Operating leverage increases profitability and reduces optimal financial leverage. Thus, operating leverage generates a … negative relation between profitability and financial leverage that is thought to be inconsistent with the trade-off theory …, but is commonly observed in the data. We demonstrate the effect of operating leverage on firms' profitability and …

The analysis of the keys to competitiveness in the tourism sector has an unquestionable justification for its … competitiveness of the tourism firm is also fuelled by the magnitude of the challenges that it faces and by the sector structure … diagnosis of the return on capital of the tourism sector and the determinants of its evolution in the family business (FB) vs …