![CDATA[E. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Resseger]]></surname>
<given-names><![CDATA[M.G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The complementarity between cities and skills]]></article-title>
<source><![CDATA[Journal of Regional Science]]></source>
<year>2010</year>
<volume>50</volume>
<page-range>221-44</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Graf]]></surname>
<given-names><![CDATA[N. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market structure and demand-side substitutability of chained urban hotel segments]]></article-title>
<source><![CDATA[International Journal of Hospitality Management]]></source>
<year>2011</year>
<volume>30</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>82-90</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gursoy]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Swanger]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Performance-enhancing internal strategic factors and competencies: impacts on financial success]]></article-title>
<source><![CDATA[International Journal of Hospitality Management]]></source>
<year>2007</year>
<volume>26</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>213-27</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hallin]]></surname>
<given-names><![CDATA[C.A.]]></given-names>
</name>
<name>
<surname><![CDATA[Marnburg]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Knowledge management in the hospitality industry: A review of empirical research]]></article-title>
<source><![CDATA[Tourism Management]]></source>
<year>2008</year>
<volume>29</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>366-81</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hostelmarket]]></surname>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La restauración rápida busca alejarse de las prisas]]></article-title>
<source><![CDATA[Publicaciones Alimarket]]></source>
<year>2015</year>
<volume>179</volume>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ivanov]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhechev]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hotel revenue management-a critical literature review]]></article-title>
<source><![CDATA[Tourism: An International Interdisciplinary Journal]]></source>
<year>2012</year>
<volume>60</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>175-97</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jensen]]></surname>
<given-names><![CDATA[M. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Agency costs of free cash flow, corporate finance, and takeovers]]></article-title>
<source><![CDATA[The American economic review]]></source>
<year>1986</year>
<volume>76</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>323-9</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kalnins]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Lafontaine]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Multi-unit ownership in franchising: evidence from the fast-food industry in Texas]]></article-title>
<source><![CDATA[The RAND Journal of Economics]]></source>
<year>2004</year>
<volume>35</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>747-61</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karamustafa]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Ulama]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring the seasonality in tourism with the comparison of different methods]]></article-title>
<source><![CDATA[EuroMed Journal of Business]]></source>
<year>2010</year>
<volume>5</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>191-214</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Gu]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An examination of US hotel firms&#8217; risk features and their determinants of systematic risk]]></article-title>
<source><![CDATA[International Journal of Tourism Research]]></source>
<year>2012</year>
<volume>14</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>28-39</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lado-Sestayo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Otero-González]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Vivel-Búa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Martorell-Cunill]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impact of location on profitability in the Spanish hotel sector]]></article-title>
<source><![CDATA[Tourism Management]]></source>
<year>2016</year>
<volume>52</volume>
<page-range>405-15</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lado-Sestayo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Vivel-Búa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Otero-González]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Survival in the lodging sector: An analysis at the firm and location levels]]></article-title>
<source><![CDATA[International Journal of Hospitality Management]]></source>
<year>2016</year>
<volume>59</volume>
<page-range>19-30</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lado-Sestayo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Vivel-Búa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Otero-González]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of TRevPAR: hotel, management and tourist destination]]></article-title>
<source><![CDATA[International Journal of Contemporary Hospitality Management]]></source>
<year>2017</year>
<volume>29</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>3138-56</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[S. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Jang]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Conditional agglomeration externalities in lodging markets]]></article-title>
<source><![CDATA[Journal of Hospitality &amp; Tourism Research]]></source>
<year>2015</year>
<volume>39</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>540-59</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[S.K.]]></given-names>
</name>
<name>
<surname><![CDATA[Jang]]></surname>
<given-names><![CDATA[S.C.S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Premium or discount in hotel room rates? The dual effects of a central downtown location]]></article-title>
<source><![CDATA[Cornell Hospitality Quarterly]]></source>
<year>2012</year>
<volume>53</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>165-73</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[S.L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Quality differentiation and conditional spatial price competition among hotels]]></article-title>
<source><![CDATA[Tourism Management]]></source>
<year>2015</year>
<volume>46</volume>
<page-range>114-22</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Sun]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Forescating business failure: the use of nearest-neighbour support vectors and correcting imbalanced samples - Evidence from the Chinese hotel industry]]></article-title>
<source><![CDATA[Tourism Management]]></source>
<year>2012</year>
<volume>33</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>622-34</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[Y. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Hung]]></surname>
<given-names><![CDATA[J. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Services and the long-term profitability in Taiwan&#8217;s banks]]></article-title>
<source><![CDATA[Global Finance Journal]]></source>
<year>2006</year>
<volume>17</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>177-91</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mauri]]></surname>
<given-names><![CDATA[A. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pricing and revenue management in hotel chains]]></article-title>
<source><![CDATA[The Routledge Handbook of Hotel Chain Management]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ridderstaat]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Oduber]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Croes]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Nijkamp]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Martens]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impacts of seasonal patterns of climate on recurrent fluctuations in tourism demand: Evidence from Aruba]]></article-title>
<source><![CDATA[Tourism Management]]></source>
<year>2014</year>
<volume>41</volume>
<page-range>245-56</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sainaghi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hotel performance: state of the art]]></article-title>
<source><![CDATA[International Journal of Contemporary Hospitality Management]]></source>
<year>2010</year>
<volume>22</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>920-52</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sainaghi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[RevPAR determinants of individual hotels: Evidences from Milan]]></article-title>
<source><![CDATA[International Journal of Contemporary Hospitality Management]]></source>
<year>2011</year>
<volume>23</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>297-311</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sainaghi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Phillips]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Zavarrone]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Performance measurement in tourism firms: A content analytical meta-approach]]></article-title>
<source><![CDATA[Tourism Management]]></source>
<year>2017</year>
<volume>59</volume>
<page-range>36-56</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sami]]></surname>
<given-names><![CDATA[B. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Mohamed]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of tourism hotel profitability in Tunisia]]></article-title>
<source><![CDATA[Tourism and Hospitality Research]]></source>
<year>2014</year>
<volume>14</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>163-75</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sinclair]]></surname>
<given-names><![CDATA[M.T.]]></given-names>
</name>
<name>
<surname><![CDATA[Stabler]]></surname>
<given-names><![CDATA[M.J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Tourism economics]]></source>
<year>1997</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[SUZUKI]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Land use regulation as a barrier to entry: evidence from the Texas lodging industry]]></article-title>
<source><![CDATA[International Economic Review]]></source>
<year>2013</year>
<volume>54</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>495-593</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tsang]]></surname>
<given-names><![CDATA[E.W.K.]]></given-names>
</name>
<name>
<surname><![CDATA[Yip]]></surname>
<given-names><![CDATA[P.S.L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Competition, agglomeration, and performance of Beijing hotels]]></article-title>
<source><![CDATA[Service Industries Journal]]></source>
<year>2009</year>
<volume>29</volume>
<page-range>155-71</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tung]]></surname>
<given-names><![CDATA[G.S.]]></given-names>
</name>
<name>
<surname><![CDATA[LIN]]></surname>
<given-names><![CDATA[C.Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[C.Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The market structure, conduct and performance paradigm re-alied to the international tourist hotel industry]]></article-title>
<source><![CDATA[African Journal of Business Management]]></source>
<year>2010</year>
<volume>4</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1116-25</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vivel-Búa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Lado-Sestayo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Otero-González]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impact of location on the probability of default in the Spanish lodging industry A study of MSMEs]]></article-title>
<source><![CDATA[Tourism Economics]]></source>
<year>2016</year>
<volume>22</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>593-607</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vivel-Búa]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Lado-Sestayo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Otero-González]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Risk determinants in the hotel sector: Risk credit in MSMEs]]></article-title>
<source><![CDATA[International Journal of Hospitality Management]]></source>
<year>2018</year>
<volume>70</volume>
<page-range>110-9</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vives]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Jacob]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Payeras]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Revenue management and price optimization techniques in the hotel sector: A critical literature review]]></article-title>
<source><![CDATA[Tourism Economics]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Williamson]]></surname>
<given-names><![CDATA[O. E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Markets and hierarchies]]></source>
<year>1975</year>
<publisher-loc><![CDATA[New York ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Williamson]]></surname>
<given-names><![CDATA[O. E.]]></given-names>
</name>
</person-group>
<source><![CDATA[The economic institutions of capitalism: Firms, markets, relational contracting]]></source>
<year>1985</year>
<publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Tang]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Luo]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Law]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hotel location evaluation: a combination of machine learning tools and web GIS]]></article-title>
<source><![CDATA[International Journal of Hospitality Management]]></source>
<year>2015</year>
<volume>47</volume>
<page-range>14-24</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yeap]]></surname>
<given-names><![CDATA[C.A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capacity use in multi-unit firms: evidence for efficiency gains or strategic competition in the US restaurant industry?]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>2011</year>
<volume>43</volume>
<numero>22</numero>
<issue>22</issue>
<page-range>2953-68</page-range></nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yeung]]></surname>
<given-names><![CDATA[P. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Lau]]></surname>
<given-names><![CDATA[C. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Competitive actions and firm performance of hotels in Hong Kong]]></article-title>
<source><![CDATA[International Journal of Hospitality Management]]></source>
<year>2005</year>
<volume>24</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>611-33</page-range></nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhao]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[The antecedent factors and entry mode choice of multinational lodging firms: the case of growth strategies into new international markets]]></source>
<year>1994</year>
<publisher-loc><![CDATA[United States ]]></publisher-loc>
<publisher-name><![CDATA[Virginia Polytechnic Institute]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
