The Choice of Industrial Diversification Strategy for Public Listed Firms in the Hotel Industry

C. Ooi, C. Hooy, A. P. M. Som
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Abstract

Abstract This study suggests two new diversification strategies, i.e., tourism-related and tourism-unrelated diversifications which are specifically applicable to the hotel firms. This study aims to investigate which diversification strategy has better benefits toward firm performance. This study includes a complete set of public listed firms of the hotel industry from four Asian countries, namely, Hong Kong, Singapore, China, and Malaysia, covering from years 2001 to 2012. Revealing the advantage and disadvantage of both diversification strategies, the empirical evidence regarding its influences on hotel firm performance are investigated in this study. This study finds a nonlinear relationship between degree of diversification and firm performance. Confronting with the volatile earnings when crises strike tourism sector, this study further shows how the crises affect the relationship between tourism-related/unrelated diversification strategy and hotel firm performance.
酒店业上市公司的产业多元化战略选择
摘要本文提出了两种新的多元化战略,即旅游相关多元化和旅游无关多元化,这两种战略特别适用于酒店企业。本研究旨在探讨哪种多元化策略对公司绩效更有利。本研究以香港、新加坡、中国和马来西亚四个亚洲国家的酒店行业上市公司为研究对象,时间跨度为2001年至2012年。本研究揭示了这两种多元化战略的优势和劣势,并对其对酒店企业绩效的影响进行了实证研究。本研究发现多元化程度与企业绩效之间存在非线性关系。面对危机冲击旅游业时收益的波动,本研究进一步揭示了危机如何影响旅游相关/非旅游多元化战略与酒店企业绩效之间的关系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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