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The purpose of this paper is to examine the determinants of capital structure using a dataset of firms in Malaysia.

This paper carries out a panel data analysis of 8,270 observations from 827 listed non-financial firms on the Malaysia stock market over the period 2008–2017. To estimate the model and analyse the data collected from the DataStream and World Bank databases, the authors use static panel estimation techniques as well as two-step difference and system dynamic GMM estimator.

The results show that profitability, growth opportunity, tax-shield, liquidity and cash flow volatility have a negative and significant impact on debt measures. However, the effects of collateral, non-debt tax and earnings volatility on measures of debt are positive and significant. In addition, firm size, firm age, inflation rate and interest rate are important determinants of the present value of debt. The results also show a significant inverse U-shaped relationship between the firm's age and its capital structure. In general, the results support the proposition advocated by the pecking order and trade-off theories.

The results of this study necessitate formulation of various policy measures that can counter the effects of debt on firms.

The present study is among the earliest to use both the book and market value measures of capital structure. It also uses three proxies for each: total debt, long-term debt and short-term debt. It incorporates earning volatility and cash flow volatility as new independent variables in the model. These variables have not previously been used together with both book and market value measures of capital structure. The study also examines the non-monotonic relationship between firm's age and capital structure using a quadratic regression method. It applies both static panel techniques and dynamic GMM estimation techniques to analyse the data.

The primary purpose of this study is to provide a new model in the hospitality industry by incorporating open innovation (OI) as a significant business performance (BP) supporter. This study aims to examine OI’s role in fostering SI and BP in Malaysia’s hospitality industry.

Quantitative research approach with a cross-sectional design is used to carry out the current study. A questionnaire survey is conducted. A total of 201 valid responses were used to analyze the data through Smart PLS 3 structural equation modeling. The study sample comprises the managerial employees of hospitality companies.

The findings of this study revealed that OI has a crucial contribution to fostering service innovation (SI) and BP. Information and communication technology (ICT) increases external knowledge and internal innovation, which in turn increases knowledge management (KM). ICT intensifies KM in result, OI increases, which contribute expediting SI. Finally, increases in SI boost BP.

This study provides a comprehensive framework to boost hospitality industry performance. It gives vital cues to the hospitality industry for SI improvement and BP. This proposed framework is specific to the hospitality industry, and it has the potential to help the managers to have a better understanding of new ideas that can develop service quality and customer satisfaction.

This is one of the pioneer studies that formally documented OI’s role in Malaysia hospitality industry. This pioneering study provides the OI model for BP of the hospitality industry. Regarding the OI in the hospitality industry, managers’ and academicians’ implication is not well understood in the current literature.

本研究的主要目的是通过将开放式创新 (OI) 作为重要的业务绩效 (BP) 支持者, 为酒店业提供一种新模式。该研究旨在研究 OI 在促进马来西亚酒店业的 SI 和 BP 中的作用。

本论文采用横向比较的定量研究方法进行当前研究。本研究采用问卷进行调查。通过 Smart PLS 3 结构方程建模, 总共使用了 201 个有效样本来进行数据分析。研究样本包括酒店公司的管理人员。

研究结果表明, OI 对促进服务创新 (SI) 和 BP 做出了重要贡献。信息和通信技术（ICT）增加了外部知识（EK）和内部创新（II）, 这反过来又增加了知识管理（KM）。 ICT在结果中强化了KM, OI增加, 这有助于提高SI。最后, SI 的增加会提高业务绩效。

本研究提供了一个全面的框架来提升酒店业的表现。本研究框架为酒店业的 SI 改进和 BP 提供了重要线索。这个提议的框架是针对酒店业的, 它可以帮助管理者更好地理解可以提高服务质量和客户满意度的新想法。

这是正式记录 OI 在马来西亚酒店业中的作用的先驱研究之一。这项开创性的研究为酒店业的 BP 提供了 OI 模型。关于酒店业的 OI, 其管理实践意义和学术意义在当前文献中并没有得到很好的理解。