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The dynamics of market value in the hospitality industry have different aspects as the firms have specific conditions. The study aims to determine the dynamics of the market-to-book value of companies operating in developed and emerging markets. Empirical findings reveal that there is a statistically significant relationship between market-to-book and firm size. The effect of hotel size on the market-to-book ratio is not a linear one. A significant relationship was found between the current value of the market-book ratio and the lag values. When the profitability and dividend payout increase, the market-to-book value increases. It was determined that some factors affecting the firm’s market-to-book value differ according to whether the firm is large-scale or small-scale.

The size and market-to-book value in the hospitality industry: international evidence