Commercial hospitality in restaurants and tourist accommodation: Perspectives from international consumer experience in Scotland

This study investigates international consumer perceptions of their restaurant dining and hotel accommodation experiences to identify the common core elements of hospitality in commercial settings. A qualitative approach was adopted to explore the deep-rooted reactions, feelings, and perceptions of consumers. The empirical data are based on semi-structured interviews with 20 international postgraduate students in Scotland. The data analysis specified five categories of perceived commercial hospitality, including: interpersonal interaction, psychological connection, openness to different cultures, sensation satisfaction, and perceived value. Additionally, this study proposed a model of commercial hospitality for interpreting the dynamic and interactive relationships among different components. Complex hospitality experience relies primarily on customer emotional and social values. Several strategies based on perceived value and cultural differences were also developed to cater to various customer needs.     

Which consumer feedback metrics are the most valuable in driving consumer expenditure in the tourism industries? A view from macroeconomic perspective

The link between consumer feedback metrics and consumer expenditure at the microeconomic level has been extensively examined. However, little is known at the macroeconomic level about the influence of consumer feedback metrics on consumer expenditure. Relying on actual data concerning consumer feedback metrics and consumer expenditure, the present study examines the influence of various consumer feedback metrics on consumer expenditure in the tourism industries. Our study collected data about consumer feedback metrics and consumer expenditure over the period 2008–2017. The findings indicate that consumer satisfaction and consumer effort score (CES) are the best performing consumer feedback metrics in hotels, restaurants, and travel agencies industries. Furthermore, the top-2-box performs best for predicting consumer expenditure in online booking industry. The findings reflect the significance of consumer feedback metrics on the economy as a whole; therefore, efforts to boost consumer feedback metrics should consider a national agenda.     

The impact of IT news on hospitality firm value using cumulative abnormal returns (CARs)

The impact of information technology (IT) news on firm value have been investigated and discussed in various industry settings. Some reports indicate positive impacts while others find negative or no significant impact at all. The purpose of this event study is to examine how financial markets perceive various types of IT news regarding hospitality companies. Nine categories of IT news are created for investigation and the study estimates cumulative abnormal returns (CARs) to determine the impacts of such news on stock price movements. The findings suggest no significant impact from IT news on firm value, supporting the IT paradox theory.     

Are hospitality industry IPO stock returns predictable?

We examine the post-IPO excess stock returns of hospitality firms from 1996 to 2012 and find underperformance relative to the market on average. However, there are large differences in returns and some firms significantly outperform. We demonstrate that a substantial portion of this variation can be reliably predicted by utilising pre-IPO financial measures such as firm size, free cash flows, discretionary accruals, and Altman's Z. Our findings are potentially valuable to prospective hospitality IPO investors in selecting which stocks to buy and to hospitality firm managers in setting IPO issue prices.     

Environmental Actions and Consumer Participation: Which Impacts on Brand Relationship? The Multiple Realities of the Hospitality Sector

This paper focuses on the complex causal relationships between consumers’ attitude towards environmental actions, their participation in the hospitality supply and their brand relationship from different perspectives. These relationships are modelled by using fuzzy-set Qualitative Comparative Analysis (fsQCA) on a sample of hotels. The findings show that for each kind of participation, attitude of consumer regarding environmental actions appears to be a necessary condition. Various paths are identified to explain consumer brand relationship in budget and luxury hotels. The models have a good predictive validity and provide useful recommendations in the understanding of consumer behaviors.     

State dependence in the influence of monetary policy regime shifts on hospitality index returns

Previous research studies reveal that changes in monetary policy can significantly affect hospitality stock returns. This paper makes another contribution by showing that the impact of shifts in the Fed monetary policy regime on US hospitality index returns varies to a great extent in the different stages of business cycle and under different credit market conditions. Shifts in the Fed monetary policy regime are measured by directional changes in the discount rate (DR) and directional changes in the federal funds rate (FFR). In particular, the significant influence of monetary policy regime shifts on hospitality index returns depends on the state of economy. The significant influence of DR exists only during periods of business cycle contraction. In addition, although US hospitality index returns respond significantly to FFR under both business cycle expansion and contraction, the size of the response is substantially larger and more statistically significant during periods of business cycle contraction. Finally, the impact of both DR and FFR on hospitality index returns depends on the credit market conditions, especially when the credit market is tight.     

An epistemological view of consumer experiences

This paper discusses the theoretical underpinnings of consumer experience by examining the definitions of experience and the contextual nature of consumer experiences. It offers a framework to better understand this construct in a hospitality and tourism context. The proposed framework demonstrates the multidimensional facets of the consumer experience. An extensive review of the literature identified three stream of empirical research. The paper suggests that the perception of consumer experience has numerous foundational origins that have complicated its growth as a viable and valued concept. This study proposes a number of emerging themes that give credence and direction to the concept of consumer experiences.     

Impacts of positive and negative corporate social responsibility activities on company performance in the hospitality industry

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.     

The impact of changes in household vacation expenditures on the travel and hospitality industries

Two large tourism industries, travel and hospitality, are strongly affected by changes in household demand for vacations. In recent years, rising income and declining prices per unit of quality have led to changes in patterns of household vacation consumption. To understand the impact of these changes on the travel and hospitality industries, we develop a theoretical model distinguishing between travel and on-site expenditures and apply it to Israeli data. We find that under certain circumstances, the changes in income and prices are responsible for a shift toward multiple, short vacations. This trend can be a boon to the travel industry but a disadvantage for the hospitality industry. Both industries are expected to face a rise in the demand for high-quality products.     

Technology-mediated management learning in hospitality organisations

This study examines the role of information and communication technology (ICT) applications in management learning and development in hospitality organisations. Managers who search for authentic social knowledge are most likely to use learning management systems, company intranets, email applications and search engines. Managers who look for personal knowledge are most likely to select search engines, online audio or video communication applications, telephone conferencing and customer online community websites. This study provides evidence that e-learning practices in management development do not fully support managers’ learning. The paper lastly offers solutions to address this mismatch.     

Budgeting practices in the Turkish hospitality industry: An exploratory survey in the Antalya region

The present study aims to explore budgeting practices of Turkish hotels in the Antalya region which is the most prominent tourism center of the country. The results indicate that having a budget committee and budget manual are common for Turkish hotels. Secondly, participative budgeting is advocated within the industry. Furthermore, budget period seems dynamic, because hotels state that they revise budgets and make periodic reporting within the budget period. Profitability and cost control are the primary reasons in budget preparation. Finally, budgets are viewed as one of the primary performance indicators.     

Managing Swiss Hospitality: How cultural antecedents of innovation and customer-oriented value systems can influence performance in the hotel industry

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.     

Macro and non-macro explanatory factors of Chinese hotel stock returns

This study investigates the link between macro and non-macro explanatory factors and Chinese hotel stock returns. Macro variables include growth rates of industrial production and imports, discount rates, yield spread and inflation rate. In addition, growth rate of total foreign tourist arrivals (ΔTA) was introduced as another critical macro factor that may affect Chinese hotel stock returns, considering a tremendous growth of tourism in China. Empirical results indicated that the impact of ΔTA was positive, but insignificant. Thus, Chinese hotel stock returns were more sensitive to general macro variables. Non-macro events that could significantly impact Chinese hotel stock returns encompass financial crises, natural disasters, wars, terrorist attacks, political events, and sports mega-events. Discussions and conclusions are provided to guide hospitality investors.     

Can corporate social responsibility protect firm value during the COVID-19 pandemic?

The novel coronavirus (COVID-19) pandemic has caused a significant decline in the stock market worldwide, and hospitality companies are experiencing serious financial problems. Protecting and preserving firm value is a critical way of helping hospitality companies survive the crisis. The influence of corporate social responsibility (CSR) on firm value has been widely investigated. However, little is known about the stock price movement following CSR activity adoption during an industrial crisis. Using event study and difference-in-difference method, this study reveals that engaging in CSR activities can increase the stock returns and stakeholder attention of hospitality firms during the pandemic. Community-related CSR has a stronger and more immediate effect on stock returns than customer- and employee-related CSR. Results also indicate that hospitality firms that pursue improved stock market performance during a pandemic can invest in CSR to protect communities, customers, and employees for attracting further stakeholder attention.     

Does workplace fun matter? Developing a useable typology of workplace fun in a qualitative study

A fun work environment is a positive atmosphere for organizations to attract and retain employees. This study identifies the significant factors of workplace fun and develops a useable typology of workplace fun activities in the hospitality industry. A qualitative case study with grounded theory approach was used by conducting interviews with ten hotel human resource (HR) practitioners in the People's Republic of China. The results identified four “S”s of workplace fun factors, namely: (1) Staff-oriented workplace fun, (2) Supervisor-oriented workplace fun, (3) Social-oriented workplace fun, and (4) Strategy-oriented workplace fun. This study provides a roadmap to guide future hospitality management research in workplace fun domain.