Browsing by Author "Campayo-Sanchez, Fernando"

Now showing 1 - 4 of 4
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    If the wind blows, adjust your sail: Political ideology, social responsibility, and performance
    Campayo-Sanchez, Fernando; Sharma, Abhinav; Mas-Ruiz, Francisco J.; Nicolau, Juan Luis (Elsevier, 2024-09-01)
    Drawing on the upper echelons theory and the attention theory, this study investigates the influence of a chief executive officer's political beliefs on the market value generated by corporate social responsibility investments. The empirical analysis on U.S. hotel companies over a 25-year period (1998–2022) reveals that greater misalignment between a chief executive officer's ideology and the national political climate leads to a weaker impact of corporate social responsibility-related activities on the market value. This result is significant because it suggests that chief executive officers' actions are not solely determined by their ideological stance—as the upper echelons theory predicts—but rather by the conflict they experience when the external environment contradicts their ideological beliefs, which is a theoretical extension.
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    Navigating market waves: How CEO political ideology shapes the currents of innovation-induced tourism value
    Campayo-Sanchez, Fernando; Mas-Ruiz, Francisco J.; Nicolau, Juan Luis (Elsevier, 2024-08)
    The upper echelons theory postulates that the cognitive frameworks of top executives shape organizational decisions and behaviors. Based on this theory, this study contributes to the literature by analyzing the effects of the chief executive officer’s (CEO) political ideology and political climate on variations in the market value of tourism firms resulting from their innovation activities. An empirical application was conducted on major U.S. hotel companies that have traded on the stock market for the last 25 years (1998–2022) and made innovationrelated announcements. This application shows that, although the implementation of innovative activities positively affects a firm’s market value, both the CEO’s political ideology and the political climate influence the degree of change in the said market value. This study has fundamental theoretical implications for upper echelons theory by improving the understanding of how cognitive diversity derived from political ideology influences decision-making and its outcomes.
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    Optimizing control variable selection with algorithms: Parsimony and precision in regression analysis
    Campayo-Sanchez, Fernando; Nicolau, Juan Luis (SAGE Publications, 2024-09-24)
    This research note explores the pivotal role of control variables in any tourism and hospitality research that utilizes regression models in statistical analyses. While theory-driven independent variables offer insight into expected effects, the inclusion of control variables is crucial for mitigating potential confounding factors. In an attempt to strike a balance between model complexity and parsimony, researchers face the challenge of selecting the optimal control variables. To address this issue, the study tests three alternative methods: genetic algorithms, lasso models, and the branch and bound algorithm. Despite their underutilization in tourism research, these methods offer efficient means of selecting control variables, enhancing model precision and interpretation without unnecessarily convoluting the model with irrelevant factors.
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    Setting the Course: CEO Beliefs as the North Star in the Hotel-OTA Relationship
    Campayo-Sanchez, Fernando; Sharma, Abhinav; Mas-Ruiz, Francisco J.; Nicolau, Juan Luis (Elsevier, 2025-02-01)
    The upper echelons theory posits that a CEO's cognitive and perceptual processes, as well as their values and experiences, influence their decision-making and, consequently, their strategic choices. In the complex love-hate relationship between hotels and online travel agencies, the topic of rate parity agreements is controversial and heated, wherein a CEO's values, beliefs, and convictions potentially playing a critical role in guiding actions. This study tests this hypothesis by investigating how CEO political ideologies affect changes in hotel market value resulting from the dismissal of the U.S. rate parity lawsuit. The results reveal that the reduction in hotel companies’ market value due to the lawsuit's dismissal is accentuated by CEO liberalism. Conservative CEOs seem to prioritize shareholder interests, aligning with investor expectations for value preservation amid online travel agencies’ consolidation of market power. This study holds theoretical and managerial implications for the upper echelons theory, corporate governance, and market competition studies.