Navigating market waves: How CEO political ideology shapes the currents of innovation-induced tourism value

IF 10.9 1区管理学 Q1 ENVIRONMENTAL STUDIES Tourism Management Pub Date : 2024-08-29 DOI:10.1016/j.tourman.2024.105033

Fernando Campayo-Sanchez , Francisco José Mas-Ruiz , Juan Luis Nicolau

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Abstract

The upper echelons theory postulates that the cognitive frameworks of top executives shape organizational decisions and behaviors. Based on this theory, this study contributes to the literature by analyzing the effects of the chief executive officer's (CEO) political ideology and political climate on variations in the market value of tourism firms resulting from their innovation activities. An empirical application was conducted on major U.S. hotel companies that have traded on the stock market for the last 25 years (1998–2022) and made innovation-related announcements. This application shows that, although the implementation of innovative activities positively affects a firm's market value, both the CEO's political ideology and the political climate influence the degree of change in the said market value. This study has fundamental theoretical implications for upper echelons theory by improving the understanding of how cognitive diversity derived from political ideology influences decision-making and its outcomes.

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驾驭市场浪潮：首席执行官的政治意识形态如何影响创新引发的旅游价值潮流

上层理论认为，高层管理者的认知框架影响着组织的决策和行为。基于这一理论，本研究通过分析首席执行官（CEO）的政治意识形态和政治气候对旅游企业因创新活动而产生的市场价值变化的影响，为相关文献做出了贡献。实证应用的对象是过去 25 年（1998-2022 年）在股票市场上交易并发布创新相关公告的美国主要酒店公司。结果表明，虽然创新活动的实施会对公司的市场价值产生积极影响，但首席执行官的政治意识形态和政治气候都会影响上述市场价值的变化程度。本研究通过加深对政治意识形态所产生的认知多样性如何影响决策及其结果的理解，对高层理论具有根本性的理论意义。

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来源期刊

Tourism Management Multiple-

CiteScore

24.10

自引率

7.90%

发文量

190

审稿时长

45 days

期刊介绍： Tourism Management, the preeminent scholarly journal, concentrates on the comprehensive management aspects, encompassing planning and policy, within the realm of travel and tourism. Adopting an interdisciplinary perspective, the journal delves into international, national, and regional tourism, addressing various management challenges. Its content mirrors this integrative approach, featuring primary research articles, progress in tourism research, case studies, research notes, discussions on current issues, and book reviews. Emphasizing scholarly rigor, all published papers are expected to contribute to theoretical and/or methodological advancements while offering specific insights relevant to tourism management and policy.