This study examined the relationships and interactions between corporate governance and firm values of lodging companies with different characteristics. The companies were analyzed separately using a classification and regression tree (CRT) analysis. The analysis results did not show a direct relationship between value and governance, yet that does not mean there is no relationship between them. When the companies’ governance scores were similar, corporate governance showed no distinguishing variable on firm value but is a hygiene factor. The analysis also found negative relationships between value and size. This may be important in preventing companies from becoming cumbersome. Also, positive relationships were found between value and the debt ratio of the lodging companies from the most valuable brands. This relationship showed the significance of using the debt ratio as a control tool in evaluating management performance.


CRT analysis, hygiene factor, debt ratio, firm size, lodging companies

Chinese Abstract




ORCID Identifiers

Serban Bakay Ergene: https://orcid.org/0000-0003-4979-6831

Erdinc Karadeniz: https://orcid.org/0000-0003-2658-8490



Creative Commons License

Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License



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