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.