Browsing by Author "Olsen, Michael D."
Now showing 1 - 20 of 56
Results Per Page
Sort Options
- Acquisitions and shareholder wealth effects: the case of the hospitality industryKwansa, Francis A. (Virginia Tech, 1994-05-05)The phenomenon of acquisitions has attracted research interest in the finance literature partly because of its impact on the u.s economy during the decade of the eighties. Whereas an impressive body of knowledge has been accumulated on this subject thus far, the hospitality literature has no empirical studies that seek to explain the nature of this phenomenon in the hospitality industry. Of particular interest in this study was the impact of acquisitions on the shareholder wealth of target hotel and restaurant shareholders. Therefore, there were three purposes in this study: 1) to determine whether stockholders of target hotel and restaurant companies involved in acquisitions earned significant additional wealth, 2) to determine whether there is a difference in the average size of additional wealth created in acquisitions involving hospitality companies versus those involving non-hospitality companies, and 3) to determine whether there is a difference in the average size of additional shareholder wealth accruing to hotel versus restaurant shareholders. The sample consisted of 39 restaurant and 18 hotel target companies acquired between 1980 and 1990. The datasource was the University of Chicago's Center for Research in Securities Prices (CRSP) database. The market model was used to predict stock returns for the target companies thirty days before and after the announcement of the acquisition. The difference between the predicted returns and actual returns for each trading day during this period constituted the abnormal return. The average abnormal returns for all the companies per trading day were cumulated and their significance determined. The results showed that the size of the additional shareholder wealth created when the restaurant companies were acquired was 8.86%, hotels was 29.86%, while the combined sample was 15.47%. These results provided evidence that hotel and restaurant shareholders earn significant abnormal returns during an acquisition, and that there is a significant difference in the size of additional shareholder wealth accruing to hospitality companies versus non-hospitality ones. Furthermore, there was a difference in the average size of abnormal returns earned by hotel shareholders versus restaurant shareholders.
- An Analysis of the Effect of Compensation Offerings on the Turnover Intentions of Restaurant Managing Partners for Outback SteakhouseMurphy, Kevin S. (Virginia Tech, 2000-12-12)The restaurant industry has long been characterized by a high rate of "turnover, low wages, primitive technology, controlling management and an unimpressive benefits package"(Sullivan, 1999). " The most serious issue for employers today -in all industries- is hiring and keeping qualified and capable employees" according to Donald Marshack, senior analyst at the U.S. Bureau of Labor Statistics (BLS)(2000). The primary purpose of this study was to examine the perceived notion that the compensation plan of Outback Steakhouse reduces the intention to turnover of its unit level managing partners. Specifically the research focused on a survey of general manager's attitudes in regards to their intentions to seek out new employment and the effect of the compensation plan provided by Outback Steakhouse on their intention to turnover. The Objective of the study was to investigate the current management compensation practices of the managing partners of Outback Steakhouse, while identifying the relationship between management compensation and the intention to turnover for proprietors at Outback Steakhouse restaurants. A further objective was to establish the relationship between employee turnover and employee turnover intentions as a predictor of separation from an organization. A survey instrument was utilized to gather information for this study was sent by mail to all of the 600 general managers of Outback Steakhouses listed on the company's web site in the US. The survey contained questions designed to measure the influence of the compensation package on the general managers' intent to turnover, and the degree of influence each element of the compensation package had on their intention to quit. The results showed that the correlation coefficient indicated 5 out of the 8 monetary compensation variables had a significant positive relationship with the compensation plan and reducing turnover intentions. A forward regression analysis was conducted comparing all of the compensation elements. This was done for the purpose of determining which variables would be the best predictors of respondents desire to stay with Outback because of the positive influence the compensation package, as a whole, has on them. When the computations were completed, two variables, deferred compensation and stock option, explained 41.7% of the sample variation (R² = .417) and 39.8% of the population variation (Adjusted R² = .398).
- An analysis of the impact of corporate and business level strategies upon postmerger integration practices of firms acquiring foodservice organizations for a six year periodDe Noble, Alex Frank (Virginia Polytechnic Institute and State University, 1983)The purpose of this study was to (1) investigate whether variations in corporate and business level strategies have any impact upon post merger integration practices of firms acquiring food service organizations; and (2) to develop some preliminary explanations as to any relationships that may exist between the two. Four factors which have significantly influenced the development of this study included (1) the current high volume of merger activity; (2) the high degree of merger failures which could be attributed to poor management practices after a firm had been acquired; (3) the increased significance of the service sector within the United states economy; and (4) the high degree of merger and acquisition activity involving foodservice organizations. Although the empirical and conceptual literature on mergers and acquisitions is quite voluminous, very few studies have specifically addressed postmerger integration practices. The relevant empirical literature, derived mainly from manufacturing firms, does suggest that parent firms, engaging in horizontal or highly related mergers do tend to exert a great deal of control and influence over their new subsidiary, while parent firms engaging in concentric, conglomerate or unrelated mergers do not. To investigate this issue in a service sector setting, three sets of conceptual and operational hypotheses depicting different dimensions of corporate and business level strategies and eight post merger managerial decisions were developed and tested. The population for this study consisted of all firms acquiring a foodservice organization during the period from 1976 to 1981. The data were collected via questionnaires sent to executives in the parent organizations. Chi square was used to test all conceptual and operational hypotheses. The results of this study, utilizing service firms in the sample, were quite consistent with the past merger and acquisition literature and the strategy-structure literature. Each suggested that for parent firms engaging in a horizontal or highly related acquisition, a high degree of integration usually took place, while for parent firms engaging in concentric, conglomerate or unrelated acquisitions, a low degree of integration usually took place. This study provided no evidence to suggest that service firms are treated different from manufacturing firms when it comes to integrating a new acquisition.
- The antecedent factors and entry mode choice of multinational lodging firms: the case of growth strategies into new international marketsZhao, Jinlin (Virginia Tech, 1994)The primary objective of this study was to utilize an exploratory research methodology to determine relationships among the antecedent factors and entry mode choices of multinational lodging firms. A basic framework was developed based on the review of the literature of multinational strategy, international business theories and concepts and hospitality management strategy. A qualitative research approach, specifically a multiple-case study method was used. The data was collected through interviews and secondary resources of five multinational lodging companies, analyzed through summary tables and matrices. The findings from the research included sixteen propositions that explain the relationships among the antecedent factors and entry mode choices in the multinational lodging operations. A framework was developed to illustrate the antecedent factors which may support the entry mode choices of the multinational lodging companies. Factors in the framework include those from the external environment: taxation and repatriation in the political dimension, infrastructure and tourism related factors in the economic dimension, adaptation to local needs and expectations in the socio-cultural dimension, investment and sharing technology in the technological dimension and awareness of the natural environment in the ecological dimension. Antecedent factors in the internal environment include: local and regional competitors, international and local customers, gateway and commercial centers of property locations, the strengths and weaknesses in tangible and intangible assets and partner selection criteria. These factors were found to have an important influence on the entry mode choices of the five participating multinational lodging companies.
- A case study investigation of strategy implementation in three multi-unit restaurant firmsSchmelzer, Claire D. (Virginia Tech, 1992)The primary objective of this study was to conduct an exploratory investigation of the process of strategy implementation in multi-unit restaurant firms. A model comprised of five context variables and five process variables was developed on the basis of a review of the theoretical literature about the restaurant industry, strategy implementation, and organization theory. Qualitative research methods, specifically case study design, concept mapping, and matrix analysis were used to collect and analyze the data from three firms. The findings from this investigation included 14 propositions that explain the associations between the variables and other factors found to affect implementation in the three companies, which were investigated. A new framework was developed from the propositions that further delineates the strategy implementation process. The framework introduces four additional variables found to be involved in the implementation process: life cycle stage of the firm, size and geographic dispersion of the firm, manager demographics, and training. Three primary context variables, organizational culture, organizational structure, and perceived environmental uncertainty; and three primary process variables, information processing, planning and control, and resource allocation were found to have a major effect on strategy implementation. The results obtained provide a basis for further study of the implementation process.
- A case study: creating and sustaining competitive advantage through an information technology application in the lodging industryCho, Wonae (Virginia Tech, 1996-09-26)The use of information technology (IT) is becoming an essential component within the commercial sector. While large number of companies have adopted IT applications to achieve competitive advantage, and number of studies have been done on competitive advantage through an IT application, it is not clear what the impact of an IT application on competitive advantage is. The purpose of this study was to examine the impact of an IT application on competitive advantage and how to create and sustain competitive advantage through an IT application. For that purpose, this study adopted Sethi and King's (1994) instrumental tool, while the theory of resource based view of the firm (RBV) was the theoretical underpinning for the investigation of how to create and sustain competitive advantage through an IT application. In other words, this study examined how an IT application impacts the seven dimensions which are attributes of competitive advantage through an IT application, and how a firm's resources and capabilities, which are measured in three dimensions. moderate the impact of an IT application on competitive advantage. The three dimensions were identified from the review of literature concerning on the theory of RBV.
- Co-alignment between Environment Risk, Corporate Strategy, Capital Structure, and Firm Performance: An Empirical Investigation of Restaurant FirmsChathoth, Prakash K. (Virginia Tech, 2002-05-02)The importance of testing the co-alignment model has been emphasized by several researchers in the past. The present study is an attempt to test the model using theories in corporate finance and strategic management, which will also prove the commonalties that exist between these domains of business research. This will help support the arguments of some researchers in the hospitality industry who have stressed the importance of assessing the firm's strategies using concepts in finance. The overall objective of this study is to test the viability of the co-alignment model using strategic management and corporate finance theory. The present study identifies the dimensions and variables using prior research within each of the constructs studied under the management and corporate finance domains, vis-a-vis environment risk, corporate strategy, capital structure and firm performance. The relationship between the constructs and dimensions were tested for the dependencies between them using surrogates used in prior research through a priori hypothesized relationships. The unit of analysis was the corporate level, and hence, the study included corporate level data of restaurant firms. The research design included cross-sectional data of restaurant firms that were averaged across an a priori defined time period. These firms were selected based on certain criteria that helped control for country effects and industry effects. Therefore, the publicly traded firms selected as part of the sample were based in the U.S. serving markets predominantly within the country. The statistical analysis was conducted using cross-sectional regression. Results indicate that a high variance in firm performance is explained by the co-alignment between environment risk, corporate strategy, and capital structure. Furthermore, the hypothesized relationships between variables that represent the constructs hold good while using accrual and cash flow returns as surrogates of firm performance. This key finding provides the base for future research efforts, which could focus on developing the model through the use of surrogates that are used in both strategic management and corporate finance research. Also, the sample could be extended to include privately owned restaurant firms that serve markets within the U.S., which will help improve the generalizability of the co-alignment model.
- Co-alignment Framework for Evaluating the Implementation of the Tourism Satellite Accounts - A Case study of TanzaniaSharma, Amit (Virginia Tech, 2002-06-17)The poor quality and fragmented state of international statistics for the hospitality and tourism sector lead international organizations like the World Tourism Organization (WTO), Organization of Economic Cooperation and Development (OECD) and the United Nations to develop and recognize a universally acceptable framework of tourism statistics. These efforts culminated into the development of the Tourism Satellite Accounts (TSA), the very first sector specific Satellite System of Accounts approved by the United Nations. The WTO has since made numerous efforts to promote the implementation of the TSA, more so in the developing countries. While the process is gaining momentum, the implementation of the entire TSA framework is a tedious procedure requiring a high level of financial and non-financial resources. This paradox, of scarce resources required for TSA implementation in developing countries that are in most need of its benefits, has been the crucial motivation for this research project. The present study proposes a framework for evaluating the implementation of the TSA so that the process is manageable and is able to economize on various resources required to implement this comprehensive statistical database. Using Tanzania as the case study, this research verifies the proposed framework for evaluating the TSA's implementation. The underlying model for the proposed implementation framework is the Co-alignment principle from the field of Strategic Management. Evidence of existence of the characteristics of Co-alignment model's components is verified, given the particular experience of TSA implementation in Tanzania. The results suggest that the process in Tanzania is currently misaligned and may require reallocation of certain resources to increase the effectiveness of TSA implementation. In context of the Co-alignment principle, there is evidence that the end-user needs have not been explicitly established. There is also a lack of knowledge regarding gaps that exist between the current statistical databases and how the TSA would be able to fill these shortcomings. This is true for both additional datasets required and the much needed improvements in statistical methodology. Furthermore, there is no clear prioritization of implementation tasks, which is contributing to the lack of financial sustainability of the project. There is indication that the allocation of current resources is misaligned with the requirements for developing institutional capacity, training, stakeholder support, (particularly with the private sector operators) and building a stable legislative framework to support the entire process. Finally, there are no clear performance monitoring and evaluation criteria to assess the ongoing performance of the implementation process as well as that of the entire statistical database. This is crucial to insure effectiveness of the resource allocation process. The conclusions from these observations have been proposed as recommendations to align the process of TSA implementation in Tanzania with the objective of increasing the efficiency of these ongoing efforts at the Ministry of Natural Resources and Tourism. Furthermore, it has been suggested that the proposed evaluation framework can be used for assessing the effectiveness of implementing any generic national or regional statistical database.
- A Comparative Analysis of the Travel Behavior of Black and White TravelersGailliard, Flora Montgomery (Virginia Tech, 1998-07-16)Tourism, leisure and recreation are considered to be an important form of interaction between cultures and are a basic part of social life (McMillen,1984; Hutchinson and Fidel,1985). The experiences received by participating in various tourism activities may be different due to racial influences. Although in general terms, travelers may have similarities, the ethnic heritage, social and cultural differences between different racial groups produce distinct patterns of leisure travel and recreational behavior. Demographic factors such as age, education, race, gender and income, occupation and residence may all be related to each other and determine the buying power of the consumer which thus influences travel behavior. African Americans represent more than $400 billion in purchasing power while comprising slightly over 12.5% of the U.S. population (Whigham-Desir,1996). As the largest non-white group in the U.S., African Americans continue to grow into a substantial force in the marketplace. More specifically, Blacks consume a diverse range of products and services. The results of a "Target Market News-The Buying Power of Black America" survey (1996) showed that blacks spent $1.8 billion dollars on entertainment and leisure and $4.2 billion in travel and lodging. According to Mroun and Whigham-Desir (1997), Blacks have an estimated $25 billion in travel spending power and as a result, are gaining the attention of the $440 billion U.S. travel industry. Research investigating the social conditions of marginality (lower income status, lower educational level, lower occupational status and segregated residence) in influencing travel behavior is sparse to none. Little focus has been placed on this relationship and how it affects travel behavior. The purpose of this study was to examine whether or not differences exist between black and white travelers with respect to travel behavior. More specifically, this study investigated whether the marginality predictors, income, education, occupation and residence contributed to differences between black and white travelers in the type of trips selected, length of stay and activities participated in during leisure travel, and whether these differences (if any) persist when controlled for race.The data were collected through telephone interviews with members of a sample of residents in the six southeastern states of Alabama, Georgia, Louisiana, Mississippi, South Carolina and Tennessee. Only those respondents who reported taking a leisure trip at least two nights away from home during the past year and those respondents who identified themselves as black or white were considered to participate in this study. A total of 500 surveys were completed of whom 225(45%) were black and 275 (55%) were white. Data were analyzed by involving three types of data analysis. Significant differences between the samples were identified using chi-square or difference of means tests. The effects of culture and of selected variables were assessed through log-linear modeling and analysis of variance. All of the hypotheses for this study were tested and partially confirmed. While important similarities existed among black and white travelers, findings of the study suggested that blacks and whites do significantly differ in terms of length of stay and income and occupation; type of trip and income, occupation and residence; activities and income, education, occupation and residence; and race and type of trip and race and activities. Tests of the effects of race as opposed to marginality predictors upon travel variables identified race as a predictor of leisure travel and the socio-economic covariates as significant predictors in some instances. Findings of the research suggest implications associated with the developing of effective marketing strategies targeted to the African American population and their estimated $25 billion in travel spending power.
- Competitive strategy, organization structure and performance in the lodging industry: an empirical assessment of Miles and Snow's (1978) perspectives of organizationsSchaffer, Jeffrey D. (Virginia Polytechnic Institute and State University, 1986)This was accomplished by first examining the nature of competitive strategies within the lodging industry. Subsequently the relationships among competitive strategies, three dimensions of organization structure, company size, and five measures of firm performance were examined. Furthermore to more rigorously control for environmental effects this analysis was undertaken for the industry as a whole as well as within four distinct subsegments of the industry. Six hypotheses were developed, that dealt with the nature of competitive strategy types; and the relationship among strategy types and 1) the degree of organization structure, 2) organizational performance, and 3) organization performance where a strategy/structure match had been achieved. The findings of this study tend to indicate that the nature of the industry or environment in which organizations compete may be an important factor in determining the content of competitive strategies employed in that environment. Furthermore, not only do industry characteristics tend to affect the content and appearance of competitive strategy profiles, but different segments within an industry also impact the appearances of different competitive profiles. However, the perspective that organizational variables are in a direct relationship with contextual variables is not supported by this study. The critical link appears to lie in the decision makers evaluation of the organization's environment and the choices they consequently make regarding the organization's competitive strategy and its internal structure. The structure that is appropriate to a particular competitive strategy profile is not constant. Rather, the nature of the operating environment intervenes in the appropriate strategy/structure "match" relationship. Organizational performance is contingent upon a "match of the strategic choices of strategy and structure, but the "appropriate " choice appears to be modified by subenvironmental factors.
- Consumer satisfaction and dissatisfaction in tourism as related to destination image perceptionChon, Kye-Sung (Virginia Tech, 1990-12-06)The primary objective of this study was to investigate the relationship between travel destination image and the tourist satisfaction/dissatisfaction. Using the evaluative congruity theory framework, this study focused on the role of destination images in tourism with regard to consumer satisfaction/ dissatisfaction (CS/D) from the stand point of: (1) the functional congruency between the tourist's expectations and his/her perceptions of specific utilitarian (functional) attributes of a destination; (2) the value-expressive (symbolic) congruency between the tourist'S self concept and the destination's personality image; and (3) the degree of emotional involvement the traveler associates with travel purchases and its influence on his/her satisfaction/ dissatisfaction. The key findings of this study indicate that CS/D is related to both functional and symbolic congruity. With regard to the relative strength of the functional congruity and the symbolic congruity in explaining CS/D in tourism, the functional congruity was found to explain CS/D better than the symbolic congruity. It was also found that the tourist's emotional involvement in the travel purchase process affects his/her satisfaction/dissatisfaction with the destination.
- Cost of capital: a practical model incorporated with risk assessment for hotel investments in the middle-price and economy segmentsZeng, Yee (Virginia Tech, 1993)Hotel investments, which have far-reaching impact on hotel companies' long term financial health, will continue to be the primary mode for hotel companies' survival and growth. However, top management has been facing a changing industry and investment community to which they are required to adapt. Consequently, the old fashioned gut-feeling types of decision making are no longer appropriate for sound hotel investments. It is the primary objective of this study to develop a model for hotel investment risk assessment and appropriate cost of capital estimation in the middle-price and economy hotel segments for the investment's capital budgeting purposes. The hotel investment risk assessment and cost of capital estimation model research was conducted using the focus group interview, the Delphi Technique, and the case study. As exploratory research, the focus group interview was conducted with the participation of hotel executives and general managers, hotel owners, and bank lenders from the Virginia area. Key investment risk factors were identified from the opinions of this panel, which represented different perspectives and needs. The summary findings laid out the foundation of the Delphi Technique survey_ The Delphi survey was conducted among hotel general managers, hotel executives, and hotel owners within three hotel chains in Virginia, Maryland and Delaware. They consisted of a professional panel of 19 members. The first task accomplished by the panel was to further validate the key risk factor profile developed by the focus group interview. The second task was to rate the level of influence of the identified factors using a five point likert-type scale (5=very influential, 1 = little influential). Three rounds of the survey allowed the panel members to achieve a consensus on the issues. A total of 36 hotel key investment risk factors in the middle-priced and economy segments were agreed to be included in the investment risk assessment framework. In addition, a ranking of all factors was produced based on each factor's importance and influence level. All the factors received a higher than average (rank scale 3) ranking. The empirical finding provided a valuable framework for the subjective risk assessment in the cost of capital estimation model.
- Critical success factors of lodging yield management systems: an empirical studyGriffin, Robert K. (Virginia Tech, 1994-08-01)The primary objective of this research effort was to examine the relationships between successful lodging yield management systems and controllable independent variables in the form of critical success factors (CSFs). The identification of variables consequential to system success is considered to be an important step towards improving system design, implementation, and operation. Twenty-three system success constructs, 27 potential CSFs, and three confounding variables were identified through an extensive literature review, discussions with system vendors, developers, and users, and through data analysis. Eleven different lodging yield management systems (LYMSs) were identified, and three of them were sampled. The dependent variables were converted into a single weighted regression factor score using a principal components model. The respondent's position, size of property, and type of property were found to be confounding variables. The dependent and independent variables were correlated to identifY the CSFs. Every independent variable was identified as a CSF for at least one of the three systems, and the strength of the correlations were generally high. System, user, and task factors were found to be highly correlated to system success. Support and environmental factors were found to be moderately to weakly correlated to system success.
- Determinants of Successful Acquisition Management: A Process Perspective in the Lodging IndustryKim, Kyung-Hwan (Virginia Tech, 1998-08-20)The objective of this study was to uncover the critical success factors that have significant value-added impacts on corporate acquisitions in the lodging industry. Specifically, this study attempted to systematically discover evidence about the determinants of a successful pre-acquisition management process, and the determinants of successful post-acquisition integration, as well as to identify an appropriate evaluation criteria for determining the post-acquisition performance of an acquisition deal. In addition, this study tried to identify important acquisition objectives of hotel acquirers. This study employed an integrated and holistic viewpoint that includes the most critical corporate acquisition issues simultaneously and in a multi-dimensional framework. As a research methodology, a Delphi technique, which is a non-face-to-face communication method, was employed and proved its effectiveness throughout the study. The key question guiding this research is, what are the critical factors in the overall acquisition process that contribute to successful acquisitions? The findings of this study indicate that the most important acquisition objective for acquirers in the lodging industry is to accelerate the growth of their firms. Further, the most important critical success factor for hotel acquirers before the deal is completed is the identification of the trend of the target firm's cash flow from operations, and reliable and valid information about the target is the most significant dimension in the pre-acquisition management phase. The study results suggest that the most significant key success factor in the post-acquisition integration stage for the lodging industry is to plan and establish a post-acquisition strategy as early as possible, even before the deal is done, while the development of an effective post-acquisition transition strategy immediately after the deal is closed is the most crucial dimension in the post-acquisition integration phase. One of the most significant findings of this study was that hotel executives gave relatively higher importance to pre-acquisition management strategy than to the post-acquisition integration process. In terms of post-acquisition performance evaluation criteria, measures from a value-based management (VBM) approach received the highest rank in evaluating the economic gains of corporate acquisitions in the lodging industry. The study results can help to improve hospitality industry academics' and practitioners' understanding of important M&A phenomena leading to significant changes in the industry's competitive landscape.
- Development of a framework for identification of political environmental issues faced by multinational hotel chains in newly industrialized countries in AsiaKim, Chol Yong (Virginia Tech, 1992-04-05)The primary/objective of this study was to develop a framework for identification of political environmental issues faced by multinational hotel chains in newly industrialized countries in Asia. To accomplish the objective, key factors having an impact upon these hotel chains were identified using the Delphi Technique. This study was conducted with participation of multinational hotel chain executives and general managers, trade association executives, government tourism officials, hospitality management educators, and industry lawyers. Five Asian countries including Hong Kong, Korea, Malaysia, Singapore, and Thailand were selected as a sample for newly industrialized countries. Key factors in the political environment were identified under four categories: law and regulation, administrative, judicial, and lobbying, based on the classification scheme of the Trends Database developed by the Virginia Polytechnic Institute and state University. A professional panel of 17 members identified 93 key factors for each category in the first round of Delphi. In the second round panel members rated the level of influence of these identified factors using a five point Likert-type scale (5 = very influential, 1 = not influential), and reexamined their ratings in the final round to reach an agreement. All key factors receiving a total of two-thirds of the panel members' votes in the very influential, moderately influential and average influence categories were included in the framework. Finally, a total of 58 factors were agreed to be included in the framework: 26 in the law and regulation category, 14 in administrative, 10 in judicial, and 8 in lobbying categories.
- Does corporate growth really matter in the restaurant industry? [Summary]Chathoth, Prakash K.; Olsen, Michael D. (Virginia Tech, 2007-03)In this study, the authors hypothesize that growth strategies are not necessarily always performance-enhancing strategies that are sustainable. This is contrary to what industry managers tend to believe to be the outcome of growth strategies. Based on past research, a second hypothesis is developed that corporate liquidity impacts performance in a more positive way than growth strategies, and therefore, should be considered in the decision-making framework of firms before they launch into new products and/or markets. The interrelationship between corporate growth and liquidity is also tested, which further highlights the importance of pursuing corporate liquidity.
- The effect of organizational factors on the structure of the buying center: the case study of corporate travel managementDamonte, Lowell Taylor (Virginia Tech, 1994-03-15)In this study the researcher attempts to advance the understanding of the structure of firm buying centers for air travel services. First, an attempt is made to find empirical support for the proposition that firm air travel service buying centers can be grouped on the basis of their size, degree of complexity, centralization, and formalization. The study investigates the relationship of size, structure, and technology of the organization as a whole to the structure of the buying center. Diagraphs, or pictures representing the members of the buying centers, and the communication flows between those members, allow the researcher to record three constructs of buying center complexity: lateral involvement, vertical involvement, and connectedness. The size of the buying center is defined as the number of people within the organization who participated in the buying process from the reservations phase to the final payment of the supplier. The degree of centralization is determined by the number of communications between the travel manager and other buying center members. Formalization of the buying center was operationalized as the percent of written versus verbal communication in the buying process, the extent to which the process was governed by rules and policies, and the degree of compliance with policy. Significantly different mean values were found in buying center size and the degree of written versus verbal communication across the three cluster analysis-derived groups. None of the other buying center variables were found to differentiate the groups. Of all the organizational variables, only firm size, as measured by the absolute value of air travel purchases per year, was found to be a better-than-chance predictor of group membership. Additional research on participation during the contract negotiation phase is suggested. It is further proposed that future researchers wishing to study corporate travel in an industrial marketing context begin to study influence on, in addition to participation in, the buying process. It is further suggested that these issues should be investigated in the context of global as well as domestic organizations and evaluated on a longitudinal basis.
- The effect of teaching method on student's knowledge of quantity food production and service, course evaluations, and propensity for participative managementLieux, Elizabeth McKinney (Virginia Tech, 1996-08-05)Lecture-based (lB) and Problem-Based learning (PBl) methods of teaching Quantity Food Production and Service were compared. After a pilot study to refine the problems and test the methods of data collection, two sections of the course were taught using the different instructional methods. The classes were compared on knowledge prior to taking either course, grade point average (GPA), attendance, final exam scores, Instructional Development and Effectiveness Assessment (IDEA) student evaluation instrument, and Propensity for Participative Management (PPM) instrument. The PPM instrument was validated with a group of management dietitians (n = 235) and restaurateurs(n = 104). Students in lB had higher GPAs than students in the PBl section. Students in the PBl section attended more classes than did the lB section. There were no differences between the sections in their prior knowledge of nutrition and food principles (pre-test). There were no differences between the classes in the scores on the final exam. Using linear regression, the only differences which could be found among the students in either the pre-test or final exam were based on the student's grade point average (GPA), not method of teaching. There were significant differences in the students’ perceptions of the class as measured by the IDEA instrument. LB students indicated a significantly higher rating for their gain in factual knowledge, for five variables relating to the instructor's communication of content and purpose about the course, and for the instructor's ability to introduce stimulating ideas about the subject. PBL students thought the course was more difficult than did LB students but they developed effective communication skills, were stimulated to higher intellectual effort, and thought that PBL was better for three parameters of involving students. There were no differences between the students in terms of their propensity to practice participative management in the future either before the class began or after the learning experience. There were differences between the students’ perception of participation in their organizations and the perceptions of dietitians and restaurateurs. Students were less likely to trust their subordinates/peers, were less likely to believe that participative management promoted positive relationships in the organization, and had less intention to practice participative management in the future than did the NRA/ADA professionals. Problem-Based Learning was demonstrated to provide an equivalent mastery of subject matter as a traditional method of teaching. PBL students were more involved in their learning, were stimulated to higher intellectual achievement, and improved their communication skills to a greater extent than LB students. There appeared to be no difference in likelihood to become a participative manager as a result of either teaching method.
- The Effects of Different Aspects of Tourism Services on Travelers' Quality of Life: Model Validation, Refinement, and ExtensionNeal, Janet Davis (Virginia Tech, 2000-03-30)Numerous satisfaction studies have been conducted in both tourism and marketing which have examined various aspects of travelers and/or consumers. Quality of life satisfaction studies look beyond the types of satisfaction experiences that endure for only a short time to those that "spill over" into individuals' life domains thus enhancing their overall life satisfaction. Many research studies in the discipline of marketing have revealed that the overall quality of life of consumers may be affected by the marketing efforts of organizations for all of the marketing mix elements. Although it logically follows that the marketing endeavors of tourism organizations would likely have the same impact on their consumers (i.e., travelers), little research has been done to date to determine the validity of this premise. The purpose of this study is to examine the effects of leisure tourism on the traveler's quality of life. A model and measurement instrument which help to explain the role of satisfaction with leisure tourism services and experiences in satisfaction with leisure life and overall life were designed for use in this study. The model was based on the hierarchy of life satisfaction model and speculated that overall life satisfaction is derived from satisfaction with the major life domains (e.g., leisure life). Lasting satisfaction or dissatisfaction experienced within the leisure life domain spills up vertically to the most superordinate domain (life in general), thus affecting the overall life satisfaction or dissatisfaction of the traveler. Both the model and the measurement instrument were validated, refined, and extended in this study. A survey of 815 consumers of travel/tourism services who reside in Southwest Virginia was conducted. Structural Equation Modeling (i.e., LISREL) analysis was performed to test the goodness of fit of the model. The results indicated a good model fit. That is, no revisions to the hypothesized model were needed, thus confirming the belief leisure travel does contribute to travelers' overall quality of life satisfaction. Additional analyses were conducted to test the moderating effects of personality type, length of stay, and type of trip on select relationships in the model. Differences of effects for some of the relationships in the model were identified for length of stay and type of trip, but not for the traveler's personality type. Among the key findings of this work are the establishment of those factors which contribute to the overall life satisfaction of travelers, the validation of a measurement instrument which could be used periodically by industry experts to gauge the "health" of the industry in its contribution to the overall life satisfaction of tourism consumers, and the revelation that the length of stay moderates several of the relationships in the model, thus suggesting differences in the way the various identified components influence the overall life satisfaction of short-term versus long-term visitors.
- An empirical examination of mature service environments and high performance strategies within those environments: the case of the lodging and restaurant industriesCrawford-Welch, Simon (Virginia Tech, 1990-10-15)This study contributes to the hospitality and strategic management literature through the development of a mid-range approach to the study of environment and strategy. Through the use of cluster analysis and multiple discriminant analysis, four commonly recurring environmental settings were identified. These were (1) a high growth environment, (2) a complex environment, (3) a dynamic environment, and (4) a low growth environment. The significance of the environmental typology was then determined by investigating the proposition that different strategies are associated with high profit performance in each type of environment. In order to investigate this proposition use was made of Miles and Snow's (1978) strategic typology of generic business strategies. No Significant relationship was found between environment, strategic posture and performance. A description of the methodology and statistical approaches used for the investigating the research propositions is included.
- «
- 1 (current)
- 2
- 3
- »