The Effects of Institutional Holdings and State Ownership on Hotel Firm Performance in China

被引：5
|
作者：
Chen, Ming-Hsiang [1 ]
Tsai, Henry [2 ]
Lv, Wan Qing [3 ]
机构：
[1] Washington State Univ, Sch Hospitality Business Management, Carson Coll Business, Pullman, WA 99164 USA
[2] Hong Kong Polytech Univ, Sch Hotel & Tourism Management, Kowloon, Hong Kong, Peoples R China
[3] Yunnan Univ, Sch Business & Tourism Management, Kunming, Yunnan, Peoples R China
来源：
JOURNAL OF CHINA TOURISM RESEARCH | 2018年 / 14卷 / 01期
关键词：
Institutional holdings; state ownership; hotel firm performance; monitoring;
D O I：
10.1080/19388160.2017.1410266
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：20 / 41
页数：22
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