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Do the Firms Utilize Market Timing? Capital Structure of Restaurant Firms by Pecking Order and Market Timing Theories 企业利用市场时机吗?基于市场时序理论的餐饮企业资本结构研究
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-07-12 DOI: 10.1080/1528008X.2022.2097975
Woosik Danny Choi
ABSTRACT The purpose of this study is to examine whether restaurant firms prefer debt to equity financing and utilize market timing well in equity financing during firm value maximization. For this purpose, two theories were applied – pecking order and market timing. Secondary financial data was collected from restaurant firms based in the United States. Subsequently, bivariate correlation, fixed and random effects, and pooled Ordinary Least Square (OLS) analyses were performed on the statistical data. The analysis outcomes support the pecking order theory, meaning that restaurant firms rely significantly on debt over equity in financing decisions. The analysis outcomes of the market timing proxy indicate that restaurant firms either do not use market timing enough or do not have a sufficient window of opportunity (firm value maximization) for equity financing. Although the restaurant industry has a relatively higher liability ratio than other industries, its financing decisions combining debt and equity have never been examined. The theoretical and managerial implications have been suggested in terms of balancing debt and equity financing decisions and the influence of corporate governance structure on financing decisions.
摘要本研究的目的是检验餐饮企业是否更喜欢债务融资而不是股权融资,并在企业价值最大化的过程中很好地利用市场时机进行股权融资。为此,应用了两种理论——优先顺序和市场时机。二级财务数据是从美国的餐饮公司收集的。随后,对统计数据进行了双变量相关、固定和随机效应以及合并普通最小二乘法(OLS)分析。分析结果支持了排序理论,这意味着餐饮公司在融资决策中严重依赖债务而非股权。市场时机代理的分析结果表明,餐饮企业要么没有充分利用市场时机,要么没有足够的机会窗口(企业价值最大化)进行股权融资。尽管餐饮业的负债率相对高于其他行业,但其债务和股权相结合的融资决策从未受到审查。从平衡债务和股权融资决策以及公司治理结构对融资决策的影响等方面提出了理论和管理启示。
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引用次数: 0
Voice in Words: A Mixed-Method Approach for Decoding Digital Footprints Using Online Reviews 话语中的声音:一种利用在线评论解码数字足迹的混合方法
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-06-30 DOI: 10.1080/1528008X.2022.2094851
Gowhar Rasool, Anjali Pathania
ABSTRACT Using a mixed-method technique, the present study investigates the causal relationship between consumer judgments about airline service quality and their online recommendations. It also examines the essential attributes that determine key airline service quality dimensions. The current research was conducted on passenger reviews, ratings, and recommendations data (1270 business class and 2464 economy class passengers) from Skytraxratings.com of three major airlines using logistic regression and sentiment analysis. The empirical investigation of service ratings depicts that the fitted logit model adequately explains airline service quality–airline recommendation relationship for business and economy class travelers. Furthermore, this study identifies the crucial service attributes and their sentiment strengths toward key service dimensions. The study results enable a comprehensive understanding of airline service quality based on real-time consumer insights, which can help strategize and develop customized interventions for airline service designs and realignments.
摘要本研究采用混合方法研究消费者对航空公司服务质量的判断与其在线推荐之间的因果关系。它还检查了决定关键航空公司服务质量维度的基本属性。目前的研究是对来自Skytraxratings.com的三家主要航空公司的乘客评论、评分和推荐数据(1270名商务舱和2464名经济舱乘客)进行的,使用了逻辑回归和情感分析。服务评级的实证研究表明,拟合的logit模型充分解释了商务舱和经济舱旅客的航空公司服务质量-航空公司推荐关系。此外,本研究还确定了关键服务属性及其在关键服务维度上的情感强度。研究结果使我们能够基于实时消费者洞察全面了解航空公司的服务质量,这有助于制定航空公司服务设计和调整的战略和开发定制干预措施。
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引用次数: 0
Job Motivation Mediating the Effects of Standardization on Restaurant Frontline Employees’ Job Outcomes: Evidence from Lebanon 工作动机介导标准化对餐厅一线员工工作成果的影响:来自黎巴嫩的证据
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-06-24 DOI: 10.1080/1528008X.2022.2089944
Omar Chehab, M. Bouzari, Shiva Ilkhanizadeh
ABSTRACT This study applied the principles of the role theory and the Self-Determination Theory (SDT) to examine the impacts of job standardization on job motivation, as well as the influence of job motivation on emotional labor, turnover intention, and job satisfaction of guest-contact employees in a hospitality context. This research also analyzed the mediating function of job motivation on the relationship between job standardization and stated job outcomes. The data was gathered in casual foodservice operations in Lebanon. Structural Equation Modeling (SEM) outcomes revealed a direct favorable impact of job standardization on job motivation, and a negative association between job motivation and job outcomes of emotional labor and turnover intention, but a positive link to job satisfaction. Job motivation was also found to mediate the relationship between job standardization and emotional labor, turnover intention, and job satisfaction. The analysis offers operational and theoretical suggestions, as well as directions for future inquiries.
摘要本研究运用角色理论和自我决定理论(SDT)的原理,考察了工作标准化对工作动机的影响,以及工作动机对酒店环境中与客人接触的员工的情感劳动、离职意向和工作满意度的影响。本研究还分析了工作动机对工作标准化与既定工作成果之间关系的中介作用。这些数据是在黎巴嫩的临时餐饮业务中收集的。结构方程建模(SEM)结果显示,工作标准化对工作动机有直接的有利影响,情绪劳动和离职意向的工作动机与工作结果之间存在负相关,但与工作满意度呈正相关。工作动机在工作标准化与情绪劳动、离职意向和工作满意度之间也起中介作用。该分析提供了操作和理论建议,以及未来研究的方向。
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引用次数: 2
The Relationship between Color Preferences and Consumption Behaviors: Investigation of Afternoon Tea Consumers 色彩偏好与消费行为的关系:对下午茶消费者的调查
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-06-23 DOI: 10.1080/1528008X.2022.2089947
ShinYi Lin, Mu-Shien Chen
ABSTRACT With the improvement of living standards, afternoon tea culture has developed into a popular lifestyle; and it is also a derivative of a new way of cultural meaning and life-style in Taiwan. In recent years, more and more consumers pay high attention to dining atmosphere of afternoon tea restaurants. This study amends the M-R environmental psychology model to explore the influences of color preference on consumption emotions and consumer behavior of afternoon-tea consumers. After empirical investigation, it was found that consumers preferred colors of afternoon tea restaurants have significant impact on both positive and negative emotions, and emotions can have positive correlation with consumption behaviors. Therefore, recommendations for restaurateurs are as follows: different color tones can be target-designed for different afternoon-tea restaurant segmentations, different color combinations can be added into design considerations, and further understanding of establishment of color preference rankings in terms of different residential areas can be important.
随着生活水平的提高,下午茶文化已经发展成为一种流行的生活方式;它也是台湾一种新的文化意义和生活方式的衍生品。近年来,越来越多的消费者高度关注下午茶餐厅的用餐氛围。本研究修正M-R环境心理学模型,探讨色彩偏好对下午茶消费者消费情绪和消费行为的影响。实证调查发现,消费者对下午茶餐厅颜色的偏好对积极情绪和消极情绪都有显著影响,情绪与消费行为之间存在正相关关系。因此,对餐厅老板的建议如下:针对不同的下午茶餐厅细分,可以有针对性地设计不同的色调,可以将不同的色彩组合添加到设计考虑中,进一步了解根据不同住宅区建立色彩偏好排名是很重要的。
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引用次数: 0
Can Cost and Quality Management-Oriented Innovation Enhance Patient Satisfaction in Medical Tourist Destination? 以成本和质量管理为导向的创新能否提高医疗旅游地的患者满意度?
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-06-23 DOI: 10.1080/1528008X.2022.2089438
Matina Ghasemi, Seyed Arash Sahranavard, U. Alola, E. Hassanpoor
ABSTRACT Despite the active contribution, promotion, and emergent in medical tourism, few studies have examined the significant contribution of cost and quality management-oriented innovation on medical tourists. Hospital administrators’ application of knowledge management practices buffers a yardstick for both innovation and patient-oriented. A total of 214 questionnaires were collected from general and functional managers in Iranian hospitals. partial least squares structural equation modeling (PLS-SEM) was performed to analyze the data using Smart PLS 3. The findings suggest that both cost- and quality-oriented innovation significantly increase patient satisfaction. Additionally, low-cost and high-quality services stand as mediating variables for patient satisfaction. By emphasizing on innovation and knowledge management, the current study’s results indicate the significance of low-cost and high-quality services for satisfied patients. The study concludes with implications for research and directions for future study. For the first time, the current study proposed a model to examine how low-cost and high-quality services mediates the impact of cost and quality management-oriented innovation on patient satisfaction.
尽管医疗旅游在医疗旅游中有积极的贡献、促进和兴起,但很少有研究考察成本和质量管理导向的创新对医疗游客的重大贡献。医院管理者对知识管理实践的应用缓冲了创新和以患者为导向的尺度。从伊朗医院的一般管理人员和职能管理人员共收集了214份问卷。采用Smart PLS 3对数据进行偏最小二乘结构方程建模(PLS- sem)。研究结果表明,以成本和质量为导向的创新都能显著提高患者满意度。此外,低成本和高质量的服务是患者满意度的中介变量。通过强调创新和知识管理,本研究的结果表明低成本和高质量的服务对满意患者的重要性。最后提出了研究的启示和未来的研究方向。本研究首次提出了一个模型来检验低成本和高质量的服务如何中介成本和质量管理导向的创新对患者满意度的影响。
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引用次数: 3
Guest and Host Perspectives of Service Quality and Satisfaction in Digital Home-sharing Platforms 数字家庭共享平台服务质量和满意度的主客观
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-06-21 DOI: 10.1080/1528008X.2022.2089945
Natalia Amat-Lefort, F. Marimon, M. Mas-Machuca
ABSTRACT Sharing economy accommodation services offered by companies such as Airbnb have become a very popular alternative to traditional hotels. However, existing research about service quality (SQ) in shared accommodation focuses only on the guest’s perspective. Given that hosts are an essential part of these services, this paper aims to identify the determinants of SQ for both guests and hosts. Based on an international survey (N = 501) the proposed dimensions are validated through an exploratory factor analysis and a confirmatory factor analysis. Then, structural equation modeling is applied to assess the impact of the SQ dimensions on overall guest and host satisfaction.
摘要Airbnb等公司提供的共享经济型住宿服务已成为传统酒店的一种非常受欢迎的替代方案。然而,现有的关于共享住宿服务质量的研究只关注客人的角度。鉴于主持人是这些服务的重要组成部分,本文旨在确定客人和主持人的SQ决定因素。基于一项国际调查(N=501),通过探索性因素分析和验证性因素分析对所提出的维度进行了验证。然后,应用结构方程模型来评估SQ维度对客人和主人整体满意度的影响。
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引用次数: 1
Protection Motivation and Travel Intention after the COVID-19 Vaccination: Fear and Risk Perception 新冠肺炎疫苗接种后的保护动机和旅行意向:恐惧和风险感知
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-06-20 DOI: 10.1080/1528008X.2022.2089948
Syed Shah Alam, Mohammad Masukujjaman, N. Omar, Zafir Khan Mohamed Makhbul, Mohd Helmi Ali
ABSTRACT This study aimed to identify the factors influencing tourists’ travel intention following the COVID-19 vaccination program. It also examined the mediating role of fear in the context of the threat severity, vulnerability, and protection motivation pathways. Based on a quantitative method, a cross-sectional survey was employed and data were collected from 320 prospective domestic tourists through an online survey in Malaysia during the COVID-19 vaccination period. The researchers primarily adopted the protection motivation theory (PMT) model for developing a conceptual framework to empirically test the structural equation modeling (SEM) analysis technique using AMOS software. The study confirmed that protection motivation is positively related to tourists’ travel intention, trust is negatively related to this intention, and perceived risk is not related to this intention. The study concludes that threat severity, threat vulnerability, fear, response efficacy, response cost, and self-efficacy affect the protection motivation of tourists. The main contribution of this study is to develop a model and confirm it through an empirical study. The findings indicate that companies should consider some of the factors identified so they can influence protection motivation and travel intention. This study extended the PMT model by integrating cognitive constructs and newly developed measurement scales.
摘要:本研究旨在确定COVID-19疫苗接种计划后游客旅游意愿的影响因素。研究还考察了恐惧在威胁严重性、脆弱性和保护动机途径中的中介作用。本研究以定量方法为基础,采用横断面调查方法,通过在线调查收集了320名在马来西亚接种新冠肺炎疫苗期间的潜在国内游客的数据。研究人员主要采用保护动机理论(PMT)模型构建概念框架,利用AMOS软件对结构方程建模(SEM)分析技术进行实证检验。研究证实,保护动机与游客旅游意愿正相关,信任与游客旅游意愿负相关,感知风险与游客旅游意愿不相关。研究发现,威胁严重程度、威胁脆弱性、恐惧、反应效能、反应成本和自我效能影响游客的保护动机。本研究的主要贡献是建立了一个模型,并通过实证研究进行了验证。调查结果表明,公司应该考虑一些确定的因素,以便他们能够影响保护动机和旅行意愿。本研究通过整合认知构念和新开发的测量量表来扩展PMT模型。
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引用次数: 4
The Holy Grail of Luxury Tourism: A Holistic Bibliometric Overview 奢华旅游的圣杯:整体文献计量学综述
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-06-18 DOI: 10.1080/1528008X.2022.2089946
João Lopes, Sofia Gomes, M. Durão, Rosselyn Pacheco
ABSTRACT This study aims to carry out a comprehensive bibliometric analysis to identify, synthesize and incorporate existing studies on the tourism industry, envisioning and directing future studies and trends in luxury tourism. The study analyses 340 Web of Science scientific articles published between 1993–2022. Four clusters were identified: “Contribution of Luxury Tourism to the development”; “Luxury Shopping in Tourism”; “Demand behaviour in luxury tourism,” and “Digital Transformation in luxury tourism.” Existing publications can be grouped into three phases. In the first phase, luxury tourism was studied from a macro and sectoral perspective; in the second phase, they focused on the behavior of the demand for luxury tourism and in the third phase on the transformation of the luxury tourism industry induced by digital transformation, economic and pandemic crises, demographic changes and guidelines for sustainability. This study resulted in a set of implications for the development of cross-community collaborative luxury tourism, aimed at new target groups of luxury consumers, in harmony with strategies of sustainability, digitalization and well-being of luxury consumers. In addition to being an important tool for policymakers and managers in the luxury tourism industry, it identifies new emerging issues in this sector for academics.
摘要本研究旨在进行全面的文献计量分析,以确定、综合和整合现有的旅游业研究,展望和指导未来的豪华旅游研究和趋势。这项研究分析了1993-2022年间发表的340篇科学网络文章。确定了四个集群:“豪华旅游业对发展的贡献”;“旅游奢侈品购物”;“奢侈品旅游的需求行为”和“奢侈品旅游数字化转型”。现有出版物可分为三个阶段。在第一阶段,从宏观和部门角度研究了豪华旅游;在第二阶段,他们重点关注奢侈品旅游需求的行为,在第三阶段,他们关注数字转型、经济和疫情危机、人口变化和可持续发展指导方针引发的奢侈品旅游业转型。这项研究对针对新的奢侈品消费者目标群体的跨社区合作奢侈品旅游的发展产生了一系列影响,并与奢侈品消费者的可持续性、数字化和福祉战略相协调。它不仅是豪华旅游业决策者和管理者的重要工具,还为学术界确定了该行业新出现的问题。
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引用次数: 2
Effects of Service Quality, Loyalty Programs, Pricing Strategies, and Customer Engagement on Firms’ Performance in Egyptian Travel Agencies: Mediating Effects of Customer Retention 服务质量、忠诚计划、定价策略和顾客参与对埃及旅行社企业绩效的影响:顾客保留的中介效应
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-05-29 DOI: 10.1080/1528008X.2022.2077889
S. Elgarhy
ABSTRACT Service quality, loyalty programs, pricing strategies and customer engagement play a vital role in customer retention and firms' performance. The current study aims to investigate the service quality, loyalty programs, pricing strategies and customer engagement, and to examine the mediation effects on firms' performance. A quantitative method was employed using a survey to collect data from a random sample of relevant managers in travel agencies. Structural equation modelling (WarpPLS) is used to test the research propositions. The research uses a survey for data collection of 350 responses from travel agents' managers to test the associations between service quality, loyalty programs, pricing strategies and customer engagement, and customer retention and firms' performance. The finding revealed that the service quality, loyalty programs, pricing strategies and customer engagement have positively affected customer retention. In addition, customer retention has positively affected firms' performance. These findings have empirical implications for policymakers, trip planners, travel marketer's, governments and academics.
服务质量、忠诚度计划、定价策略和客户参与对客户保留和企业绩效起着至关重要的作用。本研究旨在探讨服务品质、忠诚度计划、定价策略和顾客参与对企业绩效的中介效应。本研究采用定量方法,随机抽取旅行社相关管理人员进行问卷调查。采用结构方程模型(WarpPLS)对研究命题进行检验。该研究收集了350家旅行社经理的反馈数据,以测试服务质量、忠诚度计划、定价策略和客户参与度,以及客户保留率和公司绩效之间的关系。研究发现,服务质量、忠诚度计划、定价策略和客户参与度对客户保留率有正向影响。此外,客户保留率对企业绩效也有正向影响。这些发现对政策制定者、旅行规划者、旅游营销人员、政府和学术界都具有实证意义。
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引用次数: 3
The impact of information technology adoption on hotel performance: Evidence from a developing country 信息技术应用对酒店业绩的影响:来自发展中国家的证据
IF 3.3 4区 管理学 Q2 HOSPITALITY, LEISURE, SPORT & TOURISM Pub Date : 2022-05-29 DOI: 10.1080/1528008X.2022.2077886
Imane Ezzaouia, J. Bulchand-Gidumal
ABSTRACT Hotel managers seek continual enhancement of their organizational performance by adopting innovative strategies and tools. Armed with the knowledge that information technology (IT) has revolutionized the hotel industry, this study investigates the impact of IT adoption on hotel performance (HP) in Morocco, a developing country. The proposed research model includes two constructs, namely, employee performance and financial performance. A quantitative approach is used, and the sample includes 100 general managers from three-, four-, and five-star hotels. The hypotheses were tested using a partial least squares (PLS) method, and the findings indicate that the major impact of IT adoption on HP can be seen in employee performance rather than in financial performance. The results also reveal a significant relationship between employee performance and financial performance in hotels, and the implications of these findings for researchers and hoteliers are discussed.
酒店管理者通过采用创新的策略和工具来寻求组织绩效的持续提升。了解到信息技术(IT)已经彻底改变了酒店业,本研究调查了发展中国家摩洛哥采用IT对酒店绩效(HP)的影响。本文提出的研究模型包括两个结构,即员工绩效和财务绩效。采用定量方法,样本包括来自三星级、四星级和五星级酒店的100位总经理。使用偏最小二乘(PLS)方法对假设进行了检验,结果表明,IT采用对惠普的主要影响可以在员工绩效而不是财务绩效中看到。研究结果还揭示了酒店员工绩效与财务绩效之间的显著关系,并讨论了这些发现对研究人员和酒店经营者的影响。
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引用次数: 1
期刊
Journal of Quality Assurance in Hospitality & Tourism
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