Table 1.

Descriptive statistics of all variables.

Variable	Mean	Maximum	Minimum	Standard deviation
GTA	1.00	101.39	−129.05	26.29
Occupancy	0.70	0.93	0.14	0.14
RevPAR	1866.43	4385.57	215.24	1100.86
ROA	1.09	7.55	−10.79	1.97
ROE	1.25	9.89	−16.92	2.72
HSR	2.91	52.11	−36.64	12.86
RISK	10.65	45.94	0.00	8.59