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This paper investigates how a firm's status moderates the performance of its investment portfolio diversification strategy. We combine the investment diversification literature with the organizational status theory, arguing that status would weaken the benefits of a specialist strategy in their niche industry of investments while strengthening the positive consequences of a generalist strategy across various industries.

We collected our data using the Securities Data Company (SDC) Platinum VentureXpert database. A fixed-effects spline regression analysis for 2,201 US venture capital firms between 1969 and 2016 was used to test for a nonlinear relationship between the level of portfolio diversification and firm performance.

We found that status differences exist in the performance of a specialist strategy but not in that of a generalist strategy. Our results indicate that portfolio specialization in fewer number of industries has little impact on low-status firms, whereas high-status firms suffer significantly lower IPO success rates. In contrast, above-median portfolio diversification was found to be beneficial to both high- and low-status firms.

We specifically identify the impact of status on the performance of investment diversification strategies, an area of research which has received little attention. Further, our findings provide some practical implications for managers making investment decisions between specialist and generalist investment strategies, given their status within the market. Implications for understanding the roles of firm status in portfolio diversification strategies are discussed.

This paper aims to explore the underlying structure of wellness in upper-upscale and luxury hotels and the roles wellness attributes play in customer satisfaction and dissatisfaction.

This study uses a mixed methods approach consisting of content analysis and social media analytics. In Study 1, the authors integrate and review the structure of wellness attributes by conducting a literature review on prior research on wellness and analyzing websites of upper-upscale and luxury hotels. In Study 2, the authors implement text analytics and regression analysis to determine the roles of wellness attributes in customer satisfaction and dissatisfaction by examining the final data gathered from 141,973 reviews of 226 upper-upscale and luxury hotels in NYC.

This research introduces the underlying structure of wellness in the upper-upscale and luxury hotels. Findings demonstrate a significant relationship between wellness attributes and customer satisfaction/dissatisfaction. This study shows each wellness attribute’s specific roles in customer satisfaction and dissatisfaction through the Kano model.

The current study extends the research on wellness by discovering the underlying structure of wellness in the upper-upscale and luxury hotels. Based on the Kano Model, the study reveals specific roles of wellness attributes regarding their dichotomous impact on customer satisfaction and dissatisfaction. The study makes a novel approach to the topic of wellness through a mixed methods approach consisted of content analysis and social media analytics. Analyzing online customer reviews derived from TripAdvisor.com, the study provides an in-depth insight and understanding of customers’ perceptions of wellness attributes.

The study guides hotel operators to perform wellness attributes by defining the unique roles of wellness attributes in customer satisfaction and dissatisfaction. Using the findings of the current study, hotel operators can prioritize wellness attributes regarding their core strategies and provide satisfying wellness attributes to customers.

Prior research merely focuses on hotels in wellness destinations or wellness-focused hotels with a lack of research on wellness offered in the general lodging industry. This research fills the gap by discovering the underlying wellness structure embedded in the general lodging industry, specifically in the upper-upscale and luxury hotels.