چکیده
مقدمه
بررسی نظریه ها و ادبیات
داده ها و روش شناسی
یافته های تجربی
بررسی های استحکام
بحث
نتیجه
منابع
Abstract
Introduction
Theories and literature review
Data and methodology
Empirical findings
Robustness checks
Discussion
Conclusion
References
چکیده
هدف این مطالعه ارائه شواهد تجربی در مورد اثرات سرمایه در گردش بر عملکرد شرکت در صنعت هتلداری و گردشگری است. ما یک رابطه U شکل معکوس بین سرمایه در گردش و عملکرد شرکت شناسایی می کنیم. به طور خاص، رابطه U شکل برای شرکت های اقامتی، غذا و مسافرتی وجود دارد. در مقابل، یک رابطه خطی مثبت برای شرکت های ورزشی معتبر است در حالی که تغییرات سرمایه در گردش هیچ تاثیری بر عملکرد شرکت های قمار ندارد. تا جایی که ما می دانیم، این مطالعه اولین مطالعه تجربی تجربی است که تجزیه و تحلیل بین کشوری را در رابطه با صنایع زیره هتلداری و گردشگری در یک زمینه جهانی گسترش می دهد. یافتهها نشان میدهد که مدیران مهماننوازی و گردشگری باید تنوع روابط بین سرمایه در گردش و عملکرد شرکت در صنایع زیربنایی و گردشگری را در هنگام تصمیمگیری در مورد استراتژی مناسب برای مدیریت سرمایه در گردش در نظر بگیرند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
The aim of this study is to provide empirical evidence concerning the effects of working capital on firm performance in the hospitality and tourism industry. We identify an inverted U-shaped relationship between working capital and firm performance. More specifically, the U-shaped relationship exists for accommodation, food and travel firms. In contrast, a positive linear relationship is valid for sport firms while changes in working capital have no effect on performance for gambling firms. To the best of our knowledge, this study is the first empirical research study to extend cross-country analysis in respect of sub-hospitality and tourism industries to a worldwide context. The findings suggest that hospitality and tourism managers should consider the diversity of relationships between working capital and firm performance in sub-hospitality and tourism industries when deciding on an appropriate strategy for working capital management.
Introduction
The hospitality and tourism industry is considered to be vulnerable to external circumstances such as unexpected economic conditions, climate change and financial crises. Seasonality poses a preeminent challenge to the hospitality and tourism industry as it may result in fluctuations to profitability. Therefore, it can be asserted that while working capital management is important for all firms, it is especially important for those in the hospitality and tourism industry.
The hospitality and tourism industry has different structural characteristics to those of other industries. These characteristics can be viewed as the existence of a robust level of competition, capital intensity, high risk and high leverage (Singal, 2015). Easy entry to the sector, high price competition, a high level of fixed costs and substitutable services make the hospitality and tourism industry more competitive than other industries. Due to its extensive holdings of real estate, land, building and equipment, hospitality and tourism is a capital-intensive industry. These fixed assets can be used as collateral for borrowing and this in turn can lead to high level liabilities in the hospitality and tourism firms’ capital structure, together with a high leverage ratio. All these structural characteristics make the hospitality and tourism industry and its sub-industries different to other industries.
Conclusion
Our research investigates the effect of working capital on firm performance in the hospitality and tourism industry. Our study analyzes a large unique data set including 1156 firms’ data taken from 33 countries around the world, spanning the period from 2004 to 2019. We use the two-step system GMM approach for panel data regressions in our study.
Our findings reveal that there is an inverted U-shaped relationship between working capital and firm performance in the hospitality and tourism industry. Furthermore, we determine that a U-shaped relationship does not exist for all sub-hospitality and tourism industries. More specifically, we identify three diverse relationships between working capital and firm performance across sub-hospitality and tourism industries. There is an optimal level of working capital for accommodation, food and travel firms. In contrast, a positive linear relationship exists for sport firms, and changes in working capital have no effect on performance for gambling firms. In addition, these findings are robust using year effects, a new macro variable and ROE as the dependent variable.