Research Article


DOI :10.26650/jot.2023.9.2.1324886   IUP :10.26650/jot.2023.9.2.1324886    Full Text (PDF)

Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries

Mehmet BeyazgülErdinç Karadeniz

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. 


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APA

Beyazgül, M., & Karadeniz, E. (2023). Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries. Journal of Tourismology, 9(2), 157-168. https://doi.org/10.26650/jot.2023.9.2.1324886


AMA

Beyazgül M, Karadeniz E. Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries. Journal of Tourismology. 2023;9(2):157-168. https://doi.org/10.26650/jot.2023.9.2.1324886


ABNT

Beyazgül, M.; Karadeniz, E. Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries. Journal of Tourismology, [Publisher Location], v. 9, n. 2, p. 157-168, 2023.


Chicago: Author-Date Style

Beyazgül, Mehmet, and Erdinç Karadeniz. 2023. “Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries.” Journal of Tourismology 9, no. 2: 157-168. https://doi.org/10.26650/jot.2023.9.2.1324886


Chicago: Humanities Style

Beyazgül, Mehmet, and Erdinç Karadeniz. Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries.” Journal of Tourismology 9, no. 2 (Jul. 2024): 157-168. https://doi.org/10.26650/jot.2023.9.2.1324886


Harvard: Australian Style

Beyazgül, M & Karadeniz, E 2023, 'Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries', Journal of Tourismology, vol. 9, no. 2, pp. 157-168, viewed 17 Jul. 2024, https://doi.org/10.26650/jot.2023.9.2.1324886


Harvard: Author-Date Style

Beyazgül, M. and Karadeniz, E. (2023) ‘Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries’, Journal of Tourismology, 9(2), pp. 157-168. https://doi.org/10.26650/jot.2023.9.2.1324886 (17 Jul. 2024).


MLA

Beyazgül, Mehmet, and Erdinç Karadeniz. Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries.” Journal of Tourismology, vol. 9, no. 2, 2023, pp. 157-168. [Database Container], https://doi.org/10.26650/jot.2023.9.2.1324886


Vancouver

Beyazgül M, Karadeniz E. Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries. Journal of Tourismology [Internet]. 17 Jul. 2024 [cited 17 Jul. 2024];9(2):157-168. Available from: https://doi.org/10.26650/jot.2023.9.2.1324886 doi: 10.26650/jot.2023.9.2.1324886


ISNAD

Beyazgül, Mehmet - Karadeniz, Erdinç. Determinants of Working Capital Investments: Evidence from the Lodging Companies in Developed and Emerging Countries”. Journal of Tourismology 9/2 (Jul. 2024): 157-168. https://doi.org/10.26650/jot.2023.9.2.1324886



TIMELINE


Submitted17.07.2023
Accepted09.09.2023
Published Online22.11.2023

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