Abstract
This article examines the effects of institutional holdings and state ownership on hotel firm performance in China by employing panel regression analysis. The results show that institutional holdings as a whole and domestic institutional holdings have different effects on the performance of Chinese hotel firms. There is an inverted U-shaped relationship between institutional holdings/domestic institutional holdings and hotel performance measured by Tobin’s Q, and an upright U-shaped relationship between domestic institutional holdings and return on assets/return on equity. However, the level of foreign institutional holdings was found to have no significant impact on hotel firm performance in China. Finally, state ownership has a negative impact on Tobin’s Q. Implications for the Chinese hotel industry are discussed.
Original language | English |
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Pages (from-to) | 20-41 |
Number of pages | 22 |
Journal | Journal of China Tourism Research |
Volume | 14 |
Issue number | 1 |
DOIs | |
Publication status | Published - 2 Jan 2018 |
Keywords
- hotel firm performance
- Institutional holdings
- monitoring
- state ownership
ASJC Scopus subject areas
- Cultural Studies
- Language and Linguistics
- Linguistics and Language
- Tourism, Leisure and Hospitality Management