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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…

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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: 24 November 2022

Murat Kizildag, Jeffrey Thomas Weinland and Ilhan Demirer

The main stance of this paper is to draw an authentic and rigorous outlook in terms of the financial and operational performance of small lodging establishments (SLEs) and put…

Abstract

Purpose

The main stance of this paper is to draw an authentic and rigorous outlook in terms of the financial and operational performance of small lodging establishments (SLEs) and put forth achievable and practical economic solutions that demonstrate the relative effectiveness of the adopted measures. This paper also suggests practical solutions to help minimize SLEs' financial vulnerability to long-term crisis and to boost their resilience with relative measures by applying recovery revival strategies for this particular segment of the lodging industry.

Design/methodology/approach

The authors have picked a locally owned resort hotel in Central Florida area and structured a real-life, case study-based inductive approach that is purposeful and offers rich economic outlook and analysis for the entire lodging industry, especially for the resort-hotel type of accommodation facilities. The main reason for why they only focus on one company is that they can fully understand the financial effects of COVID-19 on resort type of hotels and layout countering strategies. To achieve paper objectives, they have implemented cost–benefit (C–B), break-even (B-E) analyses along with a sensitivity testing approach.

Findings

The most striking result was that during the state-mandated shutdown period in 2020, overhead and overall operational costs associated with room sales and revenues were very high during this period that shrank the contribution margin ratio for rooms CMRw (room) and eventually yielded high sales volumes to be achieved at the B-E points vs lower sales volumes with almost the same average daily rate (ADR) levels needed for the B-E levels.

Research limitations/implications

Future studies should specifically delve further into a portfolio of SLEs in the region or state or nation wise because the units comprising the SLEs might be too small to muster the changes required to bounce forward for the entire lodging industry in the world.

Practical implications

The resort's revenue re-optimization focus should center on financial re-benchmarking and business re-viability stress under different levels of shock scenarios. According to the different scenarios and calibrations for the ADRs, room nights, net present values (NPVs) of cash flows and profit margins derived from our main analyses, minimizing expenses and preserving cash would be the best key strategy for financial recovery during an ongoing COVID-19 pandemic.

Originality/value

It is obvious that the lodging, hospitality and tourism industry are the hardest-hit industries by the harsh and adverse effects of COVID-19. The effects of pandemic are differently shaped on operations in different industries and subsectors. Therefore, the operational and financial evaluation for the SLEs as the core and a catalyst in the entire lodging industry can shed a light on the strategic financial recovery procedures with broadly applicable real-life and endogenous capabilities and reasoning.

Details

Journal of Hospitality and Tourism Insights, vol. 6 no. 5
Type: Research Article
ISSN: 2514-9792

Keywords

Article
Publication date: 28 March 2018

Tarik Dogru, Aysa Erdogan and Murat Kizildag

The purpose of this paper is to measure and observe stock market and investor reactions (benchmark adjusted cumulative abnormal returns (CARs)) to the announcement of Marriott’s…

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Abstract

Purpose

The purpose of this paper is to measure and observe stock market and investor reactions (benchmark adjusted cumulative abnormal returns (CARs)) to the announcement of Marriott’s acquisition of Starwood and related merger and acquisition (M&A) news and related activities over a two-year period.

Design/methodology/approach

Empirical models and quantifications were developed and tested through event study analysis to test the Marriot-Starwood M&A news and related activities and to observe the abnormal stock return patterns. Several data sources were employed including Factiva by Dow Jones, Wall Street Newspaper, CRSP/COMPUSTAT merged files, and ValueLine Research.

Findings

This paper provides financial insights and outcomes of pre-, during, and post-Marriot-Starwood merger. While equity returns to Starwood were mostly flat, Marriott experienced negative returns around the acquisition announcement and anytime a news article appears following the announcement. However, performance proxies showed that Marriott’s shareholders gained superior buy and hold returns following the acquisition in the long run.

Research limitations/implications

Short-term event study methodology might be less than perfect in examining the stock returns to acquisitions. Therefore, future research is encouraged to test and observe Marriot-Starwood merger using longer time periods with predictive analysis to check the further usability of the results.

Practical implications

The study’s findings practically signal that overreaction in the short term is followed by a correction with an improvement in returns and sales performance of Marriot. In the majority of the acquisitions, integration process is not planned until after the acquisition announcement or the deal completion.

Originality/value

This paper contributes to the existing literature by demonstrating the financial issues, challenges, and outcomes of the biggest merger in the history of the global lodging industry.

Details

Journal of Hospitality and Tourism Insights, vol. 1 no. 2
Type: Research Article
ISSN: 2514-9792

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…

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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: 13 March 2017

Murat Kizildag, Mehmet Altin, Ozgur Ozdemir and Ilhan Demirer

This paper aims to understand the emergence, the revolution and the relevant knowledge of academic research concentrating on social media (SM) and hospitality and tourism firms’…

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Abstract

Purpose

This paper aims to understand the emergence, the revolution and the relevant knowledge of academic research concentrating on social media (SM) and hospitality and tourism firms’ financial performance. The authors not only identified the gaps and critical issues in research but also re-conceptualized profound directions for the future research in technology and finance in the hospitality and tourism field.

Design/methodology/approach

This study adopted an in-depth review analysis to investigate and review previous scholarly papers published in hospitality, tourism and hospitality and tourism journals from January 2011 to the present. The authors thoroughly analyzed and reviewed peer-reviewed/refereed, blind-reviewed, full-length published articles and working papers within SM and hospitality firms’ financial performance. Editor notes, prefaces, research notes, industry articles, internet publications, conference preceding, books and book chapters were excluded.

Findings

Having examined the empirical content of 26 peer-reviewed scholarly articles, the authors clearly observed that none of the papers went beyond analyzing the effect of SM on hotels’ revenue per available room, revenues, net profit, average daily rate, occupancy rates, net operating income, etc., and all papers ignored the analysis of many critical financial proxies.

Research limitations/implications

This critique and review paper is limited to the relationship between SM and firms’ financial performance within the hospitality and tourism context.

Practical implications

This review provides a blueprint to guide future research, facilitate knowledge accumulation and create a new understanding and awareness in practice as well as SM and financial performance research.

Social implications

This paper complements and adds to previous work by demonstrating various aspects, evidences, findings and inferences regarding the association between online SM platforms and firms’ financial performance and by proposing rigorous abstract and specific future extensions to both practice and discipline-specific knowledge.

Originality/value

There is an absence of the most updated review study of published papers on SM and hospitality and tourism firms’ financial performance. Although how SM contributes to firms’ financial performance is clear to academicians and industry professionals, no solid consensus or theoretical certainty about what the authors know and do not know has been achieved.

Details

Journal of Hospitality and Tourism Technology, vol. 8 no. 1
Type: Research Article
ISSN: 1757-9880

Keywords

Article
Publication date: 28 August 2018

Tingting Zhang, Can Lu and Murat Kizildag

This paper aims to examine consumers’ adoption of mobile technology to facilitate their banking services and activities, and to investigate the factors influencing their adoption…

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Abstract

Purpose

This paper aims to examine consumers’ adoption of mobile technology to facilitate their banking services and activities, and to investigate the factors influencing their adoption and engagement.

Design/methodology/approach

An online survey is used to test proposed relationships between factors and consumers’ mobile banking adoption. Structural equation modeling is performed to analyze consumers’ intentions toward mobile banking.

Findings

Traditional technology acceptance model factors – perceived usefulness and perceived ease of use – are identified as effective factors in influencing consumers to adopt mobile technology for facilitating banking services. Moreover, technology safety concerns, including reliability and privacy factors, are found to play an important role in motivating consumers to embrace mobile banking. The “fun” feature of the technology and consumers’ innovativeness characteristics are considered important in influencing mobile banking adoption. Trust in the banks has its predominant role in mobile technology adoption for banking services.

Practical implications

A bank gaining trust from its clients is key to active adoption of mobile banking technology. Bankers are advised to pay more attention to reliability and privacy features when designing and promoting mobile banking technology to consumers. Moreover, advertisements to bank clients should stress the “fun” aspects of the mobile banking apps to attract them to the use of mobile banking technology.

Originality/value

This paper investigates the factors influencing bank consumers to adopting mobile banking apps to facilitate their banking services. Nine key factors in the technology adoption area are examined to provide a comprehensive understanding of bank clients’ use of mobile banking apps, which advances the understanding of mobile technology applied in the banking industry in the literature.

Details

International Journal of Quality and Service Sciences, vol. 10 no. 3
Type: Research Article
ISSN: 1756-669X

Keywords

Article
Publication date: 9 October 2017

Ozgur Ozdemir and Murat Kizildag

This paper has two main purposes. First, this paper aims to examine whether pre-initial public offering (IPO) franchising activity of issuing firms is priced in the financial…

Abstract

Purpose

This paper has two main purposes. First, this paper aims to examine whether pre-initial public offering (IPO) franchising activity of issuing firms is priced in the financial markets and results in pricing differential between franchising and non-franchising firms at the time of IPO. Second, the paper aims to find out whether firms with pre-IPO franchising achieve better post-IPO stock performance compared to non-franchising firms.

Design/methodology/approach

To test research hypotheses, empirical models were developed and tested through ordinary least square regression analysis. Several data sources were used including Thomson One Banker’s SDC database, Compustat/CRSP and IPO prospectuses.

Findings

The paper provides further insights to the underpricing phenomenon surrounding IPOs and long-run performance of IPO shares subsequent to listing. Particularly, the study reveals that franchising firms underprice their issues to a higher degree compared to non-franchising firms, and franchising positively affects the post-IPO benchmark adjusted cumulative abnormal returns (CARs) over a three-year observation period.

Research limitations/implications

Because the study tests the proposed hypotheses using data only from the restaurant industry, the research results may lack generalizability. Therefore, researchers are encouraged to test similar hypotheses using larger sample sizes from other industries.

Practical implications

The study’s findings have important implications both for IPO issuers in positioning their offering and for IPO investors in comparing IPO stocks and forming long-run portfolios.

Originality/value

This paper contributes both to the IPO and franchising literatures by providing primary insights about how investors perceive pre-IPO franchising and incorporate their perception into their pricing at an IPO.

Details

International Journal of Contemporary Hospitality Management, vol. 29 no. 10
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 9 November 2015

Murat Kizildag

This paper aims to seek answers to a primary question: “How much do divergent leverage factors account for fluctuations in time-varying financial leverage in leading hospitality…

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Abstract

Purpose

This paper aims to seek answers to a primary question: “How much do divergent leverage factors account for fluctuations in time-varying financial leverage in leading hospitality sub-sectors decomposed by four exclusive sub-portfolios?” In the path of seeking answers, this paper investigated the effects of both firm-specific and macroeconomic indicators to firms’ varying financial leverage in those primary sub-sectors overtime.

Design/methodology/approach

In each sub-sector portfolios, firms were sorted based on market-to-book values (Mktbk it ) with median breakpoint percentiles. For hypothesis testing, this paper constructed panel regression models with firm fixed-effects to layout fluctuant financial leverage phenomenon engaged with a set of 11 leverage factors in each Mktbk it sorted sub-sector portfolios.

Findings

Results exhibited assorted evidences. The bottom line was: firms with different market capitalization rates in each portfolio acted differently in regard to the magnitude of financial leverage across time.

Research limitations/implications

The final sample of 415 firms in four sub-sector portfolios sufficiently embraced financial leverage composition in the hospitality industry across time. However, by reason of lack of data in the other intra-hospitality industries, such as gaming and/or cruise lines, findings did not represent the firms operated in those sub-industries.

Originality/value

This paper departed from the established context of the previous literature in the manner that it expects to add to the literature by demonstrating the core drivers causing the deviations in financial structure in four exclusive, hospitality industry sub-sector portfolios with varying leverage proxies overtime.

Details

International Journal of Contemporary Hospitality Management, vol. 27 no. 8
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 22 March 2011

Jungsun (Sunny) Kim and Murat Kizildag

This paper aims to explore whether there is a need for a mobile learning (M‐learning) system and what types of mobile applications will be appropriate for each department at a…

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Abstract

Purpose

This paper aims to explore whether there is a need for a mobile learning (M‐learning) system and what types of mobile applications will be appropriate for each department at a hotel. It focuses on addressing three key questions: how can a hotel utilize mobile devices for training purposes in each area? What kinds of features or functions would hotel employees like to see on the mobile device? Are there any differences in the M‐learning acceptance level of the participants based on their demographic factors or previous experience with mobile usage?

Design/methodology/approach

Ten experts in the hospitality academia and industry participated in this qualitative research. This study used snowball sampling as a selection strategy.

Findings

This study found there are various ways to utilize mobile devices for hotel employee training in different departments. Housekeeping, room service, restaurant, and other customer‐service sectors were suggested as good areas to use mobile devices for training. Beyond this suggestion about proper departments for M‐learning, this study uncovered a number of interesting applications for each department.

Research limitations/implications

This is an exploratory study conducted in a research area where a few scholarly works exist. Since this study uses a qualitative approach, future research should conduct an experimental study or a survey with hotel major students or hotel employees to obtain more generalizable results.

Originality/value

As the literature review reveals, very few studies have investigated the M‐learning adoption and even fewer studies have empirically tested an individual's perceptions that can explain the adoption of mobile devices for hotel employee training. This study develops a research framework and suggests appropriate determinants of M‐learning adoption for future studies.

Details

Journal of Hospitality and Tourism Technology, vol. 2 no. 1
Type: Research Article
ISSN: 1757-9880

Keywords

Content available
Article
Publication date: 22 March 2011

Cihan Cobanoglu

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Abstract

Details

Journal of Hospitality and Tourism Technology, vol. 2 no. 1
Type: Research Article
ISSN: 1757-9880

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