淡江大學機構典藏:Item 987654321/122766
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    題名: Convex-concave effect of financial flexibility on hospitality performance: Quantile regression approach
    作者: Chang, Bao-Guang;Wu, Kun-Shan
    日期: 2021-11-23
    上傳時間: 2022-06-09 12:10:41 (UTC+8)
    摘要: Purpose
    The purpose of this paper is to study the influence of financial flexibility (FF) on enterprise performance (EP) within Taiwan’s hospitality industry during the COVID-19 shock and explore whether EP varies with hospitality industry characteristics.

    Design/methodology/approach
    Secondary data of 39 Taiwan Stock Exchange-listed hospitality firms were collected from the Taiwan Economic Journal databases. Quantile regression analysis was applied to examine the FF-EP relationship

    Findings
    The results evidence that there is a U-shaped (convex) FF-EP relationship for hospitality firms in the 10th, 25th and 50th Tobin’s Q quantiles and in asset-heavy firms. For asset-light firms, FF has an inverted U-shaped (concave) effect on EP in the 90th Tobin’s Q quantile

    Practical implications
    The empirical results highlight the need for Taiwan’s hospitality industry as a whole to take rolling adjustment and optimization of FF and concentrate on liquidity risk management after the COVID-19 pandemic and for long-term sustainability.

    Originality/value
    To the best of the authors’ knowledge, this study is one of the first to examine the nonlinear FF-EP relationship in the hospitality industry of Taiwan, particularly amid the COVID-19 shock. Moreover, this study extends current literature by revealing the hospitality industry’s FF-EP relationship and highlights the importance of the pandemic crisis context.
    關聯: International Journal of Contemporary Hospitality Management 34(2), p.687-712
    DOI: 10.1108/IJCHM-07-2021-0867
    顯示於類別:[企業管理學系暨研究所] 期刊論文

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