دانلود رایگان مقاله انگلیسی در ارتباط بین سرمایه فکری و عملکرد مالی: تحلیل داده های پانل در هتل های SME - الزویر 2018

ABSTRACT

This paper analysed the effect of intellectual capital on small and medium-sized hotel financial performance for the period between 2007 and 2015. Using a sample of 934 Portuguese small and medium-sized hotels, this study adopted the GMM system (1998) estimator, to analyse a dynamic panel data. The findings suggested that intellectual capital components, i.e., human capital, structural capital and relational capital provide a positive impact on hotel financial performance. Human capital and relational capital seemed to be key elements for the success of hotels, being the basis of service quality in the hotels sector. Furthermore, the results showed that human capital and structural capital are capitalized by the establishment and maintenance of long-term relationships with key stakeholders. These findings indicated that the interaction between intellectual capital components enhances the hotel financial performance. Herein, it is highlighted the importance of intellectual capital in small and medium-sized hotel financial performance.

6. Conclusion

Intellectual capital is a recognized foundation stone of firm’s competitive advantage. Based on sample of 934 Portuguese SME hotels, this study analyses the effect of intellectual capital financial performance, for the period between 2007 and 2015. Resorting to panel data models, and using the GMM system (1998) dynamic estimator, empirical findings show that human capital, structural capital and relational capital positively impact on SME hotel financial performance. Human capital and structural capital knowledge appears to be key elements for the success of SME hotels and are the basis of service quality in the hotels sector. Furthermore, human and structural capital are capitalized by the establishment and maintenance of long-term relationships with key stakeholders, i.e., by strengthening the relational capital.

Structural capital and relational capital in the previous period positively influence SME hotel financial performance of the current period. These results also indicate that investments in structural capital, such as, databases and processes, are valorous to future SME hotel financial performance and, thereby it enhances the long-term relationships with key stakeholders. Moreover, the results show the persistence of financial performance, which means that financial performance of the past period is a positive influence on the financial performance for the current period. In this context, these findings suggest that investments made in structural capital and relational capital can positively impact on the financial performance of the current period of SME hotels. Additionally, these results reveal that the interaction between IC dimensions enhance SME hotel financial performance.