The hotel market has become extremely competitive over the past years. Hotels try to differentiate themselves through their services and facilities. To make the best choice when searching for accommodation, guests increasingly use rating systems of booking sites. Using an ordered logit model (OLM), we identify, in our study, a sample that comprises of 635 hotels from Romania. These are the hotel facilities that significantly influence customer review scores (as an expression of customer satisfaction) on booking.com, the most widespread rating system. We also identify whether their impact on intervals of satisfaction levels vary. Some explanatory variables invalidate the Brant test for proportional odds assumption. Thus, for the final estimates, we use a generalized ordered logit model (GOLOGIT). The results show that food-related facilities, restaurants, and complimentary breakfasts, are very significant for customer ratings. Relevant hotel common facilities are the pool and parking spaces, while for the room—the flat-screen TV. It is interesting to note the negative influence of pets, which seem to disturb other tourists. In the sustainability category, only facilities for disabled people and electric vehicle charging stations are relevant.

This study uses cross-section regressions and spatial econometrics techniques to identify determinants of rural development project implementation based on the Common Agriculture Policy (CAP) of the European Union. For this, we use 40 Romanian counties. Results show that agricultural land abundancy and land concentration degree are significant positive factors. On the contrary, the local human development level is a negative determinant, low values for this factor being an incentive to compensate the lack of own resources through European funding. No significant effects of the average salary or population density were depicted. Spatial analysis indicates contagion and diffusion processes for fund accession through projects. This behavior is like that in other financial sectors, in which human behavior is a decisive factor, such as the insurance one. A West–East clusterization process is identified for the total project value, conditioned by the identified factors.

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The article examines the accounting reflection of sports investments within multi-entity and multi-sport portfolios, in which the investment logic (value creation through brand, sports performance and media exposure) interacts with the constraints of financial reporting (recognition, valuation, depreciation, depreciation and consolidation). The approach is predominantly theoretically applied, based on conceptual and documentary analysis, without claiming to investigate a singular “particular case”. Methodologically, the study uses the triangulation between (i) the academic literature on financial reporting in sport, with a focus on specific intangibles (rights to athletes), impairment and quality of disclosures; (ii) records from audit practice, through recurring topics in Key Audit Matters (KAM) reported for listed European clubs; and (iii) the compliance frameworks of sports regulators, in particular UEFA’s licensing and financial sustainability requirements. On this basis, the paper proposes (a) an investment classification scheme (equity / M&A, intangibles, infrastructure, sponsorship / marketing, technological capabilities and talent development), (b) an IFRS / IAS mapping of the relevant accounting treatments and (c) an operational matrix of misstatement risks. The main contribution is an integrated tool for the interpretation and governance of sports investment reporting, extendable to multi-jurisdiction portfolios and useful to investors, creditors and internal audit/control functions. JEL classification: M41, G32, G34, L83, M42, G38 Article History: Received: December 4, 2025; Reviewed: February 9, 2026; Accepted: March 17, 2026; Available online: March 24, 2026.