The quality of quality awards: Diminishing information asymmetries in a hotel chain

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dc.contributor.authorNicolau, Juan Luisen
dc.contributor.authorSellers, Ricardoen
dc.date.accessioned2024-07-31T13:25:38Zen
dc.date.available2024-07-31T13:25:38Zen
dc.date.issued2010-08-01en
dc.description.abstractServices suffer to a great extent from information asymmetries because their attributes are more difficult to grasp in advance. Within services, the tourism industry is an especially notable and interesting case. Akerlof [Akerlof, G. The market for 'lemons': Quality uncertainty and the market mechanism. Quarterly Journal of Economics 1970; 84 (3): 488-500.] suggests the applicability of information asymmetries and counteracting institutions to hotel chains. To reduce these asymmetries different strategies have been proposed. Among them, quality certificates have become one of the most popular tools. However, two questions arise: one, are quality certificates effective tools to reduce information asymmetries in the tourism industry, with its inherent uncertainty? and two, are all types of existing quality certificates equally effective? Thus, the objectives of this study include analyzing the market value variation of a hotel chain due to quality certification, and to test the effect by type of award. The method builds from the event study technique and regression analysis. The results show that the stock market reacts positively to certificates, thus implying that quality certification can be a useful tool for reducing information asymmetry; however, this positive reaction is not equal for all kinds of certificates, the ISO 9000 shows the highest impact. en
dc.description.versionAccepted versionen
dc.format.extentPages 832-839en
dc.format.extent8 page(s)en
dc.format.mimetypeapplication/pdfen
dc.identifier.doihttps://doi.org/10.1016/j.jbusres.2009.06.009en
dc.identifier.eissn1873-7978en
dc.identifier.issn0148-2963en
dc.identifier.issue8en
dc.identifier.orcidNicolau Gonzalbez, Juan [0000-0003-0048-2823]en
dc.identifier.urihttps://hdl.handle.net/10919/120792en
dc.identifier.volume63en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000280622200007&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=930d57c9ac61a043676db62af60056c1en
dc.rightsCreative Commons Attribution 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/en
dc.subjectQualityen
dc.subjectCertificationen
dc.subjectInformation asymmetriesen
dc.titleThe quality of quality awards: Diminishing information asymmetries in a hotel chainen
dc.title.serialJournal of Business Researchen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.otherArticleen
dc.type.otherJournalen
pubs.organisational-group/Virginia Techen
pubs.organisational-group/Virginia Tech/Pamplin College of Businessen
pubs.organisational-group/Virginia Tech/Pamplin College of Business/Hospitality and Tourism Managementen
pubs.organisational-group/Virginia Tech/All T&R Facultyen
pubs.organisational-group/Virginia Tech/Pamplin College of Business/PCOB T&R Facultyen

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