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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.

The purpose of this research is to provide a critical review of the intellectual capital (IC) research in hospitality and tourism (HT) literature.

This study uses 141 research papers published on IC in HT between 2003 and 2021 to offer the findings of a systematic review of publications that cover the issue of IC as a holistic concept, rather than just a component of it, within the sector.

The progress on the topic is addressed. The authors' findings also reveal the related research productivity, main themes compared to other service sectors and methodologies applied in the knowledge field. In order to provide a tangible structure in the field, a research agenda is offered.

This study analyzed the development of IC research in the HT literature by focusing on journal articles in the Scopus database. The findings could aid researchers in (re)designing their study goals so they may add to both general IC literature and literature related to HT.

A strong positive relationship between IC and HT organizations’ performance has been demonstrated, but no study has previously mapped the research constituents of publications in IC research. To contribute to the endeavor of knowledge consolidation on this subject, the authors' paper covers the research that has been done so far on the under-researched issue of IC in HT from a new perspective.

Although event industry employees are predominantly female, there is a critical scarcity of women in leadership roles. Like other industries worldwide, women in the events industry experience several barriers to leadership roles. The unique characteristics of the events industry exacerbate these barriers and have led to more women leaving the company or even the industry. This study aims to investigate the impact of leadership barriers, including the perception of a glass ceiling and the importance of leadership skills in promotion decisions on career satisfaction, work-family conflict and turnover intention of employees in the events industry.

Data was collected from members of an international event association, and 427 responses were analyzed using partial least squares structural equation modeling.

Findings suggested the perception of a glass ceiling and the importance of leadership skills in promotion can impact career satisfaction, work-family conflict and turnover intention of employees in the events industry.

This study extends the scope of research on leadership barriers beyond assessing their causes by analyzing their outcomes in the event industry. To the best of the authors’ knowledge, this study is one of the first in event research and the broader hospitality industry to consider the perceptions of male and female employees regarding leadership barriers by using a foundation of the social role theory.

The aim of this study is to examine the ownership impact on firm sustainable investments (FSIs). In particular, this research examines the link between institutional investor ownership (IIO), managerial ownership (MOWN) and FSIs in the tourism industry in Malaysia.

This study uses a data set of 346 firm-year observations from 2008 to 2020 and applies feasible generalized least squares (FGLS) regression analysis. The study sample is based on tourism firms listed on Bursa Malaysia (the Malaysian Stock Exchange).

There is a significant positive association between IIO and FSIs. When IIO is classified into foreign (FIIO) and local (LIIO), this significant association is mainly driven by FIIO. In addition, there is a significant, positive association between managerial ownership (MOWN) and firm sustainable investments (FSIs). These findings imply that firm ownership has an influence on FSIs in the tourism industry.

This is the first attempt to consider IIO and MOWN simultaneously in a single model estimation. The findings contribute to emerging capital markets where the involvement of ownership concentration in the governance of publicly listed firms is a common practice.

The purpose of this study synthesises the body of research revolving around blockchain technology (BCT) whilst drawing on the technology-organization-environment framework, resource-based theory and theory of constraints, to conceptualize capabilities (enablers) and constraints (barriers) of BCT in the hospitality and tourism (H&T) industry.

A systematic literature review of BCT in the hotel and tourism industry has been achieved through two databases, i.e. Scopus and Web of Science. From 544 articles selected between the years 2008 and 2023 (first quarter), a sample of 49 articles was used to structure existing research on this subject.

The findings of this systematic literature review of BCT in the H&T literature establish a solid groundwork for assessing the evolution of this research area over time. Findings are classified into two groups: capabilities (enablers) and constraints (barriers) of BCT based on publication year, different research methods, theoretical underpinnings and applicable contexts.

To the best of the authors’ knowledge, this is one of the first attempts to synthesize studies related to BCT in H&T research by combining three theoretical approaches. It serves as a foundation to evaluate the development of BCT studies in this field.

The study investigates the linkage between personality traits and firm performance. It examines the role of the pursuit of excellence, perseverance, a proactive mindset and formal education in determining the entrepreneurial success of MSMEs.

Data were collected from 432 MSME entrepreneurs using a structured questionnaire from India's two major industrial towns to analyze the impact of personality traits on firm performance. Structural equation modeling (SEM) was employed to assess the direct and indirect relationships with the help of mediation analysis.

The findings assert that personality traits improve firm performance and determine the success of MSMEs. The results reveal that the need for achievement, a proactive mindset and the pursuit of excellence are crucial to firm performance. In addition, formal education mediates between perseverance and the pursuit of excellence personality attributes on the one side and firm performance on the other.

The research has various theoretical and practical implications for entrepreneurs, financial institutions and policymakers. The results could be productively used to nurture the entrepreneurial ecosystem in India.

Although research on personality traits as a driver of firm performance is growing, the pursuit of excellence, perseverance and proactive mindset attributes as enablers of firm performance have not garnered much attention. The study presents a precise conceptual model by integrating the aforementioned dimensions in the backdrop of an emerging market.

The outbreak of the coronavirus pandemic (COVID-19) has severely disrupted businesses around the world. To address the impact of operational and strategic business disruptions, this paper contributes to the practice of a firm's management in terms of identifying the determinants of organizational resilience (OR) and creating a hierarchical model of the potential sources of a firm's adaptive capability.

A novel research framework integrating Pareto analysis, grey theory and total interpretive structural modeling (TISM) has been applied to, first, identify the sources of a company's resilience and, second, to determine contextual relations among these sources of OR.

The findings of the survey highlight three primary sources that allow companies to build companies' resilience: access to financial resources, digitization level and supply chain (SC) collaboration. The authors' model shows that resilience cannot be viewed as a particular feature but rather as a dynamic intertwined network of different co-dependent sources.

The proposed hierarchical model indicates that the most crucial sources of company's resilience in the recent pandemic are access to financial resources, digitization level and SC collaboration.

The study takes an original investigation on cognitive grounds, touching on the problem of firms' resilience to the unique nature of the crisis caused by the COVID-19 pandemic. The study also represents one of the few attempts to use integrated Pareto analysis, grey theory and TISM to examine this critical area of firm management.

This study aims to present the financial performance of companies and investment areas in the real estate investment trust (REIT) industry.

A fuzzy model for financial performance measurement (FM-FPM) was proposed through the collaboration of fuzzy axiomatic design (FAD) and fuzzy entropy weighting (FEW). For the data, financial ratios were used, and their importance and functional requirements were collected via a questionnaire survey.

The FM-FPM is a beneficial model to be used for a REIT industry based on the structured procedures of FAD and FEW techniques. It can be suitable to regularly evaluate the performance of REITs and their investment areas in financial means, especially in today’s turbulent business environment. The Turkish market that was considered to show the practical applicability of the FM-FPM demonstrated specifically that diversified real estate was found to rank first, followed by mixed-buildings, warehouses, shopping malls and hotels, respectively.

The FM-FPM can be employed for REIT industries in other countries and adapted to different industries. However, more respondents or a different set of criteria might lead to different outputs.

The FM-FPM may guide REIT managers and investors while making their decisions and controlling the performance of REITs and investment areas.

The FM-FPM may encourage low- and middle-income investors to make good use of their savings.

The research is first (1) to offer a FPM model in order to determine investable areas in a REIT industry and (2) to employ multiple criteria decision-making tools in order to measure the financial performance of individual companies and investment areas in a REIT industry.

This study aims to examine the effect of corporate derivatives use on firm value and how the corporate governance index modifies this relationship.

The sample consists of 219 nonfinancial firms on the Pakistan Stock Exchange (PSX) from 2011 to 2019. The study used ordinary least square regression with year and industry dummies for estimations. Multiple estimation models such as fixed/random effect, Fama–MacBeth and two-stage least squares (2SLS) are used for robustness. Finally, the PROCESS macro tool is used to estimate the effect of moderating the role of corporate governance (CG) as robustness.

The findings show that derivatives use has an inverse influence on firm value. The firms did not use derivatives as a risk management tool but for speculation motives. However, the corporate governance index significantly weakens this relationship. However, strong governance forces the managers to use derivatives for hedging purposes. The firm-specific factors, including size, age, leverage, cash, financial distress cost, dividend and growth opportunities, also significantly influence firm value. The findings are robust to the other estimation models.

The findings indicate that emerging economies like Pakistan are more prone to agency problems. The strong corporate governance structure helps firms turn the speculative motive of derivatives use into hedging purposes and mitigate the agency issues.

This empirical evidence suggests that good governance structures can help improve the impact of derivative usage on firm value.

To the best of the author's knowledge, this is the first study that examines the conditional role of corporate governance on the derivatives–value relationship from the viewpoint of agency problem/speculative motive.

This paper aims to bridge the extended reality framework and the luxury hospitality literature by providing insights into how immersive technologies using artificial intelligence (AI) can shape luxury value and consumer differentiation.

The authors conducted three experimental studies comparing immersive AI versus traditional hospitality across luxury contexts (hotels, restaurants and spas). Study 1 investigates the effect of immersive AI (vs traditional hospitality) on customers’ behavioral intentions and the need for differentiation using virtual-assisted reality. Study 2 tests the underlying mechanism of the need for differentiation and luxury value in an augmented reality context. Study 3 provides additional support for the proposed underlying mechanism using virtual-assisted reality in luxury hospitality.

The findings reveal that immersive AI (vs traditional) luxury hospitality reduces customers’ behavioral intentions of using such services and perceived luxury value. Moreover, the findings indicate that the intention to use immersive AI (vs traditional) luxury hospitality services is contingent upon customers’ need for differentiation.

The findings have important theoretical and managerial implications for immersive technologies in luxury hospitality. They shed light on the dynamics between integrating immersive AI into luxury hospitality and its impact on customers’ differentiation motives and perceived luxury value. The findings reveal the detrimental effect of using immersive AI (vs traditional hospitality) within this context.