Dual-branded hotels: Resource-based entry strategies in agglomerated markets

Despite the growing importance of dual-branded hotels, research on this trend is lacking. This study investigates the effect of resource-based entry strategies for dual-branded hotels vis-à-vis incumbent market competition on performance. Using a hierarchical linear model, we found that best performance is achieved by dual-branded hotels that pursue a diversification strategy by entering the market with one brand above and one brand below the mode class of the market. Dual-branded hotels can thus achieve competitive advantage by exploiting superior financial resources and tourism destinations are able to gain monetary advantage from resources employed by dual-branded hotels. This study extends current research on dual-branded hotels by investigating entry strategies and contributes to the resource-based view literature by investigating dual-brands’ resource exploitation and resource spillovers in agglomerated markets.     

生命周期:企业家科学的工作理念

面向新世纪 ,接受新挑战 ,企业家怎样遵循生命周期规律 ,培养个体特质 ,形成科学的工作理念至关重要 ,这将使企业家建立新的市场观 ,孕育出优秀的经营理念 ,培植出经久不衰的企业精神。在当前社会经济转型期 ,这一思考更具有现实意义和历史意义。     

基于企业资源观视角的家族企业继任研究展望

文章在企业资源观的战略视角下,借鉴Miller et a1．在2004年提出的家族企业有效继任的整合模型,对家族企业继任的动态循环过程进行介绍,并对该框架下的研究状况进行了概述,提出未来研究进展的方向。     

Alliance capability,stock market response,and long‐term alliance success: the role of the alliance function

This paper addresses two key questions: (1) what factors influence firms' ability to build alliance capability and enjoy greater alliance success, where firm‐level alliance success is measured in two ways: (a) abnormal stock market gains following alliance announcements and (b) managerial assessments of long term alliance performance; and (2) are the two alternate ways of assessing alliance success correlated? We find that firms with greater alliance experience and, more importantly, those that create a dedicated alliance function (with the intent of strategically coordinating alliance activity and capturing/disseminating alliance‐related knowledge) realize greater success with alliances. More specifically, firms with a dedicated alliance function achieve greater abnormal stock market gains (average of 1.35%) and report that 63 percent of alliances are successful whereas firms without an alliance function achieve much lower stock market gains (average of 0.18%) and only a 50 percent long‐term success rate. We also find a positive correlation between stock market‐based measures of alliance success and alliance success measured through managerial assessments. In addition to providing insights into the development of alliance capability among firms, this paper is one of the first to provide empirical support for the efficient markets argument by demonstrating that the initial stock market response to a key event positively correlates to the long‐term performance and value of the event. Copyright © 2002 John Wiley & Sons, Ltd.     

Industrial railway heritage trains: the evolution of a heritage tourism genre and its attributes

Heritage tourism forms a specific genre within the wider field of tourism; however, this genre itself encompasses a wide range of different types of heritage attractions, of which industrial attractions, military attractions, stately homes and attractions associated with historic people are all examples. This paper discusses the evolution of industrial railway heritage attractions from their original railway operations to visitor attractions; second, it examines the key attributes defining successful industrial railway heritage attractions; and third, it compares and contrasts these attributes for three industrial railway heritage attractions, spanning three separate locations and two countries (Australia and Malaysia). The findings from the study identify and support ranges of success factors and suggest a framework for examining the genre of industrial railway heritage attractions and their attributes. This framework can direct future studies that investigate the nature of industrial railway heritage trains, and contribute to enriching understanding and knowledge of this genre of attractions.     

金融发展的指标体系及其与经济发展的关系

理论界对金融发展的界定分为注重宏观质性金融发展的"功能观"和注重微观量性金融发展的"结构观",而"金融资源论"则兼容了两者,既研究金融发展的功能,也研究金融发展的结构。金融发展的量化依存一系列指标体系。金融发展与经济发展具有联动关系:一方面经济发展通过对金融系统提出不同需求,对金融发展具有基础性决定作用;另一方面金融的发展也通过其功能的完善对经济发展做出贡献。     

Data analytics in small and mid-size enterprises: Enablers and inhibitors for business value and firm performance

A critical question arises as to whether data analytics (DA) can bring value and improve organizational performance. The benefit offered by DA can be achieved only when organizations are able to direct their attention on the conditioning factors that amplify business value. At the same time, organizations should cautiously resolve the issues that dampen DA business value. This study applied resource-based view (RBV) and the dual factor concept to understand such factors within the Small and Mid-size Enterprises (SMEs) context. The results revealed that information and systems qualities were the catalysts for data analytics business value, whereas lack of understanding and concerns over data security and privacy were the most salient predictors that could prevent SMEs from realizing DA business value. Our study highlights the importance of understanding both enablers and inhibitors in IT business value research. We also offer strategies to stakeholders to help SMEs realize DA business value.     

BUSINESS INTELLIGENCE (BI) SUCCESS AND THE ROLE OF BI CAPABILITIES

Business intelligence (BI) has become the top priority for many organizations who have implemented BI solutions to improve their decision‐making process. Yet, not all BI initiatives have fulfilled the expectations. We suggest that one of the reasons for failure is the lack of an understanding of the critical factors that define the success of BI applications, and that BI capabilities are among those critical factors. We present findings from a survey of 116 BI professionals that provides a snapshot of user satisfaction with various BI capabilities and the relationship between these capabilities and user satisfaction with BI. Our findings suggest that users are generally satisfied with BI overall and with BI capabilities. However, the BI capabilities with which they are most satisfied are not necessarily the ones that are the most strongly related to BI success. Of the five capabilities that were the most highly correlated with overall satisfaction with BI, only one was specifically related to data. Another interesting finding implies that, although users are not highly satisfied with the level of interaction of BI with other systems, this capability is highly correlated with BI success. Implications of these findings for the successful use and management of BI are discussed. Copyright © 2012 John Wiley & Sons, Ltd.     

Adjusting covariance matrix for risk management

The covariance matrix of asset returns can change drastically and generate huge losses in portfolio value under extreme conditions such as market interventions and financial crises. Estimation of the covariance matrix under a chaotic market is often a call to action in risk management. Nowadays, stress testing has become a standard procedure for many financial institutions to estimate the capital requirement for their portfolio holdings under various stress scenarios. A possible stress scenario is to adjust the covariance matrix to mimic the situation under an underlying stress event. It is reasonable that when some covariances are altered, other covariances should vary as well. Recently, Ng et al. proposed a unified approach to determine a proper correlation matrix which reflects the subjective views of correlations. However, this approach requires matrix vectorization and hence it is not computationally efficient for high dimensional matrices. Besides, it only adjusts correlations, but it is well known that high correlations often go together with high standard deviations during a crisis period. To address these limitations, we propose a Bayesian approach to covariance matrix adjustment by incorporating subjective views of covariances. Our approach is computationally efficient and can be applied to high dimensional matrices.