Explanation of variables
| Variable | Description | Measure |
|---|---|---|
| Dependent variables | ||
| REVPAR | Revenue per available room | Hotel room revenue/No. of rooms available for sale |
| ADR | Average daily rate | Hotel room revenue/No. of rooms reserved |
| OCCR | Occupancy rate (room occupancy) | No. of rooms booked/No. of rooms available for sale |
| Independent variable | ||
| EPU | EPU index | Year average EPU index (12-month average EPU index monthly-basis values) |
| Control variables | ||
| SIZE | Hotel size | Natural logarithm of the no. of rooms |
| AGE | Hotel age | The difference between the data year of observation and the year of hotel opening |
| SPACE | Meeting space capacity | Meeting and restaurant space capacity (measured in square feet) |
| FAM | Family involvement | Dummy variable equal to 0 for non-family-owned hotels and equal to 1 for family-owned hotels (percentage of equity held by family owners at least 51%) |
| LOC | Hotel location | Dummy variable taking the value 1 for firms located in coast areas, or 0 otherwise |
| LEV | Hotel leverage | Financial leverage, measured as total liabilities divided by total equity |
| GDP | Gross Domestic Product (GDP) per capita | Yearly percentage change of Gross Domestic Product (GDP) |
| CCI | Consumer confidence index | Value of the consumer confidence index |
| Variable | Description | Measure |
|---|---|---|
| REVPAR | Revenue per available room | Hotel room revenue/No. of rooms available for sale |
| ADR | Average daily rate | Hotel room revenue/No. of rooms reserved |
| OCCR | Occupancy rate (room occupancy) | No. of rooms booked/No. of rooms available for sale |
| EPU | EPU index | Year average EPU index (12-month average EPU index monthly-basis values) |
| SIZE | Hotel size | Natural logarithm of the no. of rooms |
| AGE | Hotel age | The difference between the data year of observation and the year of hotel opening |
| SPACE | Meeting space capacity | Meeting and restaurant space capacity (measured in square feet) |
| FAM | Family involvement | Dummy variable equal to 0 for non-family-owned hotels and equal to 1 for family-owned hotels (percentage of equity held by family owners at least 51%) |
| LOC | Hotel location | Dummy variable taking the value 1 for firms located in coast areas, or 0 otherwise |
| LEV | Hotel leverage | Financial leverage, measured as total liabilities divided by total equity |
| GDP | Gross Domestic Product (GDP) per capita | Yearly percentage change of Gross Domestic Product (GDP) |
| CCI | Consumer confidence index | Value of the consumer confidence index |
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