Acceso usuarios
Pedro Ribeiro Mucharreira, Marina Godinho Antunes, Nuno Alexandre Abranja, Maria Rosário Texeira Justino, Joaquín Texeira Quirós 
The macroeconomic context is an extremely important factor for the growth and development of companies, and for the hotel sector, being expected that the performance of hotel companies should be strongly dependent on the conditions and the macroeconomic environment where they are inserted.
Using a panel data methodology, this research analyzed the growth of hotel companies, the size of hotel companies, total number of guests in the sector, total revenues, and total income of the sector, with the corporate indebtedness variable, given by total liabilities/total assets ratio. It is concluded that 91.5% of the average variation in the corporate indebtedness is determined by the remaining variables of the study, with the remaining 8.5% variation explained by other factors not specified. It is also concluded that there is no statistically significant difference between the values of the corporate size variable throughout the study, existing a negative relation between this variable and the variables corporate size, number of guests, and tourism revenue, and a positive relation with the variables corporate growth rate and total income of the hospitality industry.
This research provides a great contribution and enrichment of existing literature because with a detailed knowledge concerning these topics, managers’ can base their decision making on these cause and effect relationships, looking for the best decisions that will provide the highest profitability
