An empirical study on the asset-light operation and corporate performance of China's tourism listed companies
Transitioning to an asset-light strategy is a significant shift for tourism companies in light of the global COVID-19 outbreak. This study investigates the impact of asset-light strategy on corporate performance using a sample of 588 firm-year observations from China A-share publicly traded tourism...
| Main Authors: | , , , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2023-02-01
|
| Series: | Heliyon |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844023005984 |
| _version_ | 1811161770292674560 |
|---|---|
| author | Shi Liang Ruichao Yu Zhenwei Liu Wei Wang Linrong Wu Xuanming Hu |
| author_facet | Shi Liang Ruichao Yu Zhenwei Liu Wei Wang Linrong Wu Xuanming Hu |
| author_sort | Shi Liang |
| collection | DOAJ |
| description | Transitioning to an asset-light strategy is a significant shift for tourism companies in light of the global COVID-19 outbreak. This study investigates the impact of asset-light strategy on corporate performance using a sample of 588 firm-year observations from China A-share publicly traded tourism companies from 2003 to 2021. Using two-way fixed effects models, our results indicate that adopting an asset-light strategy can significantly improve the performance of tourism enterprises. We further verify that this influence mechanism is supply chain management using path analysis. More interestingly, the positive impact of asset-light strategy on enterprise performance is particularly significant in non-state-owned enterprises. Robustness tests with the system GMM method, the variable substitution method and the two-stage instrumental variables method support our main findings. The findings have significant ramifications for assisting the tourism industry, managers, and investors to strategically cope with settings that are complex and dynamic. |
| first_indexed | 2024-04-10T06:19:35Z |
| format | Article |
| id | doaj.art-7b0e242e1c1947b7a7f18c9d1a6bcfa3 |
| institution | Directory Open Access Journal |
| issn | 2405-8440 |
| language | English |
| last_indexed | 2024-04-10T06:19:35Z |
| publishDate | 2023-02-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj.art-7b0e242e1c1947b7a7f18c9d1a6bcfa32023-03-02T05:01:21ZengElsevierHeliyon2405-84402023-02-0192e13391An empirical study on the asset-light operation and corporate performance of China's tourism listed companiesShi Liang0Ruichao Yu1Zhenwei Liu2Wei Wang3Linrong Wu4Xuanming Hu5School of Economics and Management, Guangxi Normal University, Guilin, ChinaSchool of Economics and Management, Guangxi Normal University, Guilin, ChinaSchool of Economics and Management, Guangxi Normal University, Guilin, ChinaSchool of Economics and Management, Guangxi Normal University, Guilin, ChinaSchool of Economics and Management, Guilin University, Guilin, China; College of Business Administration and Finance Accounting, Rattana Bundit University, Bangkok, Thailand; Corresponding author. School of Economics and Management, Guilin University, Guilin, China.Faculty of Science and Technology, University of Macau, Macau, ChinaTransitioning to an asset-light strategy is a significant shift for tourism companies in light of the global COVID-19 outbreak. This study investigates the impact of asset-light strategy on corporate performance using a sample of 588 firm-year observations from China A-share publicly traded tourism companies from 2003 to 2021. Using two-way fixed effects models, our results indicate that adopting an asset-light strategy can significantly improve the performance of tourism enterprises. We further verify that this influence mechanism is supply chain management using path analysis. More interestingly, the positive impact of asset-light strategy on enterprise performance is particularly significant in non-state-owned enterprises. Robustness tests with the system GMM method, the variable substitution method and the two-stage instrumental variables method support our main findings. The findings have significant ramifications for assisting the tourism industry, managers, and investors to strategically cope with settings that are complex and dynamic.http://www.sciencedirect.com/science/article/pii/S2405844023005984Asset-light strategyCorporate performanceTourism companiesThe management capabilities of the supply chainNature of equity |
| spellingShingle | Shi Liang Ruichao Yu Zhenwei Liu Wei Wang Linrong Wu Xuanming Hu An empirical study on the asset-light operation and corporate performance of China's tourism listed companies Heliyon Asset-light strategy Corporate performance Tourism companies The management capabilities of the supply chain Nature of equity |
| title | An empirical study on the asset-light operation and corporate performance of China's tourism listed companies |
| title_full | An empirical study on the asset-light operation and corporate performance of China's tourism listed companies |
| title_fullStr | An empirical study on the asset-light operation and corporate performance of China's tourism listed companies |
| title_full_unstemmed | An empirical study on the asset-light operation and corporate performance of China's tourism listed companies |
| title_short | An empirical study on the asset-light operation and corporate performance of China's tourism listed companies |
| title_sort | empirical study on the asset light operation and corporate performance of china s tourism listed companies |
| topic | Asset-light strategy Corporate performance Tourism companies The management capabilities of the supply chain Nature of equity |
| url | http://www.sciencedirect.com/science/article/pii/S2405844023005984 |
| work_keys_str_mv | AT shiliang anempiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT ruichaoyu anempiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT zhenweiliu anempiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT weiwang anempiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT linrongwu anempiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT xuanminghu anempiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT shiliang empiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT ruichaoyu empiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT zhenweiliu empiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT weiwang empiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT linrongwu empiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies AT xuanminghu empiricalstudyontheassetlightoperationandcorporateperformanceofchinastourismlistedcompanies |