The determinants of hotel financial performance: an intellectual capital perspective

ABSTRACT

This research analyzes the impact of Intellectual Capital (IC) on the financial performance (FP) of hotels in Mauritius using a sample 43 hotels for the period 2007 to 2017. This study departs from the related literature methodologically as it uses a dynamic panel data framework that takes into account the dynamic nature of the hypothesized link, while simultaneously catering for possible indirect and endogenous effects. The results show that IC enhances corporate FP, with a reported lower effect in the short run as compared to the long run. Asset turnover and size are the other important determinants of FP. Leverage, on the other hand, is observed to impact on FP adversely. Our findings also confirm that FP of the hotels is also a significant determinant of intellectual capital, suggesting the existence of reverse causal effects. Finally, there is also evidence that size positively influences intellectual capital.

本研究使用2007年至2017年43家酒店的样本，分析了智力资本（IC）对毛里求斯酒店财务绩效（FP）的影响. 这项研究偏离了相关的文献方法，因为它使用动态面板数据框架，考虑到假设链接的动态性质，同时迎合可能的间接和内生效应. 结果表明，IC增强企业FP，与长期相比，短期效果较低. 资产周转率和规模是FP的其他重要决定因素. 另一方面，杠杆对FP有不利影响. 我们的发现也证实，酒店FP也是智力资本的重要决定因素，表明存在反向因果关系. 最后，也有证据表明，规模对智力资本有积极的影响.

KEYWORDS:

• Intellectual Capital
• financial performance
• PVAR
• Hotels

Correction Statement

This article has been republished with minor changes. These changes do not impact the academic content of the article.