ORGANIZATIONAL FORM AND PERFORMANCE: EVIDENCE FROM THE HOTEL INDUSTRY

• 成果类型: Article
• 署名作者: Kosova, Renata; Lafontaine, Francine; Perrigot, Rozenn
• 署名单位: Imperial College London; University of Michigan System; University of Michigan; Universite de Rennes; ESC Rennes School of Business; Universite de Rennes
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00330
• 发表日期: 2013-10
• 页码: 1303-1323
• 关键词: Vertical Integration; firm boundaries; CHOICE; OWNERSHIP; variables; AGENCY; regression; cost

摘要

We use a unique proprietary panel data set from a large hotel company to study how organizational form affects hotel pricing and performance. Aggregate data patterns suggest sizable performance differences between franchised and company-operated hotels. However, after controlling for other factors, we find that if significant at all, such differences are economically small. Moreover, once we endogenize the choice of organizational form, the differences become insignificant. We conclude that the company chooses which hotels to franchise and operate corporately such that, conditional on hotel and market characteristics, it obtains consistent outcomes across organizational forms.