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1.
In spite of growing concern for corporate social responsibility (CSR) in various industries including the hospitality industry, the relationship between CSR activities and financial performance is a rarely examined subject in the hospitality context. Especially, research measuring the separate impacts of positive and negative CSR activities on companies’ financial performances remains, as yet, unconsidered. Thus, this study examines different impacts of positive and negative CSR activities on financial performance of hotel, casino, restaurant and airline companies, theoretically based on positivity and negativity effects. Findings suggest mixed results across different industries and will contribute to companies’ appropriate strategic decision-making for CSR activities by providing more precise information regarding the impacts of each directional CSR activity on financial performance. 相似文献
2.
This study investigates whether tourism firms in a developing country, namely Turkey, which adopt one of the four strategic orientations of Miles and Snow (1978), differ based on their financial and non-financial performance. The study results show that there is a difference in both financial and non-financial performance based on the strategic orientations followed by tourism enterprises. Generally, prospectors were found to outperform defenders, whereas analyzers showed a comparable performance to prospectors. The findings of this study imply that in developing countries, tourism businesses may be indifferent when choosing between these two strategies based on their internal characteristics since they yield similar financial results. Specific factors and developments in the macro environment and company-specific factors seem to affect tourism firms' strategic orientation as well as their performance. Better understanding and closer analysis of such factors can help improve the performance of tourism businesses in developing countries. Further research using both perceptual and objective measures is needed to confirm the present results to better assess possible differences in performance among strategic orientations in some other developing countries. 相似文献
3.
Merger abnormal returns and payment methods of hospitality firms 总被引:1,自引:0,他引:1
The study aims to examine the long-term abnormal returns to hospitality acquirers as well as the association between excess returns with financing methods and size. The study applies regression analysis with secondary data examining 19 hospitality acquirers from 1996 to 2007. Using hospitality sector specific indices, the study shows that hospitality acquirers receive positive abnormal returns 12 months post-merger and that there is negative association between cash payment and acquirers’ excess returns. 相似文献
4.
There is scant research on the impact of unionization on hospitality employees’ job security, health, and working conditions. This research explores employees’ beliefs of costs and benefits of unionization in hospitality organizations given that previous research has mainly focused on its influence on the firm and the industry. The findings of this study suggest that unionization can present a unique set of challenges both for line-level employees and managers. The ‘it’s not my job’ attitude associated with unionization can have a dampening impact on employees’ future career opportunities. Future research needs to consider the long-term consequences of unionization on employees. 相似文献
5.
Research into innovativeness and customer orientation in the service industry is burgeoning, yet our understanding of the antecedents and consequences of both activities in hospitality management remain unclear. To address this problem we investigate the link between corporate culture, indicators of innovativeness and business performance in the Swiss hotel industry, because the Swiss have a proclivity toward innovation as well as a long established record in hospitality management. Data were generated from 96 businesses in the hotel industry and the results were analysed using structural equation modeling. They suggest that cultural dimensions are positively associated with customer orientation, innovativeness, and company performance. The implications of the findings are discussed along with limitations and future research directions. 相似文献
6.
Extant research in finance suggests asymmetric information increases the cost of external financing substantially and creates underinvestment problems. While franchising might reduce underinvestment problems, it might exacerbate overinvestment problems in poorly-governed firms. Using combined postulations from both the pecking order theory and the free cash flow theory, this study examines the value of cash holdings in hotel firms and the extent to which franchising, financial constraints, and corporate governance affect this value. The findings suggest that cash can be a curse and a blessing; cash is more valuable for financially constrained firms than for unconstrained firms and less valuable for poorly-governed firms than for well-governed firms. Also, financial constraints have a greater effect on the value of cash holdings than weak corporate governance. Although franchising could solve underinvestment problems, it makes poorly-governed firms more vulnerable to overinvestment. Practical and theoretical implications are discussed within realms of corporate finance and franchising. 相似文献
8.
Drawing on a sample of 1223 US hotels, this paper examines the relationships between compensation (direct and indirect) practices in hotel organizations and their performance. The results show that in the case of management employees, direct compensation fully mediated the relationship between indirect compensation and hotel performance. In the case of non-management employees, however, such relationship was only partially mediated by direct compensation. It is therefore important for hotel industry HR executives to pay greater attention to the nature and level of benefits being offered to non-management employees. For management employees, on the other hand, it is more important to attend to the level of direct compensation in order to ensure higher levels of organizational performance. 相似文献
9.
This study categorized 25 highly market-diversified international tourist hotels into two sub-groups, based on the highest proportion of hotel revenue generated either by (1) food and beverage (F&B) services; or by (2) room services. We investigated the differences in financial performance of these two sub-groups and concluded that hotels with a major proportion of the revenue from F&B services obtained higher growth but unstable profit margins, compared to another group of hotels with profit mainly from room service. Our study results can serve as a valuable reference for hospitality industries to evaluate the tradeoff between investing more resources in room or F& B service, especially at markets where F&B is highly valued. 相似文献
10.
Cheng-Hua WangKuan-Yu Chen Shiu-Chun Chen 《International Journal of Hospitality Management》2012,31(1):119-129
With the market competition of hotel industry being heated, it is critical that hotels have a breadth of resource and more flexible forms to meet the needs of a changing marketplace. In the past, the relation of total quality management (TQM), market orientation, and performance are equivocal. These mixed results may be due to some factors or not to include the environmental factors. This study adopts the Input-Processing-Output (IPO) concept model to construct all variables research model. The research surveyed samples of 588 and used Structural Equation Model and discriminate analysis for analysis and testing. The results show that TQM positively affects hotel performance. Market orientation positively affects hotel performance. Market orientation has the mediating effect between TQM and hotel performance. External environment factors truly play a moderator between TQM, market orientation and hotel performance, especially when external environment factors greater changes are going to help to build relationship with customer, to enhance hotel performance and further to gain chance of hotel's survival. 相似文献
11.
This study aims to investigate the implementation of customer relationship management (CRM) and its effect on relationship marketing (RM) and business performance, through an analysis of the hotel industry in Taiwan. A survey on hotels, including general and tourist hotels, and bed and breakfasts (B&Bs) was conducted, and a total of 560 questionnaires were returned. The results showed that implementing CRM has a significant and positive influence on the RM effect, positively affecting business performance for both hotels and B&Bs. However, a comparison of the influential paths of relationship models between hotels and B&Bs showed that, for hotels, the Internet service and customer support functions of the CRM strategy are the main sources of influence on the RM effect and business performance, whereas for B&Bs, the marketing support function of the CRM strategy alone influences the RM effect and business performance. To achieve higher performance, the different types of hotel enterprises should understand their main advantage before implementing key CRM strategies. 相似文献
12.
Wen-Hsien Tsai Jui-Ling Hsu Chia-Hsin Chen Wan-Rung Lin Shu-Ping Chen 《International Journal of Hospitality Management》2010
The purpose of this paper is to present an integrated approach and scientific techniques for corporate social responsibility (CSR) programs selection decisions and costs evaluation in the hotel industry. First, experts are chosen to conduct the analytic structure construction for CSR programs selection by identifying cost and differentiation advantage criteria and CSR program candidates that can benefit society and competitive advantage for hotels. Second, the DEMATEL (Decision Making Trial and Evaluation Laboratory) method is used to detect complex relationships and build a network structure among the cost and differentiation advantage criteria. Third, the ANP (Analytic Network Process) is used where the criteria are dependent. Fourth, the ANP results are applied to ZOGP (Zero–One Goal Programming) formulation to find the optimal CSR program portfolio under limited resources and constrained situations. Finally, ABC (Activity-Based Costing) model is used to calculate each chosen CSR program's costs in order to acquire accurate cost information. The result shows that the improvement on the image of an organization is the major dispatch for driving the international tourist hotel to fulfill CSR goals. The integrated approach can help international tourist hotels’ managers to select CSR programs more scientifically and to make decisions conforming to the reality. 相似文献
13.
The primary objective of this study was to investigate the effect of a diversification strategy by hotel companies on corporate financial performance and stability. Using 36 publicly traded hotel companies, this study analyzed the differences in financial performance and stability between market-diversified and undiversified hotel companies. Accounting measures, market measure, and risk-adjusted performance measure were employed to gauge financial performance. The results of this study indicated that diversification strategy does not provide profit growth, but diversification partly improves the stability of performance. This study supported the nature of the trade-off between financial performance and stability in the company diversification, and also implied that the market diversification strategy by hotel companies does not function as a means to improve financial performance. 相似文献
14.
The purposes of this research were, first, to examine the dimensionality of hospitality customer relationships and, second, to develop a multi-dimensional customer relationship scale validated with both antecedent measures of marketing effectiveness and effect measures of financial performance. While hospitality marketing research has frequently focused on the relationships between various marketing actions and different dimensions of customer relationships, there is a lack of research examining customer relationships as a multi-dimensional construct. For both the hotel and restaurant industries, scale development procedures with confirmatory factor analyses were used to identify the dimensions of customer relationships: engagement, motivation, commitment, cross-buying, word of mouth, and defection. The nomological validity of these dimensions was tested using the antecedent of service quality and the effect of customer lifetime financial value. The paper concludes by articulating, first, the theoretical and practical applications of the proposed scale and, second, an agenda for future research. 相似文献
15.
Delivering value for customers has become a central theme in business. The paper examines customer value from two perspectives, i.e. that of service provider and that of the customer. A total 231 managers and 385 customers responded to the survey. The results indicate that managers’ perception of customer value is different to what customers’ experience as customer value. The differences persist across different classes of hotels. These results suggest there is a need to align management and customer perspectives to optimize customer value as delivered and experienced. Specifically, hotels should invest in customer understanding and customer linking activities. 相似文献
16.
This study uses panel regression tests to examine the response of hotel performance to international tourism development and crisis events in Taiwan. Hotel performance measures are revenue (revenue per available room and occupancy rate), profitability (return on assets and return on equity) and stock performance. The crises were the earthquake on September 21, 1999 (the 9/21 earthquake), the terrorist attacks of September 11, 2001 in the US (the 9/11 terrorist attacks) and the outbreak of Severe Acute Respiratory Syndrome on April 22, 2003 (the SARS outbreak). This study makes four major contributions. First, test results confirm that international tourism development (ITD), proxied by the growth of total inbound tourist arrivals, has a more direct influence on hotel sales and profitability than it does on hotel stock performance. Second, this study identifies that the absence of a strong tie between ITD and hotel stock returns that was found in previous studies is due to the time-varying discount rate caused by investors’ changing expectations for the prospect of future cash flows from holding hotel stocks. Third, this study finds new evidence that while the poor performance of hotel stocks caused by the 9/21 earthquake and the 9/11 terrorist attacks was attributed to the loss of hotel sales revenue, the adverse effect of the SARS outbreak on hotel stock returns is attributed not only to decreased hotel sales revenue but also to the increased discount rate. Lastly, this study is the first to investigate whether the response of hotel stock returns to ITD depends on the state of economy and concludes that the response of hotel stock performance to ITD in business cycle contraction is statistically different from that in business cycle expansion. Further, although the influence of ITD on hotel stock performance is still irrelevant during expansion periods, ITD can significantly enhance hotel stock returns during contraction periods. 相似文献
17.
The economy,tourism growth and corporate performance in the Taiwanese hotel industry 总被引:1,自引:0,他引:1
This study investigates the impact of economy and tourism growth on the corporate performance of tourist hotels in Taiwan. The indicators of corporate performance under consideration are occupancy rate (OPR), return on assets (ROA), return on equity (ROE), stock return, and the overall financial performance measured by a comprehensive score (a combined measure of asset management, profitability, short-term solvency or liquidity and long-term solvency based on factor analysis). The effects of changes in the state of economy (real GDP growth rate, ΔGDP) and tourism growth (growth rate of total foreign tourist arrivals, ΔTA) on the corporate performance of tourist hotels are then examined via panel regression tests. Test results show that both ΔGDP and ΔTA are significant explanatory factors of OPR , but only ΔTA can strongly explain ROA and ROE . However, neither ΔGDP nor ΔTA have a significant influence on hotel stock performance. Further, the economic factor (ΔGDP) is slightly more crucial than the industry factor (ΔTA) in describing the overall financial performance in the Taiwanese hotel industry. Empirical findings offer valuable information for government tourism policymakers and tourist hotel owners and managers. 相似文献
18.
Drawing on theories from hospitality, innovation, and entrepreneurship, this study examines a higher-order structural model investigating business innovation, the owners' entrepreneurial self-efficacy (ESE), and human capital as drivers of restaurant performance. The theoretically derived model was tested on data from 198 café and restaurant owners in Australia. The PLS-SEM analysis found restaurant innovation activities and the owner's ESE to positively influence restaurant performance. Furthermore, the six ESE dimensions had varying effects on restaurant performance, with ‘Developing new product and market opportunities’ having the strongest effect. In contrast, the entrepreneur's ‘human capital’, representing their levels of business ownership experience and entrepreneurship/industry education, did not significantly affect restaurant performance. However, human capital indirectly affected performance through innovation and ESE. The findings of this study advance theories in restaurant entrepreneurship and performance and present important implications for industry authorities to develop a successful and sustainable restaurant sector. 相似文献
19.
Paul A. Phillips 《International Journal of Hospitality Management》1996,15(4):347-362
The purpose of this study was to conduct an exploratory investigation of the relationship between strategic planning and business performance. A multidimensional model of 11 variables was formulated after a review of the strategic planning-performance literature. Data were obtained from 63 hotel units representing eight quoted hotel companies, and various planning-performance relationships were examined. The results indicated that the key planning characteristics of throughness, sophistication, participation, and formality were positive, and in most cases significantly related, to seven indicators of business performance. 相似文献
20.
Pimtong Tavitiyaman Hailin Qu Hanqin Qiu Zhang 《International Journal of Hospitality Management》2011
This study integrates the Porter's five forces and resource-based approach measuring U.S. hotel performance. The results show that hotels with the advantage of low customer bargaining power and low threat of new hotel entrants exhibit the strong human resource and information technology (IT) strategies. In contrast, hotels with the advantage over existing competitors do not exhibit any significant competitiveness of brand image, human resource, and IT strategies. This dues to different hotels define competitors with various criteria such as proximity and price. Competitive human resource and IT strategies indicate the increase of hotel performance, while competitive brand image strategy has no influence on hotel performance. The competitiveness of brand image strategy may overlap with implementing human resource and IT strategies. 相似文献