Disruptor Recognition and Market Value of Incumbent Firms: Airbnb and the Lodging Industry

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dc.contributor.authorBianco, Simoneen
dc.contributor.authorZach, Florian J.en
dc.contributor.authorSingal, Manishaen
dc.date.accessioned2022-04-19T11:37:50Zen
dc.date.available2022-04-19T11:37:50Zen
dc.date.issued2022-04-03en
dc.date.updated2022-04-19T00:09:32Zen
dc.description.abstractAlthough Airbnb debuted in 2008, incumbent lodging firms did not fully recognize it as a legitimate competitor for several years. However, as Airbnb made inroads into the accommodation business, hotel firms and their investors started to take notice and to legitimize its disruptive role. In this paper, we investigate investors’ awareness of the disruptor Airbnb as a competitor of incumbent lodging firms. Specifically, we assess the effect of awareness on incumbent hotel management and hotel property owner firms. Employing an event study methodology, our analysis finds that Airbnb performance milestones negatively affect incumbents’ market value. This research contributes to our understanding of the role played by investors and financial analysts in shaping competitive markets by legitimizing an industry disruptor and by spurring competitive action among incumbent firms.en
dc.description.versionAccepted versionen
dc.format.extent21 page(s)en
dc.format.mimetypeapplication/pdfen
dc.identifierARTN 10963480221085215 (Article number)en
dc.identifier.doihttps://doi.org/10.1177/10963480221085215en
dc.identifier.eissn1557-7554en
dc.identifier.issn1096-3480en
dc.identifier.orcidZach, Florian [0000-0003-0243-4913]en
dc.identifier.urihttp://hdl.handle.net/10919/109693en
dc.language.isoenen
dc.publisherSageen
dc.relation.urihttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000778229900001&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.subjectHospitality, Leisure, Sport & Tourismen
dc.subjectAirbnben
dc.subjectawarenessen
dc.subjectcompetitor recognitionen
dc.subjectevent analysisen
dc.subjectstock marketen
dc.subjectTO-PEER ACCOMMODATIONen
dc.subjectCOMPETITIVE DYNAMICSen
dc.subjectASSET-LIGHTen
dc.subjectISOMORPHISMen
dc.subjectCONSTRAINTSen
dc.subjectSTRATEGYen
dc.subjectRISKen
dc.titleDisruptor Recognition and Market Value of Incumbent Firms: Airbnb and the Lodging Industryen
dc.title.serialJournal of Hospitality and Tourism Researchen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.otherArticleen
dc.type.otherEarly Accessen
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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