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In this vein, this paper aims to provide empirical evidence on the following questions: Which expansion strategies offer better operational and economic performance? What effects does performance-related diversification have? How do other factors such as size, quality, service offered, location or seasonality interact with performance.

In this paper, the analysis of the effects of growth strategies and hotel attributes on performance is carried out with a sample of 255 hotels that operate internationally. Using panel data and quantile regression, this study evaluates the effect of expansion and diversification on the hotels’ performance.

From these findings, it appears that the equity strategy (own hotels) outperforms non-equity strategies (hotels under rental, franchise and management contract) at the operational level. However, the economic return of the property, both adjusted and unadjusted to risk, is lower under the property ownership strategy than under the franchise and management strategies because, in general, it requires a higher investment. Regarding diversification, the growth strategy based on related diversification in food and beverage services has a negative impact on performance, calling into question the synergies between the two businesses. However, an exception to this effect is seen among those hotels, mainly those in the Caribbean, that opt to provide all-inclusive services, since these hotels achieve better occupancy rates and more stable results.

This study has not taken into account the effect of hotel property revaluation on the performance of the ownership strategy, as there is no information on the historical average revaluation at the level of each individual hotel. This study has also been unable to include information regarding the level of competition and seasonality of sales.

This paper considers a wide number of factors that can influence the performance of hotels. Second, this is the only paper that studies the impact of growth strategies from the point of view of the hotel chain. Also, the sample considered uses data at the individual level on hotels and this research analyses not only operational performance but also economic performance.

This study aims to examine the impact of the regulatory focus of the top management team (TMT) members on the technological diversification of firms in high-technology industries based on the upper echelons theory and regulatory focus theory and explore the moderating effect of environmental uncertainty.

This paper uses data on the Chinese Growth Enterprises Market Board (GEM)-listed companies from 2012 to 2016. The authors collected data on TMT regulatory focus from firms’ annual reports by Python programming. A fixed-effects model was used to test our hypotheses.

Results indicate that TMTs with a high promotion focus are associated with greater technological diversification, while TMTs with a high prevention focus are linked to lower technological diversification. Moreover, environmental uncertainty amplifies the positive relationship between promotion-focused TMTs and technological diversification, while it diminishes the negative relationship between prevention-focused TMTs and technological diversification.

This study is limited to high-technology firms listed on the Chinese GEM, which may restrict the generalizability of the findings. Future research could validate these results in different countries and industries to enhance their robustness. Additionally, this study focuses on the impact of TMT regulatory focus on technological diversification; future studies could explore its influence on other strategic decisions, such as digital transformation or innovation strategies.

The results suggest that firms should carefully consider the regulatory focus of their TMT when making strategic decisions regarding technological diversification. Boards of directors should ensure that the TMT’s regulatory focus aligns with the firm’s strategic objectives, particularly in high-technology industries. Moreover, firms should adapt their strategies to the level of environmental uncertainty to better navigate the risks and opportunities presented by a dynamic market environment.

Supportive evidence allows authors to discuss how our findings contribute to the upper echelons theory, as well as the emerging stream of firm technological diversification, which provided valuable psychological insights into the factors influencing TMT strategic decision-making. Meanwhile, this paper integrates the factors of the industry macro-environment to explore the changes in the TMT regulatory focus on firm technological diversification under different contexts.

The aim of this paper is to determine whether the efficiency of banks’ human capital (HC) has moderating effects on the relationship between asset diversification and bank performance over the 2008–2020 period.

Our study considers generalized least squares estimation in fixed effects panel.

Results show that banks with higher levels of HC and higher degree of diversification reduce bank profitability and efficiency. The results also depict that the financial stability-reducing effects of Income diversification decrease as bank HC efficiency increases. At the same time, the effects of income and asset diversity on financial stability change depending on the performance aspect.

Previous research on banks’ performance is concentrated on asset diversification. This article broadens to the HC, Asset diversification and the moderating effects of the profitability, stability and efficiency of French Banks.

The study aims to investigate the relationship between certain key attributes of the board of directors as their international experience, tenure, age, independence and size and internationalization strategies of firms in an emerging economy.

The study uses random effects panel Tobit regression on a data set of 418 Indian companies spanning over a time frame of nine years from fiscal year (F.Y.) 2009–2010 to F.Y. 2017–2018.

Board members substantially associate with internationalization choices of emerging economy firms. Specifically, board members with extensive international experience, shorter tenure, higher age, greater independence and larger board size are associated with high level of internationalization in these firms.

The study advocates that Indian companies should focus on recruiting board members with international experience, periodically refreshing their boards, valuing wisdom and experience, adhering to regulatory requirements of independent directors and increase the number of board members to expand internationally. By following this, Indian companies can successfully expand into international markets.

The study’s originality lies in its focus on the role of board members in the internationalization strategy of emerging economy firms, which remains an under-researched area.

This study addresses a gap in the literature by examining the marketing strategies adopted by wineries in the context of wine tourism. This study aims to identify marketing strategic orientations and highlight their significance in the context of wine tourism.

The research uses a comparative case study approach, focusing on two wine regions, Roussillon (France) and Empordà (Spain). It involves the analysis of 99 active winery websites to identify marketing orientations. Descriptive statistics, cluster analysis and ANOVA tests were used to achieve this.

The study reveals four distinct wine tourism strategic orientations adopted by wineries in these regions. It emphasizes the importance of external ties, varying levels of competitiveness, website performance and geographical differences as key findings. The results show that wineries with a clear diversification strategy benefit from a higher level of competitiveness.

This research contributes to the academic literature by identifying different marketing strategies within wine tourism, highlighting their importance and providing a comprehensive analysis of key areas, thus adding original insights to the existing body of literature.

Drawing upon the extended resource-based view (ERBV), this research aims to examine the effects of supply chain diversification (SCD) on enterprise digital transformation (DT), focusing on the external perspective of the supply chain.

Leveraging panel data from Chinese A-share listed companies from 2015 to 2022, this research employs multiple regression analysis to empirically examine the relationship between SCD and enterprise DT.

The results of analysis indicate that: (1) SCD positively influences enterprise DT, a relationship that persists even after rigorous endogenous and serial robustness testing. (2) SCD fosters enterprise DT by bolstering its absorption, innovation, and adaptive capabilities. (3) Executive risk preferences and Pilot Policies positively mediate the effects of SCD on enterprise DT.

This research provides novel empirical insights into the underlying mechanism linking SCD and enterprise DT. The findings offer valuable guidance for enterprises seeking to optimize supply chain management and embrace DT, while also informing policymakers on strategies to facilitate SCD and DT enhancement among enterprises.

This study aims to determine the role of gold as a safe haven, hedge and asset diversification for Shariah stock in conditions of extreme stock market declines.

Quantitative approach is used by applying the threshold generalized autoregressive conditional heteroskedasticity (TGARCH) model to capture bad or good news in the market condition and quantile regression method to obtain the extreme values of stock returns in several market conditions. The data used were the daily closing price of gold and the Jakarta Islamic Index from January 2011 to October 2022.

The average conditions show gold does not have a hedge property and only acts as an asset diversification. Second, gold has a substantial, safe haven property in every economic condition. However, the safe-haven property of gold seemed to weaken during the most extreme stock market decline. Thus, although gold appears as a safe haven and asset diversification, it remains a risky investment and only provides a minor role in the face of the extreme stock market period.

This research provides a discourse and literature for Islamic investors and investor managers to choose the right investment instrument in various economic conditions where gold has a function as diversification and safe haven in their asset portfolio under any other asset portfolio conditions which is also in line with modern portfolio theory. For policymakers, the study can be used as material for consideration in making policies related to the accessibility of gold as an investment instrument.

This study presents the originality by using the price of Antam gold as a proxy for gold investment during the latest research year data and focusing on case studies in Islamic capital market in Indonesia. Moreover, this research provides quantile regression that sharply discussion in various economics condition.

This study aims to examine the impacts of bancassurance contracts on the financial performance of the Egyptian insurance market from 2011 to 2022.

To achieve this main objective, a mixed methodological approach was adopted: a quantitative methodological approach through analyzing the content of Misr Life Insurance (MLI) Firm’s annual reports from 2011 to 2022. This period frame includes three crucial eras in the history of Egypt: the period covered by the two revolutions in Egypt, the period of political and economic stability and the COVID-19 period. Furthermore, a paired sample test was conducted for two related samples to examine the differences between the averages of financial indicators of MLI Firm for the period prior to and after the bancassurance. Additionally, a qualitative case study approach was adopted, focusing on the MLI Firm in Egypt. To support and confirm the results from quantitative content analysis, an interview was conducted with a financial manager from MLI Company.

Generally, the analysis reveals that the financial performance indicators of MLI are significantly influenced by bancassurance because of the variations between the financial performance of MLI Company before and after bancassurance, as the company’s financial performance rose after the bancassurance experience. Therefore, the current research suggests promoting awareness of bancassurance contracts in Egypt to boost financial performance and economic development through bulletins.

The research has limitations because of its mixed methodological approach, focusing on annual reports, the Egyptian life insurance environment and the insurance sector.

The findings of this research are probably going to be helpful in clarifying the state of bancassurance in the Egyptian insurance industry for a wide range of interested parties, including managers, investors and scholars. More specifically, this research provides insights into MLI’s financial performance from 2011 to 2022. It aids investors in making informed decisions, boosts shareholder trust and encourages new business in the Egyptian insurance industry.

This research strives to establish a novel field of study, as there are few studies in developing countries that introduce empirical evidence on the impact of bancassurance on the financial performance of insurance firms in Egypt.

This paper aims to argue that important elements in the capital budgeting process are either undervalued or not considered and are a significant reason for both low and slow growth in large firms. Adopting an entrepreneurial mindset in conjunction with a portfolio approach based on different types of innovation to allow for growth projects to enter the process and be evaluated for possible selection are outlined as an alternative to strengthen the capital budgeting process.

Concepts and processes drawn from the finance, economics and entrepreneurship literature are used to form a proposed new approach to the capital budgeting process.

Only a handful of large firms even achieve returns more than their cost of capital. This manuscript argues that the reason for the lack of growth is a function of a capital budgeting process that does not allow the full spectrum of risk projects because of behavioral factors. This manuscript further proposes a portfolio approach that would allow for all projects to be fairly considered and aligned with stakeholder interests.

The current literature tends to focus on the financial evaluative aspect of the capital budgeting process. The void in the literature is with other aspects of the capital budgeting process both in terms of currency and in pursuing alternative explanations for the reasons the full risk spectrum of projects is not considered.

After completion of the case study, the students will be able to explore the challenges involved in growing a business during its early stages inorganically, discuss the challenges faced by start-ups in their quest for growth in an emerging market, investigate the reasons behind the mergers and acquisitions, comprehend the issues in the merger of a start-up and a conventional bank, identify the various possible synergies out of the merger and examine the growth strategies that a troubled start-up such as Slice can follow to survive and expand its business operations.

The case study discusses the challenges that Slice, a modern fintech organization, and North East Small Finance Bank (NESFB) face due to the changing business and regulatory environment. After working tirelessly to earn the trust of India’s banking regulator, Slice got the approval for its merger with NESFB. While Slice and NESFB got a new lease of life after the approval of their merger, Rajan Bajaj, founder of Slice, needed to make the merger a success by leveraging on the strength of the combined entity and meeting all the lending and other regulatory requirements applicable to small finance banks.

This case study is suitable for MBA/MS/BBA/BS students.

Teaching notes are available for educators only.

CSS 11: Strategy.