With policy

No policy

Mean Standard deviation

Mean Standard deviation

z score

European/worldwide expansion

3.76

1.36

2.52

1.35

3.95

Financial requirements:

Share price, dividend, etc.

4.12

0.75

3.64

1.43

1.82

Reduction in borrowings

4.26

0.75

4.09

1.14

0.78

Maintenance of market share

4.57

0.73

4.57

0.69

0.02

Environmental concern

3.41

0.85

2.82

0.78

3.07

Improved quality of service to customer

4.66

0.54

4.60

0.59

0.40

Development of information technology

4.03

0.89

3.69

0.82

1.70

Expansion through:

Internal growth

4.33

0.86

4.00

0.93

0.58

Acquisition

3.77

1.12

3.58

1.15

0.71

Management contract

3.79

1.34

3.11

1.25

2.18

Franchising

2.59

1.42

1.80

1.05

2.54

Sustainability of the business

4.62

0.61

4.44

0.66

1.22

Maintenance of average room rate

4.14

0.77

4.32

0.95

－0.94