Tourism firms’ environmental rankings and financial performance: a multidimensional scaling approach

The relationship between firms' environmental initiatives and financial performance continues to generate considerable interest. Despite the progress made in the study of this relationship, there is a paucity of research addressing tourism sector firms’ simultaneous environmental and financial performance. This research sheds light on the link between tourism-related firms’ environmental and financial performance. Results indicate that firms that performed well financially ranked higher on environmental initiatives. This suggests that firms’ financial performance may influence environmental performance since firms with good financial performance are better able to allocate more resources to support environmental initiatives. However, since investments in environmental initiatives require financial and manpower resources, firms should only invest in such initiatives if resources are not diverted from core functions, since such actions could affect overall firm viability. Results also indicated that firms that have adopted green initiatives can be classified into four clearly defined categories: progressive firms, which includes firms that simultaneously excel on green initiatives and financial performance; repressive firms or those that perform poorly on both; aggressive firms or those that perform admirably financially but poorly on environmental initiatives; and green firms or firms that perform admirably on green initiatives but poorly financially.     

They arrive with new information. Tourism flows and production efficiency in the European regions

Firms productivity is crucially influenced by knowledge spillovers generated either by other firms located nearby or by direct contacts with consumers or by foreign demand in the case of traded products. In this paper we propose a new channel of efficiency-enhancing knowledge diffusion, which can be exploited by local firms to extract relevant information on consumer preferences: direct contacts with tourism flows. Tourists have the peculiar feature of being external consumers, who directly arrive to the destination region and this represents a remarkable advantage for the local enterprises, as the latter can exploit the new information and increase the overall efficiency level of the local economy. More specifically, we examine, within a spatial estimation framework, tourism flows as determinants of regional total factor productivity, controlling also for other intangible factors (such as human, social and technological capital) and for the degree of accessibility. We apply the analysis to a sample of 199 European regions belonging to the EU15 member countries, plus Switzerland and Norway. The empirical results show that tourism flows enhance regional efficiency and that a positive role is also played by intangible assets, infrastructures and spatial spillovers.     

Regional Environment of Destination and the Entrepreneurship of Small Tourism Businesses: A Case Study of Dali and Lijiang of Yunnan Province

Small tourism businesses play vital roles in tourism destinations. However, an understanding of the extent to which the destination where the business is located influences decisions made by tourism entrepreneurs has not received the attention it deserves. Based on 173 questionnaires and 50 interviews in Dali and Lijiang, and using factor analysis, the author explores the effect of regional environmental factors on the entrepreneurship of small tourism firms. Seven factors were derived with a cumulative variance of 66.8% explained. Tourism attractiveness, including the natural and human environment as well as regional economics, drives the macro-location of small tourism firms and is the most important influence factor, followed by information and communication factors. The market potential and accessibility, which are keys to success, are also important factors that entrepreneurs considered. The family background provides support for entrepreneurs. Also, emotional supports among entrepreneurs with shared values, hobbies, and experience are crucial for lifestyle entrepreneurs to start a venture. However, the influence of financial environment, government policy, and labor conditions are not perceived to be significant to the entrepreneurs.     

Leisure,tourism and social change

The need to recognize the overlap between leisure, tourism and social change was emphasized at the conference of the Commission on the Geography of Tourism and Leisure, held in January in Edinburgh. Sponsored by the Scottish Tourist Board, several regional councils and commercial firms and held under the aegis of the International Geographical Union, the conference attracted 75 delegates world-wide and has produced a wealth of information on subjects as varied as leisure lifestyles, tourism planning, social change, community development and environmental impact. J.T. Coppock of the University of Edinburgh reports.     

Competitive advantages of franchising firms and the moderating role of organizational characteristics: Evidence from the restaurant industry

This study investigates the effects of a firm’s involvement in franchising on efficiency and differentiation as defined in Porter’s generic competitive strategy framework. The study further examines the moderating effects of organizational characteristics (prior experience in franchising and business type) on the relationship between franchising and efficiency and between franchising and differentiation. Results indicate that as a firm increases its involvement in franchising, differentiation increases, but efficiency does not. Furthermore, prior experience enhances the effects of franchising on efficiency and differentiation, while business type only enhances effects on differentiation. The findings suggest that as an interconnected governance structure, franchising offers benefits to franchisors by helping them develop competitive advantages and outperform their competitors in the market. By discovering the detailed channels through which hospitality firms could achieve business success, this study contributes to existing literature on franchising and hospitality management and provides guidance for industry practitioners.     

Environmental Scanning Practices of Travel Agent Companies in Singapore

The success of tourism firms relies heavily on their ability to adapt to the changing external environments. Environmental scanning, as the acquisition and use of information about external events and trends, has received greater attention in the tourism management literature. This study investigated the environmental scanning initiatives of travel agent companies in Singapore through a questionnaire survey. In total, 42 completed forms were returned from 319 invited firms. The findings discovered a positive relationship between the scanning frequency and the perceived strategic uncertainty of task environment. It was also found that human information sources were used most frequently for collecting environmental information due to their highest reliability, while electronic sources were under-utilized probably due to lack of computer-based information system and awareness toward the importance of online information.     

Encouraging Sustainable Business Practices in a Non-regulatory Environment: A Case Study of Small Tourism Firms in a UK National Park

This paper presents an empirically based, qualitative insight into the attitudes and response of a sample of small tourism firms in a UK national park to the challenges of sustainable tourism. The findings offer some explanation for the limited action taken by firms of this kind to improve their environmental performance and suggest that firms can be categorised according to their attitudes to sustainability. A conceptual model is developed to encapsulate the complex range of factors that underpin the different behaviour of individual firms. Implications for policy makers committed to a policy of encouraging voluntary action on sustainability are offered.     

The link among board characteristics,corporate social responsibility performance,and financial performance: Evidence from the hospitality and tourism industry

The aim of this study is twofold: to explore whether board characteristics (i.e. a sustainability committee, board independence, board diversity, and board diligence) lead to greater corporate social responsibility (CSR) performance, and to test whether CSR performance enhances firms' financial performance in the hospitality and tourism (H&T) industry. Data were collected from the Thomson Reuters Eikon database for the H&T firms listed there between 2011 and 2018. We employed panel data analysis, after which we ran robustness tests. The results indicated that having a CSR committee and female directors on the board are robust factors driving firms to show superior CSR performance in all dimensions, including environmental, social, and governance (ESG). Independent directors and directors' diligence selectively enhance the overall CSR score and individual pillars of CSR. Investigating the relationship between CSR performance and firms' financial performance did not produce a significant outcome. The findings propose a straightforward roadmap for H&T firms and policymakers to identify characteristics of CSR-friendly boards.     

The Effect of Trust on Quality in the Culturally Diverse Tourism Industry

Abstract

Tourism can be interpreted as a system of different companies, which are often situated in different regional, geographical, political, economic and cultural backgrounds. Because of the tense interaction between customers and employees in tourism firms, understanding of the system plays a significant role to establish a high service quality. Furthermore customers have to offer trust to tourism firms, since the tourism product is characterized by high intangibility before consumption. Additionally trust building is hampered due to the diversity of people in tourism and the different firms in tourism, which have to cooperate. This paper analyzes trust building in tourism and presents strategies to improve trust.     

Management Style and Environmental Scanning in the Search for Business Opportunities and Challenges

Abstract

Managers that scan the environment in their boundary spanning roles need to be attentive to the opportunities and challenges that may arise due to changes occurring within the environment. As an industry environment changes, an entrepreneurial management orientation helps firms adapt to changing market conditions. The purpose of this study is to examine the link between management style and environmental scanning. Based on responses from 201 top-level hotel executives, the findings suggest that entrepreneurial managers are more frequent scanners of the environment.     

世界遗产地旅游企业环境行为及其驱动机制——张家界饭店企业实证

世界遗产地旅游企业的环境行为直接影响到区域环境质量.文章利用6大类33个环境行为指标,对世界自然遗产武陵源所在地张家界市的饭店企业环境行为进行测度;同时,构建饭店企业环境行为影响因素量表,运用多元线性回归分析方法,探析饭店企业环境行为的驱动机制.研究表明:张家界饭店企业环境行为总体均值得分较低(1.72);6个环境行为指标组的均值分别为1.82、1.70、1.63、2.02、1.59和1.43,其中,环保知识掌握、环境管理沟通和节水管理等3个方面的环境行为表现较为欠缺;在大多数环境行为指标的得分上,高星级饭店并未与低星级饭店、社会旅馆拉开明显差距;利润动机、政府环境规制压力和其他利益相关者压力是饭店企业环境行为的主要驱动因素;管理层环境意识和事业动机对饭店企业环境行为绩效没有显著影响.     

Environmental scanning, industry structure and strategy making: concepts and research in the hospitality industry

This paper presents a model for strategic analysis in the restaurant industry. A review of the evolution of environmental scanning and the concept of industry structure is offered. These concepts as well as the results of research into the environmental scanning behavior of hospitality firms are synthesized into a proposed model for corporate environmental scanning activities.     

冰雪旅游生态化发展范畴、问题与路径

冰雪旅游的生态化发展,是国家绿色、低碳、循环经济体系建设的重要环节,对于三北区域开发与振兴、美丽中国建设、保障冬奥会圆满举办具有重大战略意义。本研究基于规范分析与实证分析相结合的研究范式,分析了冰雪旅游生态化发展范畴及其生态环境依赖性,评估了冰雪旅游区域生态足迹以及生态环境影响机制。研究显示：中国冰雪旅游发展迅速且生态化趋势明显,但仍存在突出问题;冰雪旅游开发总体上表现为生态盈余,但部分重点地区处于生态赤字状态,超过了冰雪旅游接纳能力上限;部分重点冰雪旅游区域仍处于经济-环境曲线拐点左侧,生态环境压力可能将呈现高发态势。本文还探索提出了冰雪旅游生态化发展路径,强调亟待展开冰雪旅游的国土空间管控和生态化创新系统建构。     

Determinants of corporate cash-holding levels: An empirical examination of the restaurant industry

This study examines the determinants of cash-holding levels for restaurant firms. After examining a panel data set obtained from 125 publicly traded US restaurant firms between 1997 and 2008, the study provides evidence that restaurant firms with greater investment opportunities tend to hold more cash. At the same time, large restaurant firms, firms holding liquid assets other than cash, firms with higher capital expenditures, and firms paying dividends were shown to hold less cash. The results are generally supportive of the trade-off theory of cash holdings. In particular, both precautionary and transaction motives play important roles in explaining the determinants of cash holdings for restaurant firms.     

Perceived environmental uncertainty in tourism: A new approach using the Rasch model

One of the core steps in all strategic management processes, but especially in tourism firms, is the consideration of the organisational environment. A methodology for scanning that environment is presented from the perspective of perceived environmental uncertainty, according to its dynamism and complexity. To that end, the Rasch model [Rasch, G. (1980). Probabilistic models for some intelligence and attainment tests. Chicago: University of Chicago Press (First publication in 1960, Chicago, IL. MESA Press)] is applied, and both dimensions are considered latent variables defined by a set of items. The concepts are assessed using a sample of tourism firms located in the Canary Islands (Spain). The results confirm that dynamism and complexity are related to the perception of uncertainty, and a specific function is presented. The environmental uncertainty can then be explained and determined with regard only to the managers’ perceptions, without the need to include parameters. The methodology also enables managers and institutions to identify the most uncertain perceived items.     

Revisiting the financing behavior of restaurant firms: The firm-size perspective

In International Journal of Hospitality Management, Jang and Ryu [Jang, S., Ryu, K., 2006. Cross-balance sheet interdependencies of restaurant firms: a canonical correlation analysis. International Journal of Hospitality Management 25 (1), 159–166] published a research article about the financing behavior of restaurant firms, using a canonical correlation analysis. Even though the study presents a general picture of financing in restaurant firms, the financing behaviors of firms of different sizes may differ because they often face different financing environments. Thus, this study re-examines restaurant firms and compares the results with Jang and Ryu [Jang, S., Ryu, K., 2006. Cross-balance sheet interdependencies of restaurant firms: a canonical correlation analysis. International Journal of Hospitality Management 25 (1), 159–166] to further enhance the understanding of the financing behaviors. The results show that, despite the differences in firm sizes, overall financing behaviors are similar to those reported by Jang and Ryu [Jang, S., Ryu, K., 2006. Cross-balance sheet interdependencies of restaurant firms: a canonical correlation analysis. International Journal of Hospitality Management 25 (1), 159–166], although they also suggest that restaurant firms of different sizes do indeed exhibit some different cross-balance sheet interdependencies including relatively more reliance on accounts payable among small and medium firms and more use of long-term debts among large firms. Moreover, long-term assets related to stockholder equity more among large firms but related to supplier credit more among small and medium firms.     

Market Structure Analysis of Media Selection Practices by Travel Services

This paper examined media selection practices by tourism business competing in Alaska. Two media selection decisions, media use and media mix, were investigated. Media use decisions focused on the use/not use of television, national magazines, radio, newspapers, outdoor advertising, and a regional travel magazine. Media mix decisions explored what combinations of these six media firms utilized. A market structure analysis revealed that both media selection practiced were affected by organizational, task, and demand characteristics facing firms. The market structure analysis also suggested that media mix decisions were likely to be more highly constrained that are individual media use decisions.     

Impact of the COVID-19 pandemic: Evidence from the U.S. restaurant industry

The current study examines how the effect of COVID-19 on U.S. restaurant firms’ stock returns varies according to the firms’ pre-pandemic characteristics by employing three firm-level dimensions (financial conditions, corporate strategies, and ownership structure). Employing 795 firm-year observations obtained from annual reports and other databases, this study found that restaurant firms with past characteristics of larger size, more leverage, more cash flows, less ROA, and more internationalization are more resilient to stock declines reacting to COVID-19 than otherwise similar firms. Whereas, dividend, franchising, institutional ownership, and managerial ownership did not show any significant moderating effect on the relationship between COVID-19 and stock returns. This study sheds light on the research topic by providing insights into drivers of restaurant firm’s stock returns during the COVID-19 shock. Future studies can employ the variables and method used in the current study to extend the understanding of the issue.     

Environmental performance of tourism accommodations in the protected areas: Case of Goreme Historical National Park

This study was designed to explore the nature of environmental performance of tourism accommodations in Goreme Historical National Park which is in the UNESCO World Heritage List. The data were collected from 73 accommodation managers by using survey questionnaire that included 39 environmental performance indicators. Findings show that tourism accommodations have low performance on energy efficiency, water conservation, responsible waste management, communication, environmental training, the environmental awareness, necessary knowledge about and interest in the environmental protection and environmental policy. The accommodations need to have environmentally sensitive, concerned and knowledgeable managerial staff in order to preserve ecological integrity in protected areas.     

How is the hospitality and tourism industry different? An empirical test of some structural characteristics

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.