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This study aims to examine the relationship between board capital and firm performance in the Chinese tourism industry.

The study’s sample includes firms from the Chinese hotel, air transportation/travel and catering industries. This study explores the governance environment in tourism industries. This study estimates three dimensions of the board, including education, expertise and directors interlock. These dimensions are further grouped as human capital (i.e. education and expertise), social capital (interlocks) and board capital (sum of social and human capital). Ordinary least square regressions with multiple robustness tests are used to investigate the effect of board capital on firm value in Chinese listed tourism firms during 2005–2018.

This study finds that board capital positively impacts firm performance in its dimensions of human and social capital. This study also highlights the two important ownership contexts, namely, institutional investors and state-ownership, that shape the board capital-firm performance association in the Chinese tourism industry.

The findings suggest that board capital plays a significant role in corporate decisions. The results illustrate that higher board capital improves both governance mechanisms and resource provision roles of the board, resulting in higher firm value. The results further offer implications for managers and shareholders of tourism firms when electing directors as shareholders’ representatives.

The study has two important contributions. First, it extends the prior literature of firm value by considering the board’s human and social dimensions in the tourism sector. Second, contrary to prior research on board, this study takes three facets of board capital, education, expertise and interlocks that improve governance mechanisms and bring new resources in the shape of skills, knowledge and expertise.

The authors investigate how executive pay and its gap with employee pay influence the performance of Thailand tourism listed companies.

The authors manually collect data on the executives' and employees' remunerations for Thailand tourism listed companies and use the data for the authors’ OLS regression analysis. To check the robustness of the results to potential endogeneity issues, the authors employ the two-stage least-squares regression analysis and the impact threshold for a confounding variable approach.

The authors find that short-term executive compensation enhances firm performance, and that long-term executive compensation reduces the likelihood of unfavorable corporate performance. The authors also find that the gap in short-term pay between executives and employees has an inverted-U relation with firm performance.

This study suggests that higher executive pay relative to employee pay could encourage executives to work hard to improve corporate performance, but that too large a pay gap between executives and employees could impair employees' morale and harm firm performance.

It is important for tourism companies to not only pay executives well but also avoid too large a pay gap between executives and employees.

This study implies the important role of compensation design in contributing to employee engagement and good performance for tourism firms.

This study sheds light on agency problems between executives and employees in tourism companies and provides new evidence and insights on compensation research in the tourism sector in emerging markets.

Using a state of the art CIMO literature review the paper develops a framework of the relationship between strategy making in the small tourism firm context and four performance outcomes.

The paper uses the CIMO literature review method, adapted from the wider management literature to structure and integrate the existing fragmented literature base.

Premised on the literature review, a framework of the relationship between strategy making and firm performance in context is posited. Emerging from a dominant owner/manager in a deeply embedded context strategy making influences firm performance across four dimensions. The influence is dynamic, continually subject to modification in a changing environment often mediated through emerging technology.

The CIMO method provides an integrated framework of the relationship between strategy making and small firm performance in context hence overcoming limitations of the fragmented nature of the research landscape. Emerging from the review key future research trajectories is posited.

While highlighting the relationship between strategy making and performance, the proposed framework implies owner/managers play the key role in strategy making with opportunities and challenges in modifying existing strategy making emerging from owner/manager embeddedness. Opportunities for improved policy interventions are posited.

The paper applies the systematic review to the relationship between strategy making and the small tourism firm.

The purpose of this paper is to shed more light on the influence of a tourism‐oriented environment on the promotional channel strategies of fast‐moving consumer goods (FMCG) firms.

The study utilises an exploratory, qualitative research design among 14 case studies of FMCG firms operating in the tourism‐oriented environment of Greece.

Findings show that most firms utilise adapted promotional channels due to the influence of structural characteristics of the tourism industry and tourists' modes of behavior.

The outcomes of this qualitative study are limited to the context that is investigated and thus, future researchers are encouraged to investigate similar contexts with the goal of generalising findings.

Findings suggest that firms ought to appreciate the contextual idiosyncrasies of Euro‐Mediterranean countries (as a result of international tourism) and thus, tailor their programs to these idiosyncrasies, which are distinct from other non‐tourism‐oriented environments.

To the best of the authors' knowledge, this is the first paper that investigates the effect of tourism‐induced idiosyncrasies of Euro‐Mediterranean countries on FMCG firms' promotional strategies. In light of the increasing importance of global consumer mobility, such studies are expected to increase.

This study explores the variables that drive the impact of artificial intelligence (AI) on the competitiveness of a tourism firm. The relationship between the variables is established using the modified total interpretive structural modelling (m-TISM) methodology. The factors are identified through literature review and expert opinion. This study investigates the hierarchical relationship between these variables.

The modified total interpretive structural modelling (m-TISM) method is used to develop a hierarchical interrelationship among variables that display direct and indirect impact. The competitiveness of a tourism firm is measured by investigating the effect of variables on the firm's financial performance.

The study identifies ten key factors essential for analysing the impact of AI on a firm's competitiveness. The m-TISM methodology gave us the hierarchical relationship between the factors and their interpretation. A theoretical TISM model has been constructed based on the hierarchy and relationship of the elements. The elements that fall in Level V are “AI Skilled Workforce”, “Infrastructure” and “Policies and Regulations”. Level IV includes the elements “AI Readiness”, “AI-Enabled Technologies” and “Digital Platforms”. Elements that fall under Level III are “Productivity” and “AI Innovation”. Level II and Level I comprise “Tourist Satisfaction” and “Financial Performance”, respectively. The levels indicate the elements' hierarchical level, with Level I the highest and Level V the lowest.

Tourism and AI scholars can analyse the given variables by including the transitive links and incorporate new variables depending upon future research. The m-TISM model constructed from literature review and expert opinion can act as a theoretical base for future studies to be conducted by researchers.

Management/Practitioners can focus on the available characteristics and capitalise on them while working on the factors lacking in their organisation to enhance their competitiveness. Entrepreneurs starting their own business can utilise the elements in understanding the ecosystem of strengthening a firm's competitiveness. They can work to improve on the aspects which are crucial and trigger the impact on competitiveness. The government and management can devise policies and strategies that encompass the essential factors that positively impact the competitiveness of the firms. The approach can then be looked at with a holistic approach to cater to the other related components of the tourism industry.

This study is the first of its kind to use the modified TISM methodology to understand the impact of AI on the competitiveness of tourism firms.

This study aims to investigate the roles of intellectual capital efficiency and institutional ownership on cash holdings and their speed of adjustment.

Using a sample of 432 firm-year observations of tourism-listed companies, three measures of cash holdings are used as dependent variables and intellectual capital efficiency and institutional ownership as independent variables. The financial data is collected from the S&P Capital IQ database for the period 2015–2020. Two system-generalized methods of moment estimation are used for the robustness checks of the results.

The study provides evidence that an increase in intellectual capital efficiency in tourism firms results in lower cash holdings. The research findings also report that characteristics such as firm size, age and market-to-book value ratio are associated with cash holdings. Furthermore, institutional ownership in these firms did not affect the cash holdings. The results also confirm the existence of a target cash holding level to which the tourism firms attempt to converge. These results are robust to the alternative proxy of cash holding and endogeneity tests.

The study uses intellectual capital efficiency measured by the model proposed by Pulic. Alternative measures of intellectual capital can be included in future studies. Future research can also investigate the impact on cash holdings before and during the pandemic for tourism companies. The study is limited to the impact of institutional ownership; thus, research can be extended to consider other types of ownership.

The findings of this study indicate that tourism companies should take into account the impact of intellectual capital efficiency on their cash holding decisions. The industry uses a specific financial management strategy in light of better efficiency and possibly values the opportunity cost of holding more cash. Additionally, regulators should re-examine the role of institutional ownership in tourism firms, as it was found to have no impact on cash holdings. The regulators may need to consider other factors, such as firm size and age, when developing policies and regulations to ensure that tourism firms have adequate cash holdings.

This study adds to the body of knowledge on the factors that influence cash management and ideal cash levels for the tourism industry. The examination of the effect of intellectual capital on cash holdings is a novel contribution, filling a gap in the existing literature. The findings on the speed of adjustment towards optimal cash holdings also provide support for the trade-off theory.

This study investigated the micro–macro link in the hospitality and tourism (H&T) sector, specifically considering whether the gender diversity, independence and board attendance rates of H&T firms' boards, alongside the moderation effect of board policies, played a significant role in tourism sector performance.

The 2011–2018 data were retrieved from the World Bank and the Thomson Reuters Eikon databases, and fixed effects panel regression was conducted.

While female directors were a significant driver of tourism sector performance in terms of tourist arrivals and tourism receipts, independent directors were effective in improving tourist arrivals only. Furthermore, moderation analyses demonstrated the inefficacy of board policies in enhancing these directors' contributions to the sector's development. Moreover, the findings revealed the inefficiency of board meetings.

Concerning the efficacy of board policies, the results suggest that firms' boards should review and revise their policies. Surprisingly, while board-diversity policies made no difference to female directors' role in the sector's development (although females were influential), board-independence policies produced unexpected results. In the absence of a board-independence policy, independent directors are influential, but if a policy exists, they are not.

Although prior firm-level studies tested whether board characteristics enhanced firms' performance in the H&T sector, they did not investigate whether board characteristics promoted tourism sector performance. Moreover, the moderating effect of board policies on boards' structures and tourism sector performance has not yet been examined.

This paper aims to analyze the effects of inter-organizational relationships with core and peripheral partners on innovation in heritage tourism clusters.

The empirical analysis uses original data (collected by means of a postal questionnaire) based at UNESCO World Heritage Cities in Spain. The sample consists of 215 companies, and the methodology used is hierarchical linear regression.

The authors identify divergent effects of relationships with core and peripheral partners on innovation. In particular, the effect of core partners has an inverted U-shaped form, while that of peripheral partners is U-shaped.

The results may be extrapolated to other heritage tourism clusters located in World Heritage Cities with some precaution. The paper does not jointly analyze the effects of relationships with core and peripheral partners on the innovation of firms in tourism clusters.

Clustered tourism firms should not rely only on relationships with core agents, because beyond a critical threshold, returns in terms of innovation diminish. Firms should strive to establish relationships with peripheral agents in spite of the initial difficulties and the costs associated with network building, because positive returns soon materialize.

This paper contributes to the literature on inter-organizational relationships by analyzing the impact of relationships with core and peripheral partners on innovation in clustered firms. The authors highlight the existence of the divergent curvilinear effects of these relationships on heritage tourism clusters.

The purpose of this paper is to examine the influence of entrepreneurial orientation (EO) dimensions on firm performance in the tourism sector. The goal is twofold: on the one hand, the paper aims to test whether EO dimensions are still significant determinants of performance after controlling for possible confounding factors; on the other hand, it aims to address the question of which EO dimension exerts the strongest effect on performance.

A survey was carried out in the Sardinian accommodation sector in 2012 and 224 questionnaires were collected. The multidimensional EO constructs were adopted.

The results show that innovativeness, proactiveness and autonomy were significantly associated with tourism firm performance, whereas risk-taking and competitiveness were not.

The results are limited to the Sardinian accommodation context. Self-reported data were used to measure firm performance. Further research works could replicate the analyses using objective firm performance not only in similar touristic destinations but also in other countries and incorporating other industries.

The study suggests educational and managerial implications. Entrepreneurs in the tourism sector should be encouraged to adopt an innovative, autonomous and proactive approach in managing their firms.

The study advances entrepreneurial knowledge in the tourism sector and in particular in the accommodation industry. The multidimensional EO approach has never been adopted among touristic firms. Furthermore, considering that EO research has been overlooked in the country of Italy, this study’s contribution is also providing evidence from an area that has received minimal attention to date.

This study aims to analyse the major geographical dimensions of the location strategies of multinational tourism firms.

Conceptually, this paper is situated at the intersection of two distinct and evolving bodies of research literature on the global geographies of the tourism industry and the production of economic globalization from a set of strategic locations. Empirically, principal component analysis is applied to explore the main geographical configurations within a location matrix of 102 tourism firms across 547 cities.

The results identify strong geographical organizing patterns in the location strategies of multinational tourism firms, above all articulated in countries/regions that themselves have large domestic and/or international tourism markets. However, there is also a global component in terms of firm/location composition, while the national/regional components are hybrid and porous in practice.

This study contributes to a new way of looking at a globalizing tourism sector. The findings can be used to reflect on possible wider implications for the tourism geographies literature and reveal some avenues for further research.

跨国旅游公司的地理位置和选址：全球化战略

本研究旨在分析跨国旅游企业区位战略的主要地理维度。

在理论研究层面, 本文基于两个截然不同和不断发展的研究交叉点: (1)全球经济地理中的旅游产业研究; (2)战略区位选择上的经济全球化研究。在实证研究层面, 本文将主成分分析法应用于547个城市的102家旅游企业的区位矩阵研究中。

研究结果显示, 跨国旅游企业的区位选择具有很强的地理规律, 这点在本身拥有庞大国内和/或国际旅游市场的国家/地区内尤为明显。此外, 跨国旅游企业/地点的区位组成也具有明显的全球属性, 在单个国家/区域内的表现则很多元化, 有很大的不同。

这项研究有助于以新的视角来看待全球化的旅游产业。本文的研究成果可以用来反思旅游地理文献可能存在的更广泛的意义, 并探讨进一步的研究可能。

La geografía y la localización de selección de las empresas multinacionales de turismo: estrategias Para la globalización

Este estudio tiene como objetivo analizar las principales dimensiones geográficas de las estrategias de localización de las empresas multinacionales de turismo.

Conceptualmente, este documento se sitúa en la intersección de dos bibliografías de investigación distintas y en evolución: (1) sobre las geografías globales de la industria del turismo y (2) sobre la producción de la globalización económica desde un conjunto de ubicaciones estratégicas. Empíricamente, el análisis de componentes principales se aplica para explorar las principales configuraciones geográficas dentro de una matriz de ubicación de 102 empresas de turismo en 547 ciudades.

Los resultados identifican fuertes ordenamientos geográficos en estas estrategias de ubicación, sobre todo articuladas en países/regiones que a su vez tienen grandes mercados turísticos nacionales y/o internacionales. Sin embargo, también hay un componente global en términos de composición empresa/ubicación, mientras que los componentes nacionales/regionales son en la práctica híbridos y porosos.

Este estudio contribuye a una nueva forma de ver un sector turístico en globalización. Los resultados se pueden utilizar para reflexionar sobre posibles implicaciones más amplias para la literatura sobre geografías turísticas y discutir algunas vías para futuras investigaciones.