Market diversification and financial performance and stability: A study of hotel companies

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.     

Developing a risk management model in travel agencies activity: An empirical analysis

This study applies a risk management model to identify risks for Romanian travel agencies. Through extrapolation, the results of this study may be useful to all intermediaries in tourism, whether in Romania or not. Risks are identified by factor analysis and categorised as being organisational, environmental, competitive, economic, political, those of infrastructure, circumstance, business deficiencies and specific (local) risk. Depending on the position relative to the risk we proposed a risk management model in tabular format, where any travel agency can add, delete, or move risks from a category to another.     

Determinants of weather derivatives usage in the Austrian winter tourism industry

This study investigates the motivations, concerns and obstacles regarding the use of weather derivatives in the winter tourism industry. The findings from the interviews with 61 ski lift operators in Austria indicate that while the majority of operators are aware of weather risks and report substantial weather exposure, using weather derivatives as a means of offsetting potential loss is rarely considered. This is primarily due to a lack of awareness and knowledge, but on becoming aware of the availability of such instruments ski lift operators express interest in their possible use. The task is thus to increase awareness, knowledge and support for the ski lift operators with reference to the use of weather derivatives.     

Lodging management success: Personal antecedents,achievements, KSAs and situational influencers

This study investigates the influence of personal antecedents and achievements (i.e. intrinsic attributes, personal character, strategic positioning and academic achievements) on lodging management knowledge, skills and abilities (KSAs) and success. The findings reveal that correlations between intrinsic attributes, personal character and strategic positioning, and KSAs are generally stronger than the correlations found between academic achievements and KSAs. Knowledge in financial management and other situational influencers was determined to contribute most to managers’ career success. Also strategic positioning was identified as a moderating variable between KSAs and monetary success.     

A decade of injury monitoring in the New Zealand adventure tourism sector: A summary risk analysis

Adventure tourism safety has received relatively little research attention despite the level of risk inherent in many adventure activities. In New Zealand, an absence of surveillance or monitoring of injury in the adventure sector has had important implications for the management of tourist safety. A series of studies conducted by the authors between 1996 and 2006 have sought to address this knowledge gap, with the aim of identifying the extent and nature of adventure tourism injury using a range of primary and secondary data sources. The paper reports on findings from a summary risk analysis of these studies, including evidence for the scale of the adventure tourism injury problem, and ranking of degree of risk for a range of factors for safety in adventure tourism participation. A conceptual model to assist risk management in the adventure sector is presented, and implications of findings for management and the adventure sector are discussed.     

Adventure and ecotourism safety in Queensland: Operator experiences and practice

This study identifies the client injury experience and safety management practices of Queensland adventure and ecotourism operators, and to compare these findings with those from recent New Zealand surveys. The effectiveness of an on-line survey for collecting safety information from operators is evaluated in relation to the future development of an industry safety monitoring system. Some 60 adventure and ecotourism operators were surveyed, while in-depth interviews were conducted with four further Queensland operators. Survey findings indicated a relatively low level of reported incidents, with slips, trips and falls the most common incident type. Risk factors identified by operators related most frequently to adverse and changeable weather conditions and client skills and behavior, and a notable proportion of operators reported that they did not apply important safety management practices. A model of injury control is presented to assist operators in their risk management practice.     

Levels of quality and environmental management in the hotel industry: Their joint influence on firm performance

Many studies have examined quality management and environmental management separately. This paper analysed the commitment to quality and environmental management at the same time, and their separate and joint effects on hotel performance. The empirical data were collected from a sample of 301 3-to-5-star Spanish hotels. A cluster analysis was carried out to identify the levels of commitment to quality and the environment. Then, ANOVA and regression analysis tested the quality and environmental commitment levels-performance link. Three levels of quality and environmental commitment have been identified. The findings showed that the commitment to quality and environmental practices influences hotel performance.     

Bicycle tourism in the South Island of New Zealand: planning and management issues

Several emerging trends are pointing to the re-emergence of the bicycle as an important leisure and recreational transportation mode. Yet little research has been conducted into cycling within a tourism context. This paper examines the increasing phenomenon of bicycle tourism by defining bicycle tourists and bicycle tourism from a demand perspective, and describes the characteristics, infrastructure and travel behaviour associated with bicycle tourism through the examination of data collected on independent cycle tourists in the South Island of New Zealand. It illustrates through performance-importance analysis, the areas of major concern in the planning and management of bicycle tourism, and recommends that a demand side perspective is needed if the supply side of the industry is to be sustainable in the future. It makes recommendations for the future planning and management of bicycle tourism in New Zealand that may be of interest to countries currently developing cycle tourism.     

Service guarantees in the hotel industry: Their effects on consumer risk and service quality perceptions

This work proposes a theoretical model that examines how service guarantees offered by hotels affect the perceived quality and perceived risk of consumers, as well as the moderating effect of corporate reputation. We tested hypotheses with an experiment using a 2 (corporate reputation: good and poor) × 2 (guarantees coverage: unconditional and specific) × 2 (payout: money-back and non-money-back payout) between-subjects design. A total of 222 questionnaires were completed by hotel consumers in Taipei. The results indicate that the type of service guarantee significantly affects the perceived quality and perceived risk of consumers. Furthermore, corporate reputation has a moderating effect on the relationship between service guarantee type and the perceived quality and perceived risk. Some suggestions concerning service guarantee strategies for hotel services are given.     

Ideal image in process: Online tourist photography and impression management

This paper discusses the role of impression management in the production of online tourist photography and how it works along with other underlying dimensions that shape photographic decisions at various stages of image selection. The paper illustrates that the selection of photographs is so intimately linked to impression management that it even extends to the decision of whether to bring a camera along on a trip in the first place. Tourists are constantly caught in the dilemma of who to satisfy during the selection process. This study suggests that social media and photography facilitate social comparison, thus the tourist gaze is being redefined even more rapidly nowadays.     

Solid waste management in small hotels: a comparison of green and non-green small hotels in Wales

Solid waste generation and disposal is one of the most negative impacts of small hotels on the environment. Small hotels often pay little attention to their environmental responsibilities. This research builds upon an earlier work by the same authors considering solid waste management (SWM) issues in small Welsh hotels. It considers the Welsh Assembly Government's Green Dragon Environmental Standard (GDES) as an environmental management system developed specifically to target small and medium-sized enterprises and help them with aspects of environmental management, such as SWM. It explores SWM practices in green (i.e. GDES-accredited) and non-green small hotels and develops a best practice SWM model for them. Semi-structured interviews were used to investigate hoteliers’ attitudes and the barriers to implement sustainable SWM practices. The findings revealed that most non-GDES small hotels were highly reliant on landfill for the disposal of solid waste and felt negatively about the implementation of more sustainable SWM alternatives. In contrast, GDES small hotels used landfill as a last resort and targeted other waste hierarchy options in preference. The study develops a best practice model for policymakers (local authorities and UK central government) to influence and encourage better SWM practices in small hotels.     

Money illusion and inflation management in tourism: The hotel industry case

Using regression analysis, this study examines the relationship between inflation, room rates, capacity utilization, and profitability in the hotel industry. The results show that room rates and nominal profits have been strongly related to inflation while occupancy rates and real profits have been independent of inflation over the twenty year period examined. Findings suggest general absence of money illusion implying effective inflation management policies.