Entrepreneurial orientation, board tenure and the financial performance of hospitality firms
研究了美国大型上市酒店企业中，董事会任期如何调节创业导向与财务绩效的关系，发现董事会任期过长会削弱创业导向的积极影响。
This study examines how internal governance influences the relationship between strategic posture and firm performance in large, publicly listed U.S. hospitality firms. Drawing on Agency Theory, we argue that the board of directors plays a crucial role in determining whether firms can capitalize on the top management team’s entrepreneurial orientation (EO). We investigate board tenure as a key characteristic representing the balance between accumulated expertise and potential entrenchment. Using two-way fixed effects regressions on longitudinal data, we find a significant positive association between EO and firm performance. However, board tenure moderates this relationship, with a dampening effect that increasingly restricts returns to EO as tenure lengthens. Our results suggest that governance risks become more salient with extended board tenure. These findings offer important insights for optimizing board configurations in the dynamic hospitality industry. • Top management team entrepreneurial orientation positively influences the financial performance of hospitality firms. • Board tenure moderates the link between entrepreneurial orientation and financial performance in hospitality firms. • Board tenure has an inverted U-shaped impact on hospitality firm financial performance. • Board tenure dampens the positive impact of entrepreneurial orientation on hospitality firm financial performance.