María Jesús Such Devesa

Cruise passengers' satisfaction: Cartagena de Indias

Purpose – The purpose of this paper is to explain the onshore satisfaction of cruise passengers, in the port of call of Cartagena de Indias.Design/methodology/approach – A questionnaire was given to 1,361 passengers of 28 cruise ships during October and November of 2009, then factor analysis and cluster analysis were employed.Findings – The results suggest that although visitors held a high overall satisfaction of the onshore experience, there are two dimensions that require the attention of tourist policy makers: the city infrastructure (traffic, noise, cleanliness and infrastructure) and the general shopping experience. In particular, the worst experience seems to be related to street vendors. Moreover, there is evidence that tourists from the USA are more exigent of being fully satisfied.Research limitations/implications – The survey was only conducted in the months of October and November. Future research can also include the repetition of the study in different seasons to compare results. The study s...

Research Note: Size, Efficiency and Productivity in the Spanish Hotel Industry — Independent Properties versus Chain-Affiliated Hotels:

This study analyses the size, efficiency and productivity of a representative sample of Spanish hotels. Using Data Envelopment Analysis, three different return-to-scale models are estimated. The number of full-time employees (FTEs), the staff cost and the number of rooms (inputs) and the total operating revenue (output) are used to estimate the levels of efficiency and productivity. The results show that independent properties must be more competitive if they are to survive in the medium and long terms. Three elements are essential to achieve greater competitiveness: (i) a higher level of differentiation; (ii) application of the results of technological innovation in the production process; and (iii) a more intensive level of cooperation.

Earnings Management in the Spanish Hotel Industry

An analysis of more than 1,990 Spanish hotel firms, large and small, over a period of five years found evidence that operating executives are not indifferent to earnings outcomes. As found in previous studies of other industries in other countries, the distribution of earnings outcomes shows a discontinuity near zero, such that one finds abnormally large numbers of observations for the interval immediately above zero and abnormally small numbers of observations immediately below zero. While the motivation of managers to avoid small losses remains open to speculation, it is clear that managers have at least some ability to manipulate profit and earnings figures. Although possible changes in stock values is one likely motivation for earnings manipulation, only two of the firms in this study are publicly traded (albeit their presence may skew results because of size). Explanations for this anomaly other than earnings manipulation do not seem to apply (such as company size or measurement error).

Spanish hotel industry: indebtedness determinants

This article analyses the indebtedness of the companies belonging to the Spanish hotel industry. The internationalization process of Spanish hotel companies requires a new approach to their financial strategies. The form of expansion chosen in this process has an impact on the pace and volume of the funds needed for it. Other items are incorporated to observe different behaviour among hotel companies in relation with their indebtedness process. Among analysed factors, we can observe the importance of solvency, liquidity, and asset structure. The hotel industrys means to explain individual indebtedness is also relevant, demonstrating the fact that firms usually follow the sectors benchmark when determining the level of indebtedness. Studies such those of Grinblatt and Titman (2003) or Frank and Goyal (2009) confirm this same hypothesis.

Determinants of Earnings Benchmarks in the Spanish Hotel Industry

This paper focuses on an avoidance of earnings decreases and losses hypothesis in the Spanish hotel industry. In the first step, the earnings distribution (levels and changes in earnings related to one year against the previous year) is analysed to determine whether there is a discontinuity (that is, a ‘kink’) at the zero point. The methodology used is frequency histograms. The existence of a kink in the earnings distribution is an approximation of earnings management to avoid losses and earnings decreases (Burgstahler and Dichev, 1997). In the second step, the incidence of certain variables in the critical intervals of the frequency distribution (small losses against small profits and small decreases in earnings against small increases in earnings) is tested. In this context, the papers purpose is to identify a set of variables that determine different behaviour around the benchmarks.

La financiación de la actividad productiva: una aproximación empírica a los determinantes del endeudamiento de las empresas hoteleras españolas

RESUMEN Este trabajo plantea un análisis del endeudamiento en un conjunto de empresas españolas pertenecientes al sector hotelero, al tiempo que realiza un estudio de carácter submuestral para determinar matices en el comportamiento general de dicho sector. El proceso de internacionalización en el que se encuentran inmersas las empresas hoteleras españolas exige un replanteamiento de sus estrategias financieras que alterará o ya ha modificado sus fuentes de financiación tradicionales. La modalidad de expansión elegida en dicho proceso incide en su ritmo y volumen de recursos necesarios para acometerla. Asimismo, la segmentación submuestral nos ofrece un panorama enriquecedor en matices que diferencian el comportamiento entre el tejido empresarial hotelero. Entre los factores analizados, destaca la tradicional incidencia de la solvencia y la liquidez, así como la estructura. Llama la atención la relevancia del comportamiento medio del sector a la hora de explicar el endeudamiento individual.

Business cycle and external dependence on tourism Evidence for Spain

Tourism is among the most important activities in the Spanish economy, with Spain being one of the most significant tourism destinations worldwide. The external contribution of the international demand for tourism in Spain is a factor that must be taken into account, particularly when assessing the cyclical behaviour of tourism activities and therefore the contribution made by this sector to the overall economy. For this reason, the article examines the evolution of tourism in Spain during recent years, its contribution to economic growth and its level of external dependence using an analysis methodology which examines the cyclicality of the demand for the economy and the primary components of tourism.

LA CALIDAD DEL RESULTADO EN LAS EMPRESAS HOTELERAS DE LA COMUNIDAD DE MADRID: LA INCIDENCIA DE LOS FLUJOS TURÍSTICOS DE LA REGIÓN

En Espana el sector turistico ha desempenado un rol importante, desde la crisis financiera e inmobiliaria de 2008 es uno de los sectores que ha mostrado mejor comportamiento, es por ello que se ha de incidir en mejorar la competitividad turistica de las provincias espanolas y aprovechar asi la contribucion del turismo. Hemos seleccionado para este analisis las provincias del Mediterraneo por ser las que mayor cuota turistica acumulan respecto al conjunto nacional, y por sus caracteristicas comunes en el ambito turistico. La manera de analizar y posteriormente sugerir propuestas para mejorar la competitividad de los destinos turisticos del Mediterraneo, analizar a continuacion las valores de los indicadores que representan la competitividad de los destinos, para luego valorar mediante un panel de expertos la importancia de los factores en cada destino, y finalmente, sugerir actuaciones para aumentar la competitividad. ABSTRACT In Spain tourism sector has had a relevant role since financial and real state crisis in 2008, tourism is one of the few sectors that has helped to economic recovery and it is improving it performance year a year, so tourism competitiveness in the Spanish provinces must be enhanced taking advantage of the tourism good behavior. We have selected the Mediterranean area provinces because of their mayor acummulated tourism share above national, and because of their similar characteristics. The way of improving competitiveness, then to analyze the provinces which have worst performance on the indicators that form the factors, next to asses the factor importance through and expert panel, and finally to recommend actions for improving competitivenessNumerosos estudios han demostrado que las redes sociales influyen en las intenciones de los viajeros de visitar un destino. Sin embargo, la literatura ha prestado poca atencion a la relacion entre el comportamiento de busqueda de informacion y el desarrollo de la fidelidad a los destinos. En este sentido, este estudio analiza este fenomeno, considerando como los turistas no solo comparten su tiempo entre varias fuentes de informacion, sino que estas estan tambien influyendo en el tiempo que los turistas estan compartiendo entre varios destinos, no solo repitiendo la visita a un unico destino, sino tambien haciendose mas fieles a multiples destinos al mismo tiempo (fidelidad horizontal). Sin embargo, este tema no se ha destacado adecuadamente en el contexto turistico. Por lo tanto, el objetivo de este estudio es doble: 1) comprender mejor el comportamiento del turista con respecto al uso de las redes sociales, considerando las diferencias por nacionalidades, genero y edad; y 2) explorar la relacion entre el uso de las diferentes fuentes de informacion de los turistas (tradicionales y digitales) y su influencia en la posterior fidelidad (tanto a un solo destino como en la fidelidad horizontal), y considerando tanto la fidelidad conductual como la actitudinal. Estos resultados son utiles para tomar decisiones sobre estrategias de comunicacion digital y la gestion de los programas de fidelizacion por parte de los destinos turisticos. Palabras clave : Fidelidad Horizontal, Marketing Relacional, Fuentes de Informacion, Redes Sociales, Imagen ABSTRACT The visit to a tourist destination is influenced by the tourists use of social media. However, the literature has not focused its efforts on trying to understand the relationship between the use of social media and destinations loyalty. This study analyzes this phenomenon, considering how tourists not only share their time between several sources of information, but these are also influencing the time that the tourists are sharing between several destinations, not only repeating the visit to a single destination, but also becoming more loyal to multiple destinations at the same time (horizontal loyalty). However, this topic has not been adequately highlighted in the tourism context. This study tries to analyze the differences in the use of social media by nationalities, gender, age and income; and to shed light on their relationship with loyalty. These results are useful for making decisions about digital communication strategies and the management of loyalty programs by tourist destinations. Keywords : Horizontal Loyalty, Relationship Marketing, Information Sources, Social Media, ImageActualmente, los destinos de sol y playa afrontan la necesidad de renovacion y, en el Partido de Necochea, Argentina, se elaboro el Plan Estrategico de Turismo Sustentable de Necochea para responder a esta necesidad. La implementacion requiere analizar y evaluar de modo pragmatico y programatico las intervenciones territoriales para alcanzar las estrategias definidas de reposicionamiento. El articulo propone identificar las unidades de gestion del espacio, los modelos de intervencion para un escenario estrategico que contribuya a la gestion sustentable y reorientacion turistica y proporcionar bases para la reestructuracion territorial como eje transversal de politica publica ambiental y turistica. Para ello, respecto de la unidades se delimita el espacio turistico en funcion de las particularidades fisico-espaciales, los recursos turisticos y oportunidades recreativas y las disfuncionalidades o problematicas detectadas. Luego, se definen los contenidos concretos de los tipos de intervencion propuestos que reorienten la renovacion. Y por ultimo, se enuncian las bases para las actuaciones de reestructuracion territorial en funcion de un escenario estrategico. La renovacion ambiental de Necochea debe basarse en estrategias conducentes a la cualificacion del espacio turistico, la diferenciacion basada en la naturaleza, la potenciacion del entorno urbano y la inclusion de lo ambiental en la gestion turistica.

Earnings Benchmarks en las empresas hoteleras internacionalizadas

[ES] Este trabajo se centra en la gestion del resultado en torno a la hipotesis de evitar perdidas y descensos en resultados en una muestra de empresas hoteleras internacionalizadas y no internacionalizadas. En primer lugar, se plantean los histogramas de frecuencias para ambas submuestras con el objetivo de comprobar la existencia de una discontinuidad en el resultado neto. En segundo lugar, se analiza la incidencia de los ajustes por devengo en los intervalos criticos de pequenas perdidas (pequenos descensos en resultados) frente a pequenos beneficios (incrementos en resultados) en los dos conjuntos de empresas.

La gestión del resultado, una aproximación empírica en el sector hotelero mediante ajustes por devengo

Este trabajo examina la hipotesis de evitar perdidas y descensos en resultados en una muestra de empresas hoteleras. En primer lugar, se plantean los histogramas de frecuencias para observar la existencia de una discontinuidad en las series de resultados. En segundo lugar, se investiga si la discontinuidad observada en la representacion grafica de las series de resultados se puede atribuir a los ajustes por devengo discrecionales. La evidencia empirica muestra una discontinuidad grafica y estadisticamente significativa en el punto de cero beneficios. La comparacion de los resultados declarados con los resultados pre-manipulacion no permite rechazar la hipotesis de que los administradores se muestren indiferentes en la publicacion de pequenos beneficios y pequenos incrementos en resultados.