Hierarchical Structure of the Internationalized Spanish Hotel Industry

Tourism Management, Vol. 31, No. 1, pp. 57-73, 2010

19 Pages Posted: 6 Feb 2008 Last revised: 18 Jun 2011

See all articles by María Jesús Such-Devesa

María Jesús Such-Devesa

Universidad de Alcalá

Wiston Adrián Risso

University of Siena - Department of Economics

Laura Parte Esteban

Universidad Nacional de Educacion a Distancia (UNED)

Juan Gabriel Brida

Universidad de la República

Date Written: Febraury 2008

Abstract

In this paper we empirically analyze the phenomena of indebtedness of the main companies belonging to the Spanish hotel industry. In particular, we introduce a method to analyze the structure and dynamics of the largest companies in this sector. The method combines the Pearson correlation coefficient with the nearest neighbor single linkage clustering algorithm (Mantegna, 1999). Pearson correlation coefficient allows to obtain a metric distance between two different multidimensional time series that is used to construct a Minimal Spanning Tree. From this tree we can compute an ultrametric distance that is used to derive the Hierarchical Tree. From the analysis of time series data of companies included in the SABI Iberian Balance Sheet Analysis System, we derive a hierarchical organization of the Spanish hotels. In particular, we detect different dynamic clusters of companies which correspond with their common production and indebtedness strategies. The obtained classification of companies can also be used to study deep relationships among this branch of tourisms activities.

Keywords: Minimal Spanning Tree, Cluster Analysis, Financing decisions, Indebtedness, Hotel industry

JEL Classification: C10, C14, G10

Suggested Citation

Such-Devesa, María Jesús and Risso, Wiston Adrián and Parte Esteban, Laura and Brida, Juan Gabriel, Hierarchical Structure of the Internationalized Spanish Hotel Industry (Febraury 2008). Tourism Management, Vol. 31, No. 1, pp. 57-73, 2010. Available at SSRN: https://ssrn.com/abstract=1089766

María Jesús Such-Devesa (Contact Author)

Universidad de Alcalá ( email )

Plaza de la Victoria, 2
Alcalá de Henares, Asturias 33011
Spain

Wiston Adrián Risso

University of Siena - Department of Economics ( email )

Piazza S. Francesco, 7
Siena, I-53100
Italy
00390577235058 (Phone)

Laura Parte Esteban

Universidad Nacional de Educacion a Distancia (UNED) ( email )

Senda del Rey 11
Madrid, Madrid 28040
Spain

Juan Gabriel Brida

Universidad de la República ( email )

Av. 18 de Julio
Montevideo, 1968
Uruguay

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