A synergy effect of internationalization and firm size on performance: US hotel industry

International Journal of Contemporary Hospitality Management

Volumn 26, Issue 1, 2014, Pages 35-49

  Lee, Seoki ^a   Upneja, Arun ^b   Özdemir, Özgür ^c   Sun, Kyung A ^a  

^a PENNSYLVANIA STATE UNIVERSITY   (United States)

^b BOSTON UNIVERSITY   (United States)

^c OZYEGIN UNIVERSITY   (Turkey)

Author keywords

Business expansion scheme; Business performance; Hotels; United States of America

Indexed keywords

EID: 84890359832     PISSN: 09596119     EISSN: None     Source Type: Journal    
DOI: 10.1108/IJCHM-09-2012-0173     Document Type: Article

References (59)

1. Ambrose, B., Highfield, M., Linneman, P. (2005), "Real estate and economies of scale: the case of REITs" in Real Estate Economics, Vol. 33, No. 2, pp. 323-350.
2. Andrew, W.D., Damitio, J.W., Schmidgall, R.S. (2007), Financial Management for the Hospitality Industry, Pearson Prentice Hall, Upper Saddle River, NJ.
3. Baek, H.Y. (2004), "Corporation diversification and performance: evidence on production efficiency" in Journal of Multinational Financial Management, Vol. 14, pp. 135-152.
4. Bartlett, C., Ghoshal, S., Beamish, P. (2008), Transnational Management - Text Cases and Readings in Cross Border Management, 5th ed., Irwin McGraw-Hill, Boston, MA.
5. Bers, M., Springer, T. (1997), "Economies of scale of real estate" in The Journal of Real Estate Research, Vol. 14, No. 3, pp. 275-290.
6. Boyd, B.K., Fulk, J. (1996), "Executive scanning and perceived uncertainty: a multidimensional model" in Journal of Management, Vol. 22, No. 1, pp. 1-21.
7. Brealey, R.A., Myers, S. (2003), Principles of Corporate Finance, 7th ed., McGraw-Hill, New York, NY.
8. Canback, S., Samouel, P., Price, D. (2006), "Do diseconomies of scale impact firm size and performance? A theoretical and empirical over view" in Journal of Managerial Economics, Vol. 4, No. 1, pp. 27-70.
9. Caves, R.E. (1996), Multinational Enterprise and Economic Analysis, 2nd ed., Cambridge University Press, Cambridge.
10. Cho, H.-J., Pucik, V. (2005), "Relationship between innovativeness, quality, growth, profitability, and market value" in Strategic Management Journal, Vol. 26, pp. 555-575.
11. Chung, K.H., Pruitt, S.W. (1994), "A simple approximation of Tobin's q" in Financial Management, Vol. 23, No. 3, pp. 70-74.
12. Contractor, F.J. (2002), "International expansion strategies", International Encyclopedia of Business and Management, International Thomson Business Press, London.
13. Contractor, F.J., Kundu, S.K., Hsu, C. (2003), "A three-stage theory of international expansion: the link between multinationality and performance in the service sector" in Business Studies, Vol. 34, No. 1, pp. 5-18.
14. Dev, C.S., Erramilli, M.K., Agarwal, S. (2002), "Brands across borders: determining factors in choosing franchising or management contracts for entering international markets" in Cornell Hotel and Restaurant Administration Quarterly, Vol. 43, No. 6, pp. 91-104.
15. Dev, C., Brown, J., Zhou, K.Z. (2007), "Global brand expansion: how to select a market entry strategy" in Cornell Hospitality Quarterly, Vol. 48, No. 1, pp. 13-27.
16. Diaz, M., Sanchez, R. (2008), "Firm size and productivity in Spain: a stochastic frontier analysis" in Small Business Economics, Vol. 30, No. 3, pp. 315-323.
17. Doukas, J., Travlos, N. (1988), "The effect of corporate multinationalism on shareholders wealth: evidence from international acquisitions" in Journal of Finance, Vol. 43, pp. 1161-1175.
18. Dunning, J.H. (1989), "Transnational corporations and the growth of service: some conceptual and theoretical issues", United Nations, New York, NY, UNCTC Studies Series A No. 9.
19. Dunning, J.H., McQueen, M. (1982), "Multinational corporations in the international hotel industry" in Annals of Tourism Research, Vol. 9, pp. 69-90.
20. Eun, C., Kolodny, R., Scherega, C. (1996), "Cross-border acquisitions and shareholder wealth: tests of the synergy and internationalization hypotheses" in Journal of Banking and Finance, Vol. 20, pp. 1559-1582.
21. Fama, E.F. (1965), "Fixed walks in stock market prices" in Financial Analysts Journal, Vol. 21, No. 5, pp. 55-59.
22. Geringer, J.M., Tallman, S., Olsen, D.M. (2000), "Product and international diversification among Japanese multinational firms" in Strategic Management Journal, Vol. 21, No. 1, pp. 51-80.
23. Gomes, L., Ramaswamy, K. (1999), "An empirical examination of the form of relationship between multinationality and performance" in Journal of International Business Studies, Vol. 30, No. 1, pp. 173-188.
24. Grant, R.M. (1987), "Multinationality and performance among British manufacturing companies" in Journal of International Business Studies, Vol. 18, No. 3, pp. 79-89.
25. Greene, W.H. (2003), Econometric Analysis, 5th ed., Pearson Education, Upper Saddle River, NJ.
26. Hair, J.F., Anderson, R.E., Tatham, R.L., Black, W.C. (1998), Multivariate Data Analysis, 5th ed., Pearson Education, Upper Saddle River, NJ.
27. Hitt, M.A., Hoskisson, R.E., Kim, H. (1997), "International diversification: effects on innovation and firm performance in product-diversified firms" in Academy of Management Journal, Vol. 4, pp. 767-798.
28. Hitt, M.A., Bierman, L., Uhlenbruck, K., Shimizu, K. (2006), "The importance of resources in the internationalization of professional services firms: the good, the bad, and the ugly" in Academy of Management Journal, Vol. 49, No. 6, pp. 1137-1157.
29. Jensen, M.C. (1986), "Agency costs of free cash flow, corporate finance, and takeovers" in American Economic Review, Vol. 76, No. 2, pp. 323-329.
30. Jensen, M.C. (2000), A Theory of the Firm: Governance, Residual Claims, and Organizational Forms, Harvard University Press, Cambridge, MA.
31. Jones, D.L., McCleary, K.W. (2004), "A model for assessing cultural impacts on international buyer-seller relationships for key accounts of hotel companies" in Journal of Hospitality and Tourism Research, Vol. 28, No. 4, pp. 425-443.
32. Jose, M.L., Nichols, L.M., Stevens, J.L. (1986), "Contribution of diversification, promotion, and R&D to the value of multiproduct firms: a Tobin's q approach" in Financial Management, Vol. 15, No. 4, pp. 33-42.
33. Kobrin, S.J. (1991), "An empirical analysis of the determinants of global integration" in Strategic Management Journal, Vol. 12, No. 1, pp. 17-37.
34. Kogut, B. (1985), "Designing global strategies: profiting from operational flexibility" in Sloan Management Review, Vol. 26, pp. 27-38.
35. Koh, Y., Lee, S., Boo, S.Y. (2009), "Impact of brand recognition and brand reputation on firm performance: US based multinational restaurant companies' perspective" in International Journal of Hospitality Management, Vol. 28, No. 4, pp. 620-630.
36. Kwon, E.Y. (2011), Industry Surveys: Lodging & Gaming, Standard & Poor's, New York, NY.
37. Lang, L.H.P., Stulz, R.M. (1994), "Tobin's q, corporate diversification, and firm performance" in Journal of Political Economy, Vol. 102, No. 6, pp. 1248-1280.
38. Lee, S. (2008), "Internationalization of US multinational hotel companies: expansion to Asia versus Europe" in International Journal of Hospitality Management, Vol. 27, No. 4, pp. 657-664.
39. Lee, S., Park, S.Y. (2009), "Do socially responsible activities help hotels and casinos achieve their financial goals?" in International Journal of Hospitality Management, Vol. 28, No. 1, pp. 105-112.
40. Lee, S., Xiao, Q. (2011), "Effects of capital intensity on firm performance for publicly traded US hotels and restaurants: a linear or curvilinear relationship?" in International Journal of Contemporary Hospitality Management, Vol. 23, No. 6, pp. 862-880.
41. Lee, T., Chan, K.C., Yeh, J.-H., Chan, H.-Y. (2010), "The impact of internationalization on firm performance: a quantile regression analysis" in International Review of Accounting, Banking and Finance, Vol. 2, No. 4, pp. 39-59.
42. Lu, J., Beamish, P.W. (2004), "International diversification and firm performance: the S-curve hypothesis" in Academy of Management Journal, Vol. 47, No. 4, pp. 598-609.
43. McConnell, J.J., Servaes, H. (1990), "Additional evidence on equity ownership and corporate value" in Journal of Financial Economics, Vol. 27, No. 2, pp. 595-612.
44. Mikhail, A., Shawky, H. (1979), "Investment performance of US-based multinational corporations" in Journal of International Business Studies, Vol. 10, No. 1, pp. 54-66.
45. Morck, R., Yeung, B. (1991), "Why investors value multinationality" in Journal of Business, Vol. 64, No. 2, pp. 165-178.
46. Porter, M.E. (1985), Competitive Advantage: Creating and Sustaining Superior Performance, The Free Press, New York, NY.
47. Roblyn, S. (2001), "Top team characteristics and the business strategies of Japanese firms" in Corporate Governance, Vol. 1, No. 2, pp. 4-13.
48. Sanders, G., Carpenter, M.A. (1998), "Internationalization and firm governance: the roles of CEO compensation, top team composition, and board structure" in Academy of Management Journal, Vol. 41, No. 2, pp. 158-178.
49. Saudagaran, S.M. (2002), "A review of the literature on the market valuation of multinational firms" in Managerial Finance, Vol. 28, No. 3, pp. 5-18.
50. Siddharthan, N.S., Lall, S. (1982), "The recent growth of the largest US multinationals" in Oxford Bulletin of Economics and Statistics, Vol. 44, No. 1, pp. 1-13.
51. Tabachnick, B.G., Fidell, L.S. (1996), Using Multivariate Statistics, HarperCollins, New York, NY.
52. Tallman, S., Li, J. (1996), "Effects of international diversity and product diversity on the performance of multinational firms" in Academy of Management Journal, Vol. 39, No. 1, pp. 179-196.
53. Tang, C.-H., Jang, S. (2010), "Does international diversification discount exist in the hotel industry?" in Journal of Hospitality and Tourism Research, Vol. 34, No. 2, pp. 225-246.
54. Thomas, D.E. (2006), "International diversification and firm performance in Mexican firms: a curvilinear relationship?" in Journal of Business Research, Vol. 59, No. 4, pp. 501-507.
55. Thomas, D., Eden, L. (2004), "What is the shape of the multinationality-performance relationship?" in Multinational Business Review, Vol. 12, No. 1, pp. 89-110.
56. Wernerfelt, B., Montgomery, C.A. (1988), "Tobin's q and the importance of focus in firm Performance" in The American Economic Review, Vol. 78, No. 1, pp. 246-250.
57. Wooldridge, J.M. (2002), Econometric Analysis of Cross Section and Panel Data, The MIT Press, London.
58. Younger, M.S. (1979), A Handbook for Linear Regression, Duxbury Press, North Scituate, MA.
59. Zahra, S.A., Ireland, R.D., Hitt, M.A. (2000), "International expansion by new venture firms: international diversity, mode of market entry, technological learning, and performance" in Academy of Management Journal, Vol. 43, No. 5, pp. 925-950.