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1 – 10 of over 20000
Article
Publication date: 4 October 2011

Henry Tsai, Steve Pan and Jinsoo Lee

The purpose of this paper is to review and synthesize published contemporary hospitality financial management research from 1998 through 2009 and provide future research…

11173

Abstract

Purpose

The purpose of this paper is to review and synthesize published contemporary hospitality financial management research from 1998 through 2009 and provide future research directions.

Design/methodology/approach

The authors began their initial literature search by entering into the ABI/INFORM database via ProQuest 19 pre‐identified keywords (i.e. debt, financing, ownership) related to the major functions of financial management, namely investing, financing, and dividend decisions, as well as commonly indexed keywords in hospitality finance research. The paper then expanded the authors' literature list through the reference lists of the studies that they initially identified. The authors limited their search to published studies between 1998 and 2009 and within hospitality journals written in English.

Findings

The paper identifies 98 published papers that represented the major work and efforts in expanding the body of knowledge in both the theoretical and practical perspectives of hospitality financial management. The major categories of papers include hospitality financing, investing, dividend policy, financial condition, and performance. Areas that warrant further investigation are noted throughout the paper.

Research limitations/implications

The papers review provides academics and practitioners an overview of the updated body of knowledge in the field and suggests the need for further in‐depth research to extend the literature and prompt better financial decision making for practitioners.

Originality/value

Since Harris and Brown's and Atkinson and Jones's reviews of past hospitality accounting and finance studies which mostly focused on the former, hospitality financial management research alone has grown noticeably in terms of diverse topics and sophistication of methodologies. To the authors' knowledge, no updated reviews that focus solely on hospitality finance research have been published in the last 12 years, and the need for such a task motivated them to conduct a review of recent research on this topic.

Details

International Journal of Contemporary Hospitality Management, vol. 23 no. 7
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 8 July 2014

Kwangmin Park and SooCheong (Shawn) Jang

The purpose of this study is to present a brief overview of hospitality finance/accounting (HFA) research and to propose the utility of interdisciplinary research in the HFA…

4795

Abstract

Purpose

The purpose of this study is to present a brief overview of hospitality finance/accounting (HFA) research and to propose the utility of interdisciplinary research in the HFA field.

Design/methodology/approach

This study outlines HFA research and adds a brief summary of mainstream finance and accounting research topics. To further improve HFA research, this study suggests the need for interdisciplinary research that could effectively integrate finance/accounting with other management subjects in the hospitality field.

Findings

Despite its importance, interdisciplinary research has not been given enough attention in the field of HFA. This study sheds light on the need for interdisciplinary research and proposes paths for conducting interdisciplinary HFA research, such as behavioral finance, marketing-finance interface, human resource management finance/accounting, etc.

Practical implications

This study suggests that the results of interdisciplinary HFA research can provide useful practical implications from shareholder and organizational perspectives in the hospitality industry.

Originality/value

Although the interdisciplinary research concept is not really new, it has not been extensively addressed in hospitality academia. In this respect, this study suggests expanding the horizon for HFA researchers.

Details

International Journal of Contemporary Hospitality Management, vol. 26 no. 5
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 11 April 2021

Bin Li, Tingting Zhang, Nan Hua and Youcheng Wang

This study aims to develop a holistic and dynamic model that governs the various relationships among the critical factors of crisis management from a stakeholder perspective in…

2668

Abstract

Purpose

This study aims to develop a holistic and dynamic model that governs the various relationships among the critical factors of crisis management from a stakeholder perspective in the context of China’s COVID-19 epidemic outbreak.

Design/methodology/approach

Data were collected from 731 textual sources, and the text mining technique identified the themes of a holistic crisis management model. Then, content analysis was applied to reveal in-depth insights into the themes.

Findings

From a stakeholder perspective, the model comprises six elements: political environment, economic environment, technology, social environment, health and science and international relationships, which relate significantly to four procedural actions: prevention, response, recovery and adaptation. The overlapping stages and situational dynamic mechanisms of the process are another two new major findings of this study; learning and preparing are threaded throughout the whole dynamic process.

Practical implications

Hospitality stakeholders are advised to collaborate under the guidance of the dynamic crisis management model and adopt high-technology tools for the industry’s recovery management. Developing a new business model and marketing strategy is a useful approach to face similar crisis management challenges in the future.

Originality/value

This paper fills an existing research gap by presenting a health-related crisis management model that can be used to evaluate the dynamic process of collaborations among stakeholders in coping with external challenges forced upon the hospitality industry.

利益相关者视角下的危机管理动态模型:以covid-19在中国的发展为例

目的

本研究以中国新冠肺炎疫情为背景, 从利益相关者的角度构建危机管理关键因素之间各种关系的整体动态模型。

设计/方式/方法

本研究从731个文本来源收集定量数据, 并通过文本挖掘技术识别危机管理模型的构成要素,并运用内容分析对构成要素进行深入剖析。

发现

从利益相关者的角度来看, 该模型包括六个要素:政治环境、经济环境、技术、社会环境, 健康科学和国际关系。这些要素与预防、反馈、恢复和适应这四项运行程序密切相关。本研究的两大发现是防疫机制的动态机制和重叠特性, 学习和预备贯穿于疫情防控的整个动态过程。

实践意义

酒店利益相关者应在动态危机管理模型的指导下进行合作, 并运用高科技进行行业复苏管理。此外, 开发新的商业模式和营销策略也是面对新的外部环境的有效途径。

创新/价值

本文通过提出一个健康相关的危机管理模型来填补现有研究的空白, 该模型可用于评估酒店行业外部环境中利益相关者之间的动态合作过程。

Objetivo

En este estudio se recogieron datos cuantitativos de 731 fuentes textuales, se identificaron los elementos constitutivos del modelo de gestión de crisis a través de la minería textual y se analizaron en profundidad los elementos constitutivos mediante el análisis de contenido.

Diseño/método/enfoque

este estudio utiliza una combinación de minería de texto y análisis de contenido para explorar el manejo de crisis del brote de covid-19 en el sector turístico y hotelero de China. En primer lugar, se recogieron datos cuantitativos de 731 fuentes textuales y se identificaron los elementos constitutivos del modelo de gestión de crisis a través de la minería textual. En segundo lugar, se utiliza el análisis de contenido para analizar en profundidad los elementos constitutivos y, sobre la base de UN análisis de datos exhaustivo y una revisión de la literatura, se llega a UN marco teórico para el manejo de crisis.

Encontró

Desde el punto de vista de las partes interesadas, el modelo consta de seis elementos: el entorno político, el entorno económico, el entorno tecnológico, el entorno social, la ciencia de la salud y las relaciones internacionales. Estos elementos están estrechamente relacionados con los cuatro procedimientos operativos: prevención, retroalimentación, recuperación y adaptación. Los dos principales hallazgos de este estudio son los mecanismos dinámicos y las características de superposición de los mecanismos de prevención de epidemias, y el aprendizaje y la preparación a lo largo de todo el proceso dinámico de prevención y control de brotes.

Significado práctico

las partes interesadas del sector hotelero deben colaborar bajo la guía de UN modelo dinámico de gestión de crisis y utilizar la alta tecnología para la gestión de la recuperación del sector. Además, el desarrollo de nuevos modelos de negocio y estrategias de marketing es también una forma eficaz de afrontar el nuevo entorno externo.

Originalidad/valor

este artículo colma las lagunas de la investigación existente proponiendo UN modelo de gestión de crisis relacionadas con la salud que pueda ser utilizado para evaluar procesos dinámicos de colaboración entre los interesados en el entorno externo del sector hotelero.

Article
Publication date: 3 February 2022

Ozgur Ozdemir and Ezgi Erkmen

The purpose of this study is to investigate the link between top management team (TMT) gender diversity and firm risk-taking in hospitality companies. The study also links female…

1511

Abstract

Purpose

The purpose of this study is to investigate the link between top management team (TMT) gender diversity and firm risk-taking in hospitality companies. The study also links female leadership to risk-taking. Finally, this study examines the moderating effects of TMT incentive pay and TMT age on the relationship between TMT gender diversity and firm risk-taking.

Design/methodology/approach

This study uses an unbalanced data set of 81 hospitality firms and 888 firm-year observations over the period of 1992–2020. The study uses fixed-effects regression estimation for primary analyses and addresses potential endogeneity concerns via two-stage least square regression with firm fixed-effects instrumental variable regression. Risk-taking is measured by total firm risk (i.e. the annualized volatility of daily stock returns). Main results are supported with alternative measures of firm risk and estimation methods.

Findings

The study finds that increasing TMT gender diversity leads to a reduction in firm risk-taking in the hospitality industry. Moreover, the study finds that hospitality firms led by a female CEO experience lower firm risk compared to firms led by a male CEO. Finally, the study finds evidence that the relationship between TMT gender diversity and firm risk is contingent on the level of incentive pay awarded to TMT members and the age of TMT members. Increasing incentive pay and aging executive teams decrease the risk reduction effect of TMT gender diversity.

Practical implications

The findings of this study recommend that firm risk-taking in the hospitality industry is related to gender diversity in TMTs. Hence, the board of directors should pay attention to gender composition for executive positions for risk management. Moreover, the results also suggest that care should be exercised when using incentive pay to align the interests of managers and shareholders. Finally, the board of directors needs to consider both gender diversity and age of the TMT members for TMT composition to manage executives’ risk-taking behavior.

Originality/value

This study fills a research gap in the hospitality literature by providing empirical evidence for the link between TMT gender diversity and firm risk-taking. Additionally, the study introduces incentive pay and age of TMT as contingency factors for the link between TMT gender diversity and firm risk-taking.

Details

International Journal of Contemporary Hospitality Management, vol. 34 no. 5
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 11 October 2018

Ruggero Sainaghi, Rodolfo Baggio, Paul Phillips and Aurelio G. Mauri

This paper aims to provide a review of hotel performance within the hospitality and tourism research domain. The authors use network analysis to examine two research questions…

1449

Abstract

Purpose

This paper aims to provide a review of hotel performance within the hospitality and tourism research domain. The authors use network analysis to examine two research questions. The first relates to ascertaining general trends within the hotel performance literature, and the second focuses on identifying the salient streams and sub-topics.

Design/methodology/approach

Articles were selected according to three criteria: keywords, journals and year of publication. The analysis embraces 20 years (1996-2015). These choices assure a wide coverage of the literature. Using these three criteria, the sample includes 1,155 papers. For the analysis, the authors created a network of papers designated as nodes, and the citations among the papers as links. A network approach recognizes the internal structure of the network by identifying groups of nodes (papers) that are more densely connected between themselves than to other nodes within the network (modules, clusters or communities).

Findings

The authors found 761 papers that were “connected” studies within the network. By contrast, 34 per cent of the sample (394 papers) consists of “unconnected” studies. Excluding outliers, the net sample was 734 articles. The authors identify 14 clusters, which they break down into several sub-topics. The authors conclude by providing some conclusions regarding trends and future research directions. With regards to salient topics, cross-citation and network analysis provide a detailed picture of where the literature comes from and where it currently stands. Conclusions are articulated at the theoretical and empirical levels.

Originality/value

Compared with previous hotel performance reviews, the approach followed by this study enables the discovery of an analytical research map, which is able to identify both clusters and sub-topics populating each segment. Researchers are able to position their work and identify issues that are in growth and decline.

Details

International Journal of Contemporary Hospitality Management, vol. 32 no. 2
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 27 January 2023

Ozgur Ozdemir, Tarik Dogru, Murat Kizildag and Ezgi Erkmen

This study aims to critically review the emerging technological developments and digitalization efforts in the hospitality and tourism (HT) industry and discuss the implications…

2691

Abstract

Purpose

This study aims to critically review the emerging technological developments and digitalization efforts in the hospitality and tourism (HT) industry and discuss the implications of digitalization on various stakeholders (e.g. consumers, employees, companies and operators) with reference to value creation.

Design/methodology/approach

This paper is a conceptual, critical reflection paper. Thus, the study reflects the authors’ assessment and reflection of the current digitalization efforts in the HT industry with a particular interest in value creation.

Findings

The study suggests that digitalization is still in its infancy state in terms of adoption and value creation in the HT industry. Yet, there are various opportunities for all stakeholders to benefit from existing and emerging digitalization applications.

Practical implications

This study can be used by industry professionals and scholarly researchers as a reflection of past and current digitalization efforts in the HT industry. Moreover, the study offers directions regarding the future digitalization movement in the HT industry and how such a movement might create important value propositions for various stakeholders.

Originality/value

The study is uniquely positioned as a critical reflection paper on the digitalization effort of the HT industry and offers new practical insights regarding how digitalization could create value for industry stakeholders as it finds more application areas. In this regard, it differs from prior review studies that focused solely on the use of new and emerging technologies in HT operations.

Details

International Journal of Contemporary Hospitality Management, vol. 35 no. 9
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 16 October 2019

Murat Kizildag, Tarik Dogru, Tingting (Christina) Zhang, Makarand Amrish Mody, Mehmet Altin, Ahmet Bulent Ozturk and Ozgur Ozdemir

The purpose of this paper is to introduce and explore blockchain technology and its potential implementation to hospitality and tourism firms’ wide range of business operations…

3371

Abstract

Purpose

The purpose of this paper is to introduce and explore blockchain technology and its potential implementation to hospitality and tourism firms’ wide range of business operations and transactions from a technological and functional point of view. This study’s central interest is to produce novel and rigorous in-depth-review analysis and foundations for a broad discussion and outlook on the potential applications of blockchain technology benefiting hospitality and tourism research, as well as the industry as a whole.

Design/methodology/approach

This study identifies and proposes several potential areas of the adoption and implementation of blockchain technology to the hospitality and tourism industry, including payment and cryptocurrencies, tracking and service customization, the disintermediation of hospitality and tourism, innovative loyalty programs, smart contracts, integrated property management systems, verified rating and review systems, collaborative initiatives and due diligence and smart tourism, each of which represents fertile avenues for future research.

Findings

This paper provides extensive critical discussions, reviews and answers to a fundamental question: “What critical functions of Blockchain mechanisms can be implemented to the existing core operational (i.e. booking and reservation systems, guest management, etc.) and business functions (i.e. loyalty/reward programs, agent transactions, etc.) of hospitality and tourism companies?”.

Research limitations/implications

Future studies should specifically delve further into various angles of this “BizTech” environment based not only on business operations and competition but also on vendor and customer collaboration.

Practical implications

This study intends to serve as a guidance for future research, facilitate knowledge accumulation and create a new understanding and awareness in both practice and academia. One of the most important applications of blockchain in this industry would be that pertaining to direct booking, online reservation systems (i.e. airlines and online travel agencies) and check-in/out with digital identities. With industry-wide blockchain adoption, guests’ personal information can be digitally validated, saved and secured as previously established cryptographically secured codes verify one’s identity without disclosing essential personal information.

Originality/value

It is obvious that the hospitality and tourism industry needs urgent technological transformation, industrial innovations and new growth avenues such as the adoption of blockchain technology and systems to maintain its global market share in the future. Therefore, the implementation of blockchain systems can promote the formation of multi-center (i.e. guest operations and customer service), weakly intermediated (i.e. loyalty programs and/or review and rating systems) areas in this industry.

Details

International Journal of Contemporary Hospitality Management, vol. 32 no. 3
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 22 September 2008

Hyung‐Il Jung

The purpose of this paper is to propose a simple framework to help practitioners to analyze and evaluate their performance more accurately and easily from the perspective of value…

6688

Abstract

Purpose

The purpose of this paper is to propose a simple framework to help practitioners to analyze and evaluate their performance more accurately and easily from the perspective of value adding concept.

Design/methodology/approach

The proposed framework separates management and operations into two different functions in the flows of capital investment and return. This paper suggests the application of the concept of Du Pont ratio (disaggregation of return on asset) for operators to address their true value driver along with the use of the weighted average cost of capital (WACC) as the benchmark for performance.

Findings

The paper stretches the concept of economic value added into two different tiers of a business organization – operations and top management. This framework can be institutionalized to evaluate operations and management more effectively from two different business dimensions – ROS and asset turnover. Industry practitioners can adopt the concept and develop it further accommodating their unique business situations. Multi‐unit operators can put the performance records of individual units this way for further analysis and improvement. At the same time, the entire company's performance can be put into two different dimensions for more effective analysis – operations and top management.

Research limitations/implications

As a conceptual paper that proposes a framework, this paper does not provide empirical data analysis. However, the framework is designed using a set of simple financial ratios that are commonly used in the industry.

Practical implications

As a generic framework, all segments of the hospitality industry can adopt this approach to evaluate their performance. The range of application can cover from individual units to an entire corporation.

Originality/value

This paper suggests specific application of financial ratios to separately evaluate the performance of operations and top management by proposing the use of WACC as a benchmark.

Details

International Journal of Contemporary Hospitality Management, vol. 20 no. 6
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 27 June 2022

Swagata Ghosh and Mousumi Bhattacharya

The Indian hospitality and tourism industries, major economic growth drivers and employment generators, have been greatly affected by the outbreak of the COVID-19 pandemic. In FY…

1635

Abstract

Purpose

The Indian hospitality and tourism industries, major economic growth drivers and employment generators, have been greatly affected by the outbreak of the COVID-19 pandemic. In FY 2020, the Indian tourism sector created 39 million jobs and contributed nearly US$194.3bn, or 6.8%, to India’s gross domestic product. The purpose of this study is to focus on ranking 22 listed hotels and 9 listed travel agencies in India based on their performance across 14 selected financial parameters in both the pre-COVID-19 year ending in March 2019 and the post-COVID-19 year ending in March 2021 to understand how the pandemic affected their businesses.

Design/methodology/approach

This research proposes to analyze the impact of the COVID-19 pandemic on the financial performance of 22 listed Indian hotels and 9 listed travel agencies evaluated over 14 financial parameters using a pipeline of two recently developed multicriteria decision-making techniques, method based on the removal effects of criteria (MEREC) and grey-based combined compromised solution (CoCoSo). First, the criteria weights are objectively determined using MEREC, and then the financial performances of the selected companies in both the hospitality and tourism industries are separately assessed using CoCoSo to get their overall performance score, based on which the companies are ranked in order of preference.

Findings

It was observed that Westlife Development, Lemon Tree Hotels, Indian Tourism Development Corporation, Royal Orchid and Country Club performed significantly poorer than their peers in the aftermath of the pandemic, whereas EIH, Advani Hotels and Resorts and TGB Banquets performed relatively better. Travel agencies Easy Trip and International Travel House performed particularly poorly because of the pandemic, but VMV Holidays performed relatively better in FY 2021.

Practical implications

The findings of the analysis will aid portfolio construction, corporate investment decisions, competition research, government policymaking and industrial analysis.

Originality/value

The proposed model is novel because it fills the research gap in the application of the integrated MEREC–CoCoSo method to study the impact of COVID-19 on the hospitality and tourism sectors in India.

Details

International Journal of Contemporary Hospitality Management, vol. 34 no. 8
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 1 February 2003

Cathy Burgess

Research into the careers and salaries of financial controllers in the hospitality industry has shown continuing discrepancies between men and women. Analysis of the results of a…

4769

Abstract

Research into the careers and salaries of financial controllers in the hospitality industry has shown continuing discrepancies between men and women. Analysis of the results of a survey indicates that the assumption that differentials are based purely on gender are somewhat simplistic and that it is in the nature of the work that men and women perform that the real reasons emerge. Women and men appear in general to undertake different types of job within hospitality financial management, those with higher status and hence pay being more likely to be held by men. Occupational segregation and educational level emerge as being major factors although ongoing social attitudes towards women’s employment have limited their progress. It is essential for these attitudes to change if the hospitality industry is to optimise the use of all skilled and trained financial managers to the benefit of the business.

Details

Women in Management Review, vol. 18 no. 1/2
Type: Research Article
ISSN: 0964-9425

Keywords

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