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1 – 10 of 133Wei Wu, Fadi Alkaraan and Chau Le
Financial flexibility, investment efficiency and effective corporate governance mechanisms have been issues of concern to stakeholders. Yet, little empirical evidence on the…
Abstract
Purpose
Financial flexibility, investment efficiency and effective corporate governance mechanisms have been issues of concern to stakeholders. Yet, little empirical evidence on the combined moderating effects investment efficiency and corporate governance mechanisms on the nexus between financial flexibility and firm performance. This study aims to address this gap and extend the extant literature by examining the moderating effects of corporate governance and investment efficiency on the nexus between financial flexibility and financial performance.
Design/methodology/approach
The empirical study is based on progression analysis using a sample of 13,865 US listed companies selected from BoardEx (WRDS) for the period (2010–2022) with 89,198 firm-year observations.
Findings
Findings of this study indicate that financial flexibility improves firm value as well as accounting performance. Furthermore, the results reveal that both investment efficiency and corporate governance moderate the effect of financial flexibility on firm performance. The authors complement and extend the literature on the optimal investment strategies domain by showing that the combined impact of corporate governance mechanisms and investment efficiency strengthens the nexus between financial flexibility and firm performance.
Research limitations/implications
Key limitations of this study due to the characteristics of the sample selection: country-specific context and proxies used by this study.
Practical implications
Findings of this study have managerial and theoretical implications for firms’ boardrooms, institutional and individual investors, regulators, academics and other stakeholders regarding behavioural aspects of investment decision-making.
Originality/value
The authors’ novel contribution to the extant literature is articulated by the conceptual framework underlying this study and by the new evidence regarding exploring the combined effect of corporate governance mechanisms on nexus between financial flexibility and companies’ performance.
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Wei Wu, Chau Le, Yulu Shi and Fadi Alkaraan
Financial flexibility and investment efficiency are of vital importance in strategic choices at boardrooms, particularly in post-crisis recovery strategies. This study examines…
Abstract
Purpose
Financial flexibility and investment efficiency are of vital importance in strategic choices at boardrooms, particularly in post-crisis recovery strategies. This study examines the moderating effects of investment efficiency and investment scale on the relationship between financial flexibility and firm performance.
Design/methodology/approach
The authors use sample of 10,755 US-listed firms over the period 2010–2021 to examine the relationships between investment scale, investment efficiency, financial flexibility and firm performance. Particular attention is paid to overinvestment and underinvestment.
Findings
Findings of this study reveal that financial flexibility mitigates investment inefficiency through reducing overinvestment. Financial flexibility contributes to boost a firm’s accounting and market performance. Additionally, investment efficiency and investment scale have moderating effects on the relationship between financial flexibility and firm performance. However, the influence of investment efficiency is greater than the influence of investment scale. Finally, the authors find that the direct and indirect effects of financial flexibility are stronger on market performance than accounting performance, implying that market is more sensitive to corporate financial policies.
Research limitations/implications
Findings of this study have implications for scholars, decision-makers policymakers, investors and other stakeholders.
Practical implications
This study has its own limitations due to the sample selection issues, country context and the research model adopted by this study.
Originality/value
The novel contribution to the extant literature is incorporating the influence of investment scale and investment efficiency into the relationship between financial flexibility and firm performance.
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Jia-Jhou Wu, Sue-Ting Chang, Yung-Ping Lin and Tom M.Y. Lin
When encountering novel technology, customers often use the term “cool” to express their thoughts; therefore, coolness has become crucial for launching service robots. However…
Abstract
Purpose
When encountering novel technology, customers often use the term “cool” to express their thoughts; therefore, coolness has become crucial for launching service robots. However, research on the impact mechanism of “coolness” is lacking. This study explored the relationship between delight and behavioral intention regarding the coolness of service robots in the food and beverage industry while discussing the mediating roles of utilitarian and hedonic values.
Design/methodology/approach
Questionnaires were distributed online with links to the survey posted on restaurant discussion boards on Facebook and online community platforms such as Dcard. In total, 540 responses were deemed valid. The hypotheses were tested using the partial least squares structural equation modeling method.
Findings
The results indicate that coolness positively impacted both utilitarian and hedonic values and that both perceived values positively impacted delight. Moreover, coolness does not directly impact delight but must be mediated by perceived value to be effective.
Practical implications
Increasing customer perceptions of the coolness of service robots is recommended. Moreover, regarding customer revisits, utilitarian value services can delight customers more effectively than hedonic value services.
Originality/value
The stimulus-organism-response model was used to identify the relationships among coolness, perceived value, delight and behavioral intention. Moreover, the authors investigated the impact of coolness on utilitarian and hedonic values. These findings are significant for the development of smart restaurants and provide a critical reference for exploring service robots.
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Shumaila Naz, Syed Arslan Haider, Shabnam Khan, Qasim Ali Nisar and Shehnaz Tehseen
At the forefront of current research is the investigation of how big data analytics capability (BDAC) and artificial intelligence capability (AIC) can enhance performance in…
Abstract
Purpose
At the forefront of current research is the investigation of how big data analytics capability (BDAC) and artificial intelligence capability (AIC) can enhance performance in concert. Therefore, current study intended to conduct more deep research into emerging phenomena and attempts to cover the gap by exploring how entrepreneurial orientations (EO) emphasize the use of two emerging capabilities under the moderating role of environmental dynamism which in turn augment co-innovation and hotel performance.
Design/methodology/approach
Data were collected from four-star and five-star hotels located in Kula Lumpur and Langkawi in Malaysia. A total of 260 responses were obtained from IT staff and senior managers with the assistance of a Manpower agency for data analysis. The hypotheses were examined by analyzing the data using PLS-SEM technique through Smart PLS 3 software.
Findings
The result revealed that EO has a positive and significant effect on co-innovation (CIN). Additionally, the BDAC and AIC have been tested and proven to be potential mediators between EO and CIN. Also, environmental dynamism as moderator has positive and significant effect on BDAC and co-innovation performance, however, not significant impact on AIC and co-innovation performance. Lastly, findings displayed positive and significant moderated mediation impact of environmental dynamics on BDAC and CIN with hotel performance, but not significant influence on AIC and co-innovation with hotel performance. For theoretical corroboration of the research findings, the current study integrated EO, resource-based view theory and contingent dynamic capabilities (CDC), because neither single stance can explicate an extant research framework.
Practical implications
This study anticipated the several implications for the entrepreneurs of hospitality industry. Managers are recommended to invest in the entrepreneurial traits of the employees/organizations and make strategic readjustment of their capabilities for sustained business performance.
Originality/value
The study goes beyond the normal inquiry by investigating moderated mediation impact of environmental dynamism between two emerging capabilities, co-innovation and hotel performance relationships. Another novelty of this study is to culminate the exploitation and adoption of emerging IT-based capabilities in cross domains of management, entrepreneurship, information systems management within the hotel industry.
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Jungsun (Sunny) Kim, Mehmet Erdem and Boran Kim
The purpose of this study is to explore whether five factors drawn from the unified theory of acceptance and use of technology (UTAUT) and UTAUT2 significantly influence…
Abstract
Purpose
The purpose of this study is to explore whether five factors drawn from the unified theory of acceptance and use of technology (UTAUT) and UTAUT2 significantly influence customers' intention to use hotel in-room voice assistants (VAs). It further examined culture as a moderator of the relationships between the five factors and customers' intention to use.
Design/methodology/approach
The authors collected data from US and Singapore to examine cultural differences in customer acceptance of in-room VAs. All hypotheses were tested via structural equation modeling and multi-group analysis.
Findings
The results showed that performance expectancy, social influence and hedonic motivation significantly affected customers' intentions to use in-room VAs, while effort expectancy and facilitating conditions did not. The results confirmed that culture did not play a substantial role in moderating the relationships between these factors and intentions to use.
Research limitations/implications
This study established that the instrument and structural paths in the research model were equivalent across two samples from different countries. The findings may not generalize to other countries as the data arises from customers in the US and Singapore.
Practical implications
The findings provide important implications for hotel operators and vendors seeking to enhance customer acceptance of in-room voice technology.
Originality/value
This study addresses the gaps of extant research by developing and testing a research model to better understand the influential factors of in-room VA adoption within the hotel domain.
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Kaushik Samaddar and Sanjana Mondal
Drawing on the UTAUT-2 model, the study attempts to accentuate the role of augmented reality (AR) and virtual reality (VR) based tourism products and services in enhancing…
Abstract
Purpose
Drawing on the UTAUT-2 model, the study attempts to accentuate the role of augmented reality (AR) and virtual reality (VR) based tourism products and services in enhancing responsible travel behaviour (RTB). This paper aims to examine the emergence of AR- and VR-based tourism in emerging economies, outlines the issues and contributing factors and discusses possible mitigation measures.
Design/methodology/approach
Following the triangulation method of research, a dual study involving both focus group discussions and questionnaire-based surveys were undertaken. The grounded theory approach was adopted to develop a structural framework followed by an empirical validation process.
Findings
Critical dimensions such as performance anticipation, effort anticipation, referent power, facilitating factors, perceived value and perceived risk were found as antecedents of behavioural intentions (BIs) towards adopting AR- and VR-based tourism products. Moreover, cultural involvement and marketing stimuli emerged as moderating factors driving the BI towards RTB.
Practical implications
This paper outlines key elements that contribute to the adoption of AR- and VR-based tourism products and services in emerging economies, which would enable marketers and practitioners to strategize their tourism offerings.
Originality/value
The study takes a dual perspective of both tourists and tour operators and presents a critical overview of the AR- and VR-based tourism industry, taking an emerging economies’ perspective. The study further attempted both the triangulation method and grounded study approach for establishing a hypothetical framework, which is a unique attempt in itself.
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Suneel Kumar, Varinder Kumar, Isha Kumari Bhatt, Sanjeev Kumar and Kamlesh Attri
This article analyzes research on digital transformation in the tourism sector, providing insights into leading work, authors, journals, trends and future research opportunities…
Abstract
Purpose
This article analyzes research on digital transformation in the tourism sector, providing insights into leading work, authors, journals, trends and future research opportunities. However, limited in-depth research exists on this topic, and the existing studies lack an understanding of its development, scope and relevant areas.
Design/methodology/approach
The study utilized the Scopus database to identify 61 articles on digital transformation in the tourism sector. The research employed VOSviewer software to analyze publication and citation structure, incorporating bibliometric variables like co-authorship, co-citation network, keywords co-occurrence network and bibliographic coupling.
Findings
The study yielded valuable insights from top-cited articles, revealing their contributions to digital transformation in tourism research. It also highlighted publication trends and the impact of authors, journals and studies and conducted co-occurrence, co-authorship and bibliographic analyses to identify key trends and issues in the tourism sector. The study calls for further examination of the digital revolution in tourism research and outlines future opportunities for researchers in this area.
Research limitations/implications
To enhance the comprehensiveness of data collection, it is recommended that researchers consider including publications from databases such as WOS (Web of Science), Dimensions and PubMed in addition to the Scopus database. This broader inclusion of sources can provide different network structures and valuable insights from the field of digital transformation in the tourism sector.
Originality/value
The research provides substantial value to the study of digital transformation in tourism by focusing on bibliometric data from the Scopus database for the period from 2017 to 2022. By analyzing this data, it identifies significant trends in digital transformation within tourism research. Additionally, the study uncovers new areas of digitization in the tourism sector, further enhancing its value and relevance.
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Uzeyir Kement, Muhittin Cavusoglu, Berkan Başar and Nihan Tomris Küçün
The purpose of this study is to conduct a thematic content analysis of facial emotion recognition (FER) research within the context of the hospitality and tourism industry…
Abstract
Purpose
The purpose of this study is to conduct a thematic content analysis of facial emotion recognition (FER) research within the context of the hospitality and tourism industry. Through this analysis, the study aims to identify key themes, trends and implications of the utilization of FER technology in enhancing customer emotions and experiences within hospitality and tourism settings.
Design/methodology/approach
This is qualitative research that utilizes thematic content analysis. The research data were obtained from the Scopus database. A total of 45 articles (titles, abstracts and keywords) were coded into MAXQDA and VOSWiever programs for data analyses and mapping.
Findings
Based on the analyses, the predominant term used in titles was emotion, indicating its centrality in the research domain. Moreover, the most prevalent concepts in this field were emotion and experience. Notably, facial emotion recognition emerged as the most frequently utilized term within this context. Within the hospitality and tourism industry, FER was primarily employed within the travel sub-branch. Finally, the research culminated in the visualization of the theoretical framework and conceptual background, offering a comprehensive overview of the field.
Originality/value
There is a growing demand for using FER technology specifically within the hospitality and tourism industry context; therefore, growing scientific research has been conducted on this topic recently. By conducting a thematic content analysis, this study uncovered novel insights into the utilization of this technology to enhance customer emotions and experiences, thereby contributing to a deeper understanding of its potential implications and applications within the hospitality and tourism industry.
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Ja Young (Jacey) Choe, Emmanuel Kwame Opoku, Javier Calero Cuervo and Raymond Adongo
This study profiles and segments potential tourists on the basis of their various attitudes toward artificial intelligence (AI) services. Furthermore, this study distinguishes…
Abstract
Purpose
This study profiles and segments potential tourists on the basis of their various attitudes toward artificial intelligence (AI) services. Furthermore, this study distinguishes descriptors among the different clusters, such as preference for using diverse AI services, overall image of AI services, willingness to use AI services (WUAI), willingness to pay more for AI services (WPAI) in tourism and hospitality, and characteristics of respondents.
Design/methodology/approach
An online survey was conducted in South Korea. Data on 758 potential tourists were used for K-means cluster analysis.
Findings
This study identified three distinct tourist segments with differentiated attitudes toward AI services: the group aspiring to use or fantasizing about AI services (Cluster 1), the group being knowledgeable and supportive of AI services (Cluster 2), and the group having low interest about AI services (Cluster 3).
Practical implications
Members of Cluster 2 were the most marketable as this segment exhibited the greatest knowledge of and support for AI services, while Cluster 1 would be an ideal segment to launch and test novel AI services.
Originality/value
This study extends the authors’ knowledge of AI scholarship by unpacking the existing market segments, which could be tapped to sustain AI penetration in the tourism industry. Hence, this study contributes to existing debates on AI scholarship, which is predominated by conceptual reflections and issues of AI services in the tourism and hospitality field.
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Shuai Yang, Yu Zhao and Chao Wu
The interaction between evaluators is underestimated in legitimacy literature. This study aims to examine the impact of CEO celebrity on initial public offerings (IPOs…
Abstract
Purpose
The interaction between evaluators is underestimated in legitimacy literature. This study aims to examine the impact of CEO celebrity on initial public offerings (IPOs) underpricing in Strategic Emerging Industries (SEIs). Based on legitimacy and limited attention effect, this study introduces a new antecedent to the asset pricing literature under a particular sample.
Design/methodology/approach
This paper illustrates how CEO celebrity promotes IPO underpricing by enhancing the legitimacy and then explores how the CEO characteristics can moderate this relationship. Using 1,128 IPO companies in China SEIs from 2010 to 2019, cross-section data is used to build a multiple linear regression model to test the hypotheses.
Findings
The result indicates that CEO celebrity is positively related to IPO underpricing. Founder CEO and CEO duality amplify the relationship. Further analysis shows that the relationship between CEO celebrity and IPO underpricing is more pronounced in firms with high Baidu search and low market sentiment.
Originality/value
This study provides insights into how CEO celebrity as notable internal information shapes the formation of investors' preliminary impressions of firms. The evidence consists of legitimacy and limited attention perspective by showing how investors favor, follow and hype the stocks with celebrity CEOs. The results extend the knowledge about how CEO characteristics influence information frictions in asset pricing during IPO.
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