An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance0 تومان
Purpose – The purpose of this article is to investigate empirically the relation between the value creation efficiency and firms’ market valuation and financial performance. Design/methodology/approach – Using data drawn from Taiwanese listed companies and Pulic’s Value Added Intellectual Coefficient (VAICe) as the efficiency measure of capital employed and intellectual capital, the authors construct regression models to examine the relationship between corporate value creation efficiency and firms’ market-to-book value ratios, and explore the relation between intellectual capital and firms’ current as well as future financial performance. Findings – The results support the hypothesis that firms’ intellectual capital has a positive impact on market value and financial performance, and may be an indicator for future financial performance. In addition, the authors found investors may place different value on the three components of value creation efficiency (physical capital, human capital, and structural capital). Finally, evidence is presented that R&D expenditure may capture additional information on structural capital and has a positive effect on firm value and profitability. Originality/value – The results extend the understanding of the role of intellectual capital in creating corporate value and building sustainable advantages for companies in emerging economies, where different technological advancements may bring different implications for valuation of intellectual capital.
Hotel property performance: The role of strategic management accounting0 تومان
In the current study, we contend that to enhance their competitiveness and performance, hotel properties need to develop and implement internal policies and procedures such as strategic management accounting that are consistent with their business strategies and account for changing competitive demands. We employ a sample composed of 80 hotel properties to investigate the key precursor of hotel property strategic management accounting use and its impact on hotel property customer and financial performance. The results highlight that market orientation business strategy is a key determinant of hotel property strategic management accounting use and illuminate the mediating influence of hotel property strategic management accounting use and hotel property customer performance on the relationship between hotel property market orientation business strategy use and hotel property financial performance. Recommendations are provided for both researchers and hotel managers concerning their future study of, or use of, strategic management accounting.
Small accommodation business growth in rural areas: Effects on guest experience and financial performance0 تومان
Rural tourism development features growth of small accommodation businesses (SABs). The disparity between the applause that appreciates increased economic benefits from SAB development, and the criticism on its potential damage to rural tourism experience, makes it necessary to verify the exact consequences of SAB growth. Drawing on business growth theory, this study models, tests and compares the effects of SAB size on various guest experiences and financial performance in the context of a highly dynamic rural destination, the north of China’s Zhejiang Province. Data was collected from 188 SABs and 873 guests, and analyzed through hierarchical linear modelling and multiple linear regression. The result points to a trade-off faced by entrepreneurs between enhancing guest experience and achieving economic goals as SAB size increases. Implications of the study for research and practice are also discussed.
دوست عزیز شما می توانید فایل های رایگانی از جمله : نرم افزار ، کتاب ، جزوه ، مقاله و پروپوزال و غیره را از سایت تعلیم دانلود کنید و لازم به ذکر است که 80 در صد محصولات سایت تعلیم به صورت کاملا رایگان ارائه می شود.
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