Scholarly Works, Hospitality and Tourism Management

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https://hdl.handle.net/10919/24339

Research articles, presentations, and other scholarship

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Now showing 1 - 20 of 225

Tourist satisfaction and travel expenditures: A reference-dependent behavioral economics perspective
Jung, Hyojun; Nicolau, Juan Luis (Elsevier, 2026-07)
Motivated by limitations in priord research that assumes linear and symmetric satisfaction–spending relationships, this study applies a reference-dependent framework grounded in prospect theory to examine how tourist satisfaction measured relative to culturally and motivationally shaped reference points influences expenditure behavior in inbound tourism. Using a pseudo-panel of international tourists visiting South Korea and estimating a two-way fixed effects model, the results show that expenditure responds to deviations from reference points rather than to absolute satisfaction levels. Spending responses differ across gain and loss domains, with larger effects in the loss domain, and exhibit nonlinear dynamics. These findings suggest that reference-dependent evaluations systematically translate into observable tourist spending behavior, advancing behavioral perspectives in tourism expenditure research.
The Effect of Endorsers’ Sports Results on Their Sponsors’ Performance: The Shark Fin Effect
Nicolau, Juan Luis; Santa María, María Jesús (SAGE Publications, 2024-08)
While previous studies have focused on the value of the endorsement contracts at the moment they are signed, the performance during the contract has drawn limited attention, and the few studies focusing on this period have produced inconclusive results. To fill this gap, we hypothesize that the tournament type and the athlete's level of sports elitism can influence this “sport results-business performance” relationship. The inclusion of the tournament type fills a gap in the literature as most studies have examined the potential effects of endorsement strategies without observing the different levels of tournaments within a particular sport. Guided by brand equity theory and equity theory, we argue that while a greater prize won corresponds to higher stock returns, there is a certain point of “sports elitism” on part of the athlete, after which a greater prize leads to lower stock returns. Empirical results from tennis tournaments support these arguments.
Transformative workcations in coastal tourism destinations: Reference-dependent place attachment and loss aversion in future travel intentions
Sharma, Abhinav; Nicolau, Juan Luis; Shin, Hakseung; Jo, Yujeong (SAGE Publications, 2026-04)
This study analyzes the role of place attachment in influencing workcationers’ future intentions to revisit a destination, either for future workcations or leisure travel. Building on self-determination theory, transformative tourism, and reference dependence theory, this study argues that transformative experiences in coastal workcations foster place attachment, which subsequently drives behavioral intentions. Importantly, place attachment is conceptualized as reference-dependent, meaning travelers evaluate their emotional connection to a destination relative to psychographic or demographic peer groups. The results demonstrate that place attachment fully mediates the relationship between transformation and intentions under psychographic segmentation and partially mediates it under demographic segmentation. Findings reveal a loss aversion effect, where below-average attachment (attachment loss) has a stronger negative impact than above-average attachment (attachment gain). This study highlights place attachment’s pivotal role in understanding how travelers’ psychological bonds with coastal destinations form and influence their future choices.
Conceptualization of greenwashing in the hospitality industry
Meenakshi, N.; Dhir, Amandeep; Shah, Priya; Nicolau, Juan Luis; Kaur, Puneet (Elsevier, 2025-10)
This study aims to examine the definition and types of greenwashing in the hospitality industry from the perspective of employees. It uses qualitative research methods involving multi-stage data collection. Two waves of data—with 51 employees in the first wave and 44 in the second—were collected through open-ended essays from employees in the UK and USA. Through thematic analysis, two aggregate themes were identified: first, the definition of greenwashing, including what, why, how, and by whom it is done; and second, types of greenwashing, encompassing false claims, exaggerations, misrepresentations, and selective disclosure. The findings of this study will enable managers to develop safeguard measures to prevent greenwashing practices and promote greater transparency in green practices.
Beyond virtual experiences: How destination-based metaverse initiatives create value in tourism
Campayo-Sanchez, Fernando; Sharma, Abhinav; Nicolau, Juan Luis (Elsevier, 2026-12-01)
The purpose of this study was to examine whether destination-based metaverse initiatives create value for tourism firms. Although there is extensive debate about whether the metaverse stimulates or replaces physical tourism, the literature has not yet clarified how such initiatives are interpreted in terms of value creation. Using a sample of hotels, airlines, and restaurants across 13 countries, we analyze changes in firm value following announcements related to the development of metaverses inspired by tourist destinations. The findings indicate that destination-based metaverse initiatives are generally associated with positive value effects, suggesting that they are perceived as strategic opportunities rather than threats to traditional tourism. Building on screening theory, the results show that national culture plays a critical moderating role, with long-term orientation strengthening the positive impact of metaverse initiatives, advancing tourism innovation research by showing that the strategic value of immersive technologies depends on cultural context.
Emerging Sources, Formats, Channels, Devices, and Audiences in Modern eWOM Communications
Filieri, Raffaele; Christodoulides, George; Nicolau, Juan Luis (Wiley, 2025-09)
This conceptual paper examines how electronic word‐of‐mouth (eWOM) has evolved beyond traditional text‐based reviews posted on online communities and e‐commerce platforms to encompass diverse formats, sources, channels, and audiences in today's digital landscape. Building on McLuhan and Fiore's assertion that “the medium is the message,” we argue that the characteristics of digital media fundamentally shape how eWOM messages are perceived and processed. We explore four key dimensions: emerging formats (video, visual, interactive content), new sources (digital content creators, virtual influencers), diverse channels and new technologies (social commerce platforms, voice assistants, AI), and evolving audiences (Generation Z, Alpha). The paper proposes a modern definition of eWOM that reflects its increasingly complex nature and discusses critical challenges. We conclude by presenting a framework for understanding how different elements of the eWOM ecosystem interact, offering implications for both research and practice in digital marketing and consumer behavior.
Geopolitical Tensions and Market–Behavioral Responses: A Dual Perspective From Investors and Travelers on the Korean Peninsula
Kim, Yelim; Sharma, Abhinav; Shin, Hakseung; Nicolau, Juan Luis (SAGE Publications, 2026-05-06)
This study examines how inter-Korean political and economic events affect financial markets and tourism behavior by integrating investor and traveler perspectives. Using 167 events (1991–2024), Study 1 applies an event-study to 20 publicly listed South Korean tourism and hospitality firms, separating positive and negative announcements. Study 2, an experiment with 240 Korean participants, tests whether perceived geopolitical risk mediates effects on domestic and international travel intentions. Results show immediate market reactions: positive events yield larger, more persistent gains than negative ones, while higher perceived risk significantly reduces travel intentions. Findings challenge prospect theory’s loss aversion and instead support desensitization, whereby repeated tensions dampen investor sensitivity to adverse news.
Presidential elections and hotel market value: How CEO political ideology shapes firm performance
Campayo-Sanchez, Fernando; Mas-Ruiz, Francisco J.; Nicolau, Juan Luis (Elsevier, 2026-06-01)
The study investigates how both the broader political climate and the ideological alignment between Chief Executive Officers (CEOs) and governing bodies affect firm value in the hospitality and tourism industry, with a particular focus on hotel companies. Using an event study methodology, the empirical application to U.S. Elections since 1992 and major hotel companies reveals that while electoral outcomes generally boost firm value in the hospitality and tourism industry, this positive effect is weakened when there is a divergence between CEOs’ ideologies and that of the elected government. These insights underscore the influence of perceived unfavorable conditions and CEO beliefs on firm performance in the hospitality and tourism industry. The results extend the application of upper echelons theory by emphasizing the significant role that CEOs’ political ideologies play in determining organizational outcomes, offering valuable insights for both scholars and practitioners.
Assessing the impact of DMOs' photo curation practices on Instagram user engagement
Han, Yutong; Zach, Florian J.; Xiang, Zheng (Elsevier, 2026-10-01)
Content curation is a crucial practice for destination marketing organizations (DMOs). DMOs leverage user-generated content to shape tourists' perceptions and influence user engagement. This includes curating user-generated photos on Instagram. Drawing on signaling theory, this study investigates the content curation practices for user-generated photos employed by DMOs across the 50 U.S. states and Washington, D.C. Employing deep learning and econometric analysis on their Instagram accounts from January 2013 to December 2024, we find a curvilinear relationship between curation intensity and user engagement. Moreover, content alignment between DMO-generated and user-generated photos positively influences user engagement and moderates the relationship between curation intensity and user engagement. Hence, while prior research supports the value of content curation, optimal engagement requires hitting a sweet spot for intensity while ensuring high alignment. Practically, the findings provide guidance for DMOs to craft social media practices, emphasizing the integration of user-generated content into digital marketing campaigns.
Sales promotions and firm valuation in the airline industry
Sharma, Abhinav; Shin, Hoyoung; Santa-María, María Jesús; Nicolau, Juan Luis (Elsevier, 2026-10-01)
While prior research has shown that sales promotions can erode firm value in industries such as hotels or enhance it in restaurants, their impact in the airline industry remains underexplored despite the strategic use of promotions in this sector. Using an event study methodology, we analyze 369 promotional announcements issued by major publicly traded U.S. passenger airlines from 2000 to 2024. The results show that, on average, promotional activities generate positive and significant abnormal returns, suggesting that investors perceive them as strategic components of revenue management rather than as distress signals. Further analysis reveals that volume discounts, in particular, produce significantly higher abnormal returns than other promotion formats, highlighting their superior signaling and behavioral reinforcement mechanisms. These findings contribute to the marketing-finance interface by demonstrating that not all promotions are equally effective in signaling strategic competence to investors, emphasizing the need to account for promotion type in valuation studies.
Conceptualizing social dynamic capabilities: Contextual embeddedness in hospitality industry
Dias, Alvaro; Zizka, Laura; Bernard, Shaniel; Singal, Manisha; Ho, Jo Ann (Elsevier, 2026-02-12)
This study introduces the concept of Social Dynamic Capabilities to address the growing need for hospitality organizations to align business strategies with social sustainability goals. Employing a grounded theory approach, we develop propositions and a conceptual framework delineating social dynamic capabilities from the broader concept of dynamic capabilities. Our research was conducted in two phases: an exploratory phase to identify core skills and practices for social dynamic capabilities and a confirmatory phase to refine the framework. The findings underscore the importance of stakeholder collaboration and community involvement in the operationalization of social dynamic capabilities, leading to the concept of Collaborative Social Transformation. Our study advances the dynamic capabilities framework by extending it into the social domain and providing a practical framework for implementation. This study provides a new perspective on integrating social sustainability issues into long-term organizational practices.
Decoding booking cancellations: Quantitative insights and theoretical advances in tourism behavior
Mir, Vicente Ramos; Tortella, Bartolome Deya; Leoni, Veronica; Nicolau, Juan Luis (Elsevier, 2026-06-01)
This study investigates the determinants and timing of hotel booking cancellations through an integrative theoretical and empirical approach. Drawing on the theory of planned behavior, transaction cost theory, prospect theory, and strategic decision-making, we offer a comprehensive framework that explains both why and when cancellations occur. Utilizing a unique dataset of over two million hotel bookings from Mallorca, Spain (2021–2024), we apply time-to-event modeling and a linear probability model to explore cancellation patterns. Our results show that cancellation behavior is determined by a complex interplay of refundability terms, booking window, consumer nationality, travel party composition, hotel characteristics, and pricing dynamics. Findings reveal a non-linear (inverted U-shaped) relationship between booking window and cancellation likelihood, and highlight strategic consumer behavior around penalty windows and rebooking opportunities. This study contributes to tourism literature by combining theoretical depth with large-scale observational data to explain temporal and behavioral nuances in booking cancellations.
Rivalry and market value: Extending event studies to competitive analysis in tourism firms
Shin, Hoyoung; Sharma, Abhinav; Santa-María, María Jesús; Nicolau, Juan Luis (Elsevier, 2026-04-01)
The hospitality and tourism industry is characterized by oligopolistic market structures where firms' strategic actions have competitive implications. This study extends the application of the event study methodology to competitive analysis, examining how a subject hotel's promotional activity influences the market value of its rivals. While event studies in tourism research have primarily focused on firm-specific and industry-wide effects, limited attention has been given to competitive spillovers. With a sample of 441 competitive actions and 2,442 reactions we assess— in a two-dimensional framework—the role of firm size asymmetry and market perceptions of promotion success or failure. Our findings indicate that successful promotions generate positive spillovers for large rivals but no effect on small competitors. Conversely, failed promotions trigger market value reaction in rivals. These results provide new insights into competitive dynamics in tourism markets, demonstrating that firm size moderates the impact of promotional actions on rival firms' valuation.
Does asset-light strategy compromise information transparency in hotels?
Sheng, Hainan; Nicolau, Juan Luis (Elsevier, 2026-04)
This study examines the impact of asset-light strategies on informed trading in the hotel industry, focusing on how intangible assets influence information asymmetry in financial markets. The empirical application uses a sample of 36,667 observations from U.S. hotel firms and analyzes whether the reliance on intangible resources increases the likelihood of informed trading in options markets. Findings suggest that asset-light models, characterized by reduced ownership of physical assets, increase information asymmetry because of the difficulty of valuing intangible assets, leading to greater opportunities for informed trading, particularly by sophisticated investors. The study contributes to the literature on resource-based view, signaling theory, and information asymmetry by emphasizing the transparency challenges hotels face in conveying the value of intangible assets. From these results, managers should adopt innovative signaling strategies to mitigate risks associated with information asymmetry and optimize their asset-light approach.
Crowding Out or Cashing In? The Divergent Effects of Public–private Partnerships on the Market Value of Restaurants
Catala-Perez, Daniel; Nicolau, Juan Luis (SAGE Publications, 2025-10-18)
This study examines the impact of a Public–private partnership on the market value of restaurant firms, revealing how a Public–private partnership in tourism promotion may yield uneven economic consequences across hospitality sub-sectors—a crowding-out effect for some restaurants and a cashing-in scenario for others. Using an event study methodology to analyze a paradigmatic Public–private partnership such as the Travel Promotion Act, we find significant negative abnormal returns for quick service and casual dining establishments, and positive abnormal returns for fine dining restaurants. These results underscore the role of economic spillover effects and crowding-out dynamics in restaurant performance. The study contributes to the theoretical understanding of how Public–private partnerships can act as market reconfiguration mechanisms, benefiting restaurants that cater to tourism-driven demand while disadvantaging those more reliant on local consumers. This perspective challenges the assumption that tourism promotion generates universal economic gains, highlighting the need for sector-specific strategies in policy design.
An Integrative Reference-Dependent Framework of Tourist Satisfaction: Gains, Losses, and Motivational Moderators of Behavioral Intentions
Jung, Hyojun; Nicolau, Juan Luis (SAGE Publications, 2025-10-16)
While satisfaction, motivation, revisit intention, and recommendation intention have been extensively studied in tourism research, existing models overlook the role of reference dependence in shaping tourist behavior. This study applies prospect theory and social comparison theory to analyze how satisfaction gains and losses influence behavioral intentions within a reference dependence framework, emphasizing the moderating role of travel motivations. Using a large-scale dataset of 106,504 foreign tourists visiting South Korea (2007–2023), findings reveal that the relationships between relative satisfaction and revisit and recommendation intentions are asymmetrical and reference-dependent, with reference points derived from travel motivations. Notably, loss aversion appears consistently across both revisit and recommendations intentions and certain travel motivations exhibit different degrees of loss aversion patterns. By integrating behavioral economics with motivational psychology, this study contributes to understanding how relative satisfaction, evaluated as gains and losses rather than absolute satisfaction levels, shows asymmetric associations across different motivations in relation to behavioral intentions.
GenAI in tourism: Who wins, who loses?
Jung, Hyojun; Sharma, Abhinav; Nicolau, Juan Luis (Elsevier, 2026-06-01)
This study examines how generative artificial intelligence (GenAI) adoption announcements affect firm value in the tourism industry, focusing on online travel agencies (OTAs), hotel companies, and major technology firms. Drawing on signaling theory, two-sided market theory, competitive dynamics, and disruption theory, we analyze GenAI-related announcements made between November 2022 and October 2024 using an event study methodology. The findings reveal that market responses vary depending on the source of the announcement and the type of firm affected. While GenAI announcements from OTAs and hotels generate negative spillover effects for other tourism firms, OTAs experience positive responses to their own and hotel announcements. In contrast, announcements from tech firms trigger negative reactions across OTAs and hotels, suggesting concerns about platform dependency and value displacement. These results highlight the strategic complexity of GenAI signaling and its implications for firm positioning in platform-based industries.
Sustainability, innovation, and competitive advantage in tourism: An event study of the Inflation Reduction Act
Poretti, Cédric; Blengini, Isabella; Nicolau, Juan Luis (SAGE Publications, 2025-12-22)
This study analyzes the impact of policy-induced changes on the market valuation of tourism and hospitality firms, focusing on green innovation and competitive advantage. Using a sample of publicly listed tourism and hospitality firms in the United States, and drawing on an integrated theoretical framework, we examine how policy shifts reshape competitive dynamics. More precisely, this paper analyzes how legislative events related to the Inflation Reduction Act affected firms’ market value fluctuations. The main results indicate that first-movers in green innovation initially benefited from policy uncertainty but faced competitive erosion once the approval of the new policy reduced entry barriers for competitors. These findings contribute to the strategic management and sustainability literature, highlighting the need for continuous innovation beyond regulatory incentives to sustain long-term differentiation.
Which message resonates with you? Unveiling effective framing strategies for regenerative tourism
Hajarrahmah, Dini; McGehee, Nancy G.; Nicolau, Juan Luis; Pandelaere, Mario (Elsevier, 2026-06-01)
This study examines the effectiveness of framing strategies—diagnostic, prognostic, and motivational—in marketing regenerative tourism, drawing on the framing perspective within social movement theory and the concept of frame resonance. Using a sequential mixed-methods approach, Study 1 features 23 semi-structured in-depth interviews with Destination Management Organization (DMO) leaders and regenerative practitioners. Participants report that positive messaging combined with clear calls to action resonate strongly with tourists. Study 2 employs a between-subjects online experiment with respondents from the United States, the United Kingdom, and New Zealand to test these insights. Results reveal that framing strategies and frame resonance significantly influence tourists’ attitudes toward and intentions to participate in regenerative tourism. Theoretically, this research advances the application of framing strategies, frame resonance, and social movement theory in the context of regenerative tourism. Practically, it recommends that DMOs apply prognostic (solution-oriented) and motivational (call to action) framing that emphasizes experiential benefits and provides actionable steps to engage target audiences effectively.
All for one and one for all: The spillover effect of sports on tourism market value
Campayo-Sanchez, Fernando; Mas-Ruiz, Francisco Jose; Nicolau, Juan Luis (Elsevier, 2025-07)
The literature on sports tourism shows the relationship between sports events and market value from different perspectives; however, the results of this study offer a new theoretical angle: the spillover effect of high-profile athletes on hotel market value. On the basis of the associative network memory theory, we argue that people create connections between athletes and the country where these athletes play, thereby enhancing the country's brand awareness and recognition. The empirical analysis, focused on renowned soccer signings and their effects on hotel chains, shows an increase in market value attributed to the announcements of the signings of these acclaimed athletes, giving rise to a spillover effect. The main theoretical implication derived from the alluded new theoretical angle of the spillover effect of high-profile soccer players on hotel market value.

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