Entrepreneurial orientation, board tenure and the financial performance of hospitality firms

IF 9.9 1区管理学 Q1 HOSPITALITY, LEISURE, SPORT & TOURISM

International Journal of Hospitality Management Pub Date : 2024-11-29 DOI:10.1016/j.ijhm.2024.104002

Pide Lun , Chee Seng Cheong , Rob Hallak , George Mihaylov , Ralf Zurbruegg

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Abstract

This study examines how internal governance influences the relationship between strategic posture and firm performance in large, publicly listed U.S. hospitality firms. Drawing on Agency Theory, we argue that the board of directors plays a crucial role in determining whether firms can capitalize on the top management team’s entrepreneurial orientation (EO). We investigate board tenure as a key characteristic representing the balance between accumulated expertise and potential entrenchment. Using two-way fixed effects regressions on longitudinal data, we find a significant positive association between EO and firm performance. However, board tenure moderates this relationship, with a dampening effect that increasingly restricts returns to EO as tenure lengthens. Our results suggest that governance risks become more salient with extended board tenure. These findings offer important insights for optimizing board configurations in the dynamic hospitality industry.

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创业导向、董事会任期和酒店公司的财务绩效

本研究考察了美国大型上市酒店公司内部治理如何影响战略态势与公司绩效之间的关系。利用代理理论，我们认为董事会在决定公司能否利用高层管理团队的创业导向（EO）方面起着至关重要的作用。我们调查董事会任期作为一个关键特征，代表积累的专业知识和潜在的壕沟之间的平衡。利用纵向数据的双向固定效应回归，我们发现EO与企业绩效之间存在显著的正相关关系。然而，董事会任期缓和了这种关系，随着任期的延长，其抑制效应越来越多地限制了ceo的回报。我们的研究结果表明，随着董事会任期的延长，治理风险变得更加突出。这些发现为优化动态酒店业的董事会配置提供了重要见解。

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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来源期刊

International Journal of Hospitality Management HOSPITALITY, LEISURE, SPORT & TOURISM-

CiteScore

21.20

自引率

9.40%

发文量

218

审稿时长

85 days

期刊介绍： The International Journal of Hospitality Management serves as a platform for discussing significant trends and advancements in various disciplines related to the hospitality industry. The publication covers a wide range of topics, including human resources management, consumer behavior and marketing, business forecasting and applied economics, operational management, strategic management, financial management, planning and design, information technology and e-commerce, training and development, technological developments, and national and international legislation. In addition to covering these topics, the journal features research papers, state-of-the-art reviews, and analyses of business practices within the hospitality industry. It aims to provide readers with valuable insights and knowledge in order to advance research and improve practices in the field. The journal is also indexed and abstracted in various databases, including the Journal of Travel Research, PIRA, Academic Journal Guide, Documentation Touristique, Leisure, Recreation and Tourism Abstracts, Lodging and Restaurant Index, Scopus, CIRET, and the Social Sciences Citation Index. This ensures that the journal's content is widely accessible and discoverable by researchers and practitioners in the hospitality field.