How is the hospitality and tourism industry different? An empirical test of some structural characteristics |
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| Institution: | 1. Universitat de València, Department of Business Administration, Faculty of Economics, Avenida dels Tarongers s/n, Valencia E-46022, Spain;2. Universitat Jaume I, Department of Business Administration and Marketing, Campus Riu Sec, Castellón E-12071, Spain;1. Universidad de Castilla-La Mancha, Department of Business Administration, Plaza de la Universidad, 1, 02071 Albacete, Spain;2. Universidad de Castilla-La Mancha, Department of Business Administration, Avenida de los Alfares, 44, 16002 Cuenca, Spain;1. Hart School of Hospitality, Sport and Recreation Management, College of Business, James Madison University, 371 Godwin Hall, 261 Bluestone Drive, Harrisonburg, VA 22807, USA;2. Department of Hospitality & Tourism Management, Pamplin College of Business, Virginia Tech, 363B Wallace Hall, 295 West Campus Drive, Blacksburg, VA 24061-0429;1. Department of Business and Management, Luiss Guido Carli University, Viale Romania 32, 00197, Rome, Italy;2. Department of Economics and Business, University of Sassari, Via Muroni 25, 07100, Sassari, Italy;3. School of Tourism & Hospitality, University of Johannesburg, Johannesburg, South Africa;1. Flinders Business, College of Business, Government and Law, Flinders University, GPO Box 2100, Adelaide, SA 5001, Australia;2. Pamplin College of Business 363 B Wallace Hall, Virginia Tech, 295 West Campus Drive, Blacksburg, VA 24061, United States |
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| Abstract: | Structural characteristics, such as competition, risk, leverage and capital intensity, directly impact the strategic management of firms operating within an industry. We provide an empirical test and formally compare the structural characteristics of the hospitality and tourism (HT) industry with other industries. Our results, based on a sample of firms from the S&P 1500 index over 21 years, show that the HT industry has higher leverage, higher risk, higher capital intensity and higher competitive rivalry than other industries in the U.S. economy. The formal identification and recognition of these differences provides justification for using the HT industry as a context for testing business theories, and can explain differences in decision-making and firm outcomes such as financial and social performance, as well as efficiency, growth, and survival of HT firms. |
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| Keywords: | Competition Capital intensity Leverage Risk Industry-structure Hospitality firms |
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